TNMP_december11 by United Sports Publications

O DECEMBER 2011

NMP MEDIA CORP. 1220 WANTAGH AVENUE WANTAGH, NEW YORK 11793

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TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE NationalMortgageProfessional.com O

Mortgage PROFESSIONAL

Tennessee Association of Mortgage Professionals

PO Box 111 Spring Hill, TN 37174 Phone #: (615) 302-0001 Fax #: (615) 296-4090 Web site: www.tnamb.org

T E N N E S S E E

MAGAZINE

Your source for the latest on originations, settlement, and servicing

P.O. Box 111 Spring Hill, TN 37174 Phone: (615) 302-0001 Fax: (615) 296-4090 TNAMP Web site: www.tnamp.com E-mail: bshort@tnamp.com

Benjamin C. Sweeney, CRMS Mike Hoover Tiffany Hendrix Steve Reed Hiram “Chip” Langley, CRMS

Craig Cline Rhonda MacDonald Kim Miller Eric Shine

Brian Short, CMC, CRMS, GMA

Officers & Directors President

OFFICERS & DIRECTORS Phone # President (931) 707-1500 Vice President (615) 833-0456 Secretary (615) 778-1119 Treasurer (423) 232-0111 Immediate Past President (615) 712-3527

E-mail bsweeney@tnamp.com mhoover@tnamp.com thendrix@tnamp.com sreed@tnamp.com clangley@tnamp.com

BOARD OF DIRECTORS (901) 758-0007 (615) 476-5626 (615) 424-1500 (865) 567-2100

ccline@tnamp.com rmacdonald@tnamp.com kmiller@tnamp.com eshine@tnamp.com

TNAMP STAFF Executive Director (615) 302-0001

Vice President Mike Hoover Accurate Mortgage 444 Metroplex Drive, Suite B 206 Nashville, TN 37211 Phone #: (615) 833-0456 Fax #: (615) 833-0457 E-mail: mhoover@tnamp.com Secretary Tiffany Hendrix Franklin American Mortgage Company 501 Corporate Centre Drive, Suite 400 Franklin, TN 37067 Phone #: (615) 778-1119 Fax #: (615) 261-8963 E-mail: thendrix@tnamp.com

bshort@tnamp.com

TNAMP

Treasurer Steve Reed Meridian Home Loans 4138 Bristos Highway, Suite 4 Johnson City, TN 37601 Phone #: (423) 232-0111 Fax #: (423) 232-7111 E-mail: sreed@tnamp.com

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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

Got an opinion? Want to share your thoughts on the industry?

Board of Directors Craig Cline MidSouth CreditCare LLC 235 Germantown Bend Cove Cordova, TN 38018 Phone #: (901) 758-0007 Fax #: (615) 758-8444 E-mail: ccline@tnamp.com Rhonda MacDonald Franklin American Mortgage Company 501 Corporate Centre Drive, Suite 400 Franklin, TN 37067 Phone #: (615) 476-5626 E-mail: rmacdonald@tnamp.com Kim Miller Flagstar Bank 4900 Ashford Dunwoody Road Atlanta, GA 30338 Phone #: (615) 424-1500 Fax #: (800) 526-0540 E-mail: kmiller@tnamp.com Eric Shine Platinum Mortgage Inc. 103-B Spenryn Drive Madison, AL 35758 Phone #: (865) 567-2100 E-mail: eshine@tnamp.com

TNAMP Staff Executive Director Brian Short, CMC, CRMS, GMA Tennessee Association of Mortgage Professionals P.O. Box 111 Spring Hill, TN 37174 Phone #: (615) 302-0001 Fax #: (615) 296-4090 E-mail: bshort@tnamp.com

DECEMBER 2011

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TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

For information on all TNAMP events, call (615) 302-0001, e-mail info@tnamp.com or visit www.tnamp.com.

Immediate Past President Hiram “Chip” Langley, CRMS Quality Mortgage Services 311 High Crest Road Signal Mountain, TN 37377 Phone #: (615) 712-3527 Fax #: (423) 886-5543 E-mail: clangley@tnamp.com

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TABLE OF CONTENTS

ADVERTISERS

Volume 3, Number 12

December 2011

Company

Web Site

Page

AppraisalScrub.com ........................................ www.appraisalscrub.com ......................................40 Bay Equity LLC ................................................ www.bayeq.com ..................................................37 Benchmark Mortgage ...................................... www.iambenchmark.info ..............Inside Front Cover Best Rate Referrals, LLC .................................... www.bestratereferrals.com ..................................23 Calyx Software ................................................ www.calyxsoftware.com ......................................38 NMP MEDIA CORP. 1220 WANTAGH AVENUE WANTAGH, NEW YORK 11793

Elliott and Company Appraisers, Inc................... www.appraisalanywhere.com ................................28

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A Special Look at “Growth Strategies for 2012”

CBC National Bank .......................................... www.cbconnex.com ..............................................9

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Equity Loans LLC .............................................. www.equityloans.com ..........................................27 Flagstar Wholesale Lending .............................. www.paperless.flagstar.com ......................Back Cover

Freedom Mortgage .......................................... www.fmbranch.com ......................Inside Back Cover

Pursuing the Military Niche Market in 2012 By Beverly Ray Frase ............................................................40

Frost Mortgage Lending Group .......................... www.frostmortgage.com/nmp ..............................42

Keeping Your Edge in 2012 By Erik Wind ..........................41

Hometown Lenders .......................................... www.hometownbranch.com ......................TN2 & 35

A View Into 2012: Looking Back By Erik Wiley ..................41

Icon Residential Lenders, LLC ............................ www.iconwholesale.com ................................5 & 32

Building a Team for Growth in 2012 By Leif Boyd ............43

GSF Funding .................................................... www.gogsf.com ....................................................7

Land Home Financial Services .......................... joinamx@lhfinancial.com ....................................38 Loyalty Express ................................................ www.loyaltyexpress.com ......................................32 Menlo Park Funding ........................................ www.menloparkfunding.com ................................37

Features The Gift of Leadership By Mary Beth Doyle ..........................4

Mortgage Brokers Network Corp, Inc. ................ www.mortgagebrokersnetwork.com ......................25 NAPMW .......................................................... www.napmw.org ..................................................6 Nationwide Equities Corp. ................................ www.nwecorp.com ..............................................33

The Elite Performer: Don’t be a “Realist” in 2012 By Andy W. Harris, CRMS ........................................................4

PB Financial Group Corp. .................................. pbfinancialgrp.com ..............................................38

Developing a Solid Branch Starts With Being a Servant By Kurt Reisig ........................................................................8

Polaris Home Funding Corp. (Wholesale) ............ www.polarishfc.com ............................................31

National Mortgage Professional Magazine’s 40 Under 40....................................................................10

Shortsale Speedway.......................................... www.shortsalespeedway.com/freedemo ................30

ValueNation: Effective Reporting in Automated Valuation Management Platforms By David Rasmussen ......16

Veros Real Estate Solutions .............................. pmc2012.com ......................................................43

NCRA’s 19th Annual Conference Closes to Great Reviews By Terry W. Clemans ................................20

Lykken on Leadership: Need More Production? Adapt or Die! By David Lykken & Jon Traver ..........................24 Make Real Estate Agents Your Soldiers! By Raymond Bartreau ............................................................26

Columns Heard on the Street ........................................................6 NMP News Flash: December 2011 ................................26

NMP Mortgage Professional Resource Registry ..........44 NMP Calendar of Events ................................................48

TMS Funding.................................................... www.tmsfunding.com ..........................................29

DECEMBER 2011

New to Market ................................................................32

REMN (Real Estate Mortgage Network)................ www.remnwholesale.com ....................................17

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

The Secondary Market Overview: From Bonds to Production … Be Prepared By Dave Hershman ................................................................22

Polaris Home Funding Corp. (Branches).............. www.polarishfc.com/TimeForAChange ..................39

NationalMortgageProfessional.com

The NAMB Perspective ..................................................18

December 2011 Volume 3 • Number 12

A Message From NMP Media Corp. Executive Vice President Andrew T. Berman The 40 Most Influential Mortgage Professionals Under 40

1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 / (888) 409-9770 Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com STAFF Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@nmpmediacorp.com Andrew T. Berman Executive Vice President (516) 409-5555, ext. 333 andrew@nmpmediacorp.com Joey Arendt Art Director joeya@nmpmediacorp.com Jon Blake Advertising Coordinator (516) 409-5555, ext. 301 jonb@nmpmediacorp.com Kelsey Domino Executive Sales Assistant (516) 409-5555, ext. 316 kelseyd@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 Senior National Account Executive Karen Krizman at (516) 409-5555, ext. 326 or e-mail karenk@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. MO

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This feature, by far, is one of the greatest projects I get to work on as a publisher, but it also is somewhat bittersweet. Sweet because I learn about new up-and-coming mortgage professionals who are crushing it today or at least laying the tracks to crush it in the future. It’s also bitter because out of the hundreds of submissions we receive, I can only select 40. First to be selected are the nominations who’ve received the most votes. Then, we wade through the additional nominees to determine who have some made unique contributions to the industry.

What’s your 2012 going to look like? Time over time, you’ve heard that failure to plan is the plan to fail. With that in mind, I’d like to share a passage from the timeless, The Strangest Secret by Earl Nightingale: Think of a ship with the complete voyage mapped out and planned. The captain and crew know exactly where the ship is going and how long it will take—it has a definite goal. And 9,999 times out of 10,000, it will get there. Now let’s take another ship—just like the first—only let’s not put a crew on it, or a captain at the helm. Let’s give it no aiming point, no goal and no destination. We just start the engines and let it go. I think you’ll agree that if it get out of the harbor at all, it will either sink or wind up on some deserted beach—a derelict. It can’t go any place because it has no destination and no guidance. This is why I always feel that this issue is the most important issue of the year. We hope our December 2011 issue provides you with a few growth strategies to incorporate into your 2012 business plan. Our special look at “Growth Strategies for 2012” starts off with a contribution from Beverly Ray Frase of USA Cares on page 40, sharing some ideas on how to work with veterans and active duty servicemembers. It’s rewarding to be able to help those who have helped protect our country. Following that is Erik Wind of ShortSaleSpeedway on page 41 sharing ideas on communication for guideline changes and education as two items to address in 2012. Following Mr. Wind, another Erik, Erik Wiley, shares with us his business plan for 2012, which includes showing extra love for your real estate agent referrals partners, less recruiting and more internal growth, more face-to-face and other important growth strategies. Wrapping up the section on page 43 is a piece from Leif Boyd of American Pacific Mortgage where he shares his insights on how to plan, hire, train and grow in the new year.

Other “must reads” in this issue While we on the subject of growth and planning, make sure you read the piece by Andy W. Harris, CRMS on page 4, “Don’t Be a ‘Realist’ in 2012” where he’s got planning tips, a quote from the great Winston Churchill, and a reference to my favorite sitcom, “Modern Family.” Next up is a piece from American Pacific’s CEO Kurt Reisig on page 8 where he shares his ideas about being a servant to your customers and clients. Later in the magazine on page 22, Dave Hershman shares his insights on planning for the new year and we feature the latest installment of “Lykken on Leadership” on page 24. This time around, Mr. Lykken and guest co-author Jon Traver share their thoughts on the importance of leaders adapting new methods of bringing in production or how they will make themselves extinct in this marketplace! Would you rather real estate agents pine for your business than kowtow to them for a deal here and there? On page 26, Raymond Bartreau, chief executive officer of Best Rate Referrals, shares with us his secrets on how to have real estate agents work for you in his debut article, “Make Real Estate Agents Your Soldiers!”

The holiday season? Try the conference season! Fresh off the conference circuit, this month, you can catch recaps and photos from the two major trade shows, first the 2011 NAMB/WEST Loan Originators Conference in Las Vegas on page 18 and the NCRA’s 19th Annual Conference in New Orleans on page 20. Las Vegas and New Orleans you say? Sure, these two U.S. cities are synonymous with good times, but rest assured, the value that each attendee took away from these conferences is sure to equip them with the tools and ideas needed to succeed in 2012 and beyond.

What’s next? We’ve got big things in-store for 2012 and 2011 has been a blast. We thank you for the feedback and hope to continue to be your source for everything from originations to settlement to servicing. Until next year ...

Andrew T. Berman, Executive Vice President NMP Media Corp.

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 Board of Directors

National Board of Directors 2011-2012

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—Michael Anderson, CRMS Essential Mortgage 3029 S. Sherwood Forest Boulevard, Suite 200 Baton Rouge, LA 70816 (225) 297-7704 mikea@essentialmtg.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

Donald Fader, CRMS SMC Home Finance P.O. Box 1376 Kinston, NC 28503-1376 (252) 523-5800 dfader@smchf.com Deb Killian, CRMS GMAC 246 Federal Road, Unit C-24 Brookfield, CT 06804 (203) 778-9999, ext. 103 debkillian@snet.net

Vice President-Eastern Region Christine Pollard (607) 656-5005 cpollard1046@gmail.com

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

Secretary Katheryn M. Farrell (509) 528-0349 katherynfarrell@yahoo.com

Vice President-Northwestern Region Nita Cook, GML, CME, CMI (360) 705-5053 nita.cook@legacyg.com

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

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

Parliamentarian Hulene Bridgman-Works (800) 827-3034 hulene137@yahoo.com

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

2011 Board of Directors & Staff Tom Conwell President (800) 445-4922, ext. 1010 tconwell@credittechnologies.com Donald J. Unger Vice President (303) 670-7993, ext. 222 don@advcredit.com Daphne Large Treasurer (901) 259-5105 daphnel@datafacts.com Marty Flynn Ex-Officio (925) 831-3520, ext. 224 marty@ccireports.com

Janet Curtis Director—New Membership & Elections Co-Chair (212) 224-6121 jcurtis@sarma.com Renee Erickson Director—Tenant Screening Co-Chair (800) 311-1585, ext. 2101 renee@zipreports.com Nancy Fedich Director—Conference Chair (908) 813-8555, ext. 3010 nancy@cisinfo.net

Judy Ryan Director—New Membership & Elections Chair (800) 929-3400, ext. 201 William Bower Director—Tenant Screening Chair jryan@kroll.com (800) 288-4757 Tom Swider wbower@confinfo.com Director—Legislative Co-Chair Mike Brown Director—Technology Chair (800) 285-6691 mike.brown@ncogroup.com Susan Cataldo Director—Education & Compliance Chair (404) 303-8656, ext. 204 susancds@cdsusa.net

(856) 787-9005, ext. 1201 tswider@creditlenders.com Terry Clemans Executive Director (630) 539-1525 tclemans@ncrainc.org Jan Gerber Office Manager/Membership Services (630) 539-1525 jgerber@ncrainc.org

DECEMBER 2011

Linda McCoy Mortgage Team 1 Inc. 6336 Picadilly Square Drive Mobile, AL 36609 (251) 610-0494 linda@mortgageteam1.com

President-Elect Candace Smith, CME (512) 329-9040 csmith@wrstarkey.com

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

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

Vice President-Central Region Lisa Puckett, CME (405) 741-5485 lpuckett@ameagletitle.com

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

President Laurie Abshier, GML, CME, CMI (661) 283-1262 lauriea@gemcorp.com

The Gift of Leadership by Mary Beth Doyle, Founder

Take a moment to reflect upon the substantial market changes that have occurred since January. Interest rates fell to record lows, and the government implemented numerous policies to stimulate economic recovery. As a respected mortgage professional, do not overlook the responsibility of continuously educating clients,

Don’t Be a “Realist” in 2012

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DECEMBER 2011

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direct mail, e-mail & on-demand templates – our marketing solutions reach & engage target audiences through cross-media formats and channels. t We continuously impact closed loan production. The sophistication of our data mining technology steadily identifies & promotes new business opportunities and referrals. As the holiday season approaches, we wish you the best for a healthy and prosperous new year. It would be a pleasure to assist you in the days and months ahead.

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t’s no secret to anyone that we’ve been on a wild ride over the last few years in our industry. With 2011 quickly winding down, we’re facing yet another New Year right around the corner. So how was your 2011? Did the six inches between your ears help or hurt your business? Looking back, did you meet or exceed your goals set earlier in the year? What do you expect for 2012? There are two typical ways people address these questions … they either ignore their failure to meet goals and continue with business as usual, or they continue to adapt and innovate with new market opportunities and goals to crush. I was recently watching “Modern Family” (which is a great show by the way) and the episode was about the “realists” and the “dreamers” of the family. There were members of each family that felt as though other family members were holding them back by their negative perception. The family broke apart into “teams” and there was a debate about the possibility of sending a pumpkin 100 yards with a sling shot. Of course, the debate thickened and they had to prove each other wrong by heading to the football field and testing the theory. The dreamers teamed up to take on the pumpkin tossing challenge while the realists stood on the sidelines shaking their heads. This analogy is a little silly, but really does put things into perspective. There is a distinct difference between each person and how they perceive information and challenges (such as the ones we’ve faced in our industry). I’ve found that many who claim to be realists are, in reality, predominantly pessimists. They usually do not even realize they’re holding themselves back by challenging the possibilities, similar to good ideas without action. Many of these pessimists also view optimists similar to how this show portrayed them as “dreamers.” We can never assume that just because someone is

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.” —Sir Winston Churchill

optimistic, that they are also naïve or ignorant. An unrealistic or uninformed optimist definitely could use a little dose of reality, but an informed optimist is a force to be reckoned with. The optimist sees the glass as half full, while the pessimist sees the glass as half empty. The realist just sees a glass of water. You’ll find that anyone you talk with working in the mortgage industry lately has one view or another. They definitely don’t see just a glass of water. There are primarily pessimists and optimists in our world. Now I’m not saying that a true realist cannot adapt, change and survive. What I am saying is that in order to truly succeed in our industry, being a true realist isn’t enough. You owe it to the future of your business to choose the path that yields the highest dividends, which is the path of the informed optimist. Start 2012 prepared to take on any challenge with a different perspective and with NO LIMITS. From my family to yours … Merry Christmas and Happy New Year!

Tip of the month To have a successful 2012 you must have a vision. Take a half or full day off in December dedicated only to strategic 2012 business planning. If you don’t schedule the time, you’ll find yourself blind in January. Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and 2010-2011 president of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 496-0431 or e-mail aharris@vantagemortgagegroup.com or visit AndyHarrisMortgage.com.

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Why W hy NAP NAPMW? M MW? Three T hree Simple Reasons Reaso ons Education E d duccation Organized Or ganized ffor or the pur purpose pose of providing providing education education tto o pr professionoffe essionals in all phases off the mor mortgage industry, NAPMW offers educa-tgage industr y, NAP N MW off ers educa tion via man enues – seminars and w orkshops k ound the manyy vvenues workshops held ar around on-line,, and National Conference ccountry, ountry, on-line a at at its Na tional EEducation ducation C onference held May. each hM ay. 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 1400309) P rovider # 140030 09) 6

Leadership p Leadership

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If If you you believe believe in helping helping to to elevate elevate the educational edu ucational standards standards of this industry, industry, or assisting asssisting in developing developing the e most competent competent industry work industry w ork force, force, then you you believe believe in NAPMW. NA APMW. NAPMW Butt sinc since women NAPMW is not a women’s women’s organization. organization. Bu ew omen make up the major majority profesity off professionals professionals in the mortgage/banking morrtgage/banking pr ofession, our purpose business,, personal personal,, purpose is to to help them advance advance in business and leadership development. de evelopment.

Net wo ork king i Networking 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 backg rounds have have joi ned NAP MW because women backgrounds joined NAPMW excel whatt they do do.. Emplo Employers want they want want tto oe xcel e aatt wha yers who w ant eexcelxcellenc e from from their employees emplo e yees engage eng NAP N MW for for up-to-date up-to-date lence with NAPMW education. educa tion. B Both oth pr professionals p ofessionals and employers emp yers emplo e ha have ve found found there there is a plac e ffor or them in n NAP MW W. place NAPMW.

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

To T o Join NAPMW NAPMW 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

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Total Mortgage Services LLC has announced that it is now registered with the state of Ohio’s Department of Commerce, Division of Financial Institutions, under the Mortgage Broker Act Mortgage Banker Exemption, and is now entitled to broker residential mortgage loans as a Freddie Mac seller/servicer, Fannie Mae seller/servicer, VA non-supervised automatic lender, and Federal Housing Administration (FHA) nonsupervised mortgagee. Total Mortgage can now originate residential mortgage loans in 24 states and the District of Columbia, with five additional state licenses pending. “With both mortgage interest rates and housing affordability close to historical lows, Total Mortgage is excited about entering the Ohio market at this opportune time and helping borrowers with their purchase and refinancing needs,” said John Walsh, president of Total Mortgage Services. “Total Mortgage is committed to delivering exceptional mortgage advice, one-on-one personal service and some of the lowest mortgage rates in the industry to every borrower. Our goal day in and day out is to deliver the perfect mortgage and avoid any unpleasant surprises or delays.”

Veterans Mortgage Forum Launched to Educate U.S. Veterans on Homeownership and VA Products Lenders Compliance Group has formed the Veterans Mortgage Forum, an interactive and discussion Web site found online at VeteransMortgageForum.blogspot.com. Membership in the Veterans Mortgage Forum is free and open to all, and invitations have been sent to industry participants. Veterans Mortgage Forum is an Open Group on LinkedIn, with social media functionality in Twitter and Facebook. In addition to the social networking media, Veterans Mortgage Forum welcomes articles and posts from contributors, thereby further enhancing the information available to veterans and other interested parties. “Often, veterans are improperly informed about VA mortgage financing and we have found that there is a need for

greater familiarity with various issues involved in such financing,” said Jonathan Foxx, president and managing director of Lenders Compliance Group. “And that is why we formed the Veterans Mortgage Forum, specifically to expand the knowledgebase of veterans and enable them to be more effective and educated.” Veterans Mortgage Forum is not associated or affiliated with the Veterans Administration (VA). The views expressed are those of the contributing authors and commentators, as well as news services and Web sites linked to it, and do not necessarily reflect the views or policies of any governmental agency, business entity, organization or institution. Veterans Mortgage Forum is not affiliated with and is not a mortgage broker, mortgage banker or a federal or state financial institution. “The Veterans Mortgage Forum site is not a referral source for loan originators or U.S. veterans who seek a mortgage, nor is it associated or affiliated with the VA or any person or entity involved in originating a VA residential mortgage,” said Foxx. “Veterans Mortgage Forum’s Administrator will ban any comments that use this forum as a referral source. This forum has a very focused purpose: It has been created to empower, educate and provide a space to discuss and share information about VA residential mortgage issues. It should not be used as a source of referrals or a way to originate loans.”

LoanSifter to Feed Google With Live Pricing LoanSifter Inc. has announced a strategic relationship with Google Inc. that gives consumers access to mortgage loan products and real-time pricing based on LoanSifter’s technology, including sideby-side comparisons of mortgage loan products from multiple lenders through Google Advisor. Google Advisor help consumers shop for mortgages online by retrieving quotes based on the borrower’s specific loan criteria. Through a strategic relationship between both companies, Google will leverage LoanSifter’s technology—which automates pricing for lenders using a real-time database of investor pricing and eligibility content—to provide Google users with information on mortgage products and pricing from the lenders using LoanSifter. When Google users get these rates, LoanSifter’s lenders will receive qualified online leads. Greg Ulrich, production manager at

Fairway Independent Mortgage Corporation in Colleyville, Texas, believes that Google’s popularity provides a great opportunity as another channel for borrowers to reach the company, without substantial investment costs. “This saves us money, allowing us to pass a greater savings to the consumer,” Ulrich said. “We chose LoanSifter for our Google auto-quoting because it enables us to customize our pricing more accurately and effectively. Other vendors require manual supervision, which would have been problematic in keeping up with market shifts.” Consumers who search for popular mortgage-related terms or phrases on Google are drawn to Google’s proprietary mortgage Google Advisor, where they can anonymously provide details such as their desired loan amounts and credit scores. Google will then retrieve multiple reliable offers from dependable lenders, placed side-by-side so the borrower can compare them. After investigating different scenarios and choosing a lender, the borrower is then able to contact the lender by phone or e-mail. Borrowers do not have to fill out lengthy forms or click through walls of advertisements in order to access up-to-the-minute loan products and rates, and the leads generated to lenders are anonymous, so that borrowers can protect their private information until they are ready to move forward in the mortgage process. “Our relationship with Google will be of tremendous benefit to both lenders and consumers,” LoanSifter President Bruce Backer said. “A growing number of borrowers are using the Internet to find the best possible mortgage deals, and Google’s immense popularity makes it a first stop for many. Borrowers benefit from the side-byside comparison in an open marketplace, while lenders benefit from LoanSifter’s ability to accurately price mortgage scenarios on their behalf.”

Ocwen

Zillow to Provide Home Shopping Experience for AOL Users Zillow has announced a partnership with AOL to bring the Zillow Mortgage Marketplace shopping experience to AOL Real Estate and DailyFinance users, providing tools to research, shop for and compare mortgages. The sites’ visitors will have easy access to important home financial information, such as mortgage calculators, real-time mortgage rates, and Zillow’s

innovative mortgage shopping experience, which allows users to compare personalized loan quotes and lender reviews, and connect directly with lenders. “AOL Real Estate has many thousands of users who are either home owners or interested in buying a home, so we’re excited to be able to offer them important financial tools and personalized loan quotes from Zillow Mortgage Marketplace,” said Jay Kirsch, vice president and general manager of AOL Marketplace. “We’ll be offering the kind of useful financial information our readers want and need, including the ability to find out how much they can afford when purchasing a home as well as the ability to track historical mortgage rates and more.” continued on page 16

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

Financial Corporation has announced that its subsidiary, Ocwen Loan Servicing LLC, has entered into an agreement with MortgageKeeper Referral Services to easily connect English and Spanish-speaking homeowners to high quality, well-vetted community services via MortgageKeeper’s database. Ocwen customer care representatives already use MortgageKeeper data to help customers who call Ocwen directly. Ocwen’s English-speaking customers can access MortgageKeeper data through Ocwen’s “Mortgage Instant Help Center” on Ocwen.com. Customers type in their zip code, and choose from up to 20 different service categories to receive a list of local, well-qualified nonprofits and government agencies ready to help them with their personal and financial needs. Examples of MortgageKeeper resources include employment services; utility, food and prescription drug assistance services; and senior services. Now, Spanish-speaking customers will have access to the same best-in-class resources. “Underperforming loans are bad for

Gorey, president of MortgageKeeper Referral Services. “We look forward to reaching Ocwen’s Spanish-speaking customers with the same high quality data.”

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Ocwen Servicing Partnership to Benefit Spanish-Speaking Population

everyone—for our customers, the economy, and the community,” said Ron Faris, president and chief executive officer of Ocwen. “When we saw that the use of the MortgageKeeper product significantly improved loan performance, it was important to make the product more accessible to all of our customers.” Since Ocwen became a MortgageKeeper client two years ago, Ocwen customers have received more than 90,000 referrals—referrals that Ocwen data show improved homeowner’s loan performance in 38 percent of cases. “Based on Ocwen’s research, it seems that quality servicing, progressive loan modifications, and MortgageKeeper resources make a strong, positive impact on Ocwen customers,” said Rochelle Nawrocki

By Kurt Reisig

n today’s uncertain and highly fragmented mortgage industry, mortgage professionals must continually strive to distinguish themselves. Reforms over the past few years have drastically limited the ability of originators to differentiate based on loan rates and structure, but there are still ways to stand out. Those who have made their mark as successful branches, brokers, loan officers and support staff often have a couple things in common. First, they demonstrate an understanding that their role requires them to serve other people within their branch, as well as their clients. Second, successful lenders and loan officers practice a few old-fashioned sales techniques that are paramount to increasing sales, retaining current clients and getting referrals for new business.

“

Building a ‘servant culture’ must start at the top, with management setting an example for loan officers and assistants of what it means to be a servant.

”

Sales training Mortgage rates and loan programs are relatively similar across the industry right now, so lenders and loan originators must develop new ways to differentiate themselves from their competitors. One way to do this is to develop a streamlined, internal process for loan approvals. This positions originators to build relationships with referral partners and ensure that loans are approved for consumers and real estate agents in a timely manner. Originators who provide customers with a realistic timeline and deliver results on time will build credibility. This will help an originator to establish a positive reputation and drive repeat business. Once good internal processes have been developed, loan originators should sharpen their basic sales techniques. There are time-tested techniques, often overshadowed in the age of technology, where many salespeople rely heavily on e-mail marketing campaigns, digital ad buys and other high-tech methods of communication. These campaigns will be even more effective and will achieve a higher return on investment (ROI) if a loan originator takes that extra step to make it personal. Brokers and loan officers should pick up the phone and call potential customers, reach out to current customers and regularly meet with current and prospective clients face-to-face. Conducting a personal phone call or meeting gives a loan originator the opportunity to add value to the services they offer. They can learn more about what a customer’s needs are and can tailor their services specifically to that client. They can offer guidance and suggestions about a loan to a client. This helps make an originator an even stronger service provider moving forward with clients. It shows that they’ll go the extra mile to help their clients make good decisions. Taking a personal approach is a proven technique for success in every type of business or sales, and using it today can be an invaluable tool to stand out.

Developing a culture of service During the booming years of the housing market, many mortgage companies got so caught up in making money that they forgot they were in the service industry. There is a difference between being a service provider and truly being servant to customers and clients. A service provider offers a service that their customers need, however, that does not mean that each person who provides a service is a good servant. A servant is one who remembers that they should add value and go beyond the basics. They see their organization as one that serves to benefit their customers, clients and team members, for the long haul. They do not think transactionally. Their focus is on the long-term relationship. An organization with a servant culture is one where employees work as a team to understand and better assist client needs. Not every originator understands being a servant. Building a “servant culture” must start at the top, with management setting an example for loan officers and assistants of what it means to be a servant. Once each staff member embraces the concept of service and realizes that no task is too small (or too big), the company as a whole will benefit. A servant culture is a key tool to generate new business. A client who has worked with a company that provides a necessary service versus one that actually serves well will likely be more satisfied with the latter. In turn, they may be more willing to recommend that specific company to friends and colleagues. Eventually, this will build a group of loyal, satisfied customers who will increase word-of-mouth referrals and generate new leads for new customers. The cycle will continue as these new customers provide additional referrals and tell more people about the excellent service they received. To develop a company culture of servants, many companies have turned

their organizational charts upside down. An executive team that serves its staff produces a staff more willing to serve the executive team and more importantly, customers. In this business, every staff member—no matter their position or the office they work in— must realize that they are servants to each other, vendors, and external clients and customers. To act as a servant in the mortgage industry, companies and originators must remember that they first have to earn that role. It takes solid sales skills and a personal touch to find a client or customer in today’s competitive market. If a broker sells a service and can deliver a good product, on time and with impeccable integrity, they have earned the opportunity to serve. This will lead to repeat business and new customers coming through the door simply because of referrals. The number of loans that a branch closes will continue to grow, increase branch revenues and (ideally) increase pay for every branch staff member. Many companies may never become true servants, though the commitment to seek it is most important and loan originators must consistently strive to become better servants. For managers who want to increase revenues and, in turn, their salaries, their work as servants and salespeople is never done. Now, more than ever, the art of service has come into the forefront of the mortgage industry. Those who sell well and provide excellent service to their customers will continue to be top performers. Those who embrace a true “servant culture” will experience this success to an even greater level. Serving is a great strategy! Kurt Reisig is the founder and chief executive officer of American Pacific Mortgage Corporation. He may be reached by phone at (916) 960-1325 or email kareisig@apmortgage.com.

NationalMortgageProfessional.com

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

DECEMBER 2011

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

NationalMortgageProfessional.com

n our third annual “40 Under 40” feature, you will find a list of the top mortgage professionals under the age of 40, as voted on by their peers, who exemplify professionalism and top production in today’s housing market. Despite the rough waters of the U.S. economy and the ever-shifting landscape known as the mortgage industry, these 40 professionals have persevered in a time of great uncertainty. In assembling this list, we at National Mortgage Professional Magazine took some criticism when we began this endeavor. Many felt a list of this nature ignored many, and others felt that a list of this type is a “thing of the past,” while some even cited age discrimination, but we firmly stood by our decision to assemble this group. Like their

industry pioneers before them, these individuals are the ones who carried the torch of professionalism in the year 2011 and beyond, fighting the daily barrage or regulatory and legislative pressure and negative coverage by the mainstream media as the culprits for the collapse of the U.S. economy. However, they forge forward, as they continue to lead by example and set the bar for education, professionalism and excellence in the mortgage industry. We’d like to congratulate all of the following individuals named to our “40 Under 40” list—in no particular order but alphabetical—and thank all the nominees for their participation in our second annual “40 Under 40: The 40 Most Influential Mortgage Professionals Under 40” feature.

BRIANNE ASTON Senior Business Analyst CBC National Bank Alpharetta, Ga. www.CBConnex.com Brianne Aston attended the University of Georgia and graduated in 2002 with a degree in finance. In the mortgage business since 2002, Brianne has held many positions throughout her career, including closer, processor, sales assistant, and her current role as senior business analyst and bank officer with CBC National Bank. TIMOTHY BAISE President & Chief Executive Officer Top Flite Financial Williamston, Mich. www.TopFliteFinancial.com As president and chief executive officer of Top Flite Financial, an Inc. 5,000 company, Timothy Baise has been changing the lending industry, one person at a time, by being and staying in compliance with state and federal laws. As many lending firms have downsized or have closing their doors altogether, Top Flite Financial has been increasing its revenue and has expanded its operations through the toughest economic times the mortgage industry has ever seen. RAYMOND BARTREAU Chief Executive Officer Best Rate Referrals Las Vegas, Nev. www.BestRateReferrals.com Raymond Bartreau is a marketing specialist whose focus is the mortgage industry and how to effectively market in today’s conditions. Raymond’s company, Best Rate Referrals, is a marketing firm specializing in direct mail, call center campaigns and online marketing. Best Rate Referrals was named to the Inc. 500/5000 list for the second consecutive year in 2011.

DEREK EGEBERG Branch Manager/Loan Officer Academy Mortgage Yuma, Ariz. www.TheApprovalCoach.com Derek Egenberg’s passion is building his automated ACT database and teaching other loan originators how to better track and communicate with their clients. Derek has done many training calls with loan officers nationwide, describing his world class ACT database and how his communication methods are key to success. Derek has been featured in various interviews and industry trainings, such as Mortgage Success Source’s “Mastery Business Plan” in November of 2011. MATHEW GOLDMAN Regional Vice President/Branch Integration FBC Mortgage LLC Orlando, Fla. www.GoldmanLoans.com Matthew Goldman is a 12-year veteran of the mortgage industry. He has been a very active member of both the Mortgage Bankers Association of Central Florida (Governor) and of the MBA of Florida as a Board of Director. He is consistently called upon to chair important committees or events and has always been very successful in ensuring that any event that he is involved in is successful.

DECEMBER 2011

DAN GREEN Loan Officer Waterstone Mortgage Cincinnati, Ohio www.TheMortgageReports.com Ohio resident Dan Green is a loan officer with Waterstone Mortgage. In 2006, Dan founded Bring the Blog, a provider of daily blog content. In 2010, Dan launched Rate Quote Widget, a standalone application for loan officers, installed directly on a Web site that improves mortgage lead conversion rates and keeps loan officers from wasting time on “bad leads.” Dan also writes a daily mortgage blog, The Mortgage Reports, seen by Dan as a tireless effort that attracts new business and educates the industry.

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

MARK W. BOYER Chief Executive Officer Foundation Financial Group Jacksonville, Fla. www.FFG.com Mark W. Boyer began his role as chief executive officer of Foundation Financial Group in January of 2011 at the age of 36. He immediately launched a massive realignment while preparing to open the company’s sixth regional sales center in Rochester, N.Y. Mark began laying the groundwork for what has become known as “Project Sequoia,” the company’s new green initiative that will save Foundation Financial Group $50,000 its first year. Foundation Financial Group was named to the Inc. 500|5000 in 2011.

JOHN F. CADY Senior Vice President of Retail Stearns Lending Inc. Santa Ana, Calif. www.StearnsBranching.com Throughout his time on the retail side of mortgage origination, John F. Cady has consistently applied focus to training, motivating and mentoring and as a result, has enabled his previous companies, including MetLife and PrimeLending, to aggressively expand their retail footprint. At Stearns Lending, John has continued his momentum to restructure and catapult the firm’s retail model. In less than six months, he has increased new branch signings by 96 percent with the addition of 24 branches.

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JENAY BOWEN Senior Loan Officer Service First Mortgage Richardson, Texas www.ServiceFirstOnline.com With a BBA in both finance and real estate, Jenay Bowen got her start right out of college and has worked her way up as one of the top producers at Service First Mortgage. Jenay began as a processor, transitioning to underwriting before becoming a loan originator. Jenay has been in the industry for more than 10 years and is a certified Federal Housing Administration (FHA) Underwriter.

CHRIS BROWN Home Finance Advisor Certified Mortgage Planners Orlando, Fla. www.MortgageChiliBlog.com Chris Brown is a vocal leader for originators seeking to change their own futures in the mortgage industry. Chris actively grows his business by acting as a “coach” for his partners rather than a vendor, earning the nickname, “Chris the Implementer.” In addition to his role as home finance advisor with Certified Mortgage Planners, Chris is also a published author, frequent contributor to local Orlando FOX News affiliate and AM radio shows.

SHAUN GUERRERO Loan Officer The Legacy Group Silverdale, Wash. www.ShaunGuerrero.com Shaun Guerrero started in the business of being a loan officer when he was 20, and has partnered with a great lending platform that has allowed him to do 100 percent financing on homes sold at foreclosure auctions. Shaun has hosted many events in the local community that have attracted hundreds of members of the small business community to learn how to integrate networking methods, sales training and video into their business model. JULIAN HEBRON Branch Manager/Mortgage Banker RPM Mortgage San Francisco, Calif. www.RPM-mtg.com/julian Julian Hebron funds $50 million in mortgages annually and operates runs San Francisco-based RPM Mortgage’s branches. Julian manages partnerships with major real estate firms and building groups and is RPM’s lead marketing. Launched in 2010, Julian’s blog, TheBasisPoint.com, is a must-read for consumer education and insider news. Julian’s long-term media mission isn’t loan leads, it’s to bring credibility to the mortgage industry so consumers, regulators and the mainstream media are constantly reminded how smart, committed, and responsible people in the mortgage industry are.

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

RYAN KOHL Chief Executive Officer/Vice President Express Capital Mortgage Inc. Chandler, Ariz. www.ExpressCapitalMtg.com Ryan Kohl is owner and founder of Express Capital Mortgage and was instrumental in creating multiple channels of lending for foreign buyers purchasing real estate in the state of Arizona. Since mid-2010, Ryan has dedicated his resources to finding capital for these buyers. Primarily focused on Canadians and Australians, Ryan has educated many on the homebuying process in America and relayed them to other industry professionals for local homebuying assistance.

DECEMBER 2011

TOM HURST Executive Vice President StreetLinks Lender Solutions Indianapolis, Ind. www.StreetLinks.com As a founding partner of StreetLinks Lender Appraisal Solutions, Tom’s focus on strategy, ops and sales proved to be instrumental in the firm’s growth into an industry-leading partner. StreetLinks currently houses nearly 600 employees and works with more than 350 clients, including many of the top 10 banks and mortgage lenders in the country.

DAN KELLER Loan Officer Hometown Lending Everett, Wash. www.MyMortgageGuyDan.com Dan Keller adds value to his real estate agent referral partner network by serving as a transparent resource for homebuyers preparing to purchase a home. Dan currently has more than 7,000 views on his YouTube channel, and more than over 600 followers on each Facebook, LinkedIn and Twitter. His blog and social media accounts for more than 60 percent of his closed loan volume, and the rest comes from relationships built with real estate professionals through teaching “Tech-related” classes on blogging, social media and video marketing.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

DUSTIN HUGHES Owner Northwest Mortgage Advisors Portland, Ore. www.Dustin360.com Dustin Hughes is a nationally-recognized loan officer and the owner of Northwest Mortgage Advisors in Portland, Ore. Dustin’s unique and ingeniously creative videos have inspired more than 350,000 viewers on YouTube! Dustin was recently diagnosed with Stage 4 GBM brain cancer, and as a result, has continued to inspire the industry through his message.

CHAD JAMPEDRO Chief Executive Officer GSF Mortgage Corporation Brookfield, Wisc. www.GSFLending.com As chief executive officer of GSF Mortgage Corporation, Chad Jampedro has been changing the lending industry and the landscape of what a mortgage professional is and does. Chad converted GSF from what was known as a mortgage broker company to a mortgage banker at a time when the broker business was booming. In making the transition, Chad grew the company from an $11 million company to a $70 million company.

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JASON “HAMMER” HELMER Director of Business Development First Priority Financial Fort Lee, N.J. www.FirstPriorityFinancial.com An active industry participant, Jason “Hammer” Helmer trains and coaches thousands of originators on current industry topics and origination strategies. Hammer currently has 14,000 subscribers to RateAlert who attend his Webinars, in addition to approximately 3,500 loan originators who subscribe to his FPF PowerTips video marketing messages and blogs.

DANIEL H. JACOBS President of Retail Branching Residential Finance Corporation Charlotte, N.C. www.GoBranch.com A recognized mortgage thought leader and entrepreneur, Daniel H. Jacobs is an executive with 15-plus years of mortgage industry experience who enjoys building and growing companies that solve industry problems. A mortgage banker since 1996, Daniel is the former chief executive officer of 1st Metropolitan Mortgage until he sold the firm in 2009. Daniel is regularly featured as subject matter expert in trade journals, The Wall Street Journal and other major publications. He has also served as a panelist and speaker at major industry events for the National Association of Mortgage Brokers (NAMB) and the Mortgage Bankers Association (MBA) among others.

ERIC KUJALA National Sales and Consulting Manager DocVelocity Troy, Mich. www.DocVelocity.com With his knowledge of the industry and years of expertise, Eric Kujala applies it to his sales and consulting role implementing DocVelocity as the firm’s national sales and consulting manager. Through DocVelocity, Eric bring to the market a Web-based paperless solution that simplifies the mortgage loan origination process by creating an online collaboration tool for staff, lenders and borrowers. JOHN V. LEVONICK Chief Legal and Compliance Officer Mortgage Cadence LLC Denver www.MortgageCadence.com John V. Levonick has worked closely with mortgage originators, servicers, technology vendors, commercial banks, hedge funds and insurers on identifying and managing regulatory compliance risk through the use of technology. In working with each aspect of the industry, John has obtained the ability to understand risk, advise on best practices, and has worked to enhance technology to increase productivity, operational quality, while reducing institutional risk and enhancing asset quality. John is a regular speaker and participant in industry conferences on mortgage compliance risk, and has written numerous articles for various trade publications.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

PHIL RASORI Chief Operating Officer MCT Trading San Diego, Calif. www.MCT-Trading.com Phil Rasori has led MCT Trading’s operations since 2005. His areas of expertise include complex financial modeling, computational dynamics and linear programming for operational optimization. He developed the mortgage pipeline hedging algorithms that form the foundation of MCT’s HALO Program. He has also pioneered several metrics that have become standard industry parlance, including “beta pull-through” factors. In addition to banking clients, Phil has consulted with the government-sponsored enterprises (GSEs) and the U.S. government on hedging best practices for community banks. STEVE RENNIE Managing Partner Hammerhouse LLC Mission Viejo, Calif. www.TeamHammerhouse.com Steve Rennie is a founding partner of Hammerhouse LLC, a national recruiting and strategic growth firm with mortgage sales and leadership placement at its core. Steve has lead the implementation and execution of Hammerhouse’s model-matching process for the firm’s clients and candidates. He has been extremely successful in working with hundreds of mortgage sales and leadership candidates to help them identify the best modelmatch with a mortgage lender in order to positively impact growth, profitability and retention.

DECEMBER 2011

SCOTT A. MILNER Executive Vice President US Mortgage Corporation Melville, N.Y. www.USMortgage.com Scott A. Milner has 10-plus years of extensive equity derivatives and structured products sales experience having worked at some of the largest investments banks in the world, including ABN AMRO, Deutsche Bank, Credit Suisse and the Royal Bank of Scotland. Currently, Scott is leveraging his financial, analytical and business acumen to embark on a new career in the mortgage banking industry, having joined US Mortgage Corporation in 2010 as their executive vice president.

JOE PUTHUR President Mortgage Coach Irvine, Calif. www.MortgageCoach.com Joe Puthur has been president of Mortgage Coach since 2009. To date, he has launched four products for the company including: Ratewatch, Certified Mortgage Coach, Social Pro and Edge. Joe’s eight-plus years of industry experience help him develop the tools that loan officers must use to remain complaint, grow their practice and educate consumers about their mortgage purchase.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

BRETT MCGOVERN President and Owner Bay Equity Home Loans LLC San Francisco www.BayEq.com Brett McGovern has more than 15 years of experience in real estate sales and lending. Prior to joining Bay Equity, he was senior vice president of Grubb Ellis Company in San Francisco. As president and owner of Bay Equity Home Loans, Brett is responsible for key corporate functions, including investor and warehouse line relations, oversight of accounting and secondary functions and marketing and corporate communications.

EDDY PEREZ President Equity Loans LLC Atlanta, Ga. www.EquityLoans.com Eddy Perez has more than 10 years of experience in the mortgage industry as a top producing loan officer, sales/branch manager and executive. Along with his partner, Kunjan Patel, Eddy transformed a small refinancebased mortgage broker into a growing force in the mortgage industry. His five-year plan began with a commitment to solid warehouse and investor relationships and grew into one of the more profitable purchase-driven lenders in the Southeast.

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KHAI MCBRIDE Owner Khai McBride Companies Los Angeles, Calif. www.KhaiMcBride.com As owner of Khai McBride Performance, Khai’s marketing and teaching methodologies are recognized by top companies and producers nationwide. A faculty member of Mortgage Success Source, Khai is a highly-sought-after industry speaker, innovative coach and consultant, coaching some of the industry’s top performers in the area of mindset and performance.

AMANDA NILES Senior Mortgage Banker Summit Mortgage Portland, Ore. www.NilesHomeLoans.com Amanda Niles has been a mortgage banker for 10 years. She earned two degrees from the University of Oregon and her MBA from George Fox University. Amanda was a member of National Mortgage Professional Magazine’s 2010 “40 Under 40” list and she has continued her pursuit of being a top originator in Oregon and Washington.

RENE RODRIGUEZ Sales & Marketing, Brand Strategist PrimeSource Mortgage New Mexico www.SeeReneSpeak.com Rene Rodriguez heads up sales, marketing and brand strategy for PrimeSource Mortgage, a publicly-traded mortgage bank. A captivating, high-energy speaker, Rene is in high demand for annual events, conventions, and keynotes speeches. He has been a featured speaker at the Mastery Business Plan 2008 and 2011 Conferences in Las Vegas, has emceed for all four Mortgage Revolution events, and is a frequent contributor and author to industry publications, including National Mortgage Professional Magazine. RICK ROQUE Senior Vice President/Board Member PrimeSource Mortgage Washington, D.C. www.WeWalkYouHome.com Rick Roque is the formerly led sales and business development at Calyx Software and has served as a consultant for the industry’s top tech and lending firms. He is currently executive vice president of growth and strategy at PrimeSource Mortgage, managing the day-to-day business operations at one of the nation’s few publicly-traded mortgage lending companies.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

GARRICK WERDMULLER Branch Manager First Priority Financial Alameda, Calif. www.Garrick.biz Through technology, blogging and video logging Garrick Werdmuller has built an amazing community of fans. Garrick has been a part of the “Funky Formal,” an event to help many local charities, including the Alameda Food Bank, Alameda Education Foundation and the Alameda Boys and Girls Club among others. He founded the Alameda Green Home Expo. ERIK WIND President EWDC Melville, N.Y. www.ShortSaleSpeedway.com During his 10-plus years in the real estate and mortgage business, Erik Wind has worked with hundreds of appraisal and real estate professionals to improve their business through technology. Erik is the developer of ShortSaleSpeedway, used by real estate professionals to effectively negotiate short sales and loan modifications and by mortgage professionals as a tool to market to real estate agents. LOUIS ZITTING Founder/President LenderFeed Salt Lake City, Utah www.MonitorBase.com Louis Zitting founded LenderFeed, a consumer-focused, credit monitoring technology to maintain the retention for borrowers who have been turned down or whose loan had been cancelled. LenderFeed monitors the borrower’s credit profile, and based upon specific parameters, will contact the loan officer when it is the appropriate time.

DECEMBER 2011

ADAM P. SMITH President The Colorado Real Estate Finance Group Inc. Greenwood Village, Colo. www.CoreFinanceGroup.com Adam P. Smith is president of The Colorado Real Estate Finance Group Inc., a commercial and residential real estate finance firm. During his career, Adam has helped thousands of clients, both individuals and corporations, in their goals regarding real estate finance, as well as both personal and corporate finance, and has personally written billions of dollars in mortgage and finance deals.

ERIC TISHAW Chief Operating Officer Hometown Lenders Huntsville, Ala. www.HTLenders.com Growing up around the mortgage business, Eric enjoys helping mortgage professionals reach their goals and fullest potential. In an effort to uncover the major pitfalls of making a transition to a different employer, Eric authored the Net Branch Survival Kit to help mortgage professionals make a more informed decision about their future partnership with a potential company. More than 10,000 copies have been downloaded to date.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

MICHAEL SMALLEY Regional Manager Waterstone Mortgage Winter Park, Fla. www.Mike-Smalley.com Mike Smalley has been a loan originator since 2002, and owned his own company from 2004-2008. Currently a regional branch manager from 2008 to current, and over the last three years with his two partners, has grown his team from one branch to four, and his team from five to 40. Mike is also a frequent industry speaker, being the youngest person ever to speak at LoanToolbox Business Plan (in 2006 at age 27), presenting at Mortgage Revolution twice in 2010 (Atlanta and Orlando), and Sales Mastery in 2011.

HOLDEN THOMAS President Oak Mortgage Group Inc. Dallas, Texas www.OakMortgageGroup.com Holden Thomas started Oak Mortgage Group Inc. at the age of 25 with no mortgage experience and built the firm from a mortgage broker in 2006 into a mortgage banker as U.S. Department of Housing & Urban Development (HUD) Direct Endorsed Underwriters. Holden relies heavily on social media strategies to drive leads for Oak Mortgage Group.

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SHASHANK SHEHKAR Chief Executive Officer Arcus Lending San Jose, Calif. www.LendingExpertBlog.com Shashank Shehkar is chief executive officer of Arcus Lending, author of the blog, LendingExpertBlog.com and two real estate books. A social media expert, Shashank helps incorporate social media ideas into his customer’s daily business plans and is always willing to help others in their advances for business and social media. Within three years of originating loans, Shashank is closing more than $30 million in personal production in 2011 by building one of the strongest personal brands in the San Francisco Bay Area region.

JOHN GLEN STEVENS Branch Manager Bank of England d/b/a ENG Lending Draper, Utah www.ENGUtah.com John Glen Stevens served as president of Utah Association of Mortgage Brokers in 2010, the state affiliate of NAMB, the Association of Mortgage Professionals. Nationally, John served NAMB as chairman of the Loan Originators Conference in Las Vegas. John campaigned for a seat in the Utah State House and currently serves locally as County Planning Commissioner.

The Next 40 Mortgage Professionals to Watch … Due to the hundreds of submissions we received for our “40 Under 40” list, there are those who are making serious waves in the industry who could not be overlooked. They, like those on the “40 Under 40” list are the leaders of this industry for years to come, so keep an eye out as well for the following innovators and originators as they continue to shape the industry: John Antonelli

President/Mortgage Specialist

Belinda Austin

Processing Manager

Alan Blood Lanie Boudreaux Liz Bushman Brian Call Peter M. Citera

President Mortgage Originator

Capital Financial Group Inc., Bountiful, Utah St. Martin Bank & Trust, Lafayette, La. Academy Mortgage Corporation, Diamond Bar, Calif.

President

Rubicon Mortgage Advisors LLC, Minneapolis, Minn.

Director of Mortgage Education Regional Sales Manager

Jay Crowell

Vice President

Sherri Dyer

Ranch and Coast Mortgage Group, San Diego, Calif.

Branch Manager

Gwen Creel

Richard Donine

Vantage Point Financial Group Inc., Blue Bell, Pa.

Vice President of Marketing Owner/President

Real Estate Institute, Niles, Ill. United Fidelity Funding, Kansas City, Mo. Cornerstone Home Lending, Seattle, Wash. Stearns Lending, Orange County, Calif. MDI Mortgage Group, Bar Harbor, Maine

Richard L. Erb II

Licensed Loan Originator

Weichert Financial, Alexandria, Va.

Ron Haddad

Senior Mortgage Banker

Key Mortgage Services d/b/a Baird & Warner Financial, Chicago

Adam Hall Josh Harmatz Justin Henneke Dan Holtz

Community Reinvestment Analysis Chief Operation Officer Senior Loan Officer Vice President

Fifth Third Bank, Louisville, Ky. Voyage Financial Group Inc., Sacramento, Calif. America’s Choice Home Loans Sovereign Lending Group Inc., Irvine, Calif.

Vince Ingui

President & CEO

Louviers Mortgage Corporation, Wilmington, Del.

Jesus I. Jimenez

Finance Director

Security National Mortgage, Forest Park, Ill.

Steven Kaufman

President

Eric Kelly

Managing Partner

Zeus Mortgage Ltd., Houston, Texas Assurance Financial Group, Birmingham, Ala.

Vice President

Topaz Mortgage, Rockville, Md.

Heather M. Lee

Branch Manager

PMC Mortgage, Yakima, Wash.

Crista Lowrie

Branch Manager

Vision Mortgage, a division of Continental Bank, Montgomeryville, Pa.

Joseph Metzler Darius Mirshahzadeh Jasen Neutzman

Senior Mortgage Loan Officer Senior Vice President of Wholesale Lending Certified Mortgage Consultant President, CEO & Majority Stockholder

Mortgage Quality Management and Research, Sherman Oaks, Calif. Mortgages Unlimited Inc., St. Paul, Minn. Pacific Union Financial Atlas Mortgage, Lynnwood, Wash. RP Funding, Maitland, Fla.

Sam Perez

President

Silvercreek Finance Corporation, Chicago, Ill.

Nathan S. Pierce

President

Advanced Funding Home Mortgage Loans, Salt Lake City, Utah

Joni Pilgrim

Vice President of Sales & Marketing

Nationwide Appraisal & Settlement Network, Oldsmar, Fla.

Reza Rahimzadeh

Chief Executive Officer

Loan America, Calabasas, Calif.

David B. Ricketts

Area Manager

Bank of England, Denver, Colo.

Kyra Sommerville Moore

Partner/Branch Manager

Darin Sullivan Brian Swanson

Paul Ueckert Paul Volpe

Vice President of Mortgage Operations

BOFI Federal Bank (Bank of Internet), San Diego, Calif.

Senior Vice President & Chief Lending OfficerResidential Lending

BOFI Federal Bank (Bank of Internet), San Diego, Calif.

Mortgage Loan Officer President Vice President

Associated Bank, Belleville, Ill. Voyage Financial Group Inc., Sacramento, Calif. NOVA Home Loans, Tucson, Ariz.

DECEMBER 2011

Joanna Theismann

Inlanta Mortgage, Johnston, Iowa

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

Robert Palmer

Founder & President

NationalMortgageProfessional.com

Todd LaBorwit

Benjamin Madick

heard on the street

Effective Reporting in Automated Valuation Management Platforms By David Rasmussen

DECEMBER 2011

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

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Lending managers today need to be everywhere at once. They are accountable for helping to ramp up lending volume while ensuring that stringent risk oversight and review controls are in place. This dichotomy can be seemingly daunting for organizations that have yet to embrace the power of the automated tools discussed in this article series on valuation management platforms. Management may hesitate to integrate the technology for fear it will distance them from the details in the valuation process. However, a bestin-class valuation management platform should provide users with total transparency throughout the entire valuation process. Each and every user, product order, product return, and all of the rules/data in between should be recorded and electronically documented. Recording this level of granularity allows for full retrieval, access and reporting at a later time, and in many cases, provides managers with tools and insights not available in a manual process. To fully and effectively monitor the entire range of transactions in a valuation management platform, the reporting function needs to be comprehensive, yet flexible. Standard or “canned” reports, as well as ad hoc reporting functions, allow managers to view, monitor, track and even score the procedures, policies and partners that make up their valuation strategies. The following sections explore the necessary system components of each reporting type that should be available for use.

Standard reporting A strong management platform should include a comprehensive selection of standard reports that are available to run quickly, are designed to provide a clear view of the most frequently accessed data points, and to meet compliance mandates. These are considered common reports that users will utilize frequently according to their access and needs. It is essential for standard reporting to be integrated into the everyday business process and procedures. It is up to the management at an organization to ensure the system provides an intuitive fit with its workflow. These standard reports should also allow users to monitor the entire valuation lifecycle (as their access level permits), making each employee accountable for their successful role within the organization’s workflow. Advanced platforms allow reports to run in real-time or to be scheduled to run and electronically delivered at regular intervals. This consistent data reporting offers fresh perspectives and often provides direction in the valuation management chain.

Ad hoc reporting While standard reports fill certain business demands, they will never be able cover every data request that may arise. The management in most organizations will agree that their company has unique needs, and waiting for continued on page 34

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The Federal Housing Finance Agency (FHFA) has announced that, under Photo credit: Creatas terms set forth in the Housing and Economic Recovery Act of 2008 (HERA), the maximum conforming loan limits for mortgages acquired by the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac in 2012 will remain at existing levels except in Fairfield County, Conn., where it will increase. The maximum conforming loan limits for one-unit properties, which generally have applied to loans originated since Oct. 1, 2011, are $417,000 in most locations, but are as high as $625,500 in certain high-cost areas in the contiguous United States. For loans originated prior to October 2011, the maximum loan limit was as high as $729,750 in the contiguous U.S. However, that higher “ceiling” was permitted under legislation that no longer applies to newly-originated loans. The 2012 loan limits are set under the permanent formula established under HERA. Under the HERA formula, the 2012 maximum loan limit for one-unit properties in Fairfield County, Conn. will increase by $26,450 from $575,000 to $601,450. The increase results from a rise in the local median home value, which is a key part of the HERA formula for determining local loan limits. While other counties also saw increases in home prices, Fairfield County, Conn. was the only one for which the increase ultimately produced higher loan limits after other HERA terms (e.g., the statutory ceiling and floor on loan limits) were taken into account. In determining 2012 loan limits under the terms of HERA, the FHFA did not change the baseline maximum conforming loan limit for the United States. The baseline limit, $417,000 for oneunit properties in the contiguous U.S., was left unchanged based on declines in FHFA’s monthly and quarterly house price indexes. HERA requires that the baseline limit be adjusted each year to reflect changes in the national average home price, but prohibits declines in the limit. If average home prices decline, then the baseline loan limit is to remain the same. In setting HERA limits for 2009, 2010, and 2011, FHFA found that the national

average home price declined over preceding years. As a result, the national loan limit was left unchanged. This year, the monthly and quarterly house price index (HPI) series produced by FHFA show further national price declines and thus the baseline loan limit is again unchanged. While the FHFA HPI has been used this year and in preceding years for assessing the national average price change, pursuant to terms set forth under HERA, FHFA has evaluated a number of alternatives. FHFA plans to publish a Federal Register notice in the coming months that will proffer a specific methodology for measuring price changes for loan limit adjustment in the future. The notice, which will detail the methodology and also describe an alternative approach, will invite public comment.

SIGTARP and Google Take Down Ring of 85 Fraudulent Loan Mod Sites The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) has announced that it has shut down 85 alleged online loan modification scams promoted through Web banners and other Web ads. SIGTARP investigates loan mod schemes in which companies charge struggling homeowners a fee in exchange for false promises of lowering the homeowner’s mortgage through TARP’s housing program, the Home Affordable Modification Program (HAMP). Google, in cooperation with an ongoing criminal SIGTARP investigation of these scams, has suspended advertising relationships with more than 500 Internet advertisers and agents associated with the 85 alleged online mortgage fraud schemes and related deceptive advertising. “The first place many homeowners turn for help in lowering their mortgage is the Internet through online search engines, and that’s precisely where they are being taken advantage of and targeted,” said Christy Romero, Deputy Special Inspector General for TARP. “Web ads that offer a false sense of hope may not be legitimate and can end up costing homeowners their home. SIGTARP is diligently working on every level to stop these frauds, to protect homeowners from being victimcontinued on page 28

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ized, and to hold accountable criminals who defraud homeowners in connection with HAMP and other TARP programs.” SIGTARP, through an investigative inquiry, notified Google of a list of Web sites alleged to be fraudulently claiming to assist homeowners with the HAMP mortgage modification process. The advertisers or agents, via Webbased advertisements on Google, were instead scamming distressed homeowners. The most common schemes included asking homeowners for an upfront fee and telling homeowners to stop paying their mortgage and to cease all contact with their lender. The schemes included diverting mortgage payments to the scammers, transferring property deeds, and/or releasing personal financial information. In some instances, the Web sites claimed to be affiliated with the U.S. government through the use of a government seal or name similar to a government agency. Google’s suspension of these advertising relationships will have a dramatic and immediate impact on the ability of scam artists to seek out and victimize unwitting homeowners.

FHA Cash Reserves See Near 50 Percent Annual Drop

DECEMBER 2011

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

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The U.S. Department of Housing & Urban Development (HUD) has released its Annual Report to Congress Regarding the Financial Status of the FHA Mutual Mortgage Insurance Fund: Fiscal Year 2011 on the financial status of the Federal Housing Administration (FHA) Mutual Mortgage Insurance (MMI) Fund, the backbone of the FHA single-family and reverse mortgage programs. In reporting on findings of the annual independent actuarial study, HUD indicates that, in the midst of continued weakness in housing markets across the county, the MMI Fund capital ratio remains positive this year at 0.24 percent. With new risk controls and premiums put in place by the

Obama Administration, the independent actuaries predict the Fund will return to the Congressionally-mandated threshold of two percent capital more quickly than was projected by last year’s review. The economic value of new insurance endorsements in FY 2011 for the Fund was nearly double that of FY 2010 endorsements, being close to $11 billion. As was the case last year, the new actuarial study shows that FHA is expected to sustain significant losses from loans insured prior to 2009, and thus its capital reserve remains below the congressionally mandated threshold of two percent of total insurancein-force. However, the actuaries’ report concludes that, barring a further significant downturn in home prices, the MMI Fund will start to rebuild capital in 2012, and return to a level of two percent by 2014—outpacing last year’s prediction. The actions taken by this Administration have put FHA into a position where the actuaries expect rapid growth in capital once the housing market begins a broad-based recovery. “In the midst of a tough housing market the FHA MMI Fund continues to be actuarially sound,” said Acting FHA Commissioner Carol Galante. “Because of the Obama Administration’s strategy to protect the FHA Fund—tightening of risk controls, increased premiums to stabilize near-term finances, and expanded loss mitigation assistance to avoid unnecessary claims—this past year’s endorsements had the highest credit quality ever recorded, and will yield historically high levels of net receipts in the years ahead.” FHA’s capital reserve ratio measures reserves in excess of those needed to cover projected losses over the next 30 years. The independent actuarial reviews of the MMI Fund estimate FHA’s capital reserve ratio to be 0.24 percent of total insurance-in-force this year, falling from 0.50 percent in 2010. FHA’s total liquid assets (cash plus investments) grew by $800 million since last

Web: www.appraisalsanywhere.com

year, to $33.7 billion. That amount is $1.9 billion higher than at the end of FY 2009, and is also $7.7 billion higher than was predicted last year by the independent actuaries. At the same time, the economic net worth of the Fund fell by $2.1 billion this year, from $4.7 billion to $2.6 billion, as FHA continued to build loss reserves to prepare for greater claims in the coming years. Losses on loans insured through the first quarter of fiscal year 2009 continue to place a significant strain on the Fund and are expected to reach $26 billion within a few more years. Though they were prohibited in 2009, the ongoing effect of so-called “seller-funded downpayment assistance loans” is still significant. The net expected cost of those loans, as projected by the independent actuaries, grew by $1.8 billion over the past year to $14.1 billion. Conversely, the actuaries found that the FY2010 and FY2011 books are expected to be very profitable, providing significant net revenues to offset losses on earlier books. Loans insured to-date under the Obama Administration are providing $18 billion in economic value for the MMI Fund. Under the base-case forecast used by the independent actuaries, the FY 2012 book will add an additional $9 billion in economic value to the Fund.

NAR Forecasts Commercial Market Growth in 2012 Commercial real estate markets have been relatively flat this year, but improving funPhoto credit: Medioimages/Photodisc damentals mean a more positive trend is expected in 2012, according to a report from the National Association of Realtors (NAR). Looking at commercial vacancy rates from the fourth quarter of 2011 to the fourth quarter of 2012, NAR forecasts vacancies to decline 0.6 percentage point in the office sector, 0.4 point in industrial real estate, 0.8 point in the retail sector and a 0.7 percentage point in the multifamily rental market. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” said Lawrence Yun, NAR chief economist. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year. Vacancy rates are expected to trend lower and rents should rise modestly next year. In the multifamily market, which already has the tightest vacancy rates in any commercial sector, apartment rents will be rising at faster rates in most of the country next year. If new multifamily construction doesn’t ramp up, rent growth could potentially approach seven percent over the next two years,” Yun said. The Society of Industrial and Office Realtors (SIOR), in its SIOR Commercial Real Estate Index, an attitudinal survey of 231 local market experts, shows the

broad industrial and office markets were relatively flat in the third quarter, in step with macroeconomic trends. The national economy continues to affect the sectors, with 92 percent of respondents reporting the economy is having a negative impact on their local market. The SIOR index, measuring the impact of 10 variables, rose 0.6 percentage point to 55.5 in the third quarter, following a decline of 2.6 percentage points in the second quarter. In a split from the recent past, the industrial sector advanced while the office sector declined. The SIOR index is notably below the level of 100 that represents a balanced marketplace, but had seen six consecutive quarterly improvements before the last two quarters. The last time the index reached the 100 level was in the third quarter of 2007. Construction activity remains low, with 96 percent of respondents indicating that it is lower than normal; 88 percent said it is a buyers’ market in terms of development acquisitions. Prices are below construction costs in 83 percent of markets. NAR’s latest Commercial Real Estate Outlook offers projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS Inc., a source of commercial real estate performance information.

FinCEN Seeks to Stamp Out Mortgage Fraud Among GSEs The Financial Crimes Enforcement Network (FinCEN) has announced that it has proposed regulations that would require the government-sponsored enterprises (GSEs)— Fannie Mae and Freddie Mac—to develop anti-money laundering (AML) programs and file suspicious activity reports (SARs) with FinCEN. The GSEs currently file fraud reports with their regulator and conservator, the Federal Housing Finance Agency (FHFA), which then files SARs with FinCEN when the facts in a particular fraud report warrant a SAR under FinCEN’s reporting standards. The proposed regulations would require that the GSEs file SARs directly with FinCEN, which will help streamline the reporting process, provide law enforcement with quicker access to data about potential fraud, and result in the reporting of a wider range of suspected financial crimes. “This action is another step to help restore the integrity of the mortgage market,” said FinCEN Director James H. Freis Jr. “Providing law enforcement with quicker access to data about potential financial crimes will help them better hold illicit actors accountable for mortgage fraud and other scams.” FinCEN closely coordinated this proposal with the FHFA, to which FinCEN would delegate responsibility for examining the GSEs with compliance for the

regulations. FinCEN anticipates that new AML and SAR programs can be efficiently and effectively integrated into the GSEs’ existing anti-fraud policies, procedures and training programs. “This is a positive step and we are pleased to work with FinCEN on this project,” said FHFA Acting Director Edward J. DeMarco. “The proposed rule will streamline the process and build on the efforts of FHFA and the GSEs to support law enforcement in its important work to fight mortgage fraud.” Another important benefit to the GSEs of developing an AML program and filing SARs directly with FinCEN is that the GSEs, including their directors, officers, and employees, will become subject to the Bank Secrecy Act’s (BSA) “safe harbor” provisions, which are intended to encourage financial institutions to report suspicious activities without fear of liability from lawsuits by SAR subjects. FinCEN has placed combating mortgage loan fraud and related criminal activity as one of its highest priorities over the past five years. FinCEN has a pending rule to apply AML program and SAR reporting requirements with respect to non-bank mortgage lenders and originators and has released quarterly mortgage loan fraud reports to track the type and number of suspected fraud.

Ginnie Mae Reports Record Year of $1.184 Billion in Net Income

Completed Loan Mods Pass the Five Million Mark Nationwide HOPE NOW has reported that as of the third quarter of 2011, 4.97 million

loan modifications have been completed for homeowners since 2007. This total includes more than 4.11 million proprietary modifications and 856,974 completed under the Home Affordable Modification Program (HAMP) through September 2011. Based on current trends, the industry has surpassed the five million loan modification mark to date. “When HOPE NOW started reporting data at the end of 2007, loan modifications were barely measurable,” said Faith Schwartz, executive director of HOPE NOW. “Homeowners either paid their mortgages or forfeited their homes. However, over the past four years, the housing crisis has taught us to re-think helping distressed homeowners through an unprecedented level of

collaboration, funding, manpower and expanded resources. Five million hard working American families have been able to prevent foreclosures through permanent loan modifications.” The latest data compiled by HOPE NOW shows that after six months of seasoning, more than 80 percent of the proprietary loan modifications completed are performing (less than 90 days past due). The inventory of 60-dayplus delinquencies in the third quarter of 2011 was 2.81 million. This compares to 3.17 million at the same point in 2010, an 11 percent year-over-year decline. Foreclosure starts stood at approximately 600,000. This compares continued on page 30

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TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

Ginnie Mae has reported that its fiscal year net income for 2011 reached a corporate highpoint of $1.184 billion, surpassing $541.5 million in FY 2010 and a previous high of $906 million in FY 2008. Revenues of $1.064 billion were up from $1.011 billion in 2010, while retained earnings rose to $15.7 billion from $14.6 billion. “Ginnie Mae has had a remarkable year; it’s our best yet,” said Ginnie Mae President Ted Tozer. “Our financial performance this fiscal year—despite a mortgage market still in turmoil—is a testament to our well-functioning business model. Our business is simple, our approach to risk-taking is conservative, and our ability to finance governmentinsured mortgages is helping to keep the housing market afloat.” As the private sector retreated in recent years, Ginnie Mae stepped in to help maintain the flow of capital from global markets to the nation’s housing markets, financing nearly 60 percent of all home purchases in FY 2011. The value security holders place on Ginnie Mae’s full faith and credit guaranty means that the corporation can ensure a consistent pool of funding for government mortgages. This supports the economic stabilization efforts of Congress and the Administration by making it possible for financial institutions to continue mortgage lending. “Ginnie Mae’s role and significance in U.S. housing finance is as strong as it has

ever been,” said Ginnie Mae EVP Mary Kinney. “Since the onset of the credit crisis, Ginnie Mae has guaranteed $1.3 trillion, which financed about 4.8 million singlefamily homes and multifamily units for families across the country. Our ability to simultaneously attract private capital from the global capital markets and provide effective business solutions for MBS issuers keeps capital flowing into U.S. housing even during recessionary periods.”

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with 709,000 during the third quarter of 2010, a decrease of 15 percent. Foreclosure sales were approximately 200,000. This compares to 314,000 during the same period last year, a decrease of 36 percent. “While this is quite an accomplishment, the housing crisis is far from over,” said Schwartz. “The industry, and its partners in the non-profit counseling community and the government, remains committed to reaching out to struggling homeowners, improving the customer experience and embracing new technology.”

Fixed Rate Mortgages the Overwhelming Choice for Refi Borrowers

Why Is It Easy to Trap Real Estate Agents with ShortSaleSpeedway™?

DECEMBER 2011

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Many real estate agents shy away from short sales because of the complexity involved in doing it themselves. When they refer the work to an attorney or third party negotiator, they risk losing a great chunk of their commission. ShortSaleSpeedway™ automates the short sale process, by creating all of the documents a real estate agent needs to create the superior short sale proposal exactly how banks want to see them.

How Can ShortSaleSpeedway™ Help YOU Trap Real Estate Agents? Your company can have your very own, private labeled version of ShortSaleSpeedway™ that you offer at no cost to your real estate agents. They will now have the tools provided by your company to be a true short sales specialist. Now they can negotiate short sales with ease and not have to give away their commission to someone else. You’re providing them with a tool that puts more money in their pocket.

What Do We Provide You? When you have your own ShortSaleSpeedway™, we provide you with the following: Q Your own customized private labeled ShortSaleSpeedway™ site Q Access to reporting on all borrowers being put into the system Q Training for you, your real estate agents and a dedicated support team Q Marketing materials to promote your ShortSaleSpeedway™ to real estate agents In many cases, the setup for the private labeled site costs you nothing!

For a free demo, contact Erik Wind, at (800) 262-3783, ext. 701 or visit shortsalespeedway.com/freedemo

According to the Freddie Mac Quarterly Product Transition Report for the third quarter of 2011, Photo credit: George Doyle fixed-rate loans accounted for more than 95 percent of refinance loans. Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether their original loan was an adjustablerate mortgage (ARM) or a fixed-rate. Freddie Mac’s Quarterly Product Transition Report comes from a sample of properties on which Freddie Mac has funded at least two successive loans and the latest loan is for refinance rather than for home purchase. Some loan products, such as one-year ARMs and balloons, are based on a small number of transactions. During the third quarter of 2011, the refinance share of applications averaged 78 percent in Freddie Mac’s monthly refi survey, and the ARM share of applications was seven percent in Freddie Mac’s monthly ARM survey, which includes purchase-money, as well as refinance applications. “Fixed mortgage rates averaged 4.29 percent for 30-year loans and 3.47 percent for 15-year product during the third quarter in Freddie Mac’s Primary Mortgage Market Survey (PMMS), well below long-term averages,” said Frank Nothaft, Freddie Mac vice president and chief economist. “The Bureau of Economic Analysis has estimated the average coupon on single-family loans was about 5.3 percent during the third quarter of 2011. It’s no wonder we continue to see strong refinance activity into fixed-rate loans.” An increasing share of refinancing borrowers chose to shorten their loan terms during the second quarter of 2011. Of borrowers who paid off a 30year fixed-rate loan, 40 percent chose a 15- or 20-year loan, the highest such share since the second quarter of 2003. “The extension to the end of 2013 and additional enhancements to the Home Affordable Refinance Program (HARP) announced on Oct. 24, provide

opportunities to eligible borrowers who had not yet refinanced,” said Nothaft. “More than 900,000 borrowers have already refinanced via the program through September. The enhancements provide incentives for eligible borrowers to shorten their loan terms, from 30 years to 20- or 15-years.” Sixty-three percent of borrowers who had a hybrid ARM chose a fixed-rate loan during the third quarter, while the remaining 37 percent chose to refinance into the same type of product. “Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed was about 0.8 percentage points lower during the third quarter,” said Nothaft. “For borrowers motivated to refinance by low fixed-rates, they could obtain even lower rates by shortening their term. The initial interest rate on a 5/1 hybrid ARM was about 1.2 percentage points lower than on a 30-year fixed-rate loan. For borrowers who plan to remain in their current home for only a few years, the hybrid ARM allows for even a greater interest-rate savings.”

Report Finds Rise in Misrepresented Borrower Data Interthinx has released its 2011 Third Quarter Mortgage Fraud Risk Report, and according to the most recent analysis, employment and income fraud risk is on the rise, up 8.8 percent from third-quarter 2010 and up 50 percent from third-quarter 2009. Company analysts believe the increase is due to borrower data being misrepresented in order to meet debt-to-income (DTI) thresholds required by lenders in the face of stagnant or declining real incomes. Other results uncovered in the most recent report include: For the sixth consecutive quarter, the two riskiest states are unchanged: Nevada has the highest fraud risk, with an index value of 255; Arizona is next, with an index value of 243. California was the third riskiest state overall, with an index value of 197. It was particularly well-represented in all the indices, containing half of the ten riskiest metropolitan statistical areas (MSA), seven of the top ten ZIP codes, and more than half of the top 10 MSAs in the property valuation and employment/income indices. Non-geographic risk profiling suggests that fraud risk is greatest in loans with high loan-to-income ratios (the ratio of loan amount to monthly income). In general, all the fraud risk indices increase as the loan-to-income ratio increases, so almost universally, the highest indices occur at loan-to-income values close to or greater than 100. “We’ve been carefully monitoring

the increase in the employment and income fraud risk index for the last two years,” said Mike Zwerner, senior vice president for Interthinx. “This actionable risk intelligence led us to develop the integration of The Work Number from Equifax within FraudGUARD to provide lenders with an efficient and effective way to confirm a borrower’s ability-to-repay. At Interthinx, we rely heavily on trending from our Mortgage Fraud Risk Report to lead technology and product innovation.”

George Washington University Study Reveals FHA’s Layered Risk Increases Likelihood of Default

Quicken Loans Ranks Highest in Customer Satisfaction in Latest J.D. Power Survey

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Overall customer satisfaction with primary mortgage lenders has increased considerably from 2010, according to the J.D. Power and Associates 2011 U.S. Primary Mortgage Origination Satisfaction Study. The study measures customer satisfaction in four key factors of the mortgage origination experience: Application/approval process, loan representative, closing and contact. Customer satisfaction in 2011 averages 747 on a 1,000point scale, up 13 points from 2010. “The increase in customer satisfaction is driven by improvements in many of the key best practices, including proactive status updates, providing a time frame to expect and meeting it, and providing follow-up contact after the application is submitted,” said David Lo, director of financial services at J.D. Power and Associates. According to Lo, this increase in satisfaction is in stark contrast to the mortgage servicing industry, in which homeowner satisfac-

A Bright Spot in

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A new study conducted by the George Washington University School of Business (GWSB) has found that the Federal Housing Administration (FHA) is at risk and needs to rethink layering risk— especially to borrowers with poor credit history and high payment burdens. The new report, released by GWSB’s Center for Real Estate and Urban Analysis (CREUA), is the third in its “FHA Assessment Report” series. Coauthored by Robert Van Order, professor of finance, and Anthony Yezer, professor of economics, the report examines data on mortgage default supplied by different sources, concluding that downpayment and equity are not the only things that matter in determining losses. “Our analysis seeks to illuminate the factors that can greatly increase a loan’s risk of default,” said Dr. Van Order, Oliver T. Carr Professor of Real Estate and chair of CREUA. “We have found that down payment alone is not the leading cause of default; nor are low down payment loans much riskier than other loans. However, a number of factors working together—poor credit score, a high ratio of debt-to-income and other variables, such as sellerfunded assistance—can create a recipe for disaster.” The report, “FHA Assessment Report: The Role of the Federal Housing Administration in a Recovering U.S. Housing Market,” analyzes credit risk in mortgage lending, finding that while low downpayment lending can be done safely, those loans with the highest likelihood of default are those in which downpayment size, credit score (known as FICO score) and debt-to-income (DTI) ratio, are “layered,” or present in combination. While the FHA has slightly tightened up on layering, the report claims it is still at risk. While the private sector has mitigated such risk by imposing stricter guidelines for low down payment loans, FHA continues to qualify such borrowers for mortgage financing, putting it at risk of being selected against. The report cites FHA’s “political oversight” as a cause of its inflexibility. FHA guidelines permit it to give maximum financing (96.5 percent loan-to-

value ratio) to an individual with a 580 FICO score. Moreover, such borrowers can have a DTI that can reach 48 percent. With such a low credit score and high DTI, the report looks at 2008-2009 data to find that such a loan would have a greater than 25 percent chance of default in a sharp recession. However, in the private sector, low down payment loans (3.5 percent) are generally limited to a borrower with FICO scores of approximately 720 and more manageable DTI ratios, such as below 41 percent. According to the same analysis, such a loan would have about a two percent chance of default. The report makes the point that FHA does not have to mimic the private sector, but it must have the ability to “adjust to changes or it risks being selected against.” “For FHA, it’s a simple matter of prudent underwriting,” said Dr. Van Order. “When a portfolio includes such a high volume of high risk mortgages to borrowers with significant debt loads and poor credit history, you’re either going to collapse from defaults or be forced to try to recover losses by chasing revenue from premium increases for new borrowers.” The report finds that the true value of a borrower’s equity in a house can be masked by the source of the downpayment. The FHA’s treatment of loans with seller-assisted financing has been associated with inflated house prices, less real equity in the property, and it has accounted for a significant share of the loan losses eroding reserves. Political impediments have made it difficult for FHA to modify policies toward sellerassisted financing of down payments and closing costs and increased losses to the insurance fund that have required higher fees for current borrowers.

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AllRegs and The Prieston Group Collaborate on Lender Level Due Diligence Tool

New United Wholesale Mortgage Offering Simplifies Customer Pricing and Options

AllRegs and The Prieston Group Inc. (TPG) have announced the launch of a new suite of risk assessment resources and benchmarks for the mortgage industry. The cornerstone of these products is the patented Mortgage Operational Safety Assessment (MOSA) Score and Report. AllRegs has become the exclusive distributor of MOSA and its related products. Lenders are evaluated with the risk assessment tools in MOSA and then receive a score between 0 and 800, with higher scores indicating lower risk. In a recent study reviewing 400,000 loans, higher MOSA scores have been proven to be effective indicators in reducing overall mortgage repurchase risk. â&#x20AC;&#x153;MOSA is poised to be an industry benchmark that will help mortgage companies reduce their corporate risk, changing how they approach business,â&#x20AC;? said Dan Thoms, executive vice president for AllRegs. The MOSA Score and Report consists of a methodology and process that evaluates 11 different key aspects of mortgage operations and origination, including Operational Controls, Company Background, Warehouse Lines, Geographic Mix, Product Mix, Repurchase History, Quality Control (QC) Plan, Operational Checklists, Broker Management, Correspondent Management and Appraiser Management. MOSA includes an in-depth evaluation conducted by an independent third-party which includes, but is not limited to, file reviews and analysis as well as interviews with lenderâ&#x20AC;&#x2122;s key personnel. Mortgage lenders are then rendered a MOSA score and detailed report of the assessment and evaluation findings. â&#x20AC;&#x153;We are very excited to nationally launch the patented MOSA Score and Report,â&#x20AC;? said Arthur Prieston, chairman of TPG. â&#x20AC;&#x153;Ten years in the making, MOSA is the Lender level due diligence tool all industry participants, including rating agencies, regulators, investors, and lenders of all sizes, have needed to manage their appetite for risk. To have AllRegs as our exclusive distributor to its thousands of customers will render MOSA the industry standard.â&#x20AC;?

United Wholesale Mortgage (UWM) has announced that it has implemented a proprietary decisioning solution within its broker portal, developed inhouse, that returns accurate pricing and product eligibility on up to 10 programs at once with the click of a mouse. â&#x20AC;&#x153;Simply put, the addition of Easy Qualifier (EQ) to our already robust broker portal makes it easier and quicker for our broker community to quickly identify programs, price loans and offer the lowest payment options while talking with borrowers,â&#x20AC;? said Mat Ishbia, president of UWM. â&#x20AC;&#x153;We want to make it as easy as possible to do business with us and technology is key to providing excellence in service. Using EQ, our brokers are able to confidently say â&#x20AC;&#x2DC;yesâ&#x20AC;&#x2122; to borrowers at the point of first contact and close the loan.â&#x20AC;? EQ is integrated with EASE (Easiest Application System Ever), UWMâ&#x20AC;&#x2122;s custom broker portal, which provides brokers with a number of Web-based and pipeline management tools. EASE contains an automated pricing engine that brokers rely on for accurate pricing on eligible loans. The portal also allows for rate-locks, offers real-time status on conditions, enables ease of communication with underwriters and provides visibility over the entire pipeline from submission to funding. In addition, EASE allows brokers to instantly order FHA case numbers and conveniently generate a UWM Truth-inLending (TIL) disclosure. EQ and EASE work together to help brokers close more loans in a shorter timeframe and with greater accuracy. The portalâ&#x20AC;&#x2122;s functionality provides UWMâ&#x20AC;&#x2122;s brokers with a distinct competitive advantage over other originators in the market, which ultimately facilitates customer loyalty. UWM says their technology and mortgage tools increases its volume and pull-through rates, speeds up turn times, attracts top tier brokers and more. â&#x20AC;&#x153;UWMâ&#x20AC;&#x2122;s Easy Qualifier is an intuitive time saving tool that gets you immediate answers on products and pricing,â&#x20AC;? said Andy Brikho, senior loan officer at

C2 Financial Corporation. “It allows brokers to find the best program for my clients and saves precious broker time. Easy Qualifier is just another great tool from the best lender I do business with that always has the broker in mind.”

American Pacific Announces Free Android and iPhone Based Marketing Tool

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Zillow Inc. has launched a free real estate app for the Android Tablet, Zillow’s eighth app. The

lion U.S. homes. Share homes via e-mail, Facebook and Twitter. “With today’s announcement, we are proud to say that Zillow has the largest collection of mobile real estate apps,” said Spencer Rascoff, Zillow’s chief executive officer. “Zillow continues to reinvent the mobile home shopping experience and the Zillow Android Tablet App is no exception. The app was designed just for the Android Tablet and brings two entirely new features to real estate shopping–side-by-side compare and a nearby-homes widget, giving home shoppers two new ways to shop for homes.”

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Zillow Brings New Property Search App the Android Market

homes on a large touch-screen map with information on all home types, including those for sale or rent and recently sold. View stunning full-screen photos of homes and curbside views with Google Street View. Install a widget to browse nearby homes right from the tablet home screen. Search for homes and neighborhoods utilizing voice search—just say an address, neighborhood or city and the Zillow Android Tablet App will take you there. Use GPS to find nearby homes on the market. Find Zestimate home values and historical data on more than 100 mil-

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American Pacific Mortgage (APM) has announced the release of APMConnect, a new marketing platform which includes a Web-based marketing engine and mobile phone app for both iOS-(iPhone) and Android-based phones. APMConnect will keep loan originators (LOs) connected to their home offices, realtors and customers from wherever they are. The app gives LOs the ability to access and order customized marketing materials and promotional company items, while giving customers and realtors access to mortgage calculators, educational videos and a tool that helps map a route between open houses. “When our executive team announced APMConnect to our branch managers and bankers, they were all amazed by its capabilities,” said Leif Boyd, SVP of production at American Pacific Mortgage. “These are tools that have never been available to mortgage bankers in this way and will allow them to do their jobs more effectively and efficiently.” APMConnect allows an LO to quickly order a customized flier for an open house while meeting with a realtor and can have the file emailed to a smart phone, sent to the realtor directly, sent to a local copy store or have hard copies mailed to them. Having these user-fulfilled, customized materials available at their fingertips provides bankers with additional flexibility. Bankers and LOs can create the materials when they are thinking of them and they don’t have to go back to the office. If they are in a meeting with a customer or realtor, they can give them the digital file within minutes. APMConnect can be customized for each branch office and is free to realtors and customers to download through iTunes and the Android Market. After downloading the app to their mobile devices, customers and realtors can connect directly with their LOs or bankers, archive their personal and client loan information, access a mortgage calculator and watch customer education videos on multiple topics. APMConnect also provides an open house mapping feature. Customers and realtors plug in the houses they want to visit and the app will map the best route using Google Maps.

Zillow Android Tablet App’s photodriven home shopping experience was built specifically for the Android Tablet to take advantage of the highresolution, touch-screen interface, allowing home shoppers to scroll through full-screen photos of homes for sale and rent, and even compare them side by side. The free app provides home shoppers the opportunity to select multiple homes and compare them side by side. When comparing homes, home shoppers can view photos, sort by home details and save one or all of the homes to favorites. With the Zillow Android Tablet App, home shoppers now can: Browse, compare and shop for

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New LPS Interface Integrates With the UCDP

DECEMBER 2011

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Lender Processing Services Inc. (LPS) has announced that, through its Loan Quality Gateway, LPS’ RealEC, Empower and LSI divisions are now directly integrated with the Uniform Collateral Data Portal (UCDP). The UCDP was developed by Freddie Mac and Fannie Mae, the government-sponsored enterprises (GSEs), for the electronic collection of appraisal data. LPS’ Loan Quality Gateway is an open, Webbased industry utility providing loan origination services and technology solutions leveraged to meet loan quality requirements. “Implementing uniform appraisal and loan delivery standards to improve data accuracy and transparency is essential to restoring confidence in loan quality,” said LPS Chief Operating Officer Dan Scheuble. “By interfacing with the UCDP, we can help our clients simplify the exchange of loan data with the GSEs, improve risk management capabilities and better respond to changing requirements and market conditions.” LPS’ integration with the UCDP will facilitate seamless electronic appraisal report submission for lenders that meet the GSEs’ requirements, including compliance checks for the new Uniform Appraisal Dataset (UAD) requirements now in effect. The UCDP and UAD are two of several initiatives within the GSEs’ Uniform Mortgage Data Program, an ongoing effort to enhance uniform appraisal and other loan delivery standards for the mortgage industry.

Aklero Caters to Small Lender Market With New QC Offering Aklero Risk Analytics has announced the release of DQx Scan, designed to meet the quality control

valuenation

(QC) needs of small lenders; particularly, community banks and credit unions. The lender scans the loan documents, names the file, hits send and delivers the documents securely to Aklero, which classifies the documents and extracts critical loan data. An automated deficiency detection analysis is performed on both the documents and the data, before performing the most comprehensive and accurate QC audit in the industry. In addition, Aklero will provide the scanner to the client. “The aim is to provide these financial institutions with the same quality control capabilities that we provide to the largest lenders and investors,” said Brian K. Fitzpatrick. “They want fast, efficient, highquality services and that’s what DQx Scan delivers to them.” If the lender does not have their files previously scanned, DQx Scan eliminates the hassle of delivering loan files for audit. The solution reduces the time that the QC process requires, saves money, and provides the most accurate and detailed QC in the industry, because it validates data from source systems to the data contained in the documents, in a highly automated fashion. “With DQx Scan, files never leave the lenders premises, the files go securely into our platform to begin the classification of loan files, extraction and validation of key data elements, a process that is completed within 24 hours,” said Fitzpatrick. “Depending on the needs of the lender, Aklero can perform QC for specific functions such as pre-closing or at any point in the mortgage life cycle.”

New Equifax Solution Offers Access to Multiple Credit Scores and Mortgage Performance Indicators Equifax Inc. has announced the launch of a user-friendly, online solution for investors and lenders. Equifax’s new whole loan solution provides up-

to-date borrower credit scores and data across all accounts for non-securitized mortgage and home equity loans— enabling rapid turnaround of this critical data for investors. This unique suite of solutions enables investors and lenders to better predict loan delinquency, default and prepayment and more accurately value and price investments using hundreds of leading indicators of mortgage loan performance and highly accurate risk models. Equifax designed this latest innovation as an online platform consisting of three products—Credit Risk Insight PreBid, Credit Risk Insight Post-Bid and Credit Risk Insight Surveillance. Pre-Bid statistically matches anonymous borrower credit information to loan-level data and then appends various leading indicators of loan performance such as updated credit and bankruptcy scores, performance on past mortgages, debt balances, delinquencies and monthly payments. With Pre-Bid, investors receive 12 months of anonymous credit history for each loan while investors and lenders using Post-Bid and Surveillance benefit from timely access to current data on each borrower. Investors and lenders have the option of applying this analysis at the loan level as early as pre-bid—giving them a more complete picture of the collateral health underlying non-securitized mortgage and home equity loans. “Investors and lenders historically have had limited, up-to-date borrower information on mortgage loans—until Equifax’s post-bid and surveillance solutions. For many investors and lenders, this has created a blind spot when assessing the financial profile of mortgage borrowers and making loan purchase and sale decisions,” said Dennis Corkery, vice president, Equifax Capital Markets. “By providing a 360 degree view of borrower financial health, Credit Risk Insight Whole Loan equips financial institutions with the insight they need to value residential whole loans based on an asset’s complete risk profile.”

Visionary Apps Brings Foreclosure Tracking Tool to the Android Marketplace continued from page 16

custom reports to be programmed for this purpose is neither cost- nor time-efficient. This is often a secondary hurdle to the adoption of this helpful technology. As a result, there is a clear need for on-demand and robust “ad-hoc” reporting. It is important to understand what “ad hoc” means. True ad hoc reporting provides the user the ability to create and customize reports on-demand by pulling from available data fields and generating a new view of the data. Ad hoc reporting is not having the technology provider build reports behind the scenes. That is report “customization,” which translates to lengthy timelines and additional costs.

Utilizing a strategic combination of standard and ad hoc reporting gives users of a valuation management platform a competitive edge in meeting business and compliance needs critical to success. Having the ability to control, manage and deploy strategies through well-tuned reporting modules provides the necessary efficiency, accountability and performance required in today’s mortgage environment David Rasmussen is senior vice president of operations at Veros Real Estate Solutions. For more information, call (714) 415-6300 or visit Veros.com.

Visionary Apps LLC has announced that its Complete Foreclosures App, exclusively powered by data from RealtyTrac, will be launching its service on the Android mobile platform. The Complete Foreclosures App has the ability to search all of RealtyTrac’s bank-owned, pre-foreclosure and auction listings from more than 2,200 U.S. counties in the Complete Foreclosures App as soon as they are posted in RealtyTrac. Complete Foreclosures now shows the most recent listings first so that users can easily keep on top of the market they’re watching locally or nationally. Consumers will have access to more than 800,000 properties with full data and address information. Remaining

properties have partial data with complete data being made available to current RealtyTrac subscribers or those with a seven-day free trial subscription with RealtyTrac. When launched in February 2010, the Complete Foreclosures App became the first national foreclosures app available for mobile users that provided the most current information on properties easily and quickly. Complete Foreclosures understands the way homebuyers and investors search for properties, and so they developed a quick and easy way for consumers to access millions of foreclosed properties locally and nationwide. Easy customizable options allow users to filter-out any properties that do not meet their needs. Custom sort options include price, square footage and number of bedrooms and bathrooms. “The Complete Foreclosures app has been instrumental in providing the real estate industry and consumers alike the needed information to make the best purchasing decisions possible so we’re excited to debut the Android app at the NAR conference because we’re reaching our core users…real estate professionals,” said Daniel Burrus, chief executive officer and founder of Visionary Apps. “With its introduction into the Android Marketplace, the real estate industry will benefit from the most recent updates to streamline the process making the search that much more transparent in a business where new listing can become very valuable.”

New Cloud Computing UCDP Submission Service Hits the Market Bradford Technologies, Schakra and Nasoft have jointly announced the release of Bradford Technologies’ PortalDirect, a new Uniform Collateral Data Portal (UCDP) submission service powered by Windows Azure. PortalDirect is the result of a development partnership between appraisal software provider Bradford Technologies, software developer Schakra and real estate finance technology developer Nasoft, in collaboration with Microsoft. The relationship allows Bradford to work alongside Nasoft, Schakra and Microsoft, its technology experts to enable, deliver and manage all Uniform Appraisal Dataset (UAD)-related appraisal services. Based on the Windows Azure cloud computing platform, PortalDirect offers lenders and appraisal management companies (AMC) complete scalability with a virtually limitless capacity for submitting appraisals through the UCDP Portal, accelerating their compliance with the new UAD regulations. IT departments concerned with “home grown” UAD solutions now have a choice to employ a UCDP solution that is secure, highly available, scalable, and built for the future on Microsoft’s Windows Azure cloud computing platform. “We’re thrilled to be able to offer the

industry a UCDP connection built for the future. This is just the first of many services we will be offering to the industry based on the Windows Azure cloud computing technology,” said Jeff Bradford, chief executive officer of Bradford Technologies. PortalDirect is fast and uncomplicated to set up, and provides the reliability of an enterprise-class solution. PortalDirect service consists of a B2B solution for companies that need to integrate an appraisal delivery service with their existing systems, plus a web portal that allows companies to submit appraisals to the UCDP portal. In addition, a UAD Compliance checking service that can be performed at the appraiser’s desktop prior to submission to the AMC or prior to submission to the UCDP portal is also being offered. In leveraging the Windows Azure capabilities, Bradford Technologies’ PortalDirect is able to offer unprecedented scalability in a secure, reliable and highly-available computing infrastructure to allow its clients to respond quickly to competitive challenges and business needs. Windows Azure enables companies to build, host, and scale applications in Microsoft datacenters. Providing the power of cloud computing to the mortgage industry, Schakra and Nasoft will offer many benefits over traditional computing for customers in this segment, providing a platform for customers and partners interested in building on additional investments in cloud-oriented services such as data services and applications for AMCs. Nasoft and Schakra will offer services to assist with the development of new applications and migration of existing applications.

New QuestSoft Product to Assist Lenders With State Compliance Exams

CoreLogic Launches New Appraiser Assistance Tool

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CoreLogic has announced the release of AppraiserSuite, a platform that combines multiple listing service (MLS) and public record data in a single online workspace for appraisers, review appraisers, underwriters and quality control (QC) personnel. The new subscription-based platform enables appraisers to quickly research and compile property and market information from multiple sources. AppraiserSuite also streamlines the comparable selection process and offers the ability to export data into standard appraisal reports through form population tools. AppraiserSuite provides direct access to the MLS data in many of the top U.S. markets gathered through the CoreLogic Partner InfoNet program in which more than 66 MLSs participate. By incorporating MLS and public record data into a single workspace, AppraiserSuite provides details on the subject property, comparable properties, historical transaction information, tax data, and other property and market area characteristics. AppraiserSuite is also able to highlight inconsistencies between the two data sources, and offer the opportunity for Appraisers to contribute their own information that may help reconcile these differences. “Real estate professionals contribute local market insights directly into their MLS systems,” said Ben Graboske, chief executive officer of CoreLogic MarketLinx. “AppraiserSuite makes it easier for appraisers to gather the information they need when determining the value of a property. By incorporating MLS information into AppraiserSuite,

“A Better Home For Your Branch”

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QuestSoft, a provider of mortgage compliance software and services for the mortgage industry, has significantly enhanced its Compliance EAGLE module that helps lenders validate and review multi-state and single state mortgage exam files prior to submission to governing agencies. Administered jointly by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR); the multi-state exams for state-chartered lenders began in January of this year. Several states have already begun the process, while many others will be implementing the exams in early 2012. Lenders utilizing the Licensee Examination File (LEF) Validation features in Compliance EAGLE, which is certified through RegulatorConnect, will be able to review loan files by batch prior to submission to state examiners. This will result in remarkable improvements in accuracy, a reduction in data entry errors and enhancements to a financial institution’s ability to meet regulator demands.

“The new exams use electronic formats to scrutinize over 250 data elements of each loan file, far more data than in the past,” said Leonard Ryan, president of QuestSoft. “Lenders using Compliance EAGLE can review all of their loan files, test the files against compliance violations and generate reports that will help them understand the quality of their loan data.” QuestSoft also introduced its new ACE State Exam Services (Accurate Compliance Evaluation) to further assist lenders with the LEF process by formatting all data to the regulator specifications, filtering the data per examiner request, and providing a streamlined submission. Compliance EAGLE evaluates loan files against a comprehensive suite of compliance regulations and standards, including the Home Mortgage Disclosure Act (HMDA), Community Reinvestment Act (CRA) and flood determination requirements, as well as the Truth-in-Lending Act (TILA), and federal, state and local consumer and predatory lending laws. Additionally, Compliance EAGLE’s reviews are widely accepted by many secondary market investors.

new to market

continued from page 35

we are providing appraisers with a broader view of the market and with the tools to make the entire appraisal process more efficient.”

NewDay Announces Enhancements to Its Free LO Training Programs NewDay Financial, a national VA and reverse mortgage lender, has announced that it has enhanced its comprehensive training program for loan officers to better prepare them for the latest industry and regulatory changes. NewDay’s training program is a six-week regulatory training course that is completely free for loan officers. NewDay pays for required background checks, fingerprinting as well as the cost of all fees and applications. “NewDay is committed to updating our training program on a regular basis whether it be legislative changes or just evolution of the industry,” said Chris Andrews, vice president of training for NewDay Financial. “We believe strongly in investing in our employees, which is why we cover the costs associated with all training and licensing. New mortgage industry professionals who come

DECEMBER 2011

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE

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nmp news flash

to work at NewDay say that the unparalleled educational and training program offered by NewDay University gives them confidence in their abilities and deep industry knowledge.” NewDay has a SAFE Act examination pass rate of 93 percent, compared the national average of 61 percent. For state examinations, the pass rate of NewDay trained loan officers is 96 percent, while the national average is about 74 percent, according to the company’s research. NewDay licenses loan officers in 15 to 25 states. “In the industry’s current and everchanging environment, compliance is paramount,” said Paul Alger, president of NewDay Financial. “NewDay University specifically focuses on ensuring loan officers truly comprehend the regulations and are able to provide the best quality service to our clients while consistently adhering to compliance requirements.”

DataQuick Unveils New Appraisal and BPO Review Tool DataQuick has announced the release of AppraisalQ, a new appraisal and broker price opinion

continued from page 31

tion has declined significantly from 2010. “The reality today is that it’s a lot harder to get credit than it was a few years ago,” said Lo. “Many homeowners are stuck in their current mortgage and are unable to refinance due to credit or equity challenges, and they’re not happy about it—thus the drop in satisfaction for mortgage servicing. But on the mortgage origination side, among customers who are able to get credit, lenders are taking the extra steps needed to please their customers, and it shows.” Quicken Loans ranks highest among primary mortgage lenders for a second consecutive year with a score of 818, and performs particularly well in the application/approval process and closing factors. SunTrust Mortgage follows in the rankings with a score of 791, performing particularly well in the loan representative and closing factors. ING Bank ranks third with a score of 789. The study finds that lenders that have improved in customer satisfaction tend to experience increases in market share. Among the lenders that have experienced a substantial increase in overall mortgage origination satisfaction since 2009, overall satisfaction improved an average of 35 index points, and their collective market share has increased by nearly five percent. In contrast, among brands that have declined substantially in satisfac-

tion from 2009 to 2011, satisfaction has dropped 25 index points, and their collective market share declined by nearly five percent. “In this current environment, the perception among some is that what’s good for the customer isn’t necessarily good for the lender,” said Lo. “However, we see a clear relationship between a lender’s ability to deliver a superior customer experience and the relative impact on higher loyalty, retention and advocacy.” The 2011 U.S. Primary Mortgage Origination Satisfaction Study is based on responses from more than 3,600 customers who originated new mortgages. The study was fielded between July and September 2011.

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.

(BPO) review tool. AppraisalQ evaluates and scores valuations based on six criteria: Appropriateness of sales comps, sales comp adjustments, accuracy of property value, accuracy of assumed market conditions, administrative accuracy and potential fraud. “AppraisalQ is the culmination of our company’s three strengths—highquality data, innovative analytics and automated decisioning,” said John Walsh, president of DataQuick, “combined to meet our industry’s greatest demand and possibly most detrimental weakness in valuation evaluation.” AppraisalQ enables clients to select and weigh the criteria that are most important to their business. Once the analysis is complete, AppraisalQ provides an overall evaluation of the appraisal or BPO, specific recommendations to guide the review process, and a full audit trail to defend against future claims of under- of over-valuation. “AppraisalQ does more than offer data and numbers,” said Walsh. “The tool provides specific recommendations to a lenders review staff that are configurable to specific business requirements.”

New ISGN Plug-In Ensures Compliance With Fannie Mae’s LQI ISGN Corporation has announced a MORvision Premium Plug-In integration into Fannie Mae’s EarlyCheck service, as service that automatically provides loan level data checks to assist in identifying and correcting potential data issues early in the loan process and prior to loan delivery. Lenders using the MORvision loan origination system can access Fannie Mae’s EarlyCheck at any point in their business process, including closed loans in the secondary market before final delivery. Fannie Mae’s EarlyCheck service, initiated on Sept. 25, 2010 as part of the GSE’s Loan Quality Initiative (LQI), offers multiple data checks that include: DU Compare (comparison of input loan application data with the data used in the most recent DU submission); Social Security Number checks; occupancy checks; address checks; unit number checks; DTI checks; loan limit checks; checks for required delivery fields; and other basic eligibility and data integrity checks. EarlyCheck provides lenders with real-time, loan level results in formatted user-friendly reports that highlight many loan eligibility issues that need to be corrected. It also helps lenders identify recurring quality issues needing to be addressed that can affect loan eligibility. Fannie Mae’s EarlyCheck service, available through the MORvision Premium Plug-in reduces delivery stops and corresponding financial and operational impacts. It can reduce loan funding and pooling delays caused by uncorrected loan delivery issues. It cuts down on manual resolutions of loan errors during the delivery process and after the loans are sold in the secondary market, saving lenders time and money.

“MORvision lenders will realize substantial time savings from the MORvision Premium Plug-In’s direct integration to Fannie Mae’s EarlyCheck service, more than if they tried to access the system on their own,” said Jason Cohen, senior director of product operations at ISGN. “The ability to access it from within MORvision makes it easy for lenders to quickly verify the loan and then act accordingly depending on the EarlyCheck results. EarlyCheck allows lenders to catch discrepancies before they submit a loan to Fannie Mae, so by integrating the service directly, we’re giving our customers the opportunity to speed up and streamline the loan delivery process as well as reduce errors.”

Blueberry Systems Launches Mobile Dashboard App for Seamless Processing Blueberry Systems LLC has announced the launch of RelayWatch Mobile, a mobile application that presents users a custom dashboard with secure access to current mortgage production stats. RelayWatch Mobile utilizes the user’s corporate Relay database to blend information coming from different systems or sources to offer information in an actionable timeframe. It offers a global at-a-glance view for anyone from executives, to production managers, to loan officers. RelayWatch Mobile is scalable for any operating system on any smart-device, including Apple iPhone and iPad, Android, RIM Blackberry and Microsoft Windows Mobile. “Working with Blueberry Systems ensures we always have access to superior data quality,” said Bill Burke, chief information officer of Plano, Texas-based Starkey Mortgage. “We share the goal of a more seamless loan production process, and having RelayWatch Mobile in our arsenal furthers this vision.” Blueberry Systems’ flagship solution, Relay, offers a complete loan origination system (LOS) to lenders, featuring a universal data model, which provides the most accurate loan production data in the industry. Contrasted with many other systems that work off an outdated database of record, the universal data model combines the various systems and applications involved in the production process, eliminating data silos and the need for duplicate or staggered data entry. “Blueberry Systems is laser focused on leveraging our mortgage DNA to deliver the very latest technology in the most efficient, user-friendly way possible,” said Lloyd Booth, president and chief operating officer of Blueberry Systems. “RelayWatch Mobile represents a continuation of our commitment to improving the loan production user experience by delivering better data management solutions to our customers, enabling them to view loan data on demand, at their convenience.”

Foreclosure Response Team Releases New SPOC Compliance Tool Foreclosure Response Team has announced the release of Simplor Version 7.0 and SPOC exponential, the latest and most advanced version of its default transaction management software. Simplor technology allows borrowers, title agents, real estate agents, attorneys, servicers, investors, and regulators to work together via a single platform in order to coordinate activities related to defaulted mortgage loans assuring new regulations are met within the mortgage industry. The company has had the assistance of Default Servicing Solutions, Stewart Default Services, select Exit, RE/MAX and Keller Williams Brokerages, as well as select local title agents and law firms across the country. “We started developing our complex copy written technology around a single point of contact for short sales almost four years ago,” said Scott Coloney, president and CEO of Foreclosure Response Team and software developer of Simplor technology. “A short sale is hands down the most complex default transaction, so when default, loan modification and deed in lieu were added three years later in Version 7.0, Simplor already had the complex foundation. The hard part had been completed in versions 1.0-6.0.

Foreclosure Response Team is established and more than prepared to support the implementation process with mortgage servicers.” Simplor generates automated email notifications delivered instantly to all relevant parties, provides proper users with secure access to required forms and documents online, scores individual users for performance/turnaround time, and automates tracking of all document requests. All communication, document collection, and processes are streamlined in individual electronic files within Simplor enabling Single Point Processors to work efficiently while maintaining a high level of customer service and quality control.

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. 37

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A Special Look at

2012

Growth Strategies for Pursuing the Military Niche Market in 2012 By Beverly Ray Frase n this current tight economy, you’re probably looking for business anywhere you can. It might make more sense to look for underserved market segments and become their expert. A group that has been overlooked and is begging for help is our U.S. Armed Forces. Simply understanding their lives, their language, and particularly, how to read their Leave and Earning Statement (LES), enables lenders to build a rapport with their military clients. Once you understand that, you can properly qualify your military client and guide them toward whatever lending product makes the best sense for them within current market conditions, whether that’s a Veterans Affairs (VA) loan or some other product. Veterans Affairs purchase mortgages include a funding fee, which can add significantly to the transaction. The fee can be waived in its entirety. However, if the veteran has a service-related disability, this will result in much less money that the veteran must bring to the closing table. This simple and important fact helps make you the “Local Lending Expert” to this niche market. Remember the original Soldiers and Sailors Relief Act of 1940? A new version, the Servicemembers Civil

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Relief Act (SCRA) was signed into law on Dec. 19, 2003, amending and replacing the original act of 1940. In general, the new act prohibits judicial proceedings against servicemembers during their military service, but there are many more benefits as well. SCRA rules can be absolutely critical for servicemen and women everywhere, and you will indeed be the respected “local expert” if you know and share them whenever and wherever you can. All servicemembers have access to their military Legal Assistance Office (known as the JAG Office—Judge Advocate General) and this is the best place to refer your military clients who suspect that their SCRA rights have been violated, as there are state-specific laws to consider as well. JAG offices provide lease reviews and a standard “military clause” to cover instances of Permanent Change of Station (PCS), or if base housing becomes available. This service is free to military personnel and can sometimes be done by phone. Rental contracts vary dramatically. It is crucial to make sure there’s no clause that waives SCRA rights. Some landlords use such a clause that, once signed, relinquishes all SCRA rights and often leads to hardship. This could help with credit report issues

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that need to be removed who are on the frontfrom the report. This is lines in helping military great news for the clients. Many more pro“Local Lending Expert” fessionals are adding to deliver through a this niche market to “lunch and learn” their 2012 plan and group. eagerly taking the free As the “local lending training that certifies expert” for your local their ability and commilitary community, taimitment.to helping lor your marketing military personnel. materials toward buildThis military housing ing rapport through the education plan has “… follow current language and lifestyle of been germinating events around these the client. Make it your awhile, and is now borrowers. Not only job to know their rank, can you increase busi- flourishing with the the acronyms that repspeed of a Kudzu Plant! ness in military and resent their short-form retiree markets, this is Not familiar with the language, and whatever a great opportunity to Kudzu? It’s that beautipertinent changes come generate positive pub- ful, albeit invasive, along for this segment creeping vine that licity in your local of borrowers. thrives in mostly southcommunity.” Make it your busiern areas. The Kudzu ness, literally, to follow current grows a foot a day and experts advise events around these borrowers. Not “Don’t sit down next to a Kudzu vine only can you increase business in for long, or you may never be heard military and retiree markets, this is a from again!” Interest in this undergreat opportunity to generate posi- served niche market is thriving much tive publicity in your local communi- like the Kudzu, and we are more ty. Announce any courses you com- than happy to provide this additionplete with credentials earned to max- al effort to “give back” to those who imize effectiveness in your niche. By serve and protect us all. reading this article, you have just The year 2012 is expected to be learned five commonly-used service “the year of the short sale,” and we acronyms without missing a beat and know it has already begun. Our eduthe rest of the military world is not so cation events will often include this difficult to understand either. training, particularly in militaryOur focus at USA Cares remains on heavy areas. Our regional and state our servicemembers’ daily assistance CMHS coordinators are disseminating needs, but is mushrooming with information to every quadrant of the requests for the Certified Military United States where this free inforHousing Specialist Course (CMHS), mation/certification is available to which produces experts who are ensure this valuable niche market is trained and ready to provide skilled properly served. service to their military clients. Our The mortgage industry is practihousing education course is available cally reinventing itself and you can free non-linear, and for 2012, we’ll do the same. Narrow your business be presenting more live course to a market you enjoy and conquer events. Already well-received in sev- it. There’s a good chance your milieral major cities to state and nation- tary clients will have nowhere else to al groups, we’re working on a nation- turn but to you. al initiative to have trained housing professionals available to military Beverly Ray Frase is a former loan personnel everywhere. Interest is officer, real estate broker and Army increasingly enthusiastic at federal wife. She has written a course and state levels, with industry and designed to provide a clear undertrade associations and those who standing of how to work with military “get it” and want to give back in clients, funded by a grant from Fannie some way. Spring events are already Mae and sponsored by USA Cares popping onto calendars. available online at USACares.org by This national initiative is critical in clicking on the “Education” tab. She bringing information to the “boots may be reached by e-mail at on the ground,” those professionals Beverly.Frase@USACares.org.

A Special Look at

2012

Growth Strategies for Keeping Your Edge in 2012

A View Into 2012: Looking Back By Erik Wiley

By Erik Wind

DECEMBER 2011

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business by efficiently uch like today’s targeting their existing other surviving customer base. Longindependent term relationships with mortgage origination Realtors yielded diminfirms, Pacific Residential ishing results, as Mortgage LLC (PRM) has Realtors themselves endured the business experienced a slowchanges, housing environdown or left the busiment correction and comness. Some experienced pliance overhaul that Realtors made the shift our entire industry has to real estate-owned experienced over the (REO) listings. Clients past five years. While “Face-to-face that haven’t shopped us this has not been withcommunication is in the past started out pain or sleepless the way to go if you nights, we did it without expect to earn referred d o i n g s o . A n d t h e n changing our overall business. This means t h e r e ’ s t h e m e d i a reporting that indebusiness philosophy and literally getting pendent mortgage only slightly altering our face-to-face with companies were unsafe general business plan. consumers so that Necessary course correc- they become clients.” and unscrupulous and that banks and credit tions are continually being made and should be. From unions are the secure lending Politicians vilified these changes, we have learned how resources. to adapt to current conditions and “mortgage brokers,” while at the turn a profit from less-funded vol- same time, demonstrated that they ume, all the while, staying focused didn’t understand the home loan on our loan originator/employee- process or consumer behavior in centric, relationship-driven referral the slightest. Rather than allow these issues to model. As a point of reference, our firm break us, our 2011 business plan operates in four states with a staff of focused on recruitment of quality approximately 130, half of which are originators and processing staff full-time loan originators (LOs). We with an eye to maintaining profare a purchase-oriented operation itable levels of production. We also and we earn almost all of our busi- focused on the sustained employness off of referrals from past clients ment of our sales support staff and real estate professionals. This which includes our corporate, mortbusiness strategy hasn’t changed gage banking, IT and marketing over the course of our seven years groups. I mention this because and will remain the basis of our medium- and large-sized companies business model going forward into need to have significant structure in place in order to successfully oper2012. ate as a mortgage banker while supporting LOs. Today’s higher costs of Bending, but originating a closed loan, plus the not breaking The purchase side of the referral- compliance and quality control (QC) based model of our business took a overhead that goes along with daily beating these past few years. As refi- operations, is much more expensive nances ebbed and flowed, we discov- than in the past. All of these ered that too many of our origination changes mandate that LOs receive staff had let their purchase business increased company support, none deteriorate. The causes for this vary. of which is available for free or easy Refinances were the low-hanging to come by. Our overall 2012 plan will focus fruit. Online lenders and big banks/servicers effectively competed for refinances and even purchase continued on page 42

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gage professional who is ’ve written previously on staying on top of their how by the time the holpipeline. The borrowers will idays are here, the year appreciate your initiative. has already ended. It’s the time to spend time with Educating your family, friends and those referral network business relationships we In addition to your probreally appreciate. But, it lems, real estate agents in can also be a time for your referral network will reflection, goal-setting and have their own set of chalplanning for the new year. lenges to deal with, particuThe year 2012 is going to larly when it comes to short be a great challenge for “2012 will be a year many of us. Lending guide- where taking the ini- sales. If it’s their problem, lines are changing faster tiative to educate your then it’s your problem too. Stay one step ahead of than ever, while foreclo- referral network and the changing short sale and sures and short sales aren’t provide them with real estate landscape. Don’t going away any time soon. resources to make The following areas are two more money will pay expect real estate agents to of the biggest challenges dividends throughout know what they have to know to close a short sale originators can face next the year.” smoothly. If you can eduyear. By being prepared, you can turn these adversities into oppor- cate your agents on how to easily close a tunities while others continue to struggle. short sale, they can close more business; leading to more originations for you. Victor Pascale of Continental Home Dealing with Loans spends considerable time to educate changing guidelines There’s often a significant period of time his real estate agents on the short sale between when a borrower gets pre-quali- process. “I can only imagine how much comfied and when they actually apply. Since guidelines are changing frequently, origi- missioned real estate agents would have nators often find themselves getting con- lost if I wasn’t there to help them with their tacted by those who were pre-qualified short sales,” said Pascale. Victor gets his real estate agents the weeks or months ago, and being forced to tell their would-be borrowers that the pre- education and tools they need to make qualification is no longer valid. This can short sales just another transaction. While it’s never bad to be proactive, lead to mistrust between the borrower and originator and a setback to the borrower 2012 will be a year where taking the initiawho may have been ready to move on a tive to educate your referral network and provide them with resources to make real estate transaction. By diligently keeping in touch with bor- more money will pay dividends throughrowers whom you pre-qualified, you can out the year. inform them of these guideline changes on Wind is co-founder of your terms, rather than reacting to them Erik when the borrower comes back to you. ShortSaleSpeedway. He may be reached by With this strategy, the perception changes phone at (516) 882-6930 or e-mail at from mistrust and frustration, to a mort- erik@ewdc.net.

A Special Look at

2012

Growth Strategies for on organic internal growth, while selectively adding origination staffers who share our way of doing business. This organic growth plan has already been put in place and will be refined in 2012 to address business conditions.

mated underwriting engines (Aunt Fannie and Uncle Freddie have probably been regretting the initiatives they pushed upon us back then). So what was normal? Normal was when a loan originator had to fully document a consumer’s income and The game has changed … assets and then fully verify that documentation. Appraisals were peror has it? A lot of people in and around our formed and underwriters actually industry describe today’s market- scrutinized those appraisals. place as very different from what Federal Housing Administration they consider a “normal” market- (FHA) loans required FHA inspecplace. It’s true, today’s loans are tions. Lenders were careful in handharder to find and harder to fund ing out hundreds of thousands of than in any time during most of our dollars and they actually expected careers. Then again, 2005 was not to be paid back in full. Debt ratios normal and neither was 2003. In above 36 or 41, depending upon the fact, it hasn’t been normal any time loan type, required teeth-pulling in since 1998 when our industry order to receive loan approvals. We embraced credit scoring and auto- are still looser today in many of

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these categories than when I got into the home loan business 17 years ago. Normal was also when, in a purchase-oriented marketplace, LOs actually had to go out and “originate” a loan. Personal relationships were essential and quality service was key. The game itself really hasn’t changed. What has changed is how we all will individually focus on the “normal” of how loans are originated.

have someone regularly hear your voice, even if they cannot see you live and in person, will make a difference over those who don’t get upclose and personal.

Refinances are not where professionals put their energy

Here today, gone tomorrow … my firm’s long-range view has been that refinances will diminish in 2012. Given that view, a year ago, we chanGetting up close neled energy to expand our purand personal chase-business. Ask yourself the folIn focusing on what we see as “nor- lowing, “If rates go to six percent, mal” and “essential” for business in what happens to my pipeline?” Be 2012, PRM will emphasize having honest with your answer. That’s what our entire sales team be face-to-face we did and we didn’t like what we oriented instead of conducting busi- saw. Today, thanks to hiring outside ness through other more passive sales trainers while performing our means. Our management team is own internal sales coaching, we are engaged in coaching calls and live achieving our goals with stronger meetings with our mortgage sales results due to LO buy-in. Simply bankers, not as micro-mangers, but stated, this sales-focused developas team leaders to enable individual ment activity works. success, but that is not enough. If we are asking our sales team to main- Picking up dollars and tain this type of behavior then we, as stepping over nickels management, must also lead by We all know it is extremely difficult example. Effective sales managers to predict mortgage loan volume can no longer be passive—they must over the next 12 months. This reality truly manage sales and sales-related necessitates that our revenue and activity, as their titles suggest. This expense structure be flexible in order creates a sense of accountability to handle less volume or to support from the top down that is necessary increased volume. Over the years, to compel originators to step out of our firm has made continual their comfort zone and get into a enhancements in this regard and will win-win mindset. continue doing so going forward. We Face-to-face communication is also know that spending money on the way to go if you expect to earn developing future sales isn’t tied just referred business. This means liter- to just running ads and circulating ally getting face-to-face with con- product flyers—these are support sumers so that they become clients. elements in our marketing platform. It means wearing out the rubber on Investing money, appropriately, to your soles and your tires to get in enhance our client experience, to front of referral sources such as make loan origination more effiRealtors and other real estate pro- cient, and to further develop a fessionals. There is no substitute for strong, relationship-driven sales frequent face-to-face interaction if force able to originate loans, will all you intend to create long-lasting be key to our success in 2012 and and profitable relationships. beyond. Salespeople and their management need to practice this method as Eric Wiley is chief operating officer often as possible. and co-founder of Pacific Residential If you cannot be face-to-face, the Mortgage LLC. He has served on the phone is the next best communica- board of the Oregon Association of tion option for sustaining and build- Mortgage Professionals (OAMP) and is ing relationships. It is still you com- an active member of the Oregon ing through on a live and personal Mortgage Lenders Association (OMLA). basis versus something less personal He may be reached by phone at (503) like an e-mail, a text, a blog or some- 905-4902 or e-mail eric.wiley@pacresthing similar. Disciplining yourself to mortgage.com.

A Special Look at

2012

Growth Strategies for would not have attained the success I see today.

Building a Team for Growth in 2012

Know the tools

By Leif Boyd e are about to say goodbye to 2011 and welcome in 2012. Over the last year, the mortgage industry has gone through numerous changes, most notably compensation reform. Now that the dust has begun to settle, it is time to plan a growth strategy for next year. Building an origination team and using the right tools can have a positive impact on your company’s bottom line.

Knowing when to grow

Know who to hire There are two basic philosophies on hiring after you determine what you

My firm creates and sends loan originators all of the marketing materials they request. When an LO asks for materials, our team develops a custom marketing piece and sends out a digital file to the originator. The file can then be printed or e-mailed to prospective and current clients.

Customer relationship management

Knowing the steps it takes to build a relationship and close a loan, hiring the right team and using the right tools allows loan originators to be more successful. It takes effort to succeed, and having a team to help complete the steps and utilizing the right technology can help a senior manager build toward that success. Leif Boyd is senior vice president of production for American Pacific Mortgage. Since joining American Pacific Mortgage, Leif has taken an active role in overseeing all aspects of mortgage origination, including the oversight of the production department and 114-plus branches. He may be reached by phone at (916) 960-1325 or e-mail lboyd@apmortgage.com.

Using a quality customer relationship management database can determine the difference between having Know the reward It is sometimes difficult to remember solid repeat business and losing the old adage, “It takes money to clients after just one sale. This datamake money,” especially in a time base allows LOs to track every marwhen finances are tight. However, when a loan originator hires staff, their branch will become more productive. This is exactly why the assembly line was started and continues to be an important part of our manufacturing industry today. It allows staff to focus and specialize in a particular area. No one needs to be an expert at everything—they just June 4-6, 2012 need to be the best at the tasks they DANA POINT, CA are given. Once I hired and trained my staff, I went from closing three to MARK YOUR CALENDAR FOR THE RETURN OF THE four loans a month to more than 20 a month. The first assistant I hired now runs the branch I started and is one of the top mortgage bankers Hosted by within my firm. Had I not realized there would be a reward for spending the money to hire staff, I would The Predictive Methods Conference, PMC and Veros are registered trademarks of Veros Software. ©2011 Veros Software - All rights reserved. still be working long hours, but

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Before hiring for the sake of hiring, a manager should develop an outline of the process of closing a loan from beginning to end. Every mortgage banker has a different process that works for them. I detailed a 65-step process and identified which steps I had to do and which steps I could hire others to do. Delegating a portion of the process gave me free time to build more relationships and put more loans in the pipeline. I found that I could hire employees to accomplish 65 percent of the work, and I could keep 35 percent, freeing me up to grow my business.

One of the most important things to remember is that micro-managing will not lead to increased productivity. You should hire a staff that can be trusted and empowered to do their job, knowing they will make mistakes in the process. Ask yourself, “How controlling am I?” The hightouch, high-value tasks should remain with the senior person to mitigate long-term damage, but the other tasks should be delegated to trained staff.

Fulfilled marketing support

“One of the most important things to remember is that micro-managing will not lead to increased productivity. You should hire a staff that can be trusted and empowered to do their job, knowing they will make mistakes in the process.”

My firm, American Pacific Mortgage, uses a proprietary lead generation system, APMConnect. This system lets loan originators access relevant data and connects them with appropriate industry partners to develop new leads.

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Know the steps

Know how to train and manage

Lead generation technology

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Knowing when to grow is just as important as knowing how to grow. It is important to understand the need to invest in your business and spend money in order to make money. By investing resources in new hires, a company can make money over time. Strategic hires allow branch managers and bankers to focus on what they are good at and offload tasks other staffers can handle. Banking industry reform in 2011 created additional processes on the path to getting a loan approved. These processes take time and effort, detracting from new business development. With a staff on-hand, senior management can have the support they need so they can focus on prospecting and building their business.

need. You can hire the best allaround candidate, or you can hire the best person to do certain tasks in your process. I decided to hire a team of three individuals who could complete certain tasks within the process I had developed. These people were each highly skilled, willing to learn and motivated to succeed. I knew that once they were trained and well-versed in their responsibilities, they would thrive and my branch would increase the number of loans closed.

Beyond hiring more staff, there are certain tools that can increase productivity, simplify tasks and help realtors and customers to choose one loan originator over another. There are three basic tools that every loan originator should be able to access: Fulfilled marketing support, customer relationship management software and lead generation technology.

keting piece that the client has seen, check on the status of loans and look back at the date each meeting took place.

Accounting and Audit

Branch Manager

Flagship Mortgage Corporation ........1-800-492-5239 Multi-State mortgage bank has management opportunities available for experienced, successful & ethical professionals. Click/Email: flagshipmortgage.net/jflees@flagshipmortgage.net

Mark Wilson Certified Public Accountants 9455 Ridgehaven Ct, Suite 101 • San Diego, CA 92123 619-649-0712 www.markwilsoncpa.com A full service CPA firm specializing in the needs of the mortgage industry. Providing monthly bookkeeping services,FHA and financial statement audits , corporate tax preparation and contract CFO services. Contact us today to learn more.

iServe Residential Lending www.iservelending.com afriedman@iservelending.com 415-298-2500 Freedom Mortgage Corporation www.fmbranch.com info@fmbranch.com 800.220.9498

iServe offers a complete product mix - aggressively priced, with hassle-free service & turntimes. Branching & Loan Officer opportunities available nationwide. For a change, focus on production, quick closes & a good night's sleep!

Freedom Mortgage Corporation, The BEST Branch Solution, Period.

Appraisal Management Company

HVCC Appraisal Ordering National Appraisal Management Center www.HVCCAppraisalOrdering.com Please call 866-396-6260

We help you Meet & Exceed UMDP enforced by the GSE’s We Improve your evaluation of collateral with “REALviewTM” Appraisals submitted in a MISMO/XML or PDF format. We’ve raised the bar for Appraisal Management Services!

Guaranteed Home Mortgage Company, Inc. 108 Corporate Park Drive, Ste 301 White Plains, NY 10604 888-329-GHMC • www.joinguaranteed.com Find out what Guaranteed can do for you. Branch Program for Professionals. It's what we do.

Mortgage Brokers Network Corp, Inc. 1-888-589-7048 The Mortgage Industry’s Matchmaker http://mortgagebrokersnetwork • Mortgage Branch Employment Opportunities • We work with some of the top mortgage branch companies in the industry! • 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! • 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.

Appraisal Management Company

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

DECEMBER 2011

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

NationalMortgageProfessional.com

CENTERED ON YOUR NEEDS - FOCUSED ON YOUR SUCCESS

United Northern Mortgage Bankers......888-600-8808 Limited room available for established Team Leaders and Licensed Mortgage Originators. Become part of an established 30-year Mortgage Banker with a proven track record and success.

NO File Fee or Monthly Fees

StreetLinks Lender Solutions (800) 778-4920 www.streetlinks.com sales@streetlinks.com StreetLinks Lender Solutions provides an innovative and comprehensive suite of valuation services and lending technology solutions used by lenders and appraisers nationwide to improve everyday business operations.

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

Branch Recruitment RealEstateBestJobs.com ....................201-489-0256 Currently working with various bankers & federally chartered banks. Seeking established, new branches & Loan Officers Nationally. We are a top recruiting firm handling all types of mtg positions.

StreetLinks industry-leading products include LenderPlus™ full-service appraisal management, LenderX™ lender-executed appraisal management software, BPOs, SCORe™ appraisal validation reviews and more. Our commitment to quality and service, embodied by our partnership approach to clients and appraisers, continues to set us apart as the nation’s premier lending solutions partner. For more information, visit www.streetlinks.com.

Inlanta Mortgage W229 N1433 Westwood Drive, Suite 103 Waukesha, WI 53186 www.inlanta.com • 262-513-9853

Church Financing

Established in 1993 and headquartered in Waukesha, Wisconsin, Inlanta Mortgage is a multi-state mortgage banking company committed to delivering superior service to our branch clients. For more information, call 262-513-9853 or visit www.inlanta.com.

Does Advertising in the Resource Registry Work? It just did!

Call 888-409-9770 ext. 4 to Register your company.

CONCORD CHURCH FINANCE NATIONWIDE FINANCING FOR CHURCHES Pre-qualify Online @ www.Concordchurchfinance.com 800-926-0399 • Fax: 858-756-8108 • Church Purchase & Construction • $100,000 to $2,500,00 • Church Refinance & Cash Out • Churches all 50 states • 75% of Appraised Value • 20 Yr. Fixed Rate

Contact Management/CRM

LoyaltyExpress 877.938.1175 start@loyaltyexpress.com www.loyaltyexpress.com LoyaltyExpress, the leading mortgage marketing company in the nation, delivers high-impact marketing that substantially increases production levels. Direct mail, e-mail, and intelligent alerts are combined to deliver unprecedented results. Learn more today.

Continuing Education

DocVelocity www.docvelocity.com (877) 362-8356 sales@docvelocity.com DocVelocity is an end-to-end paperless solution designed to simplify the loan origination experience. Imagine having all your documents in the loan process as electronic files, all online, from pre-approval to closing. DocVelocity provides: Fast and easy loan delivery to any lender … Automatic doc sorting, naming and filing … Real-time online document sharing for anyone you choose … Friendly and intuitive user interface … No start-up fees, and free training and support. DocVelocity addresses important compliance issues while giving your office the competitive advantage of being paperless. It streamlines all aspects of the mortgage process and most important, it does so in one easy-touse and inexpensive package. DocVelocity is the flagship product of Paperless Office Solutions, Inc., a wholly owned subsidiary of Flagstar Bancorp. Visit www.docvelocity.com to find out 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

MSS Learning Center (800) 963-1900 www.MortgageSuccessSource.com Email: info@MortgageSuccessSource.com Time is running out...are you ready?

Document Preparation

apkazazis@optonline.net • www.nycrealestateexpo.com

646.210.2545 • 914.763.8008 “The Expo for Real Estate Professionals" For ongoing Networking Events throughout the year please visit www.nycnetworkgroup.com.

FHA Audit and Licensing

Bonnie Nachamie & Jonathan Pinard have assembled a team of experts to assist Mortgage Brokers, Mortgage Bankers, Federal and State Chartered Banks & Credit Unions with their mortgage compliance needs.

Franchise

Mortgage Banking Systems - ProClose 1360 Beverly Rd. Ste 200, McLean, VA 22101 800-783-2283 · sales@proclose.com www.ProClose.com ProClose provides compliant closing documents and software for Residential Mortgage Lending. Created with closers in mind, we help make a lender’s staff more efficient and supported.

45 LenderCity Home Loans 888.880.2489 www.LenderCity.com

• The Ultimate Test Prep Kit and Test Prep Boot Camps – Cover everything to pass the S.A.F.E. Act Test — on your first try.

• Continuing Education - Exciting, NMLS approved courses that meet your Continuing Education needs and build your business.

NYC Real Estate Expo LLC Anthony Kazazis - Director

First National Compliance Solutions Inc. 1-800-400-4134 www.firstnationalcompliance.com

Pass the S.A.F.E. Act Test, meet your 20 hours of Pre-licensure, and complete the 8 hours of Continuing Education you need

• 20-hour Pre-licensure - Packed with everything to successfully complete your pre-licensure requirements.

Events

Doc Management

Robertson | Anschutz 800-343-7160 sbertrand@radocs.com www.radocs.com/info.html

• Growing with a recognized brand • Local and National marketing and advertising • Online search engine marketing • More aggressive lender pricing based on volume incentives • A proven system that generates more revenue than average broker shops • Ability to retain your license, existing corporation, and autonomy • Lead generation

Direct Mail

• Processing and closing services also available

Document Preparation (SaaS) Best Rate Referrals ............................................800-811-1402

Hard Money/Private Lending Docs on Demand 800-343-7160 stephen.bertrand@docsondemand.net www.docsondemand.info Your Complete Mortgage Marketing Solution. Call Us Today! (800) 922-9860 www.envisiondirect.net/catalog/mortgage.htm

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

• Specializing in Official Snap Packs for Greater Open Rates • Envelope Mailers, Business Reply, Postcards and Much More • Targeted Mortgage Lists with Many Selects • Complete Design, Printing and Mailing Services

Errors and Omissions Insurance CB Malaga Insurance Services LLC ......877-245-5887 Insurance broker providing errors & omissions (E&O) insurance to mortgage brokers and bankers. All loan types. Available in 22 states. www.CBspecialty.com

We are doing traditional subprime lending, fix & flip lending and hard money lending.

Windvest Corporation ............................877-285-0777 Specializing in rehab loans for property investors in So. CA. Up to 60% ARV, 12.99% fixed rate, 3.5-5 points, 1 yr. term. Fast & professional service since '94! Visit windvestcorp.com!

DECEMBER 2011

Call 888-409-9770 ext 4, to register your company.

ACC Mortgage, Inc. 932 Hungerford Drive #6 • Rockville, MD 20850 240-314-0399 • 240-314-0336 fax WeApproveLoans.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Mortgage marketing company with decades of combined experience providing quality leads, mailers, lists and dialer products. www.bestratereferrals.com & www.mortgageleads.org

NationalMortgageProfessional.com

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

LenderCity Home Loans is now offering individual franchises. This is perfect for the L.O. who has always wanted to open their own brokerage but didn't know how. Benefits include:

Income Verification Services

Advanced Data (800) 537 - 0458 www.advanceddata.com verifications@advanceddata.com Advanced Data is a leading national provider of data services, streamlining income and employment verification with proprietary software. Clients can submit 4506-T directly through Encompass360. Also ask about our AVM and flood services!

Mortgage Forms

Leads

www.LendingForms.com Same Day Shipping (orders placed prior to 3pm et) 24/7 Secure e-Commerce Site Save 33-50%

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.

Income Verification Services Platinum Credit Services, Inc.................631-299-2084 Tax return vertification (4506 tax transcript done in less than 24 hours in most cases). Call Lorenzo Pugliano, President and CEO at 631-299-2084.

Leads

DECEMBER 2011

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

NationalMortgageProfessional.com

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!

• • • •

HUD Settlement Cost Booklets CHARM Booklets Uniform Residential Loan Applications HUD Case Binders

Regulatory/Compliance

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

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

Comergence Compliance Monitoring, LLC 630 The City Drive South, Suite 205 • Orange, CA 92868 Office: 714-740-9000 www.ComergenceCompliance.com Comergence Compliance Monitoring is the mortgage industry’s only Complete broker desk management software and outsource solution for TPO management and monitoring. We can supplement lenders inhouse management and monitoring resources departments.

Loanbright 27902 Meadow Drive, Suite 375 Evergreen,CO 80439 866-391-2709 • www.Loanbright.com Loanbright helps mortgage companies capture and close more business through its marketing and software tools. An INC. 500 awardee, Loanbright has helped thousands of companies since 1999 by providing them with well over 3 million qualified sales leads.

MortgageLoan.com

Retail Branch

www.mortgageloan.com • 877-390-4750 MortgageLoan.com is the largest online directory for mortgage professionals and a favorite of consumers shopping for mortgage loans. Our network attract over one million visitors per month. Our paid lead program as well as our free lender directory will help you connect with targeted new consumer traffic from with high-intent consumers searching online for the right mortgage lender.

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).

• 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.

The Lykken on Lending RADIO PROGRAM

Sign-on weekly at nmpmag.com/lykkenonlending

Loan Origination Systems

(800) LOANS-15 www.usmortgage.com Are you a broker/owner or current branch manager looking to expand your business into Mortgage Banking with FHA capabilities? Then our PARTNER BRANCH ADVANTAGE© program is perfect for you. We are offering you all the benefits of partnering with an established lender while still enjoying your independence. US Mortgage Corporation is a nationwide FHA Direct Lender with a 16 year long reputation of excellence.

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

YOUR SUCCESS IS OUR SUCCESS! For more information contact THOMAS R. SIRICO, Vice President of Business Development at (917) 923-1472 or email at tom.sirico@usmortgage.com. We look forward to sharing our services with you!

Wholesale/Correspondent

Wholesale/Residential

BankFinancial ..........................................800-894-6900 We have money to lend for apartments, $250M to $2MM, up to 75% LTV. We offer competitive rates, fees & terms. We’re committed to helping you and your clients close the deal. Call us.

Wholesale/FHA

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

Flagstar Wholesale Lending www.wholesale.flagstar.com (866) 945-9872 WLSC@flagstar.com Flagstar Wholesale Lending, a division of Flagstar Bank, is one of the nation’s largest wholesale and correspondent mortgage lenders, providing the technology, products, service and support that independent mortgage brokers, correspondents, and bankers need in today’s mortgage arena. In the ever-changing environment of mortgage banking, Flagstar takes pride in accommodating the specific needs of each customer. At Flagstar, we understand that you need every available advantage to stay ahead of the competition. This is why we provide multiple technology options to meet your needs to register, lock, underwrite, close, fund and deliver your loans. Our wholesale website (wholesale.flagstar.com) and the loan processing tool Loantrac provides our customers with the functionality that make it easier and faster to close loans, saving you time and money! Visit wholesale.flagstar.com to learn more.

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.

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.

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

Now Wholesale Lending in:

• Arizona • California • Colorado

• Nevada • New Mexico • Oregon

• Texas • Utah • Washington

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.

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.

Big Enough to MATTER…Small Enough to CARE

to register your company. Wholesale Reverse Mortgages

NATIONWIDE Equities Nationwide Equities Corporation 201-529-1401 www.nwecorp.com For Licensed Mortgage Brokers in NY, NJ, CT, PA and FL No HUD Approval Required – Live Help Desk Will Provide Training at Our Office or Yours 48 Hour Underwriting - Get Paid Within 48 Hours of Funding

Bookmark this! Access these listings online at

nmpmag.com/directory_list

DECEMBER 2011

Contact Stu Ehrlich in our HR department at sehrlich@cbcnationalbank.com for further details.

Call 888-409-9770 ext. 4

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

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

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.

NationalMortgageProfessional.com

88 Kearny Street, 3rd Floor San Francisco, CA 94108 Phone: (415) 632-5150 • Fax: (925) 226-1938 www.bayeq.com

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

To submit your entry for inclusion in the National Mortgage Professional Calendar of Events, please e-mail the details of your event, along with contact information, to newsroom@nmpmediacorp.com.

JANUARY 2012 Monday-Friday, January 23-27 MISMO January 2012 Trimester Meeting One Ocean Resort Hotel & Spa 1 Ocean Boulevard Atlantic Beach, Fla. For more information, call (800) 793-6222 or visit MortgageBankers.org.

TENNESSEE MORTGAGE PROFESSIONAL MAGAZINE DECEMBER 2011

MARCH 2012 Sunday-Thursday, March 11-15 29th Annual Regional Conference of Mortgage Bankers Associations Trump Taj Mahal Casino Resort 1000 Boardwalk at Virginia Avenue Atlantic City, N.J. For more information, call (732) 596-1619 or visit MBANJ.com.

APRIL 2012 Wednesday-Thursday, April 18-19 2012 National Policy Conference Hyatt Regency on Capitol Hill 400 New Jersey Avenue Northwest Washington, D.C. For more information, call (800) 793-6222 or visit MortgageBankers.org. Sunday-Wednesday, April 22-25 2012 National Technology in Mortgage Banking Conference & Expo Arizona Biltmore 2400 East Missouri Avenue Phoenix For more information, call (800) 793-6222 or visit MortgageBankers.org.

Sunday-Wednesday, May 20-23 2012 Commercial/Multifamily Servicing & Technology Conference Hilton Anatole 2201 North Stemmons Freeway Dallas For more information, call (800) 793-6222 or visit MortgageBankers.org.

ns esso

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.

RTGAGE PRO O M

NMP

SSIONAL

Tuesday-Friday, February 21-24 The Mortgage Bankers Association’s 2012 National Mortgage Servicing Conference & Expo Orlando World Center Marriott 8701 World Center Drive Orlando, Fla. For more information, call (800) 793-6222 or visit MortgageBankers.org.

Thursday, March 29 Maryland Association of Mortgage Professionals 2011 March Mortgage Madness Convention Martin’s Crosswinds 7400 Greenway Center Drive Greenbelt, Md. For information, call (410) 752-6262, or visit MDMtgPros.org.

Friday-Wednesday, May 18-23 2012 Mortgage Bankers Association of Georgia Education Forum & Expo Sandestin Hilton Golf Resort & Spa 4000 South Sandestin Boulevard Destin, Fla. For more information, call (478) 743-8612 or visit MBAG.org.

JUNE 2012 Sunday-Wednesday, June 3-6 Mortgage Bankers Association’s 2012 Chairman’s Conference The Breakers 1 South County Road Palm Beach, Fla. For more information, call (800) 793-6222 or visit MortgageBankers.org.

NationalMortgageProfessional.com

FEBRUARY 2012 Sunday-Wednesday, February 5-8 2012 CREF/Multifamily Housing Convention & Expo Atlanta Marriott Marquis 265 Peachtree Center Avenue Atlanta For more information, call (800) 793-6222 or visit MortgageBankers.org.

Wednesday, March 14 Florida Association of Mortgage Professionals Broward Chapter 2012 Annual Trade Show Broward County Convention Center 1950 Eisenhower Boulevard Ft. Lauderdale, Fla. For more information, call (850) 942-6411 or visit FAMB.org.

MAY 2012 Sunday-Wednesday, May 6-9 2012 National Secondary Market Conference & Expo New York Marriott Marquis 1535 Broadway New York, N.Y. For more information, call (800) 793-6222 or visit MortgageBankers.org.

Sunday-Wednesday, May 20-23 2012 Legal Issues/Regulatory Compliance Conference La Quinta Resort & Club 49-499 Eisenhower Drive La Quinta, Calif. For more information, call (800) 793-6222 or visit MortgageBankers.org.

NATIONAL

Sunday-Wednesday, April 22-25 2012 National Fraud Issues Conference Arizona Biltmore 2400 East Missouri Avenue Phoenix For more information, call (800) 793-6222 or visit MortgageBankers.org.

MAG

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AZIN

Got an opinion? Want to share your thoughts on the industry? Become a NationalMortgageProfessional.com Blogger!

It's free and easy. Just head on over to NMPMag.com, register and follow the link in the upper right hand side of the page to become a blogger on our site today!

Nationwid e FHA Lend er Looking fo r: TO P P R O D U CER

Call for De tails!

T h e B E ST B r a n c h S o l u t i o n , P e r i o d .

www.Fmbranch.com 800.220.9498 Info@Fmbranch.com This information is provided to assist business professionals and is not an advertisement extended to the consumer, as defined by Section 226.2 of Regulation Z. Freedom Mortgage corporate office is located at: 907 Pleasant Valley Ave. Suite 3, Mount Laurel, NJ 08054. Lender NMLS ID: 2767. Licensed by the NJ Department of Banking and Insurance, License #9100861. All Rights Reserved.

EOE

Some restrictions may apply. All borrowers are subject to credit approval. Programs subject to change. The information provided herein is for dissemination to and for the use of real estate and financial business entities only and is not an advertisement for the extension of credit to consumers. ÂŠ 2011 Flagstar Bank