January 2012 Volume 4 • Number 1
A Message From NMP Media Corp. Executive Vice President Andrew T. Berman A new year … a new attitude and a new direction
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
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. FE SSIONAL
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National Mortgage Professional Magazine is published monthly by NMP Media Corp. Copyright © 2012 NMP Media Corp.
See you in D.C. this March Back to the subject of resolutions for the new year … did you make a pledge to become more involved with your industry? Do you want to stand alongside your peers as they take on the regulators who have been imposing their will on the industry? If you answered “yes,” a unique opportunity is on the horizon, March 19-20 in Washington, D.C. as you can join your peers in getting a firsthand look at the legislative process on Capitol Hill at the 2012 NAMB Legislative & Regulatory Conference. NAMB is assembling a great list of speakers and guests, as attendees will be armed with the knowledge and talking points needed when meeting on Capitol Hill with your elected officials on Lobby Day. NAMB’s Legislative & Regulatory Conference is highlighted by the annual trip to Capitol Hill where you, as a constituent of your senators and representatives, can provide your elected officials with the knowledge on legislation that may impact your industry. For more information, see NAMB President Donald J. Frommeyer’s message on page 12 or visit NAMB.org/legconference for more details on this event.
New year, new faces Our resolution here at National Mortgage Professional Magazine is to go above and beyond providing you with the tips necessary to take your business to the next level from the industry’s top experts. This year, we welcome a few new columns to the fold, starting with Casey Cunningham o XINNIX on page 4 and her new monthly feature, “Pursuing Excellence.” Casey drives home the message of settling for nothing short of the best in 2012, and how to take the steps necessary to attain your goals. Another new column for all you managers out there is Dave Hershman’s new entry, “For Managers Only” on page 18 where Dave shares his 30plus years of industry experience in helping you find and train the right people to lead your team. You get all this and much more in this month’s issue of National Mortgage Professional Magazine. Was 12:00 a.m. on Jan. 1 just another tick of the clock for you? Or, did it mark the time to take action and stand firm to make the changes necessary, both personal and in business, that will set you toward your intended goal not only in 2012 but beyond? Only you can make the choice to step off the sidelines and step into the ring. If you are reading this publication, you are a survivor so far. Take what you’ve gone through and build upon your experiences while making an investment in yourself. Until next month ...
Andrew T. Berman, Executive Vice President NMP Media Corp.
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We kick off January 2012 with a closer look at Brett McGovern of Bay Equity Home Loans on page 16, the subject of our NMP Mortgage Professional of the Month. Brett took a leap of faith in 2007 as the mortgage meltdown began to rear its ugly head. It was at that time that he decided to open Bay Equity and enter the wholesale marketplace and has enjoyed growing success ever since.
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Tara Cook Billing Coordinator (516) 409-5555, ext. 324 tarac@nmpmediacorp.com
NMP’s Professional of the Month
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1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 / (888) 409-9770 Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com
So 2012 is finally here. Did you make a list of resolutions prior to midnight on Dec. 31, 2011? Have you taken these resolutions to heart and actually stuck to them. Sure, we all vow to lose weight and eat better, but judging by the dwindling crowds at the gym, I can see that not many have been in the mood to stick to that one. What about your business? Have you made a commitment to improving your bottom line in 2012? This month, we have assembled some of the industry’s top experts four our January 2012 Special Focus on “Managing & Selling REOs.” In today’s marketplace, there’s a good chance you’re either dealing with a large inventory of REOs or trying liquidate your REO portfolio. Perhaps that improvement on your bottom line can start with stepping into the REO marketplace. Daren Blomquist of RealtyTrac kicks things off by sharing his expertise and providing the facts and figures as to why you should no longer neglect this niche in his piece, “Soaking Up REO Inventory Like a Sponge” on page 36. Following Daren, our resident leadership experts David Lykken and Jon Traver of Mortgage Banking Solutions tackle REOs in their piece on page 38. “REOs in 2012: The Key Word is ‘Trust’” examines just who out there can be relied upon for expert advice when entering the real estate-owned marketplace as a trustworthy and knowledgeable individual on the other side of the table can make or break a deal. On page 39, Ivan Choi of Matt Martin Real Estate Management takes a closer look at the hurdles and obstacles in place when trying to close an REO transaction. Cheryl Lang of Integrated Mortgage Solutions opens the debate on whether you should make the investment in fixing up an REO property or sell it in its current state in her aptly titled piece, “Rehab or Sell ‘As-Is?’” on page 40. Our section continues on page 42 as our FHA expert Jeff Mifsud of Mortgage Seminars LLC provides our readers with six points that every loan originator should know before looking into purchasing a HUD REO property. Our special focus wraps up on page 43 with a submission from Frank Danna of Appraisal Logistics, effective ways of opening the dam on your flooded REO pool.
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