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radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry

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radius financial group inc.
radius financial group inc.

2016 “Built to Lead” by Sarah Valentini FEATURE ARTICLE IN: National Mortgage Magazine "Walk through any Barnes & Noble and it should come as no surprise that an aisle comprised solely of self help books exists – many of them on the subject of leadership, leadership on the field, leadership off the field and even leadership within the workplace. Though some of these are immensely beneficial and enriching, most say the same things only in different words. I think that may be why I don’t often read them. I’m regularly asked if I always knew that I wanted to be a leader while growing up. Honestly, I don’t think I did, although, if asked, my siblings would say I was always bossy." Read the full story here: http://www.radiusgrp.com/blog/

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1 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 1.800.649.1362 I www.DocMagic.com
N A T I O N A L M O R T A P R I L 2 0 1 6 l V O L U A SPECIAL FOCUS ON “LEADERSHIP” The Key to Driving You Mortgage Business Forward … You By Chad Jampedro..........................................................................................70 The Fine Art of Achieving Leadership Greatness By Michael Groff ..........72 Experience and Perseverance: The Pillars of a Great Leader By Jeffrey Tesch ..............................................................................................73 Challenging the Status Quo By Brad Herbert ..............................................74 Leading With Clarity By Kerry W. Elam ........................................................76 Five Traits of Effective Leaders By Lisa Coleman ......................................77 Like Attracts Like: How Technology Translates Into Leadership Opportunities for LOs By Jeff Bode..............................................................78 Identifying Extraordinary Leaders By Kerry Wirth ......................................80 How Will You Know When You Find a Leader? By Casey Fleming............82 Follow the Right Leaders to Become One Yourself By Wes Miller............84 Take Me to Your Liter By Eric Weinstein ......................................................86 There Is Always a Better Way to Lead By Elizabeth Morales ....................87 Seven Steps to Building a Championship Sales Team By Marc Wayshak............................................................................................88 Built to Lead By Sarah Valentini ....................................................................90 F E A T U R E S Sub-Prime: Establishing a New Track Record By Tom Hutchens ..............8 The Elite Performer: Migrate to Millennials By Andy W. Harris, CRMS ......8 Recruiting, Training and Mentoring Corner By Dave Hershman................10 Industry Updates: April 2016 By Gavin T. Ales ............................................16 Casey Stengel, Ernie Banks, Stan Musial … and Compliance? By Andrew Liput ..............................................................................................18 Agility Resource Group ...................................... www.agilityresourcesgroup.com ......................................87 Angel Oak Mortgage Solutions ............................ www.angeloakms.com ......................................Back Cover Assurance Financial............................................ www.lendtheway.com ....................................................85 Brokers Compliance Group.................................. www.brokerscompliancegroup.com ................................104 Caliber Home Loans.............................................. www.caliberwholesale.com ..............................................13 CallFurst.com ...................................................... www.callfurst.com ............................................................75 Carrington Mortgage Services, LLC ...................... www.carringtonwholesale.com ..............................37 & 72 Citadel Servicing Corporation.............................. www.citadelservicing.com ..............................................47 Civic Financial Services/Wedgewood .................... www.civicfs.com ..............................................................9 Document Systems, Inc./DocMagic ...................... www.docmagic.com ........................................................1 First Guaranty Mortgage Corp. ............................ www.fgmc.com ..............................Inside Front Cover & 78 Flagstar Bank .................................................... www.flagstar.com/ae ......................................................7 Great Northwest Mortgage Expo .......................... wwwgreatnorthwestexpo.com ........................................86 HomeBridge Wholesale ...................................... www.homebridgewholesale.com ....................................17 Lykken On Lending ............................................ www.lykkenonlending.com ............................................80 MBS Highway .................................................... www.mbshighway.com/MNN ..........................................23 Moneyhouse U.S. .............................................. www.moneyhouseus.com ..............................................71 V I S I T O U R A Company Web Site Page 40NMP Next: April 2016, Written and Compiled by Rick Grant 48Achieving a Truly Seamless Workflow- Driven Appraisal Process By Vladimir Bien-Aime 54NMP’s Visionary Organizations 2016 65Lykken on Leadership: Five Ways to be Prepared for Inevitable Failure By David Lykken 96Getting Back to Work (Now That TRID Is Over) By Carl Markman visionaryorganizations 2016
T G A G E P R O F E S S I O N A L U M E 8 N U M B E R 4 NAMB Perspective ........................................................................................20 Step Inside Ginnie Mae By Ted W. Tozer ....................................................24 What Frustrated Loan Officers and Supermarkets Have in Common By Brian Sacks ................................................................................................28 Get Your Best Results This Summer ..........................................................30 Tales From the Closing Table By Andrew Liput ..........................................32 Take the Lead! By Laura Burke, MBA, MS, MIS, CFE, EA ........................38 Survey Says: Nearly One in Five Originators Still Struggling With TRID........................................................................................................50 The Commercial Corner By Mike Boggiano ................................................64 The Long & Short: The Business of Short Sales By Pam Marron ..............66 Timeout! Time for Some Coaching to Reach the Next Level By Bubba Mills ................................................................................................68 MBA’s Mortgage Action Alliance: A Message From MAA Chairman Fowler Williams ..................................................................91 Operation VA SITREP By Richard M. Bettencourt Jr., CRMS, CMHS..........93 OrigiNation: By Originators, For Originators By Andy W. Harris................94 New Book Champions the Benefits of Property Taxes By Phil Hall..........94 Playing by the Rules By Amy Bergseth ......................................................100 C O L U M N S New to Market..........................................................................................12 News Flash: April 2016 ............................................................................14 Heard on the Street ................................................................................36 Outstanding Places to Work ..................................................................98 NMP Calendar of Events ........................................................................99 NMP Resource Registry........................................................................102 Mortgage News Network (MNN) .......................... www.mortgagenewsnetwork.com ............................34 & 35 NAMB+ ............................................................ www.nambplus.com ......................................................25 NAPMW ............................................................ www.napmw.org ....................................................74 & 95 NAWRB ............................................................ www.nawrb.com ............................................................31 New York Community Bancorp, Inc. .................... www.nycbmortgage.com ................................................19 NRMLA.............................................................. www.nrmlaonline.org ....................................................92 Paramount Residential Mortgage Group, Inc. ...... www.prmg.net ..........................11, 89 & Inside Back Cover Radian Guaranty................................................ www.radian.biz ............................................................79 REMN Wholesale................................................ www.remnwholesale.com ................................................5 Ridgewood Savings Bank .................................... www.ridgewoodbank.com ..............................................81 Secure Insight.................................................... www.secureinsight.com ..................................................15 TagQuest .......................................................... www.tagquest.com ........................................................67 The Bond Exchange............................................ www.thebondexchange.com ..........................................88 The National Real Estate Post.............................. www.thenationalrealestatepost.com ..............................83 United Wholesale Mortgage ................................ www.uwm.com ........................................................52-53 D V E R T I S E R S Company Web Site Page
4 APRIL 2016 Volume 8 • Number 4 1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 • Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com The Critical Importance of Industry Leadership Leadership may not seem like a complex concept. After all, we all know a leader when we see one. But putting a definition down on paper is as difficult as defining a concept like truth, beauty or honor. Leadership is also our Special Focus for this April 2016 issue of National Mortgage Professional Magazine. It’s hard to imagine a concept of greater importance for our industry today. In the pages of this issue, we’ll bring you stories that may challenge your concept of leadership. We’ll ask important questions, like what does it take to become a leader in today’s mortgage marketplace? Are leaders born or can someone be taught to be a leader? Is age a factor in good leaders? How do you attract leaders to your organi- zation? What personality traits do you feel are most important to be a leader? And perhaps most challenging, once you find a leader, how do you keep them? But just talking about these concepts would never be sufficient to fully define what leadership means in our indus- try. For that, we need examples. That’s why we’ve included our 2016 Visionary Organizations in this issue as well. These are the companies that set trends, travel ahead of the curve and set the bar for their competitors. The companies in this year’s Visionary Organizations section have earned that designation for their inspiration to always strive to improve and go above and beyond to assist their clients. These great companies have successfully navigated our ever-changing mortgage industry marketplace and have remained on top. Where will the next group of visionary firms come from? We think they are already innovating, going where others have yet to go in a relentless search for what’s next. You’ll find their stories in our brand new NMP Next section, which we’re launching in this issue as well. Long-time industry trade publication editor Rick Grant leads this discussion as NMP’s special reports editor. His love of technology and innovation makes him well-suited to seek out the industry explorers who are leading the rest of us to what’s next. Even if you don’t see yourself as an intrepid explorer or fearless innovator, we hope the stories we bring you in this issue will impress upon you the importance of developing your own leadership skills. To that end, we’re very proud of our new NMP University, a new and innovative way for people working in our industry to get their continuing educa- tion, training and coaching they need to maintain their credentials, and succeed and become tomorrow’s leaders. NMP University will be led by mortgage industry training and coaching veteran, Ron Vaimberg and the online continuing education will be Powered by Mortgage Educators and Compliance (MEC). You’ll find more information about NMP University in the next issue and in your e-mail inbox soon. For our own part, we haven’t focused on being a leader so much as shining a bright light on the leading compa- nies and executives working in our industry. But our growth over the past few months is a true testament to the fact that we take leadership seriously in our own organization. The issue you’re holding comes in at 104 pages, making it the largest issue of National Mortgage Professional Magazine we’ve ever delivered. We’re very proud of this accom- plishment and proud to be bringing you all of the stories packed into this issue. We hope you enjoy them and they serve you well. Lastly, a leader is a mirror of the team that supports them, and with that said, I thank the entire team at NMP for the efforts they put in each day that has made NMP a growing success story that I am proud to lead. Sincerely, Joel M. Berman, Publisher-CEO l NMP Media Corp. l joel@nmpmediacorp.com National Mortgage Professional Magazine is published monthly by NMP Media Corp. • Copyright © 2016 NMP Media Corp. publisher’sdeskFROM THE STAFF ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact VP-Sales & Marketing Beverly Bolnick at (516) 409-5555, ext. 316 or e-mail beverlyb@nmpmedi- acorp.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@nmpmedia- corp.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 mem- bers of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Consumer Reporting Association (NCRA) and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, and/or other state mortgage trade associations events, activ- ities 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. Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@nmpmediacorp.com Joey Arendt Art Director (516) 409-5555, ext. 307 joeya@nmpmediacorp.com Scott Koondel VP of Operations (516) 409-5555, ext. 324 scottk@nmpmediacorp.com Richard Zyta Social Media Ambassador (516) 409-5555 richardz@nmpmediacorp.com Rick Grant Special Reports Editor (570) 497-1026 (direct) (516) 409-555, ext. 311 rickg@nmpmediacorp.com Joel M. Berman Publisher - CEO (516) 409-5555, ext. 310 joel@nmpmediacorp.com Beverly Bolnick VP-Sales & Marketing (516) 409-5555, ext. 316 beverlyb@nmpmediacorp.com Phil Hall Managing Editor (516) 409-5555, ext. 312 philh@nmpmediacorp.com Francine Miller Advertising Coordinator (516) 409-5555, ext. 301 francinem@nmpmediacorp.com Dylan Pollock Administrative Assistant (516) 409-5555, ext. 314 dylanp@nmpmediacorp.com Featured Editorial Contributors Richard M. Bettencourt Jr., CRMS, CMHS Andy W. Harris, CRMS David Lykken Pam Marron Ted W. Tozer Andrew Liput Editorial Contributors Gavin T. Ales Amy Bergseth Vladimir Bien-Aimé Jeff Bode Michael Boggiano Laura Burke, MBA, MS, MIS, CFE, EA Lisa Coleman Kerry W. Elam Casey Fleming Michael Groff Brad Herbert Tom Hutchens Chad Jampedro Carl Markman Wes Miller Bubba Mills Elizabeth Morales Brian Sacks Jeffrey Tesch Sarah Valentini Marc Wayshak Eric Weinstein Fowler Williams Kerry Wirth NATIONAL MORTGAGE PROFESSIONAL MAGAZINE’S E D I T O R I A L C O N T R I B U T O R S
5 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 RENO STRIKES BACK
National President Kelly Hendricks (314) 398-6840 president@napmw.org President-Elect Nikki Bell (678) 442-3966 preselect@napmw.org Vice President Cathy Kantrowitz (845) 463-3011 nvp1@napmw.org Vice President Laurel Knight (425) 412-6787 nvp2@napmw.org Secretary Windee Falla (281) 556-9182 natsecretary@napmw.org Treasurer Judy Alderson (918) 250-9080, ext. 300 nattreasurer@napmw.org Parliamentarian Frances Reinhardt (678) 331-1384 freinhardt@firstservicetitle.net 6 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com NAMB The Association of Mortgage Professionals 2701 West 15th Street, Suite 536 l Plano, Texas 75075 Phone: (972) 758-1151 l Fax: (530) 484-2906 Web site: www.namb.org OFFICERS Rocke Andrews, CMC, CRMS—President Lending Arizona LLC 3531 North Pantano Road l Tucson, AZ 85750 Phone: (520) 886-7283 l E-mail: randrews@lendingarizona.net Fred Kreger, CMC—President-Elect American Family Funding 28368 Constellation Road, Suite 398 l Santa Clarita, CA 91350 Phone: (661) 505-4311 l E-mail: fred.kreger@affloans.com John Stevens, CRMS—Vice President Mountain West Financial 380 North 600 East l Pleasant Grove, UT 84062 Phone: (801) 427-7111 l E-mail: johngstevens@gmail.com Rick Bettencourt, CRMS—Secretary Mortgage Network 300 Rosewood Drive l Danvers, MA 01923 Phone: (978) 777-7500 l E-mail: rbettencourt@mortgagenetwork.com Andy W. Harris, CRMS—Treasurer Vantage Mortgage Group Inc. 16325 Boones Ferry Road, #100 l Lake Oswego, OR 97035 Phone: (503) 496-0431, ext. 302 E-mail: aharris@vantagemortgagegroup.com John Councilman, CMC, CRMS—Immediate Past President AMC Mortgage Corporation 10136 Avalon Lake Circle l Fort Myers, FL 33913 Phone: (239) 267-2400 l E-mail: jlc@amcmortgage.com Donald J. Frommeyer, CRMS—NAMB CEO American Midwest Bank 200 Medical Drive, Suite C-2A l Carmel, IN 46032 Phone: (317) 575-4355 l E-mail: donald.frommeyer@gmail.com DIRECTORS Kimber White l RE Financial Services Inc. 1620 West Oakland Park Boulevard #201 l Oakland Park, FL 33311 Phone: (954) 306-3553 l E-mail: kimber.lmt@gmail.com Olga Kucerak, CRMS l Crown Lending 328 West Mistletoe l San Antonio, TX 78212 Phone: (210) 828-3384 l E-mail: olga@crownlending.com David Luna, CRMS l Mortgage Educators and Compliance 947 South 500 E, Suite 105 l American Fork, UT 84003 Phone: (877) 403-1428 l E-mail: david@mortgageeducators.com Linda McCoy, CRMS l Mortgage Team 1 Inc. 6336 Piccadilly Square Drive l Mobile, AL 36609 Phone: (251) 650-0805 l E-mail: linda@mortgageteam1.com Nathan Pierce, CRMS l Advanced Funding Home Mortgage Loans 6589 South 1300 East, Suite 200 l Salt Lake City, UT 84121 Phone: (801) 272-0600 l E-mail: npierce@advfund.com Valerie Saunders l RE Financial Services 13033 West Lindburgh Avenue l Tampa, FL 33626 Phone: (866) 992-0785 l E-mail: valsaun@gmail.com Robert Sweeney, CRMS 600 East Carmel Drive l Carmel, IN 46032 Phone: (317) 625-3287 l E-mail: bob.sweeney46@yahoo.com Michele Velez, CMC 1300 South El Camino Real, Suite 505 l San Mateo, CA 94402 Phone: (650) 409-2850 l E-mail: shellvelez@gmail.com NAMB 2015-2016 Board of Directors William Bower President (800) 288-4757 WBower@continfo.com Julie Wink Vice President/Treasurer (901) 259-5105 Julie@DataFacts.com Mike Brown Ex-Officio (908) 813-8555, ext. 3020 MBrown@CISinfo.net Mary Campbell Director (701) 239-9977 Mary@AdvantageCreditBureau.com Matthew Carpenter Director MCarpenter@Sarma.com Maureen Devine Director (413) 736-4511 MDevine@StrategicInfo.com Scott Ledbetter Director (214) 783-3315 Mike Thomas Director (615) 386-2285, ext. 285 MThomas@CICCredit.com Dean Wangsgard Director (801) 487-8781 Dean@nacmint.com Delia Zuniga Director Delia@AdvantagePlusCredit.com Terry Clemans Executive Director (630) 539-1525 TClemans@NCRAInc.org Jan Gerber Office Manager/Member Services (630) 539-1525 JGerber@ NCRAInc.org National Association of Professional Mortgage Women 1851 South Lakeline Boulevard, Suite 104, Box 303 Phone: (800) 827-3034 • E-mail: napmw@napmw.org Web site: www.napmw.org 2015-2016 NAPMW National Board of Directors National Consumer Reporting Association 701 East Irving Park Road, Suite 306 l Roselle, IL 60172 Phone: (630) 539-1525 l Fax: (630) 539-1526 Web site: www.ncrainc.org 2015-2016 Board of Directors
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8 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com elite performerT H E By Andy W. Harris, CRMS M ost of us have heard that the average age of a mortgage loan originator (MLO) today is 54 years of age. That number may vary a little, but needless to say, the mortgage indus- try is in dire need of younger talent. This number should open our eyes to look down the road and see that we may have a problem if we don’t train and educate the next generation to grow in this industry. This is important for our industry and certainly important for the consumers we serve. We must embrace Millennials in this industry and strategically recruit and train them the right way to succeed and be attracted to what this great industry has to offer. I’ve battled with this for the last several months, specifically as a business owner through our growth and demands. Do we hire experienced mortgage loan origina- tors or do we hire green and train? Unfortunately, re-training people already in the business with bad habits I find to be much harder. With a quickly changing indus- try requiring constant adaptation and speed, I’ve found it’s certainly hard to teach an old dog new tricks. I’d rather have a fresh, new and motivated employee with limited experience and a clean slate than one with quantity (not always quality) experience or challenging habits. I believe Millennials get an unfair reputation at times with being entitled or lazy. The lazy ones are certainly out there, but there are also thousands of very intelli- gent and motivated Millennials I believe offer huge opportunities to our industry. Many of them are more innovative due to modern knowledge and technological abilities. They were raised in an environment where any data they seek is literally at their fingertips. They can adapt well and need little training when it comes to most computers and systems. That certainly cannot be said for most of those from older generations. Here are a few statistics according to the American Bankers Association (ABA) that I find somewhat shocking: l Born between 1980-2000, Millennials are the largest generation in American his- tory, at 83.5 million people. l By 2022, they will comprise 44 percent of the nation’s workforce. l Only 26 percent get married before the age of 32. l Eighty-six percent put money into savings every month. l Seventy-five percent of those who are college graduates have student loan debt, averaging $29,000. I don’t know about you, but if you actually think about these statistics I see a huge market of untapped potential. Think about the stats and what our industry could offer young entrepreneur-spirited individuals. The sky is the limit, but they need the right training. We work in a great industry with unlimited possibilities. Finding the right motivated younger talent could be a huge asset to your team, and of course, a great opportunity for someone entering this industry today. I suggest that we all brainstorm with our teams to motivate, recruit and train new younger talent in this industry to get that average age down moving forward. Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and past president of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 496-0431, e-mail AHarris@VantageMortgageGroup.com or visit VantageMortgageGroup.com. Migrate to Millennials Sub-Prime:EstablishingaNew TrackRecord SPONSORED EDITORIA L By Tom Hutchens Sub-prime, or “non-prime,” mortgage lending returned to the market almost three years ago and with it, many critics who understandably voiced concerns that history would re- peat itself. Lenders who decided to venture into this new landscape and tap a borrower base of Americans unable to secure tradi- tional financing were faced with an uphill battle on how the general pop- ulation perceived sub-prime. Today’s products aren’t the same as the sub-prime loans that led to the housing crisis. In fact, sub-prime/non-prime today is quite different. New regulations have helped to ease these products back into the market. The skeptics are starting to come around and realize that today’s mortgages are proving to be much less risky than their predecessors. Unlike the sub-prime loans of 2006, today’s loans have guidelines in place to alleviate risk. Here is a breakdown of what’s different today: l Ability-to-Repay (ATR): ATR is one of the many regulations that resulted from the Dodd-Frank Act. ATR requires that originators look at a po- tential borrower’s complete financial picture to make sure their exist- ing debt obligations plus the new loan amount won’t surpass a reasonable percentage of their income. Despite popular belief, non- prime loans still need to adhere to ATR standards. l Skin in the game: Higher downpayment requirements mandate that borrowers provide a significant contribution towards closing the loan. Borrowers with the riskiest credit profiles are required to put down the highest downpayments to further compensate for that risk. This prac- tice of ensuring prudent loan-to-value (LTV) ratios lessens the chances of default. l No prepayment penalties: Today’s sub-prime loans do not come with a pre-payment penalty on them. At any time, a borrower can refinance to a conforming loan without having to pay a penalty on their existing loan. l Appraiser Independence Regulation (AIR): Another result of Dodd- Frank Act regulations, AIR ensures that appraisers are truly independ- ent and the LTV is accurate. Prior to Dodd-Frank, appraisers worked for the loan originators. This was a clear conflict of interest, but new regulation removes that conflict. l Better credit scores: The average credit score of sub-prime loans in 2006 was 580. Angel Oak Mortgage Solutions portfolio of non-prime loans’ credit scores average about 680. The credit quality of these loans has increased significantly in the new era. Although non-prime mortgages fall outside the QM safe harbor, the next generation of non-prime lending is proving to be very safe. In fact, Angel Oak Mortgage Solutions has only had three loans go into default since we started originating two-and-a-half years ago. The challenge with these new regulations, however, is that they require a well-documented, manual underwriting process that cannot be automated; however capable lenders with expertise in due diligence procedures stand to take advantage of bringing these products back to market while avoiding excess risk. Tom Hutchens is senior vice president of sales and marketing at Angel Oak Mortgage Solutions, an Atlanta-based wholesale lender currently licensed in 24 states. Tom has been in the real estate lending business for nearly 20 years. He may be reached by phone at (855) 539-4910 or e-mail Info@An- gelOakMS.com.
9 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 ©2016 All rights reserved. This is not a commitment to lend. Restrictions may apply. LTV limit is based on current, accurate appraised value. Civic Financial Services, LLC reserves the right to amend rates and guidelines. All loans are made in compliance with Federal, State, and Local laws. Civic Financial Services, LLC is a California Finance Lender under NMLS 1099109 and the California Department of Business Oversight license #603L321, AZ Mortgage Broker license #092863, ID Mortgage Broker/Lender License #MBL-8288, OR Mortgage Broker License #ML-5282, and WA Consumer Loan Company License #CL-1099109. Civic Financial Services, LLC is an equal opportunity lender. We know; you need a lender who’ll keep your profit margins high and your blood pressure low. Rest assured, at CIVIC you’ll get loan rates that are among the most competitive in the industry. You’ll also get lightning fast approvals and quick closing times. So if you’ve got a project that needs special attention, call the number below — your margins and your business will be healthier than ever. Corporate Headquarters 2015 Manhattan Beach Blvd, Suite 106 Redondo Beach, CA 90278 310.504.3618 / www.civicfs.com • Funding in 4-10 days • Up to 75% LTV • No minimum FICO • 24-48 hour in-house appraisals • Competitive fixed rates • Loan amount $100K-5 Million • Foreign National program A LOAN RATE SHOULD INCREASE YOUR PROFIT MARGINS, NOT YOUR BLOOD PRESSURE. THEM US
10 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com By Dave Hershman W e have previ- ously painted the “picture” of a typical manager in the industry because most sales managers and owners must per- sonally produce, recruit, hire, train and coach. For most of these man- agers, producing was a full-time job before they became a manager. Now that same person must split up their time among these tasks: l Personal production l Supervising/coaching l Fighting fires l Attracting candidates l Interviewing l Administrative tasks l And more The time spent among these tasks is not homogenous by any means. The majority of the time is spent pro- ducing, fighting fires and on adminis- trative tasks. For example, a typical producing sales managers spends an average of 50 percent or more of their time within the personal production category. It is important to recognize this fact because it leads us to understand why the industry produces managers as opposed to grooming leaders. Not only have we put our managers in a position in which they are more like- ly to spend their time reacting and putting out fires rather than leading. In addition, we give these same man- agers little guidance as to how to make the transition from manager to leadership. After painting the picture of the industry, we must next look at the definition of the term leader. If you asked one-hundred different man- agement experts, you would get 100 different answers. We prefer some- thing very simple: Managers “manage” situations, while leaders change situa- tions through the implementation of positive forces. Of course, this definition is worthless without elaboration in the form of examples which distinguish between leadership and management: l A manager has goals, while a leader also has a long-term vision of where they would like to lead their team. It is from this vision in which an organization’s goals must be for- mulated. For employees—under- standing the vision is essential so that they can become more than just an employee, but an integral team member. l A manager tells people what to do. A leader leads by example. For exam- ple, how does the leader react in a crisis? Do they panic or do they lead the team through the crisis profes- sionally? l Managers micro-manage, while lead- ers delegate. By delegating responsi- bility and not micro-managing, lead- ers let their team members deter- mine what they should be accom- plishing with regard to helping the organization achieve their long-term vision. l A manager quells fires while a leader prevents them. The foresight to pre- vent fires is a very important exam- ple of leadership. l A manager communicates when nec- essary. A leader communicates proactively. Going back to the exam- ple of having a long-term vision, the leaders must communicate that vision clearly. When does a manager think that communication is neces- sary? Usually when things go wrong. Then it is time for a long e-mail, new policy or a meeting. l A good manager implores their loan officers to follow-up, from the prospect stage to closing their pipeline. Leaders lead by example in this regard as well, whether they are managing their own pipeline or fol- lowing with their staff. If the manag- er does not return phone calls and e- mail on a timely basis, how can they expect their loan officers to do the same? l Good managers hire producers. Leaders retain those producers. Leaders work hard to uncover and meet the needs of their employees. That means they must probe deeply and be a great listener. This is again where follow-up and communica- tion skills are essential. It is some- times not easy to determine where our employees need help, however, spending the time and effort to find out is critical. l Good managers are great talkers. Leaders are great listeners. Yes, we often have to teach and inspire as leaders. But if we don’t listen, we will never find out what our employ- ees really need. Even in interviews, we should be asking questions and listening, rather than talking. l A leader’s integrity can never be in question. Again, this brings us back to being an example. If we are not “THE” example in this regard, how can we not expect the same from our loan officers and operational staff? Many walk a fine line in this industry, but leaders must stand very clear of this line. l Managers are reactionary, but because leaders are proactive, they are likely to be more consistent in their direction of leadership. Managers are more likely to sched- ule a staff meeting when there is a catastrophe or send out an “effective immediately” e-mail? Leaders sched- ule meetings on a regular basis to prevent these issues from arising. Employees can count on their leader’s reaction day-to-day, while the reaction of a manager will vary. l A great leader carries a positive mes- sage all the time, while the manager is not as consistent in this regard. The leader’s positive message will influence team members to be more positive, thus increasing the effec- tiveness of the organization. This positive message should include thanking employees and clients often. Even the way the message is carried out is important. When a leader is “criticizing or pointing out a mistake,” it should be done in pri- vate. When a leader is lavishing praise, this should be accomplished in public. Most importantly, managers real- ize that recruiting is one of their most important functions, yet most man- agers dedicate the smallest portion of their time to this task. The result is a Recruiting, Training and Mentoring Corner Recruiting, Training and Mentoring Corner Assessing the Marketing Skills of a Rookie Candidate “Managers ‘manage’ situations, while leaders change situations through the implementation of positive forces.”
11 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 smaller team whose members are not of the highest quality. The time need- ed to manage this team which is gen- erating little income is very. dispro- portionate. The result? The manager spends more time producing because they can control the outcome and then they spend even less time recruiting. This is precisely why one key to great leadership is a long-term vision of the future. The vision is to build a large quality team which increases profits and overrides. While the income of the sales manager may not rise, the office or division will not be as dependent upon one person’s production. What if the manager becomes ill and the level of production suffers or stops com- pletely? If the manager has a large and productive office, the profitability of that office will not suffer to the same extent. It typically requires great vision to begin spending time on a task that will bring longer-term rewards, but perhaps sacrifice short-term benefit. How might we bring our time and priorities into greater equilibrium? It is easy for us to say—block an hour each day to recruit. But someone directing the manager to block the time does not make the time available. Anytime one has too many tasks to undertake and not enough time to accomplish these tasks, there are only two choices: l Prioritize the tasks: Again, this is an example of what great leaders do, they decide what is more important and focus upon these tasks. Other tasks may be delegated to others, postponed or even eliminated. l Use synergy: If you want to get more done in less time, you will need to find a way to achieve more than one goal with the same activ- ity. We will delve into this idea in a future column. The implementation of synergistic principals will not only increase pro- ductivity, it will also help lessen the stress of manager who has several areas of responsibilities, all of which could be full-time jobs by themselves. In my book, More Income With Less Stress, I introduce “The Seven Rules of Maximum Synergy Marketing.” These rules will help managers achieve more with less time, energy and money. Loan officers also benefit from the use of these principals as there are many parallels between recruiting and sales. The greater profi- ciency managers gain with regard the use of these concepts, the more effec- tive they will be as mentors to their loan officer team. As a matter of fact, the implementation of this concept as way to achieve two management objec- tives is an illustration of the use of syn- ergy in itself. The rules are designed to help one open their eyes to the opportunities they are missing. To implement these, managers will have to change the way they think about the industry and man- agement in general. This is a major step which will help increase efficiencies, but also help differentiate managers from their competition. Here are the rules: 1. Everything you do must have a sec- ond objective. 2. If you are marketing by yourself— you are wasting synergy. 3. Some targets are more effective than others. 4. Some tools are more effective than others. 5. Everything you do can be made more effective through additional doses of synergy. 6. Do not market without a response mechanism. 7. Do not market unless you are deliv- ering value. We will end this column with an exercise that will hopefully help us start thinking like a leader, instead of a man- ager. The question is-how can the implementation of these rules help you increase the efficiency of your recruit- ment efforts? It has been well-established by the information we have introduced that there are many fundamental differ- ences between managers and leaders in this industry. Our industry has a tremendous number of managers. However, what we need is more leader- ship. Hopefully we can continue to help our managers make the transition in this regard. Dave Hershman is a top author in the mortgage industry with seven books published. He is also the founder of the OriginationPro Marketing System, and currently the director of branch support for McLean Mortgage. He may be reached by e-mail at Dave@HershmanGroup.com or visit OriginationPro.com.
12 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com DocMagic Formally Launches New eClosing Solution DocMagic Inc. has announced the for- mal launch of its fully integrated eClosing solution that electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery. DocMagic’s total eClosing process seamlessly inte- grates its eDocument library, SMARTDoc eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substan- tially faster closings, total data trans- parency, superior regulatory compli- ance and maximum process efficiency. The total eClosing solution is also seamlessly integrated into DocMagic’s SmartCLOSE collaborative closing por- tal, offering a secure, centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on documents, data and fees backed with a 100 percent TRID compliance guaran- tee. The new process is easily accessible from within SaaS-based SmartCLOSE and on-premise SmartSAFE XL systems, including the eSigning, eDelivery and eVaulting of all documents. DocMagic’s eMortgage solutions have been vetted and approved by Fannie Mae and MERS to support all three eMortgage categories for eVault, eNote and eClosing. DocMagic’s participation as a leading player in numerous eClosing pilots, including the CFPB’s eClosing Pilot initiative last spring has led to the rapid advancement of eClosing adoption as a solution for reg- ulatory compliance tracking, reducing data errors, data transparency, and bringing borrower knowledge and satis- faction to the loan process. “The total eClosing solution is an out- of-the box, easy to implement, fully paperless, patented solution that com- bines the most advanced functionality and continuous compliance tracking with robust borrower and lender friend- ly user features,” said Dominic Iannitti, president and CEO of DocMagic. “Borrowers can communicate with their lenders and settlement agents and eSign documents while DocMagic runs continuous automated compliance audits throughout the entire loan process, guaranteeing compliance on factors effecting the salability of your loan, from TRID tolerance levels to compliance with anti-predatory lend- ing and higher-priced mortgage loan laws, all while tracking every iteration of the data and speeding up the closing process.” “The DocMagic total eClosing solu- tion is revolutionizing the traditional paper mortgage process and the timing of this couldn’t be better,” said Tim Anderson, director of eServices at DocMagic. “With the electronic data verification, delivery and record reten- tion requirements of TRID, lenders have to demonstrate proof of compli- ance, control and accountability of the entire mortgage process. We have developed only platform in the indus- try that integrates and supports all key eMortgage functions within a single solution. The total eClosing solution provides a full electronic process in a one stop solution—which is truly revo- lutionary.” CMG Financial Automates Appraisal Process Via eTrac From Global DMS Global DMS has announced that CMG Financial has streamlined the manage- ment of its appraisal process from start to finish using Global DMS’ eTrac plat- form. This has enabled CMG to work with its AMC providers that have dis- parate systems through a single inter- face with eTrac. As a result, processors and brokers no longer have to log into each AMC’s system to place appraisal orders. From within eTrac, CMG users can order and assign appraisals, track them with real-time status, review appraisals, and they are then automat- ically delivered to the Uniform Collateral Data Portal (UCDP) in full compliance and without errors or missing data. “After we implemented eTrac, our AMC assignments became automatic and thus it really simplified and sped up our orders,” said Peter Gilbert, chief credit officer at CMG. “The eTrac Workflow Engine also played a signifi- cant role in the implementation by automating notifications and file delivery to the ordering parties and borrowers. eTrac has made our appraisal process very easy and effi- cient and we always know that we are compliant and have quality appraisals.” Global DMS’ Workflow Engine elimi- nates manual intervention, automati- cally handling many intricate and dis- parate tasks in CMG’s unique appraisal process. Custom business rules were applied to tailor CMG’s appraisal man- agement workflow to their preferences and specific internal procedures. “CMG runs numerous appraisal orders through our system each month with an elevated level of workflow-dri- ven efficiency,” said Vladimir Bien- Aime, president and CEO of Global DMS. “The fact that eTrac effectively centralized CMG’s utilization of multi- ple AMCs and automated nearly all appraisal functions using our Workflow Engine speaks volumes about the flexibility and scalability of our platform.” eTrac facilitates far-reaching com- pliance functionality that is proven to automatically keep lenders compliant with changing state-based rules, feder- al laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act. Credit Plus Launches FACTCheck for Increased Tax Transcript Accuracy Credit Plus Inc. has announced the availability of FACTCheck, a new “fact checked” report that can be added to IRS 4506-T orders. The report provides continued on page 18 lenders with an overview of income reported to the IRS, calculates and sum- marizes historical income and deter- mines income stability. At the same time, FACTCheck tests for ATR compli- ance and identifies what further action and any additional supporting docu- ments, if any, are needed. By adding this product to 4506-T orders, lenders can accelerate their process to just minutes per loan, elimi- nate manual underwriting errors, and show that due diligence was performed which assists with the sale of loans to the secondary market. “FACTCheck streamlines the tax tran- script analysis process into an auditable format which helps lenders speed up, standardize, and document their underwriting process,” said Greg Holmes, national director of sales and marketing at Credit Plus. “The report offers our customers a way to improve their income quality analysis and results while reducing their legal and repurchase risks.” ResMac Releases Marti Version 5.0 ResMac Inc. has announced the release of Marti 5.0 to support automated Integrated Disclosures (TRID). This pro- prietary software program will auto- mate several of the manual processes used to support compliance and improve efficiencies in underwriting and customer closings. Several screens have been redesigned to best support “ease of use” for ResMac’s customer base, making the overall experience that much more compelling, efficient and improved. Right behind this release will be Marti version 5.01, which will support on-demand initial through closing doc- uments for all approved customers. In the third quarter, ResMac will release its new automated LE for approved cus- tomers—fees warranted and derived from a third party making costs to cure a thing of the past.
13 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 Imaginebeing served by an innovative company with the financial stability that values you and your ideas, and where the sales force is the heart of the company strategy… One where closing loans on time and exceeding our broker associates’ expectations are two major facets of our daily business model. *Rankings Source: Inside Mortgage Finance. Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ©2015. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited. Caliber Home Loans is an Equal Opportunity Employer. To learn more, visit us online at www.caliberwholesale.com or send an email to NMP@caliberhomeloans.com. Caliber Wholesale finished 2015 as the #3 Wholesale Lender in the nation.* During 2015, we funded $8.35 billion - a 77.5% increase from our 2014 funding figures. Wholesale Lending Caliber Whol #3 Whol esalCaliber Whol esal e finished e Lend e finished undf in the nation. 15 as the20 ed $8.35 billion - aund in the nation. #3 Whol15 as the ed $8.35 billion - a During 20*ion.* esal#3 Whol .5777.ed $8.35 billion - a 15, wDuring 20 e Lendesal .5% e15, w ere Lend unding figurf easeincr unding figur om our 20frease es.unding figur 14om our 20 ImagineImagine major fac e clwher ou and yy Imagine ets of our daily business modmajor fac oans on time and eosing le cl eas, and wherour idou and y vserbeingImagine el.ets of our daily business mod eeding our brcxoans on time and e es fe the saleas, and wher vativinnoanybedv el. er associatokeeding our br e is the hearcors ffo withyompancevativ xpectations ares’ eer associat y strompant of the ce is the hear stabilityfinancialthe oe twxpectations ar … Oneegyaty str valuesthatstability send an email t visit us online at www earn moro lTTo o NMP@caliberhomelsend an email t visit us online at www e,earn mor oans.o NMP@caliberhomel esalwholcaliber.visit us online at www om.coans. om orce.esal e LlaseholW endinge L ed. Caliber Home Loans is an Equal Opporohibitpublic is pr ed, cegormation that is privilinf e and leal estator r. FerHousing Lend 1 R70Caliber Home Loans, Inc., 3 tgore MInside:cankings Sour*R tunity Empled. Caliber Home Loans is an Equal Oppor ed, and essionals only a egegally privilential, lonfided, c yoffeending pre and l 3 (NMLS #ving, TX 7506d, Irvareent Bouleg1 R e.inance Fagtg .eryotunity Empl er applicable undosurom disclempt frxor ed/ nd not f onsumero cor distribution t / op. C77.1-65815622). 1-800-403 (NMLS # o the g. Distribution twe laer applicabl ontainy communication mas. This consumer ed. Equalveser15. All Rights Ryright ©20op alenero the g ontain ed. Equal
EWSFLASH l APRIL 2016 l NMP NEWSFLASH l APRIL 2016 l NMP NEWSFLASH l 14 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com CCSBS Seeking Exam Experts: NAMB Urges Members to Apply as Subject Matter Experts NAMB—The Association of Mortgage Professionals wanted to remind the nation’s mortgage professionals that the deadline of April 29, 2016 is quickly approaching for Subject Matter Experts (SME) to submit their desire to work on the Nationwide NMLS Exam. The Exam was started years ago as a licensing requirement of the SAFE Act. The Exam must undergo changes as the mortgage industry undergoes changes. For example, when the SAFE Act was passed and the initial exam written, there was no TRID rule. The Exam was reviewed and updated, and now it is time to update it again. The SMEs will be selected with assis- tance by the Conference of State Bank Supervisors (CSBS) and the State Regulatory Registry LLC (SRR) in a recruiting process for subject matter experts to serve on SSR National Test Maintenance Committees. “Some of the best Subject Matter Experts in the field of residential mort- gages are members of NAMB, and I encourage our members to apply for this important opportunity,” said Rocke Andrews, president of NAMB. NAMB also noted that there are time commitments and experience require- ments. Selected SMEs will be initially trained and asked to write proposed test questions for the National Exam. The training sessions are several hours in duration, as well as ongoing and additional training sessions as materi- als are amended. Attendance is required at all training meetings. Committee meetings are scheduled to begin quarterly, beginning in June, again in September and finally in January 2017. SMEs should have a min- imum of three years of experience in the residential mortgage lending arena and be considered an expert. To be considered and nominated, please fill out the application found online at 2016smesurvey.question- pro.com. Study: TRID Adds $209 to Loan Costs It appears that loan transparency comes with a highly visible price tag: A new study from STRATMOR Group has reaf- firmed that the changes brought by the TILA-RESPA Integrated Disclosure (TRID) rule has jacked up the price of loan origination. “On average, since October 2015, TRID has increased lender back office fulfillment and post-closing costs by an average of $209 per loan, and lenders are estimating that only about 17 per- cent of those costs can be recovered through additional charges,” said Matthew Lind, STRATMOR senior part- ner and founder. Still, mortgage professionals are making the best of a difficult situation. The STRATMOR study found that 87 per- cent of survey respondents had either fully or mostly implemented their TRID requirements, with only one percent admitting that their efforts were “way behind.” Seventy-two percent of smaller mortgage companies and 80 percent of mid-sized independents had fully implemented their TRID changes, whereas only 33 and 44 percent of small and mid-sized banks have accom- plished that duty. Banks, in particular, appear to be most burdened by TRID, with 31 per- cent of bank respondents bemoaning that their experience under TRID as either “difficult” or “terrible”—in com- parison, only 16 percent of independ- ents shared that level of grief. But on the whole, Lind insisted that today’s problems can only lead to a better cus- tomer service experience. “TRID seems to be associated with a significant pickup in borrower satisfac- tion, despite somewhat slower applica- tion-to-closing times,” he said. “At the end of the day, improving the borrow- er’s experience is a main objective of TRID, and in an increasingly competi- tive origination market, it is also a pri- mary goal of lenders as well.” FHFA Planning for Post-HARP Market With the Home Affordable Refinance Program (HARP) set to expire at the end of the year, Federal Housing Finance Agency (FHFA) Director Mel Watt is seek- ing to lay the foundation of a market that will not leave at-risk homeowners in difficult financial situations. Speaking recently in Washington, D.C. at the Public Policy Luncheon sponsored by Women in Housing and Finance, Watt noted that his agency and the government-sponsored enter- prises were working with to lenders, mortgage insurers, and investors to study a post-HARP endeavor that would accommodate high loan-to- value (LTV) borrowers. “During our outreach discussions, we are reminding industry participants that borrowers who previously com- pleted a HARP refinance will not be eli- gible to refinance under a new high-LTV program,” Watt said. “When we con- clude our outreach, the enterprises will publish an announcement that reflects the eligibility guidelines and product terms that we believe will meet the needs of high-LTV borrowers in the future.” But with nine months to go before HARP runs its course, Watt stated that the FHFA would work ensure borrowers can take full advantage of that pro- gram’s benefits. “Despite extensive outreach efforts by the enterprises and their lender partners, over 360,000 borrowers nationwide still remain both eligible for HARP and able to benefit financial- ly from HARP,” said Watt. “FHFA and the enterprises are attempting new methods to raise borrower awareness through social media and Webinars, and we are asking stakeholders to help us get the word out about HARP before the end of the year.” Also during his speech, Watt briefly alluded to the once-contentious but now barely-mentioned subject of prin- cipal reduction with a promise that he would decide in the next 30 days whether it was officially a non-issue or if there was a “win-win” approach to this strategy for future policy planning. “So, while I don’t have an answer today, I invite you to stay tuned for more on this in the near future,” he said. “As always, our decision and the reasons for making it will be docu- mented and transparent.” House Passes SCRA Foreclosure Extension Protection The U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure pro- tection for military homeowners from the current 90-day period to a one-year period beginning in January 2018. The bill is a House companion to S.2392, which passed the Senate in December. The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive to Jan. 1, 2016, when the bill is signed by President Obama. “When our servicemembers come
15 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 home they shouldn’t have to fear los- ing their homes as they transition back to civilian life,” said Rep. Steve Stivers (R-OH), who co-sponsored the bill with Rep. Stephen Fincher (R-TN) and Denny Heck (D-WA). “The foreclosure protec- tion extension will give them the time they need to get back on their feet financially and begin their new lives post military service.” The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations. David H. Stevens, presi- dent and CEO of the Mortgage Bankers Association (MBA), commended the House vote. “MBA applauds the House passage of an extension of the SCRA’s important foreclosure protections,” Stevens said. “SCRA provides the brave men and women of our military with the cer- tainty they won’t lose their home when they transition back to civilian life. That’s something that should never happen. Our industry is committed to helping members of the military stay in their homes and we are grateful Congress has renewed this vital home- ownership tool.” Separately, the Consumer Financial Protection Bureau announced that it received approximately 2,800 com- plaints from military personnel related to mortgages during 2015. The majori- ty of complaints were related to servic- ing issues, including loan modifica- tions, collections and foreclosures. GSF Mortgage Approved as a Freddie Mac Servicer/Seller GSF Mortgage has announced that it has been approved as a single-family hous- ing Freddie Mac seller/servicer. Freddie Mac was chartered by Congress in 1970 to purchase loans from mortgage lenders. These mortgage lenders could then replenish their supply funds and in return have more capital available to lend to more borrowers. GSF Mortgage is pleased to share in Freddie Mac’s mission to expand oppor- tunities for homeownership and afford- able housing. In 1995, GSF Mortgage was formed to provide solutions for borrow- ers pursuing homeownership. For more than 20 years, GSF Mortgage has offered loan programs eligible for Freddie Mac’s guidelines. The company is excited to expand their offering and execution of available products. “We are very pleased and excited to receive our seller/servicer approval with Freddie Mac,” said GSF Mortgage President Chad Jampedro. “We see Freddie Mac holding a clear advantage in the marketplace for products and services. This approval strengthens GSF’s overall product offering and servicing operation and provides yet another strategic option for our borrowers and referral partners.” GSF Mortgage is now approved with all of the agencies: Freddie Mac, Fannie Mae and Ginnie Mae. This means that the com- pany is able to sell directly to these agen- cies and offer all agency products. Trade Groups Call Out CFPB on Message Confusion Three leading financial services trade associations have openly questioned the Consumer Financial Protection Bureau’s (CFPB) regulatory efforts. At a hearing yesterday before the Senate Banking Committee, Mortgage Bankers Association (MBA) Senior Vice President of Legislative and Political Affairs Bill Killmer urged the CFPB to provide clear “rules of the road” when- ever it plans to create new rules or to update both existing guidelines and the interpretations of longstanding policies. Killmer also repeated an oft-stated industry concern regarding the CFPB’s eagerness to aggressive enforce its will. “Five years after the enactment of Dodd-Frank, enforcement actions pres- ent very significant challenges to the residential mortgage industry,” Killmer said. “Unfortunately, the CFPB has recently appeared to take a ‘regulation by enforcement’ approach, offering industry participants little guidance and simply instituting claims against them—often using new interpretations of old rules … Unfortunately, despite lenders’ good-faith efforts to comply with the CFPB’s rules—including using compliance management systems, seeking advice from outside counsel and seeking clarity directly from the CFPB—ambiguities remain and answers, even among CFPB employees, are inconsistent. Oral guidance, whether provided privately in response to individual inquiries or on CFPB’s continued on page 16
16 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Webinars, does not address the need for authoritative written guidance issued broadly to industry.” Killmer also cited the implementa- tion of the TRID rule last fall as an example of a communications malfunc- tion by the CFPB. “At its core, TRID represents the largest restructuring of the residential mortgage application-to-closing process in nearly 40 years,” Killmer said. “Implementing this new rule required major changes to industry systems and business processes as well as thousands of hours of training. In light of this com- plexity, the CFPB announced prior to the Oct. 3 effective date that it would take into account ‘good faith efforts’ by industry to comply with the rule. Unfortunately, the CFPB did not provide a timeline for this good faith window, nor did it define the scope of good faith compliance.” Separately, Richard Hunt, president of Consumer Bankers Association, used a speech before a banking trade publi- cation conference to deride the agency’s consumer complaint database as being “not even a better version of Yelp,” adding that the information provided is not verified before being made public. “When we think the CFPB is wrong, we go after them,” said Hunt, according to coverage of his presentation from Auto Finance News. “When we think they are right, we give them credit. And I think the CFPB is dead wrong about their portal system.” Speaking at the same conference, Camden Fine, president and CEO of the Independent Community Bankers Association (ICBA), shared Hunt’s concerns. “More concerning is that they misuse the statistics from the portal,” he said. “They are not transparent, and we don’t know how they are slicing and dicing that data. In fact, they can say anything they want about a bank, depending on how they ‘cook the books,’ so to say.” Shiller: Housing is “Driven by Psychology” The co-founder of the SP/Case-Shiller Home Price Index has studied the latest round of home price increases and has concluded the upward activity is being fueled by emotional impulses rather than economic reality. “These markets, I think, are substan- tially driven by psychology,” said Robert Shiller, a Yale economics professor, dur- ing an interview on the Fox News show “Cavuto: Coast to Coast.” “And the psy- chology now is a little bit hard to inter- pret. Note that the cities with the biggest price increases are successful tech, entrepreneurial cities in many cases. So maybe people kind of believe in these markets as their salvation or their hope.” Shiller pointed out that while home prices are on the rise, the emotional value that people invest in housing is not as strong as in the pre-bubble era. “People aren’t as impressed by homes anymore after they saw how they collapsed in price with the finan- cial crisis,” he continued. “So it’s not such a clear case. I don’t think people are as impressed by big McMansions anymore as they used to be.” Nonetheless, Shiller did not recom- mend that people forego housing as an investment. “The other thing about housing is that if you put yourself into a mortgage and you pay it off, you’re putting your- self into a saving program,” he stressed. “A lot of people don’t save outside of some kind of a discipline device like that. So in that sense housing is a good investment.” The latest SP/Case-Shiller Home Price Index U.S. National Home Price Index recorded a 5.4 percent annual increase in January, while the 10-City Composite showed a 5.1 percent gain for the year and the 20-City Composite’s year-over-year gain was 5.7 percent. David M. Blitzer, managing director and chairman of the Index Committee at SP Dow Jones Indices, warned that if “home prices continue to climb at more than twice the rate of inflation, the low inventory of homes for sale—currently about a five month supply—means that would-be sellers seeking to trade- up are having a hard time finding a new, larger home.” Investment Home Sales Soar in 2015 If new data was any indication, 2015 was the “Year of the Investment Home,” with the sector experiencing its first sales rise in five years. However, last year was also an uncommonly dismal period of vacation home sales, with an acute decline in volume. According to new data from the National Association of Realtors (NAR), investment home sales saw a seven per- cent surge last year to an estimated 1.09 million, up from 1.02 million in 2014. Owner-occupied purchases took an upward turn by 15.9 percent to 3.74 continued on page 30 IndustryUpdates: April2016 SPONSORED EDITORIA L By Gavin T. Ales FHA Corrects Incorrect Maximum LTV Factor for 203(k) Loans Pursuant to FHA INFO #16-17, dated March 17, 2016, the FHA corrected an error that appeared in the Single Family Housing Policy Handbook 4000.1 (SF Handbook) related to an incorrect Maximum LTV Factor at Step 3.F, Determining Loan-To-Value Factor for Maximum Mortgage Eligibility, for the Standard 203(k) Purchase Program and Limited 203(k) Purchase Program.  For Standard 203(k) and Limited 203(k) purchases with a Minimum Decision Credit Score (MDCS) at or above 580, and for No Credit Score with Manual Underwriting, the correct Max- imum LTV factor is 96.5 percent. Updated Form: HUD/VA Addendum to URLA (Form 92900-A) In FHA Info #16-16, the Federal Housing Administration (FHA) recently published the final version of the revised HUD/VA Addendum to the Uni- form Residential Loan Application (Form 92900-A). This updated form is effective for all FHA Case Numbers assigned on or after Aug. 1, 2016. Note that the revised version of the HUD/VA Addendum may not be used until its effective date. FHA Announces SF Handbook as Single Source for Single Family Housing Title II Mortgages Pursuant to FHA INFO #16-15, dated March 14, 2016, the FHA announced significant updates to its Single Family Housing Policy Handbook 4000.1 (SF Handbook), making it an end-to-end source for almost all Single Family Housing Title II forward mortgage policy. The SF Handbook may now be used as a single source of Single Family Housing policy for: (1) Obtaining and maintaining FHA approval; (2) Originating almost all Title II forward mortgage products and programs; (3) Obtaining an FHA insurance en- dorsement; (4) Performing servicing and loss mitigation functions on FHA- insured mortgages; and (5) Understanding and applying quality control practices. Fannie Mae Issues Selling Guide Announcement SEL-2016-02 Fannie Mae issued Selling Guide Announcement SEL-2016-02 to announce updates to the following: (1) Continuity of obligation; (2) Lender self-report obligations; (3) Indemnification for losses; (4) HomeStyle Renovation mort- gage recourse obligations; (5) Definition of Relocation Loan; (6) Miscella- neous Selling Guide updates; (7) Revisions to the Pennsylvania security instrument and new notes; (8) Updates to the Special Feature Codes list; and (9) Publication of Fillable Rental Income worksheets. To view SEL- 2016-02 and the Executive Overview of Selling Guide Updates, please ac- cess Fannie Mae’s Web site. Updated Forms: Pennsylvania Mortgage and Notes As announced in Selling Guide Announcement SEL-2016-02, dated Feb. 23, 2016, Fannie Mae and Freddie Mac have updated the Pennsylvania Mortgage (Form 3039) and created state-specific notes for Pennsylvania as a result of recent judicial decisions. The updated security instruments and notes have been posted on Fannie Mae's Web site. While lenders may begin using these updated forms immediately, use of these forms is mandatory, beginning Aug. 1, 2016. Gavin T. Ales is chief compliance officer with Torrance, Calif.-based DocMagic Inc. He may be reached by phone at (800) 649-1362, ext. 6446 or e-mail Gavin@DocMagic.com. nmp news flash continued from page 15
17 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016
18 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com SPONSORED EDITORIAL By Andrew Liput In honor of the upcoming baseball season, I am republish- ing a column I wrote for National Mortgage Professional Magazine back in March of 2014. I hope you enjoy it! Spring is in the air, and for sports enthusiasts like me, that means one thing: Spring training and the start of yet another baseball season. As I check out the Florida box scores, I cannot help but find some parallels between our National Pastime and the current state of the mort- gage industry. l With the current down market, many lenders have thrown in the towel, and instead, are saying “Wait ‘til next year!” As the Brooklyn Dodgers found out time and time again (except for in 1955), a team that is fo- cused on the future and not the present usually ends up on the losing side of the scoreboard. The Yankees beat the Dodgers nearly every year from 1947-1956 because their focus was “This IS next year!” Lenders who are focused on growth and success despite a down market are find- ing it. Those who are just waiting it out until next season may find that when the time comes they will not be fielding a team. l Casey Stengel, who led the Yankees to 10 pennants and who was sad- dled with managing the famously inept 1962 Mets, was known for his muddled language. Reporters often scratched their heads trying to un- derstand his point, and as a result Casey became the story which often took the heat off of his players. The regulators in D.C. appear to be speaking in “Stengelese” these days. Thousands of pages of regulatory requirements that meander from topic to topic and leave lenders who now are responsible for implementing them thinking: “What in the world does that mean?” l Attitude is everything in life. Chicago Cubs star Ernie Banks loved base- ball. He knew he was privileged to be paid doing something he really enjoyed, and when he arrived at Wrigley Field for a day game would often say, “Let’s play two!” I’ve noticed that those MLOs who really love what they do, who see their role as consumer-oriented and not just an- other way to make money, find success no matter how tight the market might be. They show up for work every day and instead of saying, “How am I going to get business,” say “I’m going to close two!” l Stan Musial was one of the most gifted and respected players of his time. When he arrived at the ballpark, he would say, “I think I’ll get three hits today,” however, he was not a stat hog. Near the end of his a career, he had to be told by a fan that he was approaching 3,000 hits. Musial was a team player first. He had a notorious workout regime (rare for that time), supported his teammates and encouraged preparation. Today, lenders need to encourage more teamwork and to take the ap- propriate steps to prepare for a new consumer- and compliance-fo- cused marketplace. With the spring season here and everyone thawed from winter’s deep freeze, the industry is poised to see higher originations and closed loan volume. As volume increases in a risky purchase market, it will benefit forward-thinking lenders to incorporate more risk management and qual- ity control steps to avoid the type of fraud and defective loans that marked the last purchase boom from 2002-2008. As Yogi Berra reportedly said, It's like deja vu all over again!” Play ball! Andrew Liput is CEO of Secure Insight, a risk analytics firm offering vendor management services addressing settlement agent risk. He can be reached by e-mail at ALiput@SecureSettlements.com. CaseyStengel,ErnieBanks, StanMusial… andCompliance? “We have been working on this proj- ect for over two years and to see it final- ly coming to production is extremely exciting,” said Nelson Haws, president and chief executive officer of ResMac. “Our goal as a company is to continual- ly improve our service levels for our cus- tomers and we think this new release will set us apart from our competition.” Wolters Kluwer Partners With eOriginal Wolters Kluwer has announced that it has teamed with eOriginal Inc., a provider of digital transaction manage- ment (DTM) solutions, to add eVaulting and eClosing capabilities to its Expere dynamic document solution to deliver end-to-end eClosing functionality for its banking customers. The integration will allow Expere users to utilize eOriginal’s extensible, plug and play digital mort- gage platform. The integration of eOriginal with Expere will also enhance the solution’s electronic delivery and mortgage loan document management capabilities throughout the mortgage lending process, including securitization to either a MERS or non-MERS buyer. Additionally, the integration will give lenders more flexibility in meeting the requirements of TILA-RESPA Integrated Disclosure (TRID) and the opportunity to better serve customers based on their preferences. “More consumers today are looking for the flexibility to execute their mort- gage loan documents electronically,” said Stephen Bisbee, president and CEO of eOriginal. “It gives them the freedom to review the documents at their own pace with their own devices. By inte- grating eOriginal’s Digital Mortgage Platform with Wolters Kluwer’s Expere dynamic document solution, we will make it possible for thousands of lenders to offer eClosing capabilities to their customers. eOriginal’s platform is an extension of the highest volume econtracting platform in the market and vetted by all the parties on the backend of securitization including investors, rating agencies and issuers counsel.” The Expere engine is used by more than 2,000 financial institutions, includ- ing five of the top 10 U.S. banks and 60 percent of the top 30 banks to generate accurate and compliant loan docu- ments across all 51 U.S. jurisdictions. The dynamic content library is main- tained and warranted by Wolters Kluwer to help lenders meet the com- pliance requirements of today’s contin- ually evolving regulatory changes. Through the combined solution, lenders will have access to Wolters Kluwer’s industry leading compliance content and eOriginal’s industry leading encryption and security protocols, including tamper seals, data integrity checks, audit trail, access rights and secure storage. “Our collaboration with eOriginal will provide a tremendous value to our Expere customers, enabling them to leverage this combined functionality to develop an eClosing workflow that meets new strategic digital banking strategies,” said Steve Meirink, execu- tive vice president and general manag- er of Compliance Solutions at Wolters Kluwer. “The integration will stream- line the entire digital transaction man- agement process for our customers, from compliance to the digital security measures and protocols needed to make the transition, giving them a tremendous competitive advantage.” Indecomm Global Services Launches Web- Based Platform for Self- Employed Borrowers Indecomm Global Services has added to its suite of proprietary Software as a Service (SaaS) platforms by launching IncomeAnalyzer, a Web-based platform that electronically reads and analyzes data, calculates qualifying income asso- ciated with the mortgage loan, and alerts the lender to underwriting condi- tions. Agency income documentation and calculation messages are clearly and visually presented to users, provid- ing a consistent methodology for the successful approval of loans. “Indecomm’s Income Analyzer is a disruptive technology designed to relieve the industry of a very error- prone and manual process,” said Rajan Nair, CEO of Financial Services, Indecomm Global Services. “Income Analyzer addresses a primary reason for repurchase demands and errors today and also provides consistency and clari- ty into income calculations and deci- sion-making. The goal is to deliver error-free files for servicing or sale and see the value on the bottom line. IncomeAnalyzer is an intelligent system driven by sophisticated OCR technolo- gies and an interactive user interface. Its logic is triggered by the information within the borrower’s income docu- ments. This will help our clients origi- nate more loans at lower cost.” Income Analyzer allows lenders to systematically document compliance related to qualifying income through standardization of the math and under- writing conditions. This can reduce exposure to inconsistent handling of income that, in turn, can lead to fair lending problems. Income Analyzer stores the audit trail of all changes new to market continued from page 12 continued on page 24
19 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 Together, we can reach new heights. A National Leader in Wholesale and Correspondent Solutions Email potentialclient@mynycb.com or contact one of our Sales Executives: Going up? Let’s reach new heights together. Serve the borrower – Your customers want economic value, convenience, expediency and reliable counsel throughout the loan process. Your expertise and the NYCB platform enable you to originate and close loans faster, easier and at one of the lowest per loan costs of any loan origination channel in the industry. You are very well equipped to compete on the combined effect of dramatically lower operational costs, service responsiveness, and technological innovation. NYCB Mortgage Banking’s core focus is developing lending solutions that enable you to win today while preparing you for even greater heights tomorrow. As the mortgage division of New York Community Bank, we’re proud to be building on the Bank’s over 150 years of strength and stability. The NYCB model serves the needs of Correspondent Lenders, Brokers, Community Banks and Credit Unions throughout the nation. Our proprietary web platform elevates your business by offering a Combined with a comprehensive product menu including Conventional, Jumbo, Portfolio and FHA solutions, you’ll quickly realize why NYCB has everything you need to take your business to the next level. Together, we… Build trusted partnerships – By utilizing our Gemstone technology platform, you gain control over aspects of the mortgage transaction that experience... for you and your customer. There is no doubt this gives you an edge over your nycbmortgage.com This information is for use by current and prospective Clients of New York Community Bank, doing business as NYCB Mortgage Banking, and should not be distributed to or used by consumers or other third parties. ©2016 New York Community Bank. All Rights Reserved. Western Region Sean Gerrity Vice President Sean.Gerrity@mynycb.com (415) 876-8017 National Sales Director Sheryl Heffernan Senior Vice President Sheryl.Heffernan@mynycb.com (310) 678-1613 Eastern Region Jim Ford Vice President James.Ford@mynycb.com (770) 590-7348 Central Region Debbie Schultz Vice President Debra.Schultz@mynycb.com (832) 317-3931
20 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Now What Can We Do? NAMB—The Association of Mortgage Professionals has just concluded its 2016 Legislative Regulatory Conference. NAMB National isn’t until September … so what can loan originators do now? First off, if you are not a member of NAMB, visit NAMB.org and join now. If you are a member of the associa- tion, either you or your state leadership probably attended the Legislative Conference and spoke with your repre- sentatives and senators in D.C. and told them of the need to support and pass HB 3393 and its companion Senate bill. Now you need to set up appointments in the local offices of these legislators and introduce yourself to them person- ally to ask for support of these initia- tives. Send them e-mails reminding them of the need to support these bills and your availability to answer any questions they might have. If you are not comfortable answering their ques- tions, please contact members of NAMB’s Government Affairs team for assistance. Valerie Saunders chairs this committee and is always available to answer calls and e-mails. She may be reached by phone at (866) 992-0785 or e-mail Valsaun@gmail.com. The election season is rapidly approaching, and if you have a candi- date whom you would like NAMBPAC to financially support, e-mail John Stevens at JohnGStevens@gmail.com and make a request. He has forms available to make a request and NAMBPAC will review and decide how to best allocate our somewhat limited PAC funds. Even better, why not ask him how you can raise funds locally to go into the PAC and support more candidates who understand NAMB’s positions and needs? Nominations for your board are open, and NAMB needs more individuals nom- inated. Please visit NAMB’s bylaws and policies to determine qualifications. For the board of directors, you must typically be a Professional Member of the associa- tion and have served on Delegate Council for two years. Continuing education season will begin shortly, so now is a good time to get started on your Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) certification. There is a test prep class available and qualification information on NAMB.org as well. Join American Homeowners Alliance and get a free one-year membership as a closing gift to your borrowers. It allows them representation in Washington, D.C., as well as e-bates and discounts on their online purchases. Finally, visit the Infosight Web page under education on NAMB.org for links to cyber security training and tools to make your company and borrowers information more secure while meeting your CFPB requirements. So keep originating loans, helping borrowers and choosing some of the above to further your career and pro- fession. Helping people accomplish the American dream of homeownership is a noble and satisfying profession to be part of. Sincerely, Rocke Andrews, CMC, CRMS, President NAMB—The Association of Mortgage Professionals randrews@lendingarizona.net JOINNAMB.com The President’s Message: April 2016 N A M B P E R S P E C T I V E The CEO Perspective A Message From NAMB CEO Donald J. Frommeyer, CRMS Have you ever wondered what NAMB’s board of directors really does for you? Do you think that because it is a volunteer position, that everyone just sits around and does nothing? Well, I am going to let you in on a little secret. All of the board members from NAMB, from President Rocke Andrews, to the newly elected directors, all have full-time regular jobs. In addition, they serve on the board of NAMB for no income. Take for instance your president, Rocke Andrews from the state of Arizona. Rocke works a full-time job to pay the bills. He puts in his eight-plus hours every day working for his employer. He also multi- tasks by attending meetings, giving inter- views, writing articles, answering ques- tions from the NAMB membership, and overseeing the day-to-day activities of the association. He works together with me as NAMB CEO, and with Harry Dinham, NAMB’s COO, on keeping everything run- ning smoothly and on time. You have Linda McCoy from Alabama, who served as NAMB East Committee Chair for our visit to Hilton Head, S.C. last month. She not only works at her mortgage company, but she devoted hours upon hours to mak- ing sure all of the details of NAMB East were completed and that the event came off without a hitch. Now I have not pointed out these two people specifically, but am trying to make a point. Your association is made up of great people who give of their personal and professional time to see- ing the growth and continued success of NAMB. Every board member is like this. We give not only of ourselves, but of our time and effort to make your associa- tion the best for you and your co-work- ers. It is a passion and something we do for the good of our industry. We don’t charge thousands of dollars in member- ship fees or thousands of dollars to go to our conferences. We feel that, as a member, you should get some perks. And that is why we don’t charge you a great deal of money to attend our events and not a lot of money to belong to the association. We are a very efficient group of peo- ple dedicated to working for you to achieve an end result of having you become a member. Lord knows that we are not going to become a rich associa- tion charging you less than $10 per month to become a member. So my question to you is this: Why haven’t you and your friends joined? Donald J. Frommeyer, CRMS is chief execu- tive officer for NAMB—The Association of Mortgage Professional. He may be reached by e-mail at NAMB.CEO@NAMB.org. Our Membership Matters By Kimber White As I prepare to attend the 2016 NAMB Legislative Regulatory Conference in Washington, D.C. and lobby with my peers for our legislative concerns, I think back to my first con- ference and involvement with NAMB. It was the year 2012, and I had just became involved with my local and state trade association in Florida. I had been in the mortgage industry for 24 years at the time, but had never joined my association, although I was always the first to complain about issues and fire off e-mails, but not participate. I had friends or colleagues in the indus- try who were members and they shared information with me so I really saw no reason to join. One day, I was invited to a local Realtor/mortgage networking meeting hosted by local mortgage association. I wanted to get Realtor business, so of course I was going to take advantage of the invite. While there, I met a mort- gage professional who I highly respect- ed. I got into a conversation with him about all of the RESPA changes and our Florida laws, voicing my opinion and thoughts. He intently listened and said that he agreed with me then asked me one question: “Are you a member Kimber?” I said no, I really do not have the time as I am a one-man shop so it is hard. His next response was, “Kimber, you have aired your concerns for over 20 minutes. I understand that your business can take up your time, but if you do not take the time to invest in your profession by at the very least being a member and having a vested interest, then do not complain if the day comes and you cannot operate your business.” I looked at him, and without hesita- tion, said, “Point me to the member- ship person.” I joined on the spot. Since that day, I have become increasingly involved with my local, state and national trade association to better our industry. One thing I did not expect when I joined was the friendship and business relationships with fellow mortgage professionals that have grown all over this country. I also receive dis- counted education, government affair updates, additional members-only ben- efits, and I am counted in the mortgage profession by being a member.
He currently serves on the Executive Committee of the Florida Association Mortgage Professionals (FAMP) as Treasurer and serves nationally on the NAMB board of directors as Membership Committee chair for NAMB. 21 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 N A M B P E R S P E C T I V E I understand that not everyone can get involved and take on the level of service that I or someone else can, but everyone can afford $120 a year to invest into your business by joining NAMB and supporting your livelihood for just $10 a month that supports you in your business. As we all know, there is strength in numbers, and all of us together can make an impact for the betterment of our industry as a whole. We need you as a member. Please go to NAMB.org and join today. Together our membership matters. Kimber White is a partner at RE Financial Services in Oakland Park, Fla. Are Leaders Born or Created? By David Luna, CRMS “Management is doing things right. Leadership is doing the right things.”— Peter Drucker (1909-2005) I believe that leaders are made, not born. They are those people around us who, as kids, we followed and they may not have known that they were born leaders. Why would we as kids have followed someone and not known why? Why would we have wanted to be on a team if that leader was on the same team too? Why did we think our chances were better at winning because of our captain, teammate or leader? Do you believe that there are leaders who don’t even know they are leaders? I say we fol- low someone as our leader for vari- ous reasons. A definition of “Leadership” could be the ability to influence people to move toward a common goal. How to motivate people has been the objec- tive for many movies, books and col- lege courses. In an Inc. 500 CEO survey based on data from the Inc. 5000, a list of the fastest-growing private companies in the U.S.1 They found (based on their survey) that leaders characterized their leadership style as Visionary (66 percent), Democratic (18 percent), Servant (12 percent), Autocratic (three percent) and Hands Off (one percent). However, when asked: “How do you think your employees view you?” Their answers were different. Again, Visionary scored very high at 53 per- cent, but the rest were very different. Tough (but fair) came in at 22 percent, Motivational at 16 percent, Benevolent at seven percent and Sympathetic at two percent. Leadership can be broken down into characteristics such as: Integrity, self-confidence, decision-making abil- ity, knowledge, drive, diplomacy, pop- ularity, cooperation skills and more. There is, however, a difference between leadership and manage- ment. The business leader will create a vision, while the manager works towards that vision within the com- pany structure. The leader is pas- sionate the manager’s rational. The leader is creative, while the manag- er is analytical. The leader will be imaginative the manager will be stabilizing. There are many different types of leaders if we look at Daniel Goleman’s work2 , he states that there are: Visionary, Coaching, Affiliative, Democratic, Pace-Setting and Commanding Leaders. The group “Linked 2 Leadership” is a group on LinkedIn.3 When asked the question of Management vs. Leadership, the group responded: l Leadership is working on the system Management is working in the system (M. AlZoubi). l A leader gets things done by holding a vision, modeling behaviors and inspiring action. A manager gets things done via planning and delegation (S. Slater). l Management is about ensuring a process is delivered efficiently and leadership is about influencing change (S. Chapple). l Leadership is vision and management is goals (D. Sandusky). l Leadership focuses more on the people side of the business, while management is more about systems and processes (D. Slayton). l A leader needs to know whether his vision is achievable, and works with the managers to ensure they can reach it (R.G. Smith). l People have to work for managers whereas people want to work with leaders (R. Jindani). The book by J.P. Kotter on What Leaders Really Do is a collection of his acclaimed Harvard Business Review articles. His thoughts could be summed up as “Leaders lead people, managers manage tasks, work and processes.” In the mortgage industry, there are many leaders and this is not sub- ject to age. I know a person with sev- eral degrees, with all of the correct mortgage skills and has been in this industry for 30 years. Yet, this person is not a great leader. I also know sev- eral young people who have the abil- ity to have great people attracted to them. Therefore, I do not believe age is relevant to whether someone is a great leader. A leader is someone who cares about their people and will do what is right no matter what. In another Inc. Magazine article,4 it found that you may be a leader if: 1. You have an open mind and seek out other people’s opinions. 2. You find yourself giving advice and counsel. 3. People count on you. 4. You’re a good listener and people confide in you. 5. Others follow your example. 6. You insist on excellence. 7. You have a positive attitude. 8. You treat people with respect. 9. You genuinely care about others. 10.You are confident and passionate. Can leadership be learned? I believe that it may be started at an early age by parents, teachers, coach- es, etc. Surrounded by those who truly care for these early leaders, leaders are made. Can we become leaders? I believe that it depends on what your skillset is. Are you happi- est and more comfortable in getting things to work well or is there a bet- ter, faster way. Can you do things in a manner that can excite other peo- ple or are you happy to do things the same way they have always been done? I remember a story about a young husband coming home to find his wife cooking a roast. When he inquired why she had cut the ends of the roast she answered, “That’s the way my mom did it.” Not completely satisfied with the answer, he asked his mother-in-law why she cut the ends off of her roasts. She answered, “That’s the way my mom did it!” Finally, he went to grandmother-in- law and asked, “Why do you cut the ends off of the roasts?” Finally, he received a different answer, she replied, “Because my pan is too short.” Are we doing things “that way” because things have always been done that way (manager) or is there a better way? Leaders will find new, innovative and better ways of looking at this wonderful business we call the mortgage profession. We had the NMLS in our office a few weeks ago. Hopefully, as our com- pany’s leader, I am doing things right. We were told that we are highly ranked as a school, and if the trend continues and we accomplish some of our goals, we could be ranked even higher. Is this true of me as a leader or of the fantastic people in my com- pany? I think it’s both the vision and highly motivated, intelligent people I get to associate with on a daily basis who are driving us forward as we break all of our previous records (our measure of performance). We are growing at a rate of 25-30 percent per year and have done so for the last five consecutive years. Hopefully you can be that kid that others will want to follow. Hopefully you will be that company others will want to work with. Hopefully your time as a leader has begun or you are now ready for the next chapter in your career. Whatever the motivation, leaders can be made. Leadership can be learned and the benefits will be shared with your entire organization, big or small. David Luna, CRMS, president of Mortgage Educators and Compliance, an NMLS-approved education provider, is a member of the board of directors of NAMB—The Association of Mortgage Professionals. He can be reached by phone at (801) 676-2520 or e-mail David@MortgageEducators.com. Footnotes 1—The Leadership Style that Builds High-Growth Companies By Jill Krasny, Dec. 24, 2014. 2—Goleman, Daniel, “Leadership that Gets Results,” Harvard Business Review, March-April 2000, p. 82-83. 3—LinkedIn is a trademark of LinkedIn Corporation, Mountain View, Calif., USA. 4—10 Signs You Really Are a Leader (and Might Not Know It) By Lolly Daskal, pub- lished April 4, 2016.
22 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Legislative Regulatory Conference recently held in D.C., with three full days of education, information and lobbying for our members. And we started a monthly Webinar series last July that focuses on different topics of use to the industry: TRID, 203k, loan officer compensations, MSRs, etc. In May, the Webinar will focus on Fannie Mae’s HomeReady and Home Possible programs. We have also set up a legislative advocacy page that includes immediate calls to action on bills that are either harmful or beneficial to the mortgage industry. What do you see as the current state of the mortgage profession? I believe that this is the year of the mortgage broker. The industry is poised to serve our country’s consumers in a better way. The federal government and the state governments see the importance of small business within a community serving consumers directly. V alerie Saunders is one of the most prominent figures in today’s mortgage profession. She is the president of Jacksonville, Fla.-based Title ClearingHouse, is the immediate past president of the Florida Association of Mortgage Professionals (FAMP) and a director with NAMB—The Association of Mortgage Professionals. National Mortgage Professional Magazine spoke with Saunders regarding her career in the mortgage industry and her work with the state and national trade groups. How did you first get into the mortgage profession? Was this your original career choice? No, it was definitely not my original career choice! I was working on my master’s degree in historical administration, and I looked for a temp job—and I happened to get one in the mortgage industry. When I got my master’s degree, the jobs fell out of the arts field, so I stayed with mortgages. When did you receive your master’s? In 1991, from Eastern Illinois University. How did you first become involved with the Florida Association of Mortgage Professionals (FAMP)? I moved to Florida from Illinois to work at a title company. I started attending FAMP Chapter Meetings in order to start networking and gather new business. By 2007, I was part of the Executive Committee of the state association. From there, I went on to become treasurer and was later president-elect. Kathy Love, our incoming president at the time, passed away. Rick Workman, then past president, took her place, but was then elected to the Florida House of Representatives. He resigned and I went into the president’s role. How did you first get involved with NAMB? Before I became FAMP president, Florida had broken away from the national association. I spent a lot of time getting the state and national associations back together. Since 2011, I have been a NAMB director. Are you still involved with FAMP? I am president of the FAMP Education Foundation, which primarily handles the oversight of instructional courses and educational seminars provided via NMLS-approved course instructors. We also do consumer education—we used to do a lot more, and we are now getting back into it. What are some of your responsibilities with NAMB? Currently, I am co-chair of the Government Affairs Committee. We have been focusing on HR 3393, The Mortgage Fairness Act, and trying to get co- sponsors in the House and on the Senate companion bill. We are working to educate the membership on the importance of HR 3393 and its impact on mortgage brokers. We also put together the 2016 N A M B P E R S P E C T I V E getting knowto Valerie Saunders Director of NAMB B Y P H I L H A L L
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry
radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry

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radius financial group inc. Co-Founder, Sarah Valentini on Leadership within the Mortgage Industry

  • 2.
  • 4. N A T I O N A L M O R T A P R I L 2 0 1 6 l V O L U A SPECIAL FOCUS ON “LEADERSHIP” The Key to Driving You Mortgage Business Forward … You By Chad Jampedro..........................................................................................70 The Fine Art of Achieving Leadership Greatness By Michael Groff ..........72 Experience and Perseverance: The Pillars of a Great Leader By Jeffrey Tesch ..............................................................................................73 Challenging the Status Quo By Brad Herbert ..............................................74 Leading With Clarity By Kerry W. Elam ........................................................76 Five Traits of Effective Leaders By Lisa Coleman ......................................77 Like Attracts Like: How Technology Translates Into Leadership Opportunities for LOs By Jeff Bode..............................................................78 Identifying Extraordinary Leaders By Kerry Wirth ......................................80 How Will You Know When You Find a Leader? By Casey Fleming............82 Follow the Right Leaders to Become One Yourself By Wes Miller............84 Take Me to Your Liter By Eric Weinstein ......................................................86 There Is Always a Better Way to Lead By Elizabeth Morales ....................87 Seven Steps to Building a Championship Sales Team By Marc Wayshak............................................................................................88 Built to Lead By Sarah Valentini ....................................................................90 F E A T U R E S Sub-Prime: Establishing a New Track Record By Tom Hutchens ..............8 The Elite Performer: Migrate to Millennials By Andy W. Harris, CRMS ......8 Recruiting, Training and Mentoring Corner By Dave Hershman................10 Industry Updates: April 2016 By Gavin T. Ales ............................................16 Casey Stengel, Ernie Banks, Stan Musial … and Compliance? By Andrew Liput ..............................................................................................18 Agility Resource Group ...................................... www.agilityresourcesgroup.com ......................................87 Angel Oak Mortgage Solutions ............................ www.angeloakms.com ......................................Back Cover Assurance Financial............................................ www.lendtheway.com ....................................................85 Brokers Compliance Group.................................. www.brokerscompliancegroup.com ................................104 Caliber Home Loans.............................................. www.caliberwholesale.com ..............................................13 CallFurst.com ...................................................... www.callfurst.com ............................................................75 Carrington Mortgage Services, LLC ...................... www.carringtonwholesale.com ..............................37 & 72 Citadel Servicing Corporation.............................. www.citadelservicing.com ..............................................47 Civic Financial Services/Wedgewood .................... www.civicfs.com ..............................................................9 Document Systems, Inc./DocMagic ...................... www.docmagic.com ........................................................1 First Guaranty Mortgage Corp. ............................ www.fgmc.com ..............................Inside Front Cover & 78 Flagstar Bank .................................................... www.flagstar.com/ae ......................................................7 Great Northwest Mortgage Expo .......................... wwwgreatnorthwestexpo.com ........................................86 HomeBridge Wholesale ...................................... www.homebridgewholesale.com ....................................17 Lykken On Lending ............................................ www.lykkenonlending.com ............................................80 MBS Highway .................................................... www.mbshighway.com/MNN ..........................................23 Moneyhouse U.S. .............................................. www.moneyhouseus.com ..............................................71 V I S I T O U R A Company Web Site Page 40NMP Next: April 2016, Written and Compiled by Rick Grant 48Achieving a Truly Seamless Workflow- Driven Appraisal Process By Vladimir Bien-Aime 54NMP’s Visionary Organizations 2016 65Lykken on Leadership: Five Ways to be Prepared for Inevitable Failure By David Lykken 96Getting Back to Work (Now That TRID Is Over) By Carl Markman visionaryorganizations 2016
  • 5. T G A G E P R O F E S S I O N A L U M E 8 N U M B E R 4 NAMB Perspective ........................................................................................20 Step Inside Ginnie Mae By Ted W. Tozer ....................................................24 What Frustrated Loan Officers and Supermarkets Have in Common By Brian Sacks ................................................................................................28 Get Your Best Results This Summer ..........................................................30 Tales From the Closing Table By Andrew Liput ..........................................32 Take the Lead! By Laura Burke, MBA, MS, MIS, CFE, EA ........................38 Survey Says: Nearly One in Five Originators Still Struggling With TRID........................................................................................................50 The Commercial Corner By Mike Boggiano ................................................64 The Long & Short: The Business of Short Sales By Pam Marron ..............66 Timeout! Time for Some Coaching to Reach the Next Level By Bubba Mills ................................................................................................68 MBA’s Mortgage Action Alliance: A Message From MAA Chairman Fowler Williams ..................................................................91 Operation VA SITREP By Richard M. Bettencourt Jr., CRMS, CMHS..........93 OrigiNation: By Originators, For Originators By Andy W. Harris................94 New Book Champions the Benefits of Property Taxes By Phil Hall..........94 Playing by the Rules By Amy Bergseth ......................................................100 C O L U M N S New to Market..........................................................................................12 News Flash: April 2016 ............................................................................14 Heard on the Street ................................................................................36 Outstanding Places to Work ..................................................................98 NMP Calendar of Events ........................................................................99 NMP Resource Registry........................................................................102 Mortgage News Network (MNN) .......................... www.mortgagenewsnetwork.com ............................34 & 35 NAMB+ ............................................................ www.nambplus.com ......................................................25 NAPMW ............................................................ www.napmw.org ....................................................74 & 95 NAWRB ............................................................ www.nawrb.com ............................................................31 New York Community Bancorp, Inc. .................... www.nycbmortgage.com ................................................19 NRMLA.............................................................. www.nrmlaonline.org ....................................................92 Paramount Residential Mortgage Group, Inc. ...... www.prmg.net ..........................11, 89 & Inside Back Cover Radian Guaranty................................................ www.radian.biz ............................................................79 REMN Wholesale................................................ www.remnwholesale.com ................................................5 Ridgewood Savings Bank .................................... www.ridgewoodbank.com ..............................................81 Secure Insight.................................................... www.secureinsight.com ..................................................15 TagQuest .......................................................... www.tagquest.com ........................................................67 The Bond Exchange............................................ www.thebondexchange.com ..........................................88 The National Real Estate Post.............................. www.thenationalrealestatepost.com ..............................83 United Wholesale Mortgage ................................ www.uwm.com ........................................................52-53 D V E R T I S E R S Company Web Site Page
  • 6. 4 APRIL 2016 Volume 8 • Number 4 1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 • Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com The Critical Importance of Industry Leadership Leadership may not seem like a complex concept. After all, we all know a leader when we see one. But putting a definition down on paper is as difficult as defining a concept like truth, beauty or honor. Leadership is also our Special Focus for this April 2016 issue of National Mortgage Professional Magazine. It’s hard to imagine a concept of greater importance for our industry today. In the pages of this issue, we’ll bring you stories that may challenge your concept of leadership. We’ll ask important questions, like what does it take to become a leader in today’s mortgage marketplace? Are leaders born or can someone be taught to be a leader? Is age a factor in good leaders? How do you attract leaders to your organi- zation? What personality traits do you feel are most important to be a leader? And perhaps most challenging, once you find a leader, how do you keep them? But just talking about these concepts would never be sufficient to fully define what leadership means in our indus- try. For that, we need examples. That’s why we’ve included our 2016 Visionary Organizations in this issue as well. These are the companies that set trends, travel ahead of the curve and set the bar for their competitors. The companies in this year’s Visionary Organizations section have earned that designation for their inspiration to always strive to improve and go above and beyond to assist their clients. These great companies have successfully navigated our ever-changing mortgage industry marketplace and have remained on top. Where will the next group of visionary firms come from? We think they are already innovating, going where others have yet to go in a relentless search for what’s next. You’ll find their stories in our brand new NMP Next section, which we’re launching in this issue as well. Long-time industry trade publication editor Rick Grant leads this discussion as NMP’s special reports editor. His love of technology and innovation makes him well-suited to seek out the industry explorers who are leading the rest of us to what’s next. Even if you don’t see yourself as an intrepid explorer or fearless innovator, we hope the stories we bring you in this issue will impress upon you the importance of developing your own leadership skills. To that end, we’re very proud of our new NMP University, a new and innovative way for people working in our industry to get their continuing educa- tion, training and coaching they need to maintain their credentials, and succeed and become tomorrow’s leaders. NMP University will be led by mortgage industry training and coaching veteran, Ron Vaimberg and the online continuing education will be Powered by Mortgage Educators and Compliance (MEC). You’ll find more information about NMP University in the next issue and in your e-mail inbox soon. For our own part, we haven’t focused on being a leader so much as shining a bright light on the leading compa- nies and executives working in our industry. But our growth over the past few months is a true testament to the fact that we take leadership seriously in our own organization. The issue you’re holding comes in at 104 pages, making it the largest issue of National Mortgage Professional Magazine we’ve ever delivered. We’re very proud of this accom- plishment and proud to be bringing you all of the stories packed into this issue. We hope you enjoy them and they serve you well. Lastly, a leader is a mirror of the team that supports them, and with that said, I thank the entire team at NMP for the efforts they put in each day that has made NMP a growing success story that I am proud to lead. Sincerely, Joel M. Berman, Publisher-CEO l NMP Media Corp. l joel@nmpmediacorp.com National Mortgage Professional Magazine is published monthly by NMP Media Corp. • Copyright © 2016 NMP Media Corp. publisher’sdeskFROM THE STAFF ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact VP-Sales & Marketing Beverly Bolnick at (516) 409-5555, ext. 316 or e-mail beverlyb@nmpmedi- acorp.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@nmpmedia- corp.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 mem- bers of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Consumer Reporting Association (NCRA) and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, and/or other state mortgage trade associations events, activ- ities 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. Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@nmpmediacorp.com Joey Arendt Art Director (516) 409-5555, ext. 307 joeya@nmpmediacorp.com Scott Koondel VP of Operations (516) 409-5555, ext. 324 scottk@nmpmediacorp.com Richard Zyta Social Media Ambassador (516) 409-5555 richardz@nmpmediacorp.com Rick Grant Special Reports Editor (570) 497-1026 (direct) (516) 409-555, ext. 311 rickg@nmpmediacorp.com Joel M. Berman Publisher - CEO (516) 409-5555, ext. 310 joel@nmpmediacorp.com Beverly Bolnick VP-Sales & Marketing (516) 409-5555, ext. 316 beverlyb@nmpmediacorp.com Phil Hall Managing Editor (516) 409-5555, ext. 312 philh@nmpmediacorp.com Francine Miller Advertising Coordinator (516) 409-5555, ext. 301 francinem@nmpmediacorp.com Dylan Pollock Administrative Assistant (516) 409-5555, ext. 314 dylanp@nmpmediacorp.com Featured Editorial Contributors Richard M. Bettencourt Jr., CRMS, CMHS Andy W. Harris, CRMS David Lykken Pam Marron Ted W. Tozer Andrew Liput Editorial Contributors Gavin T. Ales Amy Bergseth Vladimir Bien-Aimé Jeff Bode Michael Boggiano Laura Burke, MBA, MS, MIS, CFE, EA Lisa Coleman Kerry W. Elam Casey Fleming Michael Groff Brad Herbert Tom Hutchens Chad Jampedro Carl Markman Wes Miller Bubba Mills Elizabeth Morales Brian Sacks Jeffrey Tesch Sarah Valentini Marc Wayshak Eric Weinstein Fowler Williams Kerry Wirth NATIONAL MORTGAGE PROFESSIONAL MAGAZINE’S E D I T O R I A L C O N T R I B U T O R S
  • 8. National President Kelly Hendricks (314) 398-6840 president@napmw.org President-Elect Nikki Bell (678) 442-3966 preselect@napmw.org Vice President Cathy Kantrowitz (845) 463-3011 nvp1@napmw.org Vice President Laurel Knight (425) 412-6787 nvp2@napmw.org Secretary Windee Falla (281) 556-9182 natsecretary@napmw.org Treasurer Judy Alderson (918) 250-9080, ext. 300 nattreasurer@napmw.org Parliamentarian Frances Reinhardt (678) 331-1384 freinhardt@firstservicetitle.net 6 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com NAMB The Association of Mortgage Professionals 2701 West 15th Street, Suite 536 l Plano, Texas 75075 Phone: (972) 758-1151 l Fax: (530) 484-2906 Web site: www.namb.org OFFICERS Rocke Andrews, CMC, CRMS—President Lending Arizona LLC 3531 North Pantano Road l Tucson, AZ 85750 Phone: (520) 886-7283 l E-mail: randrews@lendingarizona.net Fred Kreger, CMC—President-Elect American Family Funding 28368 Constellation Road, Suite 398 l Santa Clarita, CA 91350 Phone: (661) 505-4311 l E-mail: fred.kreger@affloans.com John Stevens, CRMS—Vice President Mountain West Financial 380 North 600 East l Pleasant Grove, UT 84062 Phone: (801) 427-7111 l E-mail: johngstevens@gmail.com Rick Bettencourt, CRMS—Secretary Mortgage Network 300 Rosewood Drive l Danvers, MA 01923 Phone: (978) 777-7500 l E-mail: rbettencourt@mortgagenetwork.com Andy W. Harris, CRMS—Treasurer Vantage Mortgage Group Inc. 16325 Boones Ferry Road, #100 l Lake Oswego, OR 97035 Phone: (503) 496-0431, ext. 302 E-mail: aharris@vantagemortgagegroup.com John Councilman, CMC, CRMS—Immediate Past President AMC Mortgage Corporation 10136 Avalon Lake Circle l Fort Myers, FL 33913 Phone: (239) 267-2400 l E-mail: jlc@amcmortgage.com Donald J. Frommeyer, CRMS—NAMB CEO American Midwest Bank 200 Medical Drive, Suite C-2A l Carmel, IN 46032 Phone: (317) 575-4355 l E-mail: donald.frommeyer@gmail.com DIRECTORS Kimber White l RE Financial Services Inc. 1620 West Oakland Park Boulevard #201 l Oakland Park, FL 33311 Phone: (954) 306-3553 l E-mail: kimber.lmt@gmail.com Olga Kucerak, CRMS l Crown Lending 328 West Mistletoe l San Antonio, TX 78212 Phone: (210) 828-3384 l E-mail: olga@crownlending.com David Luna, CRMS l Mortgage Educators and Compliance 947 South 500 E, Suite 105 l American Fork, UT 84003 Phone: (877) 403-1428 l E-mail: david@mortgageeducators.com Linda McCoy, CRMS l Mortgage Team 1 Inc. 6336 Piccadilly Square Drive l Mobile, AL 36609 Phone: (251) 650-0805 l E-mail: linda@mortgageteam1.com Nathan Pierce, CRMS l Advanced Funding Home Mortgage Loans 6589 South 1300 East, Suite 200 l Salt Lake City, UT 84121 Phone: (801) 272-0600 l E-mail: npierce@advfund.com Valerie Saunders l RE Financial Services 13033 West Lindburgh Avenue l Tampa, FL 33626 Phone: (866) 992-0785 l E-mail: valsaun@gmail.com Robert Sweeney, CRMS 600 East Carmel Drive l Carmel, IN 46032 Phone: (317) 625-3287 l E-mail: bob.sweeney46@yahoo.com Michele Velez, CMC 1300 South El Camino Real, Suite 505 l San Mateo, CA 94402 Phone: (650) 409-2850 l E-mail: shellvelez@gmail.com NAMB 2015-2016 Board of Directors William Bower President (800) 288-4757 WBower@continfo.com Julie Wink Vice President/Treasurer (901) 259-5105 Julie@DataFacts.com Mike Brown Ex-Officio (908) 813-8555, ext. 3020 MBrown@CISinfo.net Mary Campbell Director (701) 239-9977 Mary@AdvantageCreditBureau.com Matthew Carpenter Director MCarpenter@Sarma.com Maureen Devine Director (413) 736-4511 MDevine@StrategicInfo.com Scott Ledbetter Director (214) 783-3315 Mike Thomas Director (615) 386-2285, ext. 285 MThomas@CICCredit.com Dean Wangsgard Director (801) 487-8781 Dean@nacmint.com Delia Zuniga Director Delia@AdvantagePlusCredit.com Terry Clemans Executive Director (630) 539-1525 TClemans@NCRAInc.org Jan Gerber Office Manager/Member Services (630) 539-1525 JGerber@ NCRAInc.org National Association of Professional Mortgage Women 1851 South Lakeline Boulevard, Suite 104, Box 303 Phone: (800) 827-3034 • E-mail: napmw@napmw.org Web site: www.napmw.org 2015-2016 NAPMW National Board of Directors National Consumer Reporting Association 701 East Irving Park Road, Suite 306 l Roselle, IL 60172 Phone: (630) 539-1525 l Fax: (630) 539-1526 Web site: www.ncrainc.org 2015-2016 Board of Directors
  • 10. 8 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com elite performerT H E By Andy W. Harris, CRMS M ost of us have heard that the average age of a mortgage loan originator (MLO) today is 54 years of age. That number may vary a little, but needless to say, the mortgage indus- try is in dire need of younger talent. This number should open our eyes to look down the road and see that we may have a problem if we don’t train and educate the next generation to grow in this industry. This is important for our industry and certainly important for the consumers we serve. We must embrace Millennials in this industry and strategically recruit and train them the right way to succeed and be attracted to what this great industry has to offer. I’ve battled with this for the last several months, specifically as a business owner through our growth and demands. Do we hire experienced mortgage loan origina- tors or do we hire green and train? Unfortunately, re-training people already in the business with bad habits I find to be much harder. With a quickly changing indus- try requiring constant adaptation and speed, I’ve found it’s certainly hard to teach an old dog new tricks. I’d rather have a fresh, new and motivated employee with limited experience and a clean slate than one with quantity (not always quality) experience or challenging habits. I believe Millennials get an unfair reputation at times with being entitled or lazy. The lazy ones are certainly out there, but there are also thousands of very intelli- gent and motivated Millennials I believe offer huge opportunities to our industry. Many of them are more innovative due to modern knowledge and technological abilities. They were raised in an environment where any data they seek is literally at their fingertips. They can adapt well and need little training when it comes to most computers and systems. That certainly cannot be said for most of those from older generations. Here are a few statistics according to the American Bankers Association (ABA) that I find somewhat shocking: l Born between 1980-2000, Millennials are the largest generation in American his- tory, at 83.5 million people. l By 2022, they will comprise 44 percent of the nation’s workforce. l Only 26 percent get married before the age of 32. l Eighty-six percent put money into savings every month. l Seventy-five percent of those who are college graduates have student loan debt, averaging $29,000. I don’t know about you, but if you actually think about these statistics I see a huge market of untapped potential. Think about the stats and what our industry could offer young entrepreneur-spirited individuals. The sky is the limit, but they need the right training. We work in a great industry with unlimited possibilities. Finding the right motivated younger talent could be a huge asset to your team, and of course, a great opportunity for someone entering this industry today. I suggest that we all brainstorm with our teams to motivate, recruit and train new younger talent in this industry to get that average age down moving forward. Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and past president of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 496-0431, e-mail AHarris@VantageMortgageGroup.com or visit VantageMortgageGroup.com. Migrate to Millennials Sub-Prime:EstablishingaNew TrackRecord SPONSORED EDITORIA L By Tom Hutchens Sub-prime, or “non-prime,” mortgage lending returned to the market almost three years ago and with it, many critics who understandably voiced concerns that history would re- peat itself. Lenders who decided to venture into this new landscape and tap a borrower base of Americans unable to secure tradi- tional financing were faced with an uphill battle on how the general pop- ulation perceived sub-prime. Today’s products aren’t the same as the sub-prime loans that led to the housing crisis. In fact, sub-prime/non-prime today is quite different. New regulations have helped to ease these products back into the market. The skeptics are starting to come around and realize that today’s mortgages are proving to be much less risky than their predecessors. Unlike the sub-prime loans of 2006, today’s loans have guidelines in place to alleviate risk. Here is a breakdown of what’s different today: l Ability-to-Repay (ATR): ATR is one of the many regulations that resulted from the Dodd-Frank Act. ATR requires that originators look at a po- tential borrower’s complete financial picture to make sure their exist- ing debt obligations plus the new loan amount won’t surpass a reasonable percentage of their income. Despite popular belief, non- prime loans still need to adhere to ATR standards. l Skin in the game: Higher downpayment requirements mandate that borrowers provide a significant contribution towards closing the loan. Borrowers with the riskiest credit profiles are required to put down the highest downpayments to further compensate for that risk. This prac- tice of ensuring prudent loan-to-value (LTV) ratios lessens the chances of default. l No prepayment penalties: Today’s sub-prime loans do not come with a pre-payment penalty on them. At any time, a borrower can refinance to a conforming loan without having to pay a penalty on their existing loan. l Appraiser Independence Regulation (AIR): Another result of Dodd- Frank Act regulations, AIR ensures that appraisers are truly independ- ent and the LTV is accurate. Prior to Dodd-Frank, appraisers worked for the loan originators. This was a clear conflict of interest, but new regulation removes that conflict. l Better credit scores: The average credit score of sub-prime loans in 2006 was 580. Angel Oak Mortgage Solutions portfolio of non-prime loans’ credit scores average about 680. The credit quality of these loans has increased significantly in the new era. Although non-prime mortgages fall outside the QM safe harbor, the next generation of non-prime lending is proving to be very safe. In fact, Angel Oak Mortgage Solutions has only had three loans go into default since we started originating two-and-a-half years ago. The challenge with these new regulations, however, is that they require a well-documented, manual underwriting process that cannot be automated; however capable lenders with expertise in due diligence procedures stand to take advantage of bringing these products back to market while avoiding excess risk. Tom Hutchens is senior vice president of sales and marketing at Angel Oak Mortgage Solutions, an Atlanta-based wholesale lender currently licensed in 24 states. Tom has been in the real estate lending business for nearly 20 years. He may be reached by phone at (855) 539-4910 or e-mail Info@An- gelOakMS.com.
  • 11. 9 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 ©2016 All rights reserved. This is not a commitment to lend. Restrictions may apply. LTV limit is based on current, accurate appraised value. Civic Financial Services, LLC reserves the right to amend rates and guidelines. All loans are made in compliance with Federal, State, and Local laws. Civic Financial Services, LLC is a California Finance Lender under NMLS 1099109 and the California Department of Business Oversight license #603L321, AZ Mortgage Broker license #092863, ID Mortgage Broker/Lender License #MBL-8288, OR Mortgage Broker License #ML-5282, and WA Consumer Loan Company License #CL-1099109. Civic Financial Services, LLC is an equal opportunity lender. We know; you need a lender who’ll keep your profit margins high and your blood pressure low. Rest assured, at CIVIC you’ll get loan rates that are among the most competitive in the industry. You’ll also get lightning fast approvals and quick closing times. So if you’ve got a project that needs special attention, call the number below — your margins and your business will be healthier than ever. Corporate Headquarters 2015 Manhattan Beach Blvd, Suite 106 Redondo Beach, CA 90278 310.504.3618 / www.civicfs.com • Funding in 4-10 days • Up to 75% LTV • No minimum FICO • 24-48 hour in-house appraisals • Competitive fixed rates • Loan amount $100K-5 Million • Foreign National program A LOAN RATE SHOULD INCREASE YOUR PROFIT MARGINS, NOT YOUR BLOOD PRESSURE. THEM US
  • 12. 10 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com By Dave Hershman W e have previ- ously painted the “picture” of a typical manager in the industry because most sales managers and owners must per- sonally produce, recruit, hire, train and coach. For most of these man- agers, producing was a full-time job before they became a manager. Now that same person must split up their time among these tasks: l Personal production l Supervising/coaching l Fighting fires l Attracting candidates l Interviewing l Administrative tasks l And more The time spent among these tasks is not homogenous by any means. The majority of the time is spent pro- ducing, fighting fires and on adminis- trative tasks. For example, a typical producing sales managers spends an average of 50 percent or more of their time within the personal production category. It is important to recognize this fact because it leads us to understand why the industry produces managers as opposed to grooming leaders. Not only have we put our managers in a position in which they are more like- ly to spend their time reacting and putting out fires rather than leading. In addition, we give these same man- agers little guidance as to how to make the transition from manager to leadership. After painting the picture of the industry, we must next look at the definition of the term leader. If you asked one-hundred different man- agement experts, you would get 100 different answers. We prefer some- thing very simple: Managers “manage” situations, while leaders change situa- tions through the implementation of positive forces. Of course, this definition is worthless without elaboration in the form of examples which distinguish between leadership and management: l A manager has goals, while a leader also has a long-term vision of where they would like to lead their team. It is from this vision in which an organization’s goals must be for- mulated. For employees—under- standing the vision is essential so that they can become more than just an employee, but an integral team member. l A manager tells people what to do. A leader leads by example. For exam- ple, how does the leader react in a crisis? Do they panic or do they lead the team through the crisis profes- sionally? l Managers micro-manage, while lead- ers delegate. By delegating responsi- bility and not micro-managing, lead- ers let their team members deter- mine what they should be accom- plishing with regard to helping the organization achieve their long-term vision. l A manager quells fires while a leader prevents them. The foresight to pre- vent fires is a very important exam- ple of leadership. l A manager communicates when nec- essary. A leader communicates proactively. Going back to the exam- ple of having a long-term vision, the leaders must communicate that vision clearly. When does a manager think that communication is neces- sary? Usually when things go wrong. Then it is time for a long e-mail, new policy or a meeting. l A good manager implores their loan officers to follow-up, from the prospect stage to closing their pipeline. Leaders lead by example in this regard as well, whether they are managing their own pipeline or fol- lowing with their staff. If the manag- er does not return phone calls and e- mail on a timely basis, how can they expect their loan officers to do the same? l Good managers hire producers. Leaders retain those producers. Leaders work hard to uncover and meet the needs of their employees. That means they must probe deeply and be a great listener. This is again where follow-up and communica- tion skills are essential. It is some- times not easy to determine where our employees need help, however, spending the time and effort to find out is critical. l Good managers are great talkers. Leaders are great listeners. Yes, we often have to teach and inspire as leaders. But if we don’t listen, we will never find out what our employ- ees really need. Even in interviews, we should be asking questions and listening, rather than talking. l A leader’s integrity can never be in question. Again, this brings us back to being an example. If we are not “THE” example in this regard, how can we not expect the same from our loan officers and operational staff? Many walk a fine line in this industry, but leaders must stand very clear of this line. l Managers are reactionary, but because leaders are proactive, they are likely to be more consistent in their direction of leadership. Managers are more likely to sched- ule a staff meeting when there is a catastrophe or send out an “effective immediately” e-mail? Leaders sched- ule meetings on a regular basis to prevent these issues from arising. Employees can count on their leader’s reaction day-to-day, while the reaction of a manager will vary. l A great leader carries a positive mes- sage all the time, while the manager is not as consistent in this regard. The leader’s positive message will influence team members to be more positive, thus increasing the effec- tiveness of the organization. This positive message should include thanking employees and clients often. Even the way the message is carried out is important. When a leader is “criticizing or pointing out a mistake,” it should be done in pri- vate. When a leader is lavishing praise, this should be accomplished in public. Most importantly, managers real- ize that recruiting is one of their most important functions, yet most man- agers dedicate the smallest portion of their time to this task. The result is a Recruiting, Training and Mentoring Corner Recruiting, Training and Mentoring Corner Assessing the Marketing Skills of a Rookie Candidate “Managers ‘manage’ situations, while leaders change situations through the implementation of positive forces.”
  • 13. 11 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 smaller team whose members are not of the highest quality. The time need- ed to manage this team which is gen- erating little income is very. dispro- portionate. The result? The manager spends more time producing because they can control the outcome and then they spend even less time recruiting. This is precisely why one key to great leadership is a long-term vision of the future. The vision is to build a large quality team which increases profits and overrides. While the income of the sales manager may not rise, the office or division will not be as dependent upon one person’s production. What if the manager becomes ill and the level of production suffers or stops com- pletely? If the manager has a large and productive office, the profitability of that office will not suffer to the same extent. It typically requires great vision to begin spending time on a task that will bring longer-term rewards, but perhaps sacrifice short-term benefit. How might we bring our time and priorities into greater equilibrium? It is easy for us to say—block an hour each day to recruit. But someone directing the manager to block the time does not make the time available. Anytime one has too many tasks to undertake and not enough time to accomplish these tasks, there are only two choices: l Prioritize the tasks: Again, this is an example of what great leaders do, they decide what is more important and focus upon these tasks. Other tasks may be delegated to others, postponed or even eliminated. l Use synergy: If you want to get more done in less time, you will need to find a way to achieve more than one goal with the same activ- ity. We will delve into this idea in a future column. The implementation of synergistic principals will not only increase pro- ductivity, it will also help lessen the stress of manager who has several areas of responsibilities, all of which could be full-time jobs by themselves. In my book, More Income With Less Stress, I introduce “The Seven Rules of Maximum Synergy Marketing.” These rules will help managers achieve more with less time, energy and money. Loan officers also benefit from the use of these principals as there are many parallels between recruiting and sales. The greater profi- ciency managers gain with regard the use of these concepts, the more effec- tive they will be as mentors to their loan officer team. As a matter of fact, the implementation of this concept as way to achieve two management objec- tives is an illustration of the use of syn- ergy in itself. The rules are designed to help one open their eyes to the opportunities they are missing. To implement these, managers will have to change the way they think about the industry and man- agement in general. This is a major step which will help increase efficiencies, but also help differentiate managers from their competition. Here are the rules: 1. Everything you do must have a sec- ond objective. 2. If you are marketing by yourself— you are wasting synergy. 3. Some targets are more effective than others. 4. Some tools are more effective than others. 5. Everything you do can be made more effective through additional doses of synergy. 6. Do not market without a response mechanism. 7. Do not market unless you are deliv- ering value. We will end this column with an exercise that will hopefully help us start thinking like a leader, instead of a man- ager. The question is-how can the implementation of these rules help you increase the efficiency of your recruit- ment efforts? It has been well-established by the information we have introduced that there are many fundamental differ- ences between managers and leaders in this industry. Our industry has a tremendous number of managers. However, what we need is more leader- ship. Hopefully we can continue to help our managers make the transition in this regard. Dave Hershman is a top author in the mortgage industry with seven books published. He is also the founder of the OriginationPro Marketing System, and currently the director of branch support for McLean Mortgage. He may be reached by e-mail at Dave@HershmanGroup.com or visit OriginationPro.com.
  • 14. 12 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com DocMagic Formally Launches New eClosing Solution DocMagic Inc. has announced the for- mal launch of its fully integrated eClosing solution that electronically transforms the entire mortgage process from initial eDisclosure to final eClosing through investor eDelivery. DocMagic’s total eClosing process seamlessly inte- grates its eDocument library, SMARTDoc eNote with eSignature, eNotary, MERS eRegistration, eDelivery and eVault services in a comprehensive end-to-end eClosing solution that delivers substan- tially faster closings, total data trans- parency, superior regulatory compli- ance and maximum process efficiency. The total eClosing solution is also seamlessly integrated into DocMagic’s SmartCLOSE collaborative closing por- tal, offering a secure, centralized online environment for lenders, settlement providers and other parties to share, validate, audit, track and collaborate on documents, data and fees backed with a 100 percent TRID compliance guaran- tee. The new process is easily accessible from within SaaS-based SmartCLOSE and on-premise SmartSAFE XL systems, including the eSigning, eDelivery and eVaulting of all documents. DocMagic’s eMortgage solutions have been vetted and approved by Fannie Mae and MERS to support all three eMortgage categories for eVault, eNote and eClosing. DocMagic’s participation as a leading player in numerous eClosing pilots, including the CFPB’s eClosing Pilot initiative last spring has led to the rapid advancement of eClosing adoption as a solution for reg- ulatory compliance tracking, reducing data errors, data transparency, and bringing borrower knowledge and satis- faction to the loan process. “The total eClosing solution is an out- of-the box, easy to implement, fully paperless, patented solution that com- bines the most advanced functionality and continuous compliance tracking with robust borrower and lender friend- ly user features,” said Dominic Iannitti, president and CEO of DocMagic. “Borrowers can communicate with their lenders and settlement agents and eSign documents while DocMagic runs continuous automated compliance audits throughout the entire loan process, guaranteeing compliance on factors effecting the salability of your loan, from TRID tolerance levels to compliance with anti-predatory lend- ing and higher-priced mortgage loan laws, all while tracking every iteration of the data and speeding up the closing process.” “The DocMagic total eClosing solu- tion is revolutionizing the traditional paper mortgage process and the timing of this couldn’t be better,” said Tim Anderson, director of eServices at DocMagic. “With the electronic data verification, delivery and record reten- tion requirements of TRID, lenders have to demonstrate proof of compli- ance, control and accountability of the entire mortgage process. We have developed only platform in the indus- try that integrates and supports all key eMortgage functions within a single solution. The total eClosing solution provides a full electronic process in a one stop solution—which is truly revo- lutionary.” CMG Financial Automates Appraisal Process Via eTrac From Global DMS Global DMS has announced that CMG Financial has streamlined the manage- ment of its appraisal process from start to finish using Global DMS’ eTrac plat- form. This has enabled CMG to work with its AMC providers that have dis- parate systems through a single inter- face with eTrac. As a result, processors and brokers no longer have to log into each AMC’s system to place appraisal orders. From within eTrac, CMG users can order and assign appraisals, track them with real-time status, review appraisals, and they are then automat- ically delivered to the Uniform Collateral Data Portal (UCDP) in full compliance and without errors or missing data. “After we implemented eTrac, our AMC assignments became automatic and thus it really simplified and sped up our orders,” said Peter Gilbert, chief credit officer at CMG. “The eTrac Workflow Engine also played a signifi- cant role in the implementation by automating notifications and file delivery to the ordering parties and borrowers. eTrac has made our appraisal process very easy and effi- cient and we always know that we are compliant and have quality appraisals.” Global DMS’ Workflow Engine elimi- nates manual intervention, automati- cally handling many intricate and dis- parate tasks in CMG’s unique appraisal process. Custom business rules were applied to tailor CMG’s appraisal man- agement workflow to their preferences and specific internal procedures. “CMG runs numerous appraisal orders through our system each month with an elevated level of workflow-dri- ven efficiency,” said Vladimir Bien- Aime, president and CEO of Global DMS. “The fact that eTrac effectively centralized CMG’s utilization of multi- ple AMCs and automated nearly all appraisal functions using our Workflow Engine speaks volumes about the flexibility and scalability of our platform.” eTrac facilitates far-reaching com- pliance functionality that is proven to automatically keep lenders compliant with changing state-based rules, feder- al laws, the Consumer Financial Protection Bureau (CFPB) and the Dodd-Frank Act. Credit Plus Launches FACTCheck for Increased Tax Transcript Accuracy Credit Plus Inc. has announced the availability of FACTCheck, a new “fact checked” report that can be added to IRS 4506-T orders. The report provides continued on page 18 lenders with an overview of income reported to the IRS, calculates and sum- marizes historical income and deter- mines income stability. At the same time, FACTCheck tests for ATR compli- ance and identifies what further action and any additional supporting docu- ments, if any, are needed. By adding this product to 4506-T orders, lenders can accelerate their process to just minutes per loan, elimi- nate manual underwriting errors, and show that due diligence was performed which assists with the sale of loans to the secondary market. “FACTCheck streamlines the tax tran- script analysis process into an auditable format which helps lenders speed up, standardize, and document their underwriting process,” said Greg Holmes, national director of sales and marketing at Credit Plus. “The report offers our customers a way to improve their income quality analysis and results while reducing their legal and repurchase risks.” ResMac Releases Marti Version 5.0 ResMac Inc. has announced the release of Marti 5.0 to support automated Integrated Disclosures (TRID). This pro- prietary software program will auto- mate several of the manual processes used to support compliance and improve efficiencies in underwriting and customer closings. Several screens have been redesigned to best support “ease of use” for ResMac’s customer base, making the overall experience that much more compelling, efficient and improved. Right behind this release will be Marti version 5.01, which will support on-demand initial through closing doc- uments for all approved customers. In the third quarter, ResMac will release its new automated LE for approved cus- tomers—fees warranted and derived from a third party making costs to cure a thing of the past.
  • 15. 13 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 Imaginebeing served by an innovative company with the financial stability that values you and your ideas, and where the sales force is the heart of the company strategy… One where closing loans on time and exceeding our broker associates’ expectations are two major facets of our daily business model. *Rankings Source: Inside Mortgage Finance. Caliber Home Loans, Inc., 3701 Regent Boulevard, Irving, TX 75063 (NMLS #15622). 1-800-401-6587. Copyright ©2015. All Rights Reserved. Equal Housing Lender. For real estate and lending professionals only and not for distribution to consumers. This communication may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. Distribution to the general public is prohibited. Caliber Home Loans is an Equal Opportunity Employer. To learn more, visit us online at www.caliberwholesale.com or send an email to NMP@caliberhomeloans.com. Caliber Wholesale finished 2015 as the #3 Wholesale Lender in the nation.* During 2015, we funded $8.35 billion - a 77.5% increase from our 2014 funding figures. Wholesale Lending Caliber Whol #3 Whol esalCaliber Whol esal e finished e Lend e finished undf in the nation. 15 as the20 ed $8.35 billion - aund in the nation. #3 Whol15 as the ed $8.35 billion - a During 20*ion.* esal#3 Whol .5777.ed $8.35 billion - a 15, wDuring 20 e Lendesal .5% e15, w ere Lend unding figurf easeincr unding figur om our 20frease es.unding figur 14om our 20 ImagineImagine major fac e clwher ou and yy Imagine ets of our daily business modmajor fac oans on time and eosing le cl eas, and wherour idou and y vserbeingImagine el.ets of our daily business mod eeding our brcxoans on time and e es fe the saleas, and wher vativinnoanybedv el. er associatokeeding our br e is the hearcors ffo withyompancevativ xpectations ares’ eer associat y strompant of the ce is the hear stabilityfinancialthe oe twxpectations ar … Oneegyaty str valuesthatstability send an email t visit us online at www earn moro lTTo o NMP@caliberhomelsend an email t visit us online at www e,earn mor oans.o NMP@caliberhomel esalwholcaliber.visit us online at www om.coans. om orce.esal e LlaseholW endinge L ed. Caliber Home Loans is an Equal Opporohibitpublic is pr ed, cegormation that is privilinf e and leal estator r. FerHousing Lend 1 R70Caliber Home Loans, Inc., 3 tgore MInside:cankings Sour*R tunity Empled. Caliber Home Loans is an Equal Oppor ed, and essionals only a egegally privilential, lonfided, c yoffeending pre and l 3 (NMLS #ving, TX 7506d, Irvareent Bouleg1 R e.inance Fagtg .eryotunity Empl er applicable undosurom disclempt frxor ed/ nd not f onsumero cor distribution t / op. C77.1-65815622). 1-800-403 (NMLS # o the g. Distribution twe laer applicabl ontainy communication mas. This consumer ed. Equalveser15. All Rights Ryright ©20op alenero the g ontain ed. Equal
  • 16. EWSFLASH l APRIL 2016 l NMP NEWSFLASH l APRIL 2016 l NMP NEWSFLASH l 14 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com CCSBS Seeking Exam Experts: NAMB Urges Members to Apply as Subject Matter Experts NAMB—The Association of Mortgage Professionals wanted to remind the nation’s mortgage professionals that the deadline of April 29, 2016 is quickly approaching for Subject Matter Experts (SME) to submit their desire to work on the Nationwide NMLS Exam. The Exam was started years ago as a licensing requirement of the SAFE Act. The Exam must undergo changes as the mortgage industry undergoes changes. For example, when the SAFE Act was passed and the initial exam written, there was no TRID rule. The Exam was reviewed and updated, and now it is time to update it again. The SMEs will be selected with assis- tance by the Conference of State Bank Supervisors (CSBS) and the State Regulatory Registry LLC (SRR) in a recruiting process for subject matter experts to serve on SSR National Test Maintenance Committees. “Some of the best Subject Matter Experts in the field of residential mort- gages are members of NAMB, and I encourage our members to apply for this important opportunity,” said Rocke Andrews, president of NAMB. NAMB also noted that there are time commitments and experience require- ments. Selected SMEs will be initially trained and asked to write proposed test questions for the National Exam. The training sessions are several hours in duration, as well as ongoing and additional training sessions as materi- als are amended. Attendance is required at all training meetings. Committee meetings are scheduled to begin quarterly, beginning in June, again in September and finally in January 2017. SMEs should have a min- imum of three years of experience in the residential mortgage lending arena and be considered an expert. To be considered and nominated, please fill out the application found online at 2016smesurvey.question- pro.com. Study: TRID Adds $209 to Loan Costs It appears that loan transparency comes with a highly visible price tag: A new study from STRATMOR Group has reaf- firmed that the changes brought by the TILA-RESPA Integrated Disclosure (TRID) rule has jacked up the price of loan origination. “On average, since October 2015, TRID has increased lender back office fulfillment and post-closing costs by an average of $209 per loan, and lenders are estimating that only about 17 per- cent of those costs can be recovered through additional charges,” said Matthew Lind, STRATMOR senior part- ner and founder. Still, mortgage professionals are making the best of a difficult situation. The STRATMOR study found that 87 per- cent of survey respondents had either fully or mostly implemented their TRID requirements, with only one percent admitting that their efforts were “way behind.” Seventy-two percent of smaller mortgage companies and 80 percent of mid-sized independents had fully implemented their TRID changes, whereas only 33 and 44 percent of small and mid-sized banks have accom- plished that duty. Banks, in particular, appear to be most burdened by TRID, with 31 per- cent of bank respondents bemoaning that their experience under TRID as either “difficult” or “terrible”—in com- parison, only 16 percent of independ- ents shared that level of grief. But on the whole, Lind insisted that today’s problems can only lead to a better cus- tomer service experience. “TRID seems to be associated with a significant pickup in borrower satisfac- tion, despite somewhat slower applica- tion-to-closing times,” he said. “At the end of the day, improving the borrow- er’s experience is a main objective of TRID, and in an increasingly competi- tive origination market, it is also a pri- mary goal of lenders as well.” FHFA Planning for Post-HARP Market With the Home Affordable Refinance Program (HARP) set to expire at the end of the year, Federal Housing Finance Agency (FHFA) Director Mel Watt is seek- ing to lay the foundation of a market that will not leave at-risk homeowners in difficult financial situations. Speaking recently in Washington, D.C. at the Public Policy Luncheon sponsored by Women in Housing and Finance, Watt noted that his agency and the government-sponsored enter- prises were working with to lenders, mortgage insurers, and investors to study a post-HARP endeavor that would accommodate high loan-to- value (LTV) borrowers. “During our outreach discussions, we are reminding industry participants that borrowers who previously com- pleted a HARP refinance will not be eli- gible to refinance under a new high-LTV program,” Watt said. “When we con- clude our outreach, the enterprises will publish an announcement that reflects the eligibility guidelines and product terms that we believe will meet the needs of high-LTV borrowers in the future.” But with nine months to go before HARP runs its course, Watt stated that the FHFA would work ensure borrowers can take full advantage of that pro- gram’s benefits. “Despite extensive outreach efforts by the enterprises and their lender partners, over 360,000 borrowers nationwide still remain both eligible for HARP and able to benefit financial- ly from HARP,” said Watt. “FHFA and the enterprises are attempting new methods to raise borrower awareness through social media and Webinars, and we are asking stakeholders to help us get the word out about HARP before the end of the year.” Also during his speech, Watt briefly alluded to the once-contentious but now barely-mentioned subject of prin- cipal reduction with a promise that he would decide in the next 30 days whether it was officially a non-issue or if there was a “win-win” approach to this strategy for future policy planning. “So, while I don’t have an answer today, I invite you to stay tuned for more on this in the near future,” he said. “As always, our decision and the reasons for making it will be docu- mented and transparent.” House Passes SCRA Foreclosure Extension Protection The U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015, which extends foreclosure pro- tection for military homeowners from the current 90-day period to a one-year period beginning in January 2018. The bill is a House companion to S.2392, which passed the Senate in December. The foreclosure protection element of the Servicemembers Civil Relief Act (SCRA) expired at the end of last year, but the extended protection will be retroactive to Jan. 1, 2016, when the bill is signed by President Obama. “When our servicemembers come
  • 17. 15 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 home they shouldn’t have to fear los- ing their homes as they transition back to civilian life,” said Rep. Steve Stivers (R-OH), who co-sponsored the bill with Rep. Stephen Fincher (R-TN) and Denny Heck (D-WA). “The foreclosure protec- tion extension will give them the time they need to get back on their feet financially and begin their new lives post military service.” The legislation was backed by a coalition of veterans’ organizations and housing and financial services trade associations. David H. Stevens, presi- dent and CEO of the Mortgage Bankers Association (MBA), commended the House vote. “MBA applauds the House passage of an extension of the SCRA’s important foreclosure protections,” Stevens said. “SCRA provides the brave men and women of our military with the cer- tainty they won’t lose their home when they transition back to civilian life. That’s something that should never happen. Our industry is committed to helping members of the military stay in their homes and we are grateful Congress has renewed this vital home- ownership tool.” Separately, the Consumer Financial Protection Bureau announced that it received approximately 2,800 com- plaints from military personnel related to mortgages during 2015. The majori- ty of complaints were related to servic- ing issues, including loan modifica- tions, collections and foreclosures. GSF Mortgage Approved as a Freddie Mac Servicer/Seller GSF Mortgage has announced that it has been approved as a single-family hous- ing Freddie Mac seller/servicer. Freddie Mac was chartered by Congress in 1970 to purchase loans from mortgage lenders. These mortgage lenders could then replenish their supply funds and in return have more capital available to lend to more borrowers. GSF Mortgage is pleased to share in Freddie Mac’s mission to expand oppor- tunities for homeownership and afford- able housing. In 1995, GSF Mortgage was formed to provide solutions for borrow- ers pursuing homeownership. For more than 20 years, GSF Mortgage has offered loan programs eligible for Freddie Mac’s guidelines. The company is excited to expand their offering and execution of available products. “We are very pleased and excited to receive our seller/servicer approval with Freddie Mac,” said GSF Mortgage President Chad Jampedro. “We see Freddie Mac holding a clear advantage in the marketplace for products and services. This approval strengthens GSF’s overall product offering and servicing operation and provides yet another strategic option for our borrowers and referral partners.” GSF Mortgage is now approved with all of the agencies: Freddie Mac, Fannie Mae and Ginnie Mae. This means that the com- pany is able to sell directly to these agen- cies and offer all agency products. Trade Groups Call Out CFPB on Message Confusion Three leading financial services trade associations have openly questioned the Consumer Financial Protection Bureau’s (CFPB) regulatory efforts. At a hearing yesterday before the Senate Banking Committee, Mortgage Bankers Association (MBA) Senior Vice President of Legislative and Political Affairs Bill Killmer urged the CFPB to provide clear “rules of the road” when- ever it plans to create new rules or to update both existing guidelines and the interpretations of longstanding policies. Killmer also repeated an oft-stated industry concern regarding the CFPB’s eagerness to aggressive enforce its will. “Five years after the enactment of Dodd-Frank, enforcement actions pres- ent very significant challenges to the residential mortgage industry,” Killmer said. “Unfortunately, the CFPB has recently appeared to take a ‘regulation by enforcement’ approach, offering industry participants little guidance and simply instituting claims against them—often using new interpretations of old rules … Unfortunately, despite lenders’ good-faith efforts to comply with the CFPB’s rules—including using compliance management systems, seeking advice from outside counsel and seeking clarity directly from the CFPB—ambiguities remain and answers, even among CFPB employees, are inconsistent. Oral guidance, whether provided privately in response to individual inquiries or on CFPB’s continued on page 16
  • 18. 16 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Webinars, does not address the need for authoritative written guidance issued broadly to industry.” Killmer also cited the implementa- tion of the TRID rule last fall as an example of a communications malfunc- tion by the CFPB. “At its core, TRID represents the largest restructuring of the residential mortgage application-to-closing process in nearly 40 years,” Killmer said. “Implementing this new rule required major changes to industry systems and business processes as well as thousands of hours of training. In light of this com- plexity, the CFPB announced prior to the Oct. 3 effective date that it would take into account ‘good faith efforts’ by industry to comply with the rule. Unfortunately, the CFPB did not provide a timeline for this good faith window, nor did it define the scope of good faith compliance.” Separately, Richard Hunt, president of Consumer Bankers Association, used a speech before a banking trade publi- cation conference to deride the agency’s consumer complaint database as being “not even a better version of Yelp,” adding that the information provided is not verified before being made public. “When we think the CFPB is wrong, we go after them,” said Hunt, according to coverage of his presentation from Auto Finance News. “When we think they are right, we give them credit. And I think the CFPB is dead wrong about their portal system.” Speaking at the same conference, Camden Fine, president and CEO of the Independent Community Bankers Association (ICBA), shared Hunt’s concerns. “More concerning is that they misuse the statistics from the portal,” he said. “They are not transparent, and we don’t know how they are slicing and dicing that data. In fact, they can say anything they want about a bank, depending on how they ‘cook the books,’ so to say.” Shiller: Housing is “Driven by Psychology” The co-founder of the SP/Case-Shiller Home Price Index has studied the latest round of home price increases and has concluded the upward activity is being fueled by emotional impulses rather than economic reality. “These markets, I think, are substan- tially driven by psychology,” said Robert Shiller, a Yale economics professor, dur- ing an interview on the Fox News show “Cavuto: Coast to Coast.” “And the psy- chology now is a little bit hard to inter- pret. Note that the cities with the biggest price increases are successful tech, entrepreneurial cities in many cases. So maybe people kind of believe in these markets as their salvation or their hope.” Shiller pointed out that while home prices are on the rise, the emotional value that people invest in housing is not as strong as in the pre-bubble era. “People aren’t as impressed by homes anymore after they saw how they collapsed in price with the finan- cial crisis,” he continued. “So it’s not such a clear case. I don’t think people are as impressed by big McMansions anymore as they used to be.” Nonetheless, Shiller did not recom- mend that people forego housing as an investment. “The other thing about housing is that if you put yourself into a mortgage and you pay it off, you’re putting your- self into a saving program,” he stressed. “A lot of people don’t save outside of some kind of a discipline device like that. So in that sense housing is a good investment.” The latest SP/Case-Shiller Home Price Index U.S. National Home Price Index recorded a 5.4 percent annual increase in January, while the 10-City Composite showed a 5.1 percent gain for the year and the 20-City Composite’s year-over-year gain was 5.7 percent. David M. Blitzer, managing director and chairman of the Index Committee at SP Dow Jones Indices, warned that if “home prices continue to climb at more than twice the rate of inflation, the low inventory of homes for sale—currently about a five month supply—means that would-be sellers seeking to trade- up are having a hard time finding a new, larger home.” Investment Home Sales Soar in 2015 If new data was any indication, 2015 was the “Year of the Investment Home,” with the sector experiencing its first sales rise in five years. However, last year was also an uncommonly dismal period of vacation home sales, with an acute decline in volume. According to new data from the National Association of Realtors (NAR), investment home sales saw a seven per- cent surge last year to an estimated 1.09 million, up from 1.02 million in 2014. Owner-occupied purchases took an upward turn by 15.9 percent to 3.74 continued on page 30 IndustryUpdates: April2016 SPONSORED EDITORIA L By Gavin T. Ales FHA Corrects Incorrect Maximum LTV Factor for 203(k) Loans Pursuant to FHA INFO #16-17, dated March 17, 2016, the FHA corrected an error that appeared in the Single Family Housing Policy Handbook 4000.1 (SF Handbook) related to an incorrect Maximum LTV Factor at Step 3.F, Determining Loan-To-Value Factor for Maximum Mortgage Eligibility, for the Standard 203(k) Purchase Program and Limited 203(k) Purchase Program.  For Standard 203(k) and Limited 203(k) purchases with a Minimum Decision Credit Score (MDCS) at or above 580, and for No Credit Score with Manual Underwriting, the correct Max- imum LTV factor is 96.5 percent. Updated Form: HUD/VA Addendum to URLA (Form 92900-A) In FHA Info #16-16, the Federal Housing Administration (FHA) recently published the final version of the revised HUD/VA Addendum to the Uni- form Residential Loan Application (Form 92900-A). This updated form is effective for all FHA Case Numbers assigned on or after Aug. 1, 2016. Note that the revised version of the HUD/VA Addendum may not be used until its effective date. FHA Announces SF Handbook as Single Source for Single Family Housing Title II Mortgages Pursuant to FHA INFO #16-15, dated March 14, 2016, the FHA announced significant updates to its Single Family Housing Policy Handbook 4000.1 (SF Handbook), making it an end-to-end source for almost all Single Family Housing Title II forward mortgage policy. The SF Handbook may now be used as a single source of Single Family Housing policy for: (1) Obtaining and maintaining FHA approval; (2) Originating almost all Title II forward mortgage products and programs; (3) Obtaining an FHA insurance en- dorsement; (4) Performing servicing and loss mitigation functions on FHA- insured mortgages; and (5) Understanding and applying quality control practices. Fannie Mae Issues Selling Guide Announcement SEL-2016-02 Fannie Mae issued Selling Guide Announcement SEL-2016-02 to announce updates to the following: (1) Continuity of obligation; (2) Lender self-report obligations; (3) Indemnification for losses; (4) HomeStyle Renovation mort- gage recourse obligations; (5) Definition of Relocation Loan; (6) Miscella- neous Selling Guide updates; (7) Revisions to the Pennsylvania security instrument and new notes; (8) Updates to the Special Feature Codes list; and (9) Publication of Fillable Rental Income worksheets. To view SEL- 2016-02 and the Executive Overview of Selling Guide Updates, please ac- cess Fannie Mae’s Web site. Updated Forms: Pennsylvania Mortgage and Notes As announced in Selling Guide Announcement SEL-2016-02, dated Feb. 23, 2016, Fannie Mae and Freddie Mac have updated the Pennsylvania Mortgage (Form 3039) and created state-specific notes for Pennsylvania as a result of recent judicial decisions. The updated security instruments and notes have been posted on Fannie Mae's Web site. While lenders may begin using these updated forms immediately, use of these forms is mandatory, beginning Aug. 1, 2016. Gavin T. Ales is chief compliance officer with Torrance, Calif.-based DocMagic Inc. He may be reached by phone at (800) 649-1362, ext. 6446 or e-mail Gavin@DocMagic.com. nmp news flash continued from page 15
  • 20. 18 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com SPONSORED EDITORIAL By Andrew Liput In honor of the upcoming baseball season, I am republish- ing a column I wrote for National Mortgage Professional Magazine back in March of 2014. I hope you enjoy it! Spring is in the air, and for sports enthusiasts like me, that means one thing: Spring training and the start of yet another baseball season. As I check out the Florida box scores, I cannot help but find some parallels between our National Pastime and the current state of the mort- gage industry. l With the current down market, many lenders have thrown in the towel, and instead, are saying “Wait ‘til next year!” As the Brooklyn Dodgers found out time and time again (except for in 1955), a team that is fo- cused on the future and not the present usually ends up on the losing side of the scoreboard. The Yankees beat the Dodgers nearly every year from 1947-1956 because their focus was “This IS next year!” Lenders who are focused on growth and success despite a down market are find- ing it. Those who are just waiting it out until next season may find that when the time comes they will not be fielding a team. l Casey Stengel, who led the Yankees to 10 pennants and who was sad- dled with managing the famously inept 1962 Mets, was known for his muddled language. Reporters often scratched their heads trying to un- derstand his point, and as a result Casey became the story which often took the heat off of his players. The regulators in D.C. appear to be speaking in “Stengelese” these days. Thousands of pages of regulatory requirements that meander from topic to topic and leave lenders who now are responsible for implementing them thinking: “What in the world does that mean?” l Attitude is everything in life. Chicago Cubs star Ernie Banks loved base- ball. He knew he was privileged to be paid doing something he really enjoyed, and when he arrived at Wrigley Field for a day game would often say, “Let’s play two!” I’ve noticed that those MLOs who really love what they do, who see their role as consumer-oriented and not just an- other way to make money, find success no matter how tight the market might be. They show up for work every day and instead of saying, “How am I going to get business,” say “I’m going to close two!” l Stan Musial was one of the most gifted and respected players of his time. When he arrived at the ballpark, he would say, “I think I’ll get three hits today,” however, he was not a stat hog. Near the end of his a career, he had to be told by a fan that he was approaching 3,000 hits. Musial was a team player first. He had a notorious workout regime (rare for that time), supported his teammates and encouraged preparation. Today, lenders need to encourage more teamwork and to take the ap- propriate steps to prepare for a new consumer- and compliance-fo- cused marketplace. With the spring season here and everyone thawed from winter’s deep freeze, the industry is poised to see higher originations and closed loan volume. As volume increases in a risky purchase market, it will benefit forward-thinking lenders to incorporate more risk management and qual- ity control steps to avoid the type of fraud and defective loans that marked the last purchase boom from 2002-2008. As Yogi Berra reportedly said, It's like deja vu all over again!” Play ball! Andrew Liput is CEO of Secure Insight, a risk analytics firm offering vendor management services addressing settlement agent risk. He can be reached by e-mail at ALiput@SecureSettlements.com. CaseyStengel,ErnieBanks, StanMusial… andCompliance? “We have been working on this proj- ect for over two years and to see it final- ly coming to production is extremely exciting,” said Nelson Haws, president and chief executive officer of ResMac. “Our goal as a company is to continual- ly improve our service levels for our cus- tomers and we think this new release will set us apart from our competition.” Wolters Kluwer Partners With eOriginal Wolters Kluwer has announced that it has teamed with eOriginal Inc., a provider of digital transaction manage- ment (DTM) solutions, to add eVaulting and eClosing capabilities to its Expere dynamic document solution to deliver end-to-end eClosing functionality for its banking customers. The integration will allow Expere users to utilize eOriginal’s extensible, plug and play digital mort- gage platform. The integration of eOriginal with Expere will also enhance the solution’s electronic delivery and mortgage loan document management capabilities throughout the mortgage lending process, including securitization to either a MERS or non-MERS buyer. Additionally, the integration will give lenders more flexibility in meeting the requirements of TILA-RESPA Integrated Disclosure (TRID) and the opportunity to better serve customers based on their preferences. “More consumers today are looking for the flexibility to execute their mort- gage loan documents electronically,” said Stephen Bisbee, president and CEO of eOriginal. “It gives them the freedom to review the documents at their own pace with their own devices. By inte- grating eOriginal’s Digital Mortgage Platform with Wolters Kluwer’s Expere dynamic document solution, we will make it possible for thousands of lenders to offer eClosing capabilities to their customers. eOriginal’s platform is an extension of the highest volume econtracting platform in the market and vetted by all the parties on the backend of securitization including investors, rating agencies and issuers counsel.” The Expere engine is used by more than 2,000 financial institutions, includ- ing five of the top 10 U.S. banks and 60 percent of the top 30 banks to generate accurate and compliant loan docu- ments across all 51 U.S. jurisdictions. The dynamic content library is main- tained and warranted by Wolters Kluwer to help lenders meet the com- pliance requirements of today’s contin- ually evolving regulatory changes. Through the combined solution, lenders will have access to Wolters Kluwer’s industry leading compliance content and eOriginal’s industry leading encryption and security protocols, including tamper seals, data integrity checks, audit trail, access rights and secure storage. “Our collaboration with eOriginal will provide a tremendous value to our Expere customers, enabling them to leverage this combined functionality to develop an eClosing workflow that meets new strategic digital banking strategies,” said Steve Meirink, execu- tive vice president and general manag- er of Compliance Solutions at Wolters Kluwer. “The integration will stream- line the entire digital transaction man- agement process for our customers, from compliance to the digital security measures and protocols needed to make the transition, giving them a tremendous competitive advantage.” Indecomm Global Services Launches Web- Based Platform for Self- Employed Borrowers Indecomm Global Services has added to its suite of proprietary Software as a Service (SaaS) platforms by launching IncomeAnalyzer, a Web-based platform that electronically reads and analyzes data, calculates qualifying income asso- ciated with the mortgage loan, and alerts the lender to underwriting condi- tions. Agency income documentation and calculation messages are clearly and visually presented to users, provid- ing a consistent methodology for the successful approval of loans. “Indecomm’s Income Analyzer is a disruptive technology designed to relieve the industry of a very error- prone and manual process,” said Rajan Nair, CEO of Financial Services, Indecomm Global Services. “Income Analyzer addresses a primary reason for repurchase demands and errors today and also provides consistency and clari- ty into income calculations and deci- sion-making. The goal is to deliver error-free files for servicing or sale and see the value on the bottom line. IncomeAnalyzer is an intelligent system driven by sophisticated OCR technolo- gies and an interactive user interface. Its logic is triggered by the information within the borrower’s income docu- ments. This will help our clients origi- nate more loans at lower cost.” Income Analyzer allows lenders to systematically document compliance related to qualifying income through standardization of the math and under- writing conditions. This can reduce exposure to inconsistent handling of income that, in turn, can lead to fair lending problems. Income Analyzer stores the audit trail of all changes new to market continued from page 12 continued on page 24
  • 21. 19 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 Together, we can reach new heights. A National Leader in Wholesale and Correspondent Solutions Email potentialclient@mynycb.com or contact one of our Sales Executives: Going up? Let’s reach new heights together. Serve the borrower – Your customers want economic value, convenience, expediency and reliable counsel throughout the loan process. Your expertise and the NYCB platform enable you to originate and close loans faster, easier and at one of the lowest per loan costs of any loan origination channel in the industry. You are very well equipped to compete on the combined effect of dramatically lower operational costs, service responsiveness, and technological innovation. NYCB Mortgage Banking’s core focus is developing lending solutions that enable you to win today while preparing you for even greater heights tomorrow. As the mortgage division of New York Community Bank, we’re proud to be building on the Bank’s over 150 years of strength and stability. The NYCB model serves the needs of Correspondent Lenders, Brokers, Community Banks and Credit Unions throughout the nation. Our proprietary web platform elevates your business by offering a Combined with a comprehensive product menu including Conventional, Jumbo, Portfolio and FHA solutions, you’ll quickly realize why NYCB has everything you need to take your business to the next level. Together, we… Build trusted partnerships – By utilizing our Gemstone technology platform, you gain control over aspects of the mortgage transaction that experience... for you and your customer. There is no doubt this gives you an edge over your nycbmortgage.com This information is for use by current and prospective Clients of New York Community Bank, doing business as NYCB Mortgage Banking, and should not be distributed to or used by consumers or other third parties. ©2016 New York Community Bank. All Rights Reserved. Western Region Sean Gerrity Vice President Sean.Gerrity@mynycb.com (415) 876-8017 National Sales Director Sheryl Heffernan Senior Vice President Sheryl.Heffernan@mynycb.com (310) 678-1613 Eastern Region Jim Ford Vice President James.Ford@mynycb.com (770) 590-7348 Central Region Debbie Schultz Vice President Debra.Schultz@mynycb.com (832) 317-3931
  • 22. 20 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Now What Can We Do? NAMB—The Association of Mortgage Professionals has just concluded its 2016 Legislative Regulatory Conference. NAMB National isn’t until September … so what can loan originators do now? First off, if you are not a member of NAMB, visit NAMB.org and join now. If you are a member of the associa- tion, either you or your state leadership probably attended the Legislative Conference and spoke with your repre- sentatives and senators in D.C. and told them of the need to support and pass HB 3393 and its companion Senate bill. Now you need to set up appointments in the local offices of these legislators and introduce yourself to them person- ally to ask for support of these initia- tives. Send them e-mails reminding them of the need to support these bills and your availability to answer any questions they might have. If you are not comfortable answering their ques- tions, please contact members of NAMB’s Government Affairs team for assistance. Valerie Saunders chairs this committee and is always available to answer calls and e-mails. She may be reached by phone at (866) 992-0785 or e-mail Valsaun@gmail.com. The election season is rapidly approaching, and if you have a candi- date whom you would like NAMBPAC to financially support, e-mail John Stevens at JohnGStevens@gmail.com and make a request. He has forms available to make a request and NAMBPAC will review and decide how to best allocate our somewhat limited PAC funds. Even better, why not ask him how you can raise funds locally to go into the PAC and support more candidates who understand NAMB’s positions and needs? Nominations for your board are open, and NAMB needs more individuals nom- inated. Please visit NAMB’s bylaws and policies to determine qualifications. For the board of directors, you must typically be a Professional Member of the associa- tion and have served on Delegate Council for two years. Continuing education season will begin shortly, so now is a good time to get started on your Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) certification. There is a test prep class available and qualification information on NAMB.org as well. Join American Homeowners Alliance and get a free one-year membership as a closing gift to your borrowers. It allows them representation in Washington, D.C., as well as e-bates and discounts on their online purchases. Finally, visit the Infosight Web page under education on NAMB.org for links to cyber security training and tools to make your company and borrowers information more secure while meeting your CFPB requirements. So keep originating loans, helping borrowers and choosing some of the above to further your career and pro- fession. Helping people accomplish the American dream of homeownership is a noble and satisfying profession to be part of. Sincerely, Rocke Andrews, CMC, CRMS, President NAMB—The Association of Mortgage Professionals randrews@lendingarizona.net JOINNAMB.com The President’s Message: April 2016 N A M B P E R S P E C T I V E The CEO Perspective A Message From NAMB CEO Donald J. Frommeyer, CRMS Have you ever wondered what NAMB’s board of directors really does for you? Do you think that because it is a volunteer position, that everyone just sits around and does nothing? Well, I am going to let you in on a little secret. All of the board members from NAMB, from President Rocke Andrews, to the newly elected directors, all have full-time regular jobs. In addition, they serve on the board of NAMB for no income. Take for instance your president, Rocke Andrews from the state of Arizona. Rocke works a full-time job to pay the bills. He puts in his eight-plus hours every day working for his employer. He also multi- tasks by attending meetings, giving inter- views, writing articles, answering ques- tions from the NAMB membership, and overseeing the day-to-day activities of the association. He works together with me as NAMB CEO, and with Harry Dinham, NAMB’s COO, on keeping everything run- ning smoothly and on time. You have Linda McCoy from Alabama, who served as NAMB East Committee Chair for our visit to Hilton Head, S.C. last month. She not only works at her mortgage company, but she devoted hours upon hours to mak- ing sure all of the details of NAMB East were completed and that the event came off without a hitch. Now I have not pointed out these two people specifically, but am trying to make a point. Your association is made up of great people who give of their personal and professional time to see- ing the growth and continued success of NAMB. Every board member is like this. We give not only of ourselves, but of our time and effort to make your associa- tion the best for you and your co-work- ers. It is a passion and something we do for the good of our industry. We don’t charge thousands of dollars in member- ship fees or thousands of dollars to go to our conferences. We feel that, as a member, you should get some perks. And that is why we don’t charge you a great deal of money to attend our events and not a lot of money to belong to the association. We are a very efficient group of peo- ple dedicated to working for you to achieve an end result of having you become a member. Lord knows that we are not going to become a rich associa- tion charging you less than $10 per month to become a member. So my question to you is this: Why haven’t you and your friends joined? Donald J. Frommeyer, CRMS is chief execu- tive officer for NAMB—The Association of Mortgage Professional. He may be reached by e-mail at NAMB.CEO@NAMB.org. Our Membership Matters By Kimber White As I prepare to attend the 2016 NAMB Legislative Regulatory Conference in Washington, D.C. and lobby with my peers for our legislative concerns, I think back to my first con- ference and involvement with NAMB. It was the year 2012, and I had just became involved with my local and state trade association in Florida. I had been in the mortgage industry for 24 years at the time, but had never joined my association, although I was always the first to complain about issues and fire off e-mails, but not participate. I had friends or colleagues in the indus- try who were members and they shared information with me so I really saw no reason to join. One day, I was invited to a local Realtor/mortgage networking meeting hosted by local mortgage association. I wanted to get Realtor business, so of course I was going to take advantage of the invite. While there, I met a mort- gage professional who I highly respect- ed. I got into a conversation with him about all of the RESPA changes and our Florida laws, voicing my opinion and thoughts. He intently listened and said that he agreed with me then asked me one question: “Are you a member Kimber?” I said no, I really do not have the time as I am a one-man shop so it is hard. His next response was, “Kimber, you have aired your concerns for over 20 minutes. I understand that your business can take up your time, but if you do not take the time to invest in your profession by at the very least being a member and having a vested interest, then do not complain if the day comes and you cannot operate your business.” I looked at him, and without hesita- tion, said, “Point me to the member- ship person.” I joined on the spot. Since that day, I have become increasingly involved with my local, state and national trade association to better our industry. One thing I did not expect when I joined was the friendship and business relationships with fellow mortgage professionals that have grown all over this country. I also receive dis- counted education, government affair updates, additional members-only ben- efits, and I am counted in the mortgage profession by being a member.
  • 23. He currently serves on the Executive Committee of the Florida Association Mortgage Professionals (FAMP) as Treasurer and serves nationally on the NAMB board of directors as Membership Committee chair for NAMB. 21 NationalMortgageProfessional.comnNationalMortgageProfessionalMagazinenAPRIL2016 N A M B P E R S P E C T I V E I understand that not everyone can get involved and take on the level of service that I or someone else can, but everyone can afford $120 a year to invest into your business by joining NAMB and supporting your livelihood for just $10 a month that supports you in your business. As we all know, there is strength in numbers, and all of us together can make an impact for the betterment of our industry as a whole. We need you as a member. Please go to NAMB.org and join today. Together our membership matters. Kimber White is a partner at RE Financial Services in Oakland Park, Fla. Are Leaders Born or Created? By David Luna, CRMS “Management is doing things right. Leadership is doing the right things.”— Peter Drucker (1909-2005) I believe that leaders are made, not born. They are those people around us who, as kids, we followed and they may not have known that they were born leaders. Why would we as kids have followed someone and not known why? Why would we have wanted to be on a team if that leader was on the same team too? Why did we think our chances were better at winning because of our captain, teammate or leader? Do you believe that there are leaders who don’t even know they are leaders? I say we fol- low someone as our leader for vari- ous reasons. A definition of “Leadership” could be the ability to influence people to move toward a common goal. How to motivate people has been the objec- tive for many movies, books and col- lege courses. In an Inc. 500 CEO survey based on data from the Inc. 5000, a list of the fastest-growing private companies in the U.S.1 They found (based on their survey) that leaders characterized their leadership style as Visionary (66 percent), Democratic (18 percent), Servant (12 percent), Autocratic (three percent) and Hands Off (one percent). However, when asked: “How do you think your employees view you?” Their answers were different. Again, Visionary scored very high at 53 per- cent, but the rest were very different. Tough (but fair) came in at 22 percent, Motivational at 16 percent, Benevolent at seven percent and Sympathetic at two percent. Leadership can be broken down into characteristics such as: Integrity, self-confidence, decision-making abil- ity, knowledge, drive, diplomacy, pop- ularity, cooperation skills and more. There is, however, a difference between leadership and manage- ment. The business leader will create a vision, while the manager works towards that vision within the com- pany structure. The leader is pas- sionate the manager’s rational. The leader is creative, while the manag- er is analytical. The leader will be imaginative the manager will be stabilizing. There are many different types of leaders if we look at Daniel Goleman’s work2 , he states that there are: Visionary, Coaching, Affiliative, Democratic, Pace-Setting and Commanding Leaders. The group “Linked 2 Leadership” is a group on LinkedIn.3 When asked the question of Management vs. Leadership, the group responded: l Leadership is working on the system Management is working in the system (M. AlZoubi). l A leader gets things done by holding a vision, modeling behaviors and inspiring action. A manager gets things done via planning and delegation (S. Slater). l Management is about ensuring a process is delivered efficiently and leadership is about influencing change (S. Chapple). l Leadership is vision and management is goals (D. Sandusky). l Leadership focuses more on the people side of the business, while management is more about systems and processes (D. Slayton). l A leader needs to know whether his vision is achievable, and works with the managers to ensure they can reach it (R.G. Smith). l People have to work for managers whereas people want to work with leaders (R. Jindani). The book by J.P. Kotter on What Leaders Really Do is a collection of his acclaimed Harvard Business Review articles. His thoughts could be summed up as “Leaders lead people, managers manage tasks, work and processes.” In the mortgage industry, there are many leaders and this is not sub- ject to age. I know a person with sev- eral degrees, with all of the correct mortgage skills and has been in this industry for 30 years. Yet, this person is not a great leader. I also know sev- eral young people who have the abil- ity to have great people attracted to them. Therefore, I do not believe age is relevant to whether someone is a great leader. A leader is someone who cares about their people and will do what is right no matter what. In another Inc. Magazine article,4 it found that you may be a leader if: 1. You have an open mind and seek out other people’s opinions. 2. You find yourself giving advice and counsel. 3. People count on you. 4. You’re a good listener and people confide in you. 5. Others follow your example. 6. You insist on excellence. 7. You have a positive attitude. 8. You treat people with respect. 9. You genuinely care about others. 10.You are confident and passionate. Can leadership be learned? I believe that it may be started at an early age by parents, teachers, coach- es, etc. Surrounded by those who truly care for these early leaders, leaders are made. Can we become leaders? I believe that it depends on what your skillset is. Are you happi- est and more comfortable in getting things to work well or is there a bet- ter, faster way. Can you do things in a manner that can excite other peo- ple or are you happy to do things the same way they have always been done? I remember a story about a young husband coming home to find his wife cooking a roast. When he inquired why she had cut the ends of the roast she answered, “That’s the way my mom did it.” Not completely satisfied with the answer, he asked his mother-in-law why she cut the ends off of her roasts. She answered, “That’s the way my mom did it!” Finally, he went to grandmother-in- law and asked, “Why do you cut the ends off of the roasts?” Finally, he received a different answer, she replied, “Because my pan is too short.” Are we doing things “that way” because things have always been done that way (manager) or is there a better way? Leaders will find new, innovative and better ways of looking at this wonderful business we call the mortgage profession. We had the NMLS in our office a few weeks ago. Hopefully, as our com- pany’s leader, I am doing things right. We were told that we are highly ranked as a school, and if the trend continues and we accomplish some of our goals, we could be ranked even higher. Is this true of me as a leader or of the fantastic people in my com- pany? I think it’s both the vision and highly motivated, intelligent people I get to associate with on a daily basis who are driving us forward as we break all of our previous records (our measure of performance). We are growing at a rate of 25-30 percent per year and have done so for the last five consecutive years. Hopefully you can be that kid that others will want to follow. Hopefully you will be that company others will want to work with. Hopefully your time as a leader has begun or you are now ready for the next chapter in your career. Whatever the motivation, leaders can be made. Leadership can be learned and the benefits will be shared with your entire organization, big or small. David Luna, CRMS, president of Mortgage Educators and Compliance, an NMLS-approved education provider, is a member of the board of directors of NAMB—The Association of Mortgage Professionals. He can be reached by phone at (801) 676-2520 or e-mail David@MortgageEducators.com. Footnotes 1—The Leadership Style that Builds High-Growth Companies By Jill Krasny, Dec. 24, 2014. 2—Goleman, Daniel, “Leadership that Gets Results,” Harvard Business Review, March-April 2000, p. 82-83. 3—LinkedIn is a trademark of LinkedIn Corporation, Mountain View, Calif., USA. 4—10 Signs You Really Are a Leader (and Might Not Know It) By Lolly Daskal, pub- lished April 4, 2016.
  • 24. 22 APRIL2016nNationalMortgageProfessionalMagazinenNationalMortgageProfessional.com Legislative Regulatory Conference recently held in D.C., with three full days of education, information and lobbying for our members. And we started a monthly Webinar series last July that focuses on different topics of use to the industry: TRID, 203k, loan officer compensations, MSRs, etc. In May, the Webinar will focus on Fannie Mae’s HomeReady and Home Possible programs. We have also set up a legislative advocacy page that includes immediate calls to action on bills that are either harmful or beneficial to the mortgage industry. What do you see as the current state of the mortgage profession? I believe that this is the year of the mortgage broker. The industry is poised to serve our country’s consumers in a better way. The federal government and the state governments see the importance of small business within a community serving consumers directly. V alerie Saunders is one of the most prominent figures in today’s mortgage profession. She is the president of Jacksonville, Fla.-based Title ClearingHouse, is the immediate past president of the Florida Association of Mortgage Professionals (FAMP) and a director with NAMB—The Association of Mortgage Professionals. National Mortgage Professional Magazine spoke with Saunders regarding her career in the mortgage industry and her work with the state and national trade groups. How did you first get into the mortgage profession? Was this your original career choice? No, it was definitely not my original career choice! I was working on my master’s degree in historical administration, and I looked for a temp job—and I happened to get one in the mortgage industry. When I got my master’s degree, the jobs fell out of the arts field, so I stayed with mortgages. When did you receive your master’s? In 1991, from Eastern Illinois University. How did you first become involved with the Florida Association of Mortgage Professionals (FAMP)? I moved to Florida from Illinois to work at a title company. I started attending FAMP Chapter Meetings in order to start networking and gather new business. By 2007, I was part of the Executive Committee of the state association. From there, I went on to become treasurer and was later president-elect. Kathy Love, our incoming president at the time, passed away. Rick Workman, then past president, took her place, but was then elected to the Florida House of Representatives. He resigned and I went into the president’s role. How did you first get involved with NAMB? Before I became FAMP president, Florida had broken away from the national association. I spent a lot of time getting the state and national associations back together. Since 2011, I have been a NAMB director. Are you still involved with FAMP? I am president of the FAMP Education Foundation, which primarily handles the oversight of instructional courses and educational seminars provided via NMLS-approved course instructors. We also do consumer education—we used to do a lot more, and we are now getting back into it. What are some of your responsibilities with NAMB? Currently, I am co-chair of the Government Affairs Committee. We have been focusing on HR 3393, The Mortgage Fairness Act, and trying to get co- sponsors in the House and on the Senate companion bill. We are working to educate the membership on the importance of HR 3393 and its impact on mortgage brokers. We also put together the 2016 N A M B P E R S P E C T I V E getting knowto Valerie Saunders Director of NAMB B Y P H I L H A L L