december 2010
DESCRIPTION
The Niche Report - December 2010TRANSCRIPT
Issue 041
December 2010
TheNicheReport.com
Finding the Right Branching CompanyAsking the right questions determines your success.
10 Bringing Up The RearMartin Joel Erzinger, et al.
543018 Shhh ... Frank & Brian SpeakSo who's going to originate these loans?
FEATURE ARTICLE! Is The Loan Officer Dead?2010 Market Trends & 2011 Predictions.
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Mandelman:
Twas Night Before Xmas. pg 28
See “Page 7” for Details.
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Litigation Support & Forensic Loan Auditor Certification• AremarkablereportpublishedbytheFDICOfficeoftheInspector
Generalrevealsthatduring2005(whichwasthepeakyearofthemortgageboommeasuredbynumberofloansoriginated),83%offederallysupervisedbanksthatmadeloanswerecitedforpatternsof“significantcomplianceviolations.”
• WholesaleratesonForensicLoanAudits,SecuritizationAudits,PredatoryLendingLawsuits,TRO’stoStopSale
• ExpertWitnessServices/DemandLetters/QWR/CivilComplaints/TRO/LisPendens
• BBBAccredited/AttorneyOperatedLitigationSupport/100employeesnationwide
• DON’TGETBURNEDBYUSELESSSOFTWAREPROGRAMS
• SecurtiizationClasses:December3rd–5th&January7th–9th
• ForensicLoanAuditorClasses:December16th–19th&January13th–16th
• Upcomingwebinartrainings(visitwebsiteformoreinformation)
“I have had tremendous success utilizing the certified forensic loan audit. Moreover, Certified Forensic Loan Auditors is without a doubt the most comprehensive and complete forensic loan audit on the market.” Eric Hougen, Esq.
“If anyone wants to become a Forensic Loan Auditor or is already, this course is a must!!! You will not just do the audits, you will understand and be able to truly help your clients.” Linda Zimmerman
13101W.WashingtonBlvd.Suite140,LosAngeles,CA90066www.CertifiedForensicLoanAuditors.comsales@CertifiedForensicLoanAuditors.com
310-432-6304
The Nation’s Premier Forensic Loan Audit Wholesaler Since 2007
Nation’s Leading Experts on Mortgage Securitization AuditsSecuritization Memorandums will include the following:
(1)Identifyingthemostlikelycandidateinvestmentvehicles.Thisistheentry-levelproductthatclientschooseinordertodeterminewhetheraloanwassecuritizedandwhichavenueitlikelytookintothesecuritizationmarket.Ourresearcherslookfortypicalcharacteristicswithappropriatecut-offdatestonarrowtheballparkandprovideabasisforaTierTwoMemorandum.
(2)IdentifyingtheNoteholderandthespecificinvestmentvehiclesintowhichyourclient’sloanwassecuritized.ThisisnotalwayspossibleduetoSECregulatorylimitations,however,theTierTwoMemorandumcanprovideamuchmorecompleteanddetailedaccountofwheretheloanwentand,inmanycases,whichinvestorpurchaseditandwhothelastholderoftheNotewasreportedtotheSEC.
(3)PublicRecordsResearchandReport:OurexperiencedanddedicatedteamwillcombthroughCountyrecordstoobtainevidenceoffraudorunauthorizedtransfersandassignmentsofproperty.Acomprehensivereportdetailsourfindings.
• AlsoperformingSecuritizationTrainingWebinarsandCoursesstartinginFall2010
• SeeWebsiteforupcomingMCLEContinuingEducationSeminarsonSecuritization
Certified Forensic Loan Auditors, LLC is not a law firm and does not give legal advice. We are a business to business litigation support company and our work product is only performed on behalf of Mortgage Professionals and Attorneys.
Certified Forensic Loan Auditors, LLC
Certified Forensic Loan Auditors, LLC
Predatory Lending Lawsuits
Forensic Loan Audit Certification
Training
Forensic Loan Audits
Securitization Audits
TRO Lis Pendens
32 hr Courses
6 hr Webinars
Expert Witness Services
Continuing Education
Civil Complaints
Lis Pendens TRO
Certified Forensic Loan
Audits
Demand Letters
Litigation Support & Forensic Loan Auditor Certification• AremarkablereportpublishedbytheFDICOfficeoftheInspector
Generalrevealsthatduring2005(whichwasthepeakyearofthemortgageboommeasuredbynumberofloansoriginated),83%offederallysupervisedbanksthatmadeloanswerecitedforpatternsof“significantcomplianceviolations.”
• WholesaleratesonForensicLoanAudits,SecuritizationAudits,PredatoryLendingLawsuits,TRO’stoStopSale
• ExpertWitnessServices/DemandLetters/QWR/CivilComplaints/TRO/LisPendens
• BBBAccredited/AttorneyOperatedLitigationSupport/100employeesnationwide
• DON’TGETBURNEDBYUSELESSSOFTWAREPROGRAMS
• SecurtiizationClasses:December3rd–5th&January7th–9th
• ForensicLoanAuditorClasses:December16th–19th&January13th–16th
• Upcomingwebinartrainings(visitwebsiteformoreinformation)
“I have had tremendous success utilizing the certified forensic loan audit. Moreover, Certified Forensic Loan Auditors is without a doubt the most comprehensive and complete forensic loan audit on the market.” Eric Hougen, Esq.
“If anyone wants to become a Forensic Loan Auditor or is already, this course is a must!!! You will not just do the audits, you will understand and be able to truly help your clients.” Linda Zimmerman
13101W.WashingtonBlvd.Suite140,LosAngeles,CA90066www.CertifiedForensicLoanAuditors.comsales@CertifiedForensicLoanAuditors.com
310-432-6304
The Nation’s Premier Forensic Loan Audit Wholesaler Since 2007
Nation’s Leading Experts on Mortgage Securitization AuditsSecuritization Memorandums will include the following:
(1)Identifyingthemostlikelycandidateinvestmentvehicles.Thisistheentry-levelproductthatclientschooseinordertodeterminewhetheraloanwassecuritizedandwhichavenueitlikelytookintothesecuritizationmarket.Ourresearcherslookfortypicalcharacteristicswithappropriatecut-offdatestonarrowtheballparkandprovideabasisforaTierTwoMemorandum.
(2)IdentifyingtheNoteholderandthespecificinvestmentvehiclesintowhichyourclient’sloanwassecuritized.ThisisnotalwayspossibleduetoSECregulatorylimitations,however,theTierTwoMemorandumcanprovideamuchmorecompleteanddetailedaccountofwheretheloanwentand,inmanycases,whichinvestorpurchaseditandwhothelastholderoftheNotewasreportedtotheSEC.
(3)PublicRecordsResearchandReport:OurexperiencedanddedicatedteamwillcombthroughCountyrecordstoobtainevidenceoffraudorunauthorizedtransfersandassignmentsofproperty.Acomprehensivereportdetailsourfindings.
• AlsoperformingSecuritizationTrainingWebinarsandCoursesstartinginFall2010
• SeeWebsiteforupcomingMCLEContinuingEducationSeminarsonSecuritization
Certified Forensic Loan Auditors, LLC is not a law firm and does not give legal advice. We are a business to business litigation support company and our work product is only performed on behalf of Mortgage Professionals and Attorneys.
Certified Forensic Loan Auditors, LLC
Certified Forensic Loan Auditors, LLC
Predatory Lending Lawsuits
Forensic Loan Audit Certification
Training
Forensic Loan Audits
Securitization Audits
TRO Lis Pendens
32 hr Courses
6 hr Webinars
Expert Witness Services
Continuing Education
Civil Complaints
Lis Pendens TRO
Certified Forensic Loan
Audits
Demand Letters
6 December 2010
NICHE REPORTSCONTENTS Issue 041 December 2010
FOUNDER & PRESIDENT Robert Pegg [email protected]
CO-FOUNDER & PRESIDENT David Pegg [email protected]
MANAGING EDITOR Stewart Mednick [email protected]
EDITORIAL / CONTENT MANAGER Kristen Moser [email protected]
ACCOUNTING MANAGER Shawna Ingram [email protected]
ADvERTISING DIRECTOR Jessica Grizzle [email protected]
ADvERTISING SALES Heather Bopp [email protected]
PRODUCTION MANAGER Henry Suchman [email protected]
PRODUCTION ASSISTANT Dawn Exner [email protected]
COLUMNISTS & CONTRIBUTING AUTHORS Martin Andelman Molly Dowdy Frank Garay Peter Hebert Stewart Mednick Joe Murin Kurt Reisig Rick Roque Brian Stevens
Finding The Right Branching CompanyKURT REISIGCEOAmEriCAn PACifiC mOrtgAgEAsking the right questions determines your success.
10 Security, Privacy and EthicsMOLLy DOwDyEVP Of mArkEting,A lA mOdEHow to get new clients now.
39
Twas The Night Before ChristmasMARTIN ANDELMANNmAndElmAn mAttErsml-imPlOdE.COm
28
Center Stage with United Wholesale MortgageTHE NICHE REPORT
The Niche Report talks with Executive Vice President Mat Ishbia
37
Title XIV: The Mortgage Reform and Anti-Predatory Lending ActPETER HéBERTCEC trAinErmOrtgAgE industry AuthOr
14 DEPARTMENTS
09 FROM THE EDITOR'S DESK
30 SHHH ... FRANK & BRIAN SPEAK
54 BRINGING UP THE REAR
33 THE vOICE OF HOUSING
35 wHAT'S yOUR MORTGAGE IQ?
50 LENDER & RESOURCE DIRECTORy
AGENCy & FHA pg 45
COMMERCIAL pg 45
HARD MONEy & NON-PRIME pg 46
CONSTRUCTION pg 46
SERvICE PROvIDERS pg 4718 Is The Loan
Officer Dead?2010 Market Trends & 2011 Predictions.
RICK ROQUE
Becoming a GSF Pro-Branch grants you access to many of the services that may not be obtainable in your
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Reverse Mortgages203k
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ND, NE, NH, PA, SD, TX, VA, WI, WV
Adding more state licensing monthly.
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www.gsfprobranch.com
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(Absolutely NO fi le fees, NO splits)
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Published monthly by BODA Publishing, LLC PO Box 494, Bentonville, AR 72712 Phone: 866.964.2695 Fax: 703.991.2362 Email: [email protected] www.TheNicheReport.com
This year is finally coming to an end. So much has happened in this year that I can not even begin to summarize. I do want to mention some landmark events in The Niche Report realm.
We have developed some fantastic partners, sponsors and readership. The bandwagon grows and we are all enriched with knowledge, humor, points-of-view, and controversy. I want to recognize all of the contributing authors and columnists for their outstanding content of ar-ticles and professionalism in responsibility to write them. I want to thank the advertisers for believing in the magazine while our industry has been turned upside down.
The greatest acknowledgement goes to the reader. I know we have independent brokers to company executives reading. No matter. If our content is good, then the reader is enriched.
The Niche Report has grown in record proportion because of all the above mentioned. I see many aspects of the busi-ness in a different light because of the content I read every month. I find new lenders with cutting edge products and processing methods. I find new technology. I hold on to what I am familiar with and what is newly discovered.
A personal story about such an epiphany: I have been a Calyx user my entire professional career. I have upgraded each new version of Point and originated hundreds of loans with their products. I now read the magazine and see adver-tisement by the company, articles written about the company and now hope that the company will even pony-up an executive author to write for the magazine. All this presence reinforces the fact that I now know that I have chosen an industry leader and an ethical and quality company to partner in my professional development. I never knew I would be an editor for an industry magazine ten years ago when I was using Point. Now, I am proud that this company, like tens of others, has chosen to be part of the best magazine in the industry.
This reinforcement of seeing the advertisements of the companies I use and rely upon is testament of the quality, dedica-tion and moral fiber that makes up these fine partners.
OK, I am off my soap box and the flag waving, tear-jerking schmaltz is over.
But to all of you readers, all of you authors, all of you advertisers, and all of you professionals that make this magazine successful, on behalf of the entire staff of The Niche report, we take a bow and acknowledge your contribution to a good thing. Thank you, and Happy New Year! May 2011 be even better!
Stewart Mednick
FROM THE EDITOR'S DESK
9TheNicheReport.com
MEMBEROfficial
10 December 2010
Before mortgage professionals start the process of evaluat-ing branching companies, it
is vital they perform due diligence to ensure they select a credible, stable, transparent company that will have longevity.
Due to shifts in the industry, there has been an influx of new branching
businesses that grew from other sectors. Many principals at these companies have backgrounds other than retail branching. This creates challenges as they are often unable to understand how to best support branches or loan originators.
As the decision to affiliate with a branching company has the potential to shape one’s career, it is important to research, qualify and vet as thoroughly as possible. The selection of a top branching company will allow success for branch managers and employees.
THE RIGHT QUESTIONS, TO GET THE REAL ANSwERSOnce a business owner or mortgage professional
decides that they are ready to become affiliated for the first time, or to change affiliations, there are questions that are important to ask the potential employer.
The first question to ask is “how long have you been in business?” It is important to have a deep understanding of not only how long the company has been around, but to have a clear picture of what type of business they have
conducted over the years. For example, has the company always focused on retail branching or have they transformed and reinvented their focus recently? The longer they have been in the branching business, the better equipped they are to support their individual branches. Knowing how long the company has been in the branching business indicates how familiar they are with helping new branches transition into their organization, what support their branches need, the training they can offer to branch managers and staff and how to help support a successful transition.
It is important to understand the company’s goals for the future, including how they will navigate regulatory reform. This will provide insight on where they are headed and the viability of their future survival and success. Research their mission and decision making processes, then evaluate how these have affected the company and how future decisions could impact your individual branch.
Another important question to ask is “do the principals of the company have a mortgage origination background?”
Listen to their response and attempt to identify the orientation of the company. For example, was the company leadership team formed by individuals that used to work originating loans, or are they currently producing loans?
If the company does not understand today’s challenges at the branch level, it becomes difficult for them to relate to the day-to-day issues at the branch level. Ideally principals are in touch with what happens at the branch level and can make changes based on those experiences. If they have
By KURT REISIG
FINDING THE RIGHT BRANCHING COMPANyAsking the Right Questions Determines Your Success
But true.And maybe it's time you did too. Before your client reads about ENTITLE DIRECT1 or hears about it from a friendor an advisor or worse — your competition.
ENTITLE DIRECT can save your borrower hundreds, even thousands of dollars on a jumbo closing. Being thefirst to tell your client and offering to request our title insurance on their behalf (it's easy with our dedicatedcall center) can help build a relationship and position you as a trusted advisor. It's also a great way to re-engage with refi prospects.
There’s nothing to lose, except high-priced retail title costs. ENTITLE DIRECT has instant online quotes. If youlike our rates — and what's not to like with savings of 35% or more — we'll guarantee them for your GFE inminutes. Use our closers or your own.2 So repeat after me: "I can save my borrowers hundreds, even thousandsoff closing costs with ENTITLE DIRECT." That wasn't too weird, right?
Call us at 1.877.936.8485
“[ENTITLE DIRECT] aims to undercut other insurers by at least 35%.” Wall Street Journal
“ENTITLE DIRECT has received regulatory approval to sell title insurance... with a simple pricing strategy: Charge a flat 35% less thanthe going rate in the local market.”Forbes
People are talkingabout title insurance. Weird, huh?
1All title insurance policies are underwritten and issued and all licenses to issue policies and regulatory approvals received are held by EnTitle Insurance Company, 4600 Rockside Road, Independence, OH 44131. EnTitle Insurance Company is regulated by the Ohio Department of Insurance. * Except in NM where rates are set by statute.
2 Subject to state laws and approval by EnTitle Insurance Company.Certain title and escrow services are not available in all states. CBS Moneywatch, Wall Street Journal and Forbes are copyrights owned by their owners.
“The biggest cost that’s almost always negotiableare the charges for title insurance and related titleservices... ENTITLE DIRECT... charged $857.50for that entire package — a savings of $787.” CBS Moneywatch
Entitle Direct_Niche Report_093010_Layout 1 9/30/10 12:46 PM Page 1
But true.And maybe it's time you did too. Before your client reads about ENTITLE DIRECT1 or hears about it from a friendor an advisor or worse — your competition.
ENTITLE DIRECT can save your borrower hundreds, even thousands of dollars on a jumbo closing. Being thefirst to tell your client and offering to request our title insurance on their behalf (it's easy with our dedicatedcall center) can help build a relationship and position you as a trusted advisor. It's also a great way to re-engage with refi prospects.
There’s nothing to lose, except high-priced retail title costs. ENTITLE DIRECT has instant online quotes. If youlike our rates — and what's not to like with savings of 35% or more — we'll guarantee them for your GFE inminutes. Use our closers or your own.2 So repeat after me: "I can save my borrowers hundreds, even thousandsoff closing costs with ENTITLE DIRECT." That wasn't too weird, right?
Call us at 1.877.936.8485
“[ENTITLE DIRECT] aims to undercut other insurers by at least 35%.” Wall Street Journal
“ENTITLE DIRECT has received regulatory approval to sell title insurance... with a simple pricing strategy: Charge a flat 35% less thanthe going rate in the local market.”Forbes
People are talkingabout title insurance. Weird, huh?
1All title insurance policies are underwritten and issued and all licenses to issue policies and regulatory approvals received are held by EnTitle Insurance Company, 4600 Rockside Road, Independence, OH 44131. EnTitle Insurance Company is regulated by the Ohio Department of Insurance. * Except in NM where rates are set by statute.
2 Subject to state laws and approval by EnTitle Insurance Company.Certain title and escrow services are not available in all states. CBS Moneywatch, Wall Street Journal and Forbes are copyrights owned by their owners.
“The biggest cost that’s almost always negotiableare the charges for title insurance and related titleservices... ENTITLE DIRECT... charged $857.50for that entire package — a savings of $787.” CBS Moneywatch
Entitle Direct_Niche Report_093010_Layout 1 9/30/10 12:46 PM Page 1
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