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�JUNE 2012PRESORTED STANDARD

U.S. POSTAGE PAIDNMP MEDIA CORP.

NMP MEDIA CORP.1220 WANTAGH AVENUEWANTAGH, NEW YORK 11793

http://www.streetlinks.com

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Mortgage PROFESSIONALO K L A H O M A

M A G A Z I N E

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

OKAMP STATE BOARD MEMBERS

Kent Rountree Statewide President [email protected]

Gene Seiter Statewide Treasurer [email protected]

Cass Fahler Statewide Secretary [email protected]

Robert Fightmaster Capitol Chapter President [email protected]

David Lee Statewide Director [email protected]

Oklahoma Association of Mortgage Professionals71st & Garnett, 4649 West Kenosha Street

Broken Arrow, OK 74012Phone #: (918) 451-4868 � Fax #: (855) 570-0734

E-mail: [email protected] site: OKAMP.com

OKAMP Code of Ethics

� The laws, rules and regulations of the state of Oklahoma and in accordancewith the by-laws of the Oklahoma Association of Mortgage Professionals.

� The mortgage broker shall perform his/her business in a manner reflect-ing honor and integrity. Mortgage brokers shall avoid and report fraud-ulent and unethical practices to the OKAMP and or the StateDepartment of Consumer Credit charged with regulating the practices ofbrokers in the state of Oklahoma.

� The mortgage broker shall abide by generally accepted principles of realestate valuation when reporting to the investor regarding the valuationof the offered collateral of his/her loan.

� The mortgage broker shall advise the relevant parties of any equity interesthe/she may have in the collateral offered as security for the mortgage loan.

� The mortgage broker shall not advise, offer or advertise loan terms andconditions not available and not likely to be made available.

� The mortgage broker should put all agreements into written form, butshall abide by all agreements made by him whether written or oral.

� The mortgage broker shall maintain special accounts separate from hispersonal accounts for the deposit of trust or escrow funds.

� The mortgage broker shall not speak disparagingly of the business ofhis/her competitor or of a transaction being negotiated by a competitor.

� Disputes between members shall be resolved by decisions of theGrievance Committee.

Become a NationalMortgageProfessional.com Blogger! It's free and easy. Just head on over to NMPMag.com, register and

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Got an opinion? Want to share yourthoughts on the industry?

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203(k) Rehab Loan Program: Foreclosures Present Challenges, OpportunityNMLS and State Testing for Mortgage Professionals

A Message From OKAMPMPresident Kent RountreeMembership Made Easy!

Allow me to introduce myself, my name is Kent Rountree and I have thepleasure of serving as your OKAMP state president. Many things are in theworks on a federal and state level, as OKAMP continues to work hard forALL friends of the mortgage profession!

I write to you today to encourage you to strengthen the bond of yourfriendship with us. To paraphrase the words of Jerry McGuire, “Help us helpyou!” To make you a believer, we have cut our membership due and havechanged the membership format.

It’s simple, support your state for only $95! Want to be a national play-er and want to support your state and national profession? That’s easy too… at only $225.

Membership Made Easy! That was our goal, it’s affordable and easy toobtain. Get your membership today and receive a certificate of member-ship in the mail, and proudly place your membership on all your e-mailsto let your customers know you mean business!

Membership Made Easy! You can sign up two ways, go online now towww.okamp.com and pay with a credit card. Or, if you prefer the oldschool method, just mail us your check to OKAMP at PO Box 35016,Tulsa OK 74153 along with your contact information, we’ll process itwithin a week!

Have questions or comments, e-mail your leaders at [email protected], we make the difference,

Kent Rountree, PresidentOklahoma Association of Mortgage Professionals

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A Special Look at “Branch Development”Finding the Right Branch Opportunity By Tina Jablonski & Shawn Sirko ..............................................34So You Want to Start a Branch? By Jeff Mifsud ................36Coffee, Tea or Bank? By Dave Hershman............................37Taking Your Branch From Good to Great By John Cate ......................................................................38Six Do’s for Branch Marketers By Jim Blatt ......................392012 Who’s Hiring Report ..............................................42

FeaturesFreddie Mac Announces Its Acceptance of Electronic Transactions By Melanie A. Feliciano Esq. ..........4Consumer Credit Awareness Improving, But Still Lacking in Many Areas By Terry W. Clemans ........................4Lykken on Leadership: Lessons on Leadership Learned From Gettysburg By David Lykken..........................8ValueNation: The REO AVM as Compared to Other Valuation Methods By David Rasmussen ..............10The NAMB Perspective ..................................................12Leadership: People Join Companies. They Leave People. By Scott Seroka ..................................14Pursuing Excellence: Psychology and Sales Go Hand in Hand By Casey Cunningham......................................16Is Your Career the Result of Mutual Selection? By Eric Levin ........................................................................................18USA Cares Mortgage Heroes: J. Barry Sherlock By Beverly Frase ..................................................................19The Elite Performer: Compete Like an Olympian By Andy W. Harris, CRMS........................................................26Unique Mortgage Event Draws 1,500 Originators and Executives By David J. Coster ..................32Marketing in 2012: Maximize Your Marketing Dollars........48

ColumnsHeard on the Street..........................................................6NMP News Flash: June 2012..........................................16New to Market ................................................................28NMP Mortgage Professional Resource Registry ..........49NMP Calendar of Events ................................................52

Visit Our

ADVERTISERS

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360 Mortgage Group, LLC ................................ www.360mtg.com ................................................30

America’s Choice Home Loans .......................... www.achlonline.com ............................................23

Best Rate Referrals, LLC .................................... www.bestratereferrals.com ............Inside Back Cover

Calyx Software ................................................ www.calyxsoftware.com ......................................20

CBC National Bank .......................................... www.cbconnex.com ..................................OK2 & 17

Document Systems, Inc./DocMagic .................... www.docmagic.com ............................................11

Equity Loans LLC .............................................. www.equityloans.com ..........................................15

First Guaranty Mortgage Corp. .......................... www.fgmc.com ....................................................21

Frost Mortgage Lending Group .......................... www.frostmortgage.com/nmp ..............................26

Gold Star Mortgage Financial Group, Inc. .......... www.goldstarbranch.com ....................................26

Hometown Lenders .......................................... www.whotookmybacon.com ................................29

Icon Residential Lenders, LLC ............................ www.iconwholesale.com ................................9 & 33

Land Home Financial Services .......................... [email protected] ....................................38

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

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

Menlo Park Funding ........................................ www.menloparkfunding.com ................................13

Mortgage Brokers Network Corp, Inc. ................ www.mortgagebrokersnetwork.com ......................31

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

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

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

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

REMN (Real Estate Mortgage Network)................ www.remnwholesale.com ......................................7

Ridgewood Savings Bank .................................. www.ridgewoodbank.com ....................................27

Streetlinks LLC ................................................ www.streetlinks.com ....................Inside Front Cover

TagQuest ........................................................ www.tagquest.com ................................................5

United Wholesale Mortgage .............................. www.uwm.com ........................................Back Cover

Veros .............................................................. veros.com ..........................................................39

National Mortgage Professional Magazine

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NMPNMPJune 2012 Volume 4, Number 6 Company Web Site Page

From The Publisher’s DeskJune 2012Volume 4 • Number 6

1220 Wantagh Avenue • Wantagh, NY 11793-2202Phone: (516) 409-5555 • Fax: (516) 409-4600

Web site: NationalMortgageProfessional.comSTAFF

Eric C. PeckEditor-in-Chief

(516) 409-5555, ext. [email protected]

Joel M. BermanPublisher


Joey ArendtArt Director

[email protected]

Jon BlakeAdvertising Coordinator(516) 409-5555, ext. 301

[email protected]

Beverly KoondelNational Account Executive


Tara CookBilling Coordinator


ADVERTISINGTo receive any information regarding advertising rates, deadlines andrequirements, please contact National Account Executive Beverly Koondelat (516) 409-5555, ext. 316 or e-mail [email protected].

ARTICLE SUBMISSIONS/PRESS RELEASESTo submit any material, including articles and press releases, pleasecontact Editor-in-Chief Eric C. Peck at (516) 409-5555, ext. 312 or [email protected]. The deadline for submissions is the first ofthe month prior to the target issue.

SUBSCRIPTIONSTo receive subscription information, please call (516) 409-5555, ext.301; e-mail [email protected] or visit www.nationalmort-gageprofessional.com. Any subscription changes may be made to theattention of “Circulation” via fax to (516) 409-4600.

Statements, articles and opinions in National Mortgage Professional Magazineare the responsibility of the authors alone and do not imply the opinion orendorsement of NMP Media Corp., or the officers or members of NationalAssociation of Mortgage Brokers and its State Affiliates (NAMB), NationalAssociation of Professional Mortgage Women (NAPMW), National CreditReporting Association (NCRA) and/or other state mortgage trade associations.

Participation in NAMB, NAPMW, NCRA, and/or other state mortgagetrade associations events, activities and/or publications is available ona non-discriminatory basis and does not reflect the endorsement of theproduct 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 misrepre-sentations or warranties concerning the regulatory and/or complianceaspects of advertisers, products or services and/or the editorial content con-tained in NMP Media Corp. publications. National Mortgage ProfessionalMagazine and NMP Media Corp. reserve the right to edit, reject and/or post-pone the publication of any articles, information or data.

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Branching out in today’s marketplaceBranch networks are nothing new to the industry. For years, mortgage professionalshave had the option of aligning with major industry players under a common bannerto get out there and do what they do best, keeping alive the American Dream ofHomeownership. For some, branching is a choice, while for others it had become anecessity to make it in today’s mortgage marketplace.

This month, we have assembled a collection of articles geared toward those who arefacing the branching option to help ease that transition and to assist in the search infinding that ideal business partner to work with. Starting things off on page 34, Gold

Star Mortgage’s Tina Jablonski and Shawn Sirko provide tips on what you need to do to find a perfect fitwhen looking for a branch partner in the article, “Finding the Right Branch Opportunity.” On page 35,we had a chance to pick the brains of industry veterans Daniel Jacobs and Barry Habib of ResidentialFinance Corporation in the article, “The New Age of Mortgage Branching: What Originators Need toKnow.” Daniel and Barry discuss how branching has evolved over the years, and the new challenges onefaces when seeking and entering into a partnership. Our FHA expert, Jeff Mifsud of Mortgage SeminarsLLC, shares his thoughts on starting a branch and what branch companies consider when partnering upwith new branch managers on page 36. On page 37, Dave Hershman details the many options availablewhen seeking a branch partner in his submission, “Coffee, Tea or Bank?” John Cate of GuaranteedHome Mortgage Company, in his article on page 38, discusses methods to success that a new branchmanager should implement once they get their branch off the ground in his article, “Taking YourBranch From Good to Great.” Wrapping up our section this month is an article from Jim Blatt, CEO ofMortgage Returns, who shares six marketing tips once one finally does select a branch in his article, “SixDo’s for Branch Managers,” on page 39.

A bonus to our special feature on branching this month is the “2012 Who’s Hiring Report.” If you everhad any questions as to where to go when considering a branch opportunity or who to speak to, our spe-cial “Who’s Hiring Report” brings hundreds of the nation’s top companies in one place and provides youwith contact info to get the ball rolling and get you off the fence and into the ideal branch partnership.

History will repeat itselfWe have all heard the above motto/slogan countless times, but this month, David Lykken of MortgageBanking Solutions uses his “Lykken on Leadership” column on page 8 to draw parallels from the historicBattle of Gettysburg to the leadership of today’s mortgage marketplace. David, while a recent MortgageBankers Association leadership conference, reflects on the experiences of the Union and ConfederateArmies and how their battle in 1863 relates to the struggle the mortgage industry is faced today in themidst of regulation and stricter underwriting standards in the lending environment of 2012 … truly aninteresting analogy drawn by Mr. Lykken.

NAMB fighting the good fight on behalf of the entire industryOn page 12, we present the June 2012 installment of “The NAMB Perspective.” This month, NAMB—TheAssociation of Mortgage Professionals President Donald J. Frommeyer discusses his passion for the mort-gage industry and the hard work NAMB does on behalf of the entire industry, not just the handful of dues-paying NAMB members. As for me personally, I have been involved in leadership positions with mortgagetrade associations in the past, so I can identify with Mr. Frommeyer when he details the labor of love thatis his role as president of a nationwide trade association like NAMB. Read about the new NAMB member-ship campaign contest, and the perks of spreading the word about the benefits of NAMB membership. Alsothis month, NAMB Education Committee Chairman Rocke Andrews and NAMB Government AffairsCommittee Chair John H.P. Hudson share the latest updates from their respective committees. From newclasses and expanded educational opportunities, to NAMB’s work with the Consumer Financial ProtectionBureau (CFPB), the association’s work spans many areas, all with the common goal of strengthening thenation’s community of mortgage professionals.

All this and much more lies ahead in the June 2012 issue of National Mortgage Professional Magazine.As the dog days of summer are upon us, it’s not time to sit back and kick your feet up. The industry is ever-changing and you need to keep pace and ahead of the curve by remaining a proactive member of today’smortgage professional community … it’s no longer just a nine-to-five job!

Sincerely,

Joel M. Berman, PublisherNMP Media Corp.

National Mortgage Professional Magazineis published monthly by NMP Media Corp.

Copyright © 2012 NMP Media Corp.

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The Association of Mortgage Professionals

2701 West 15th Street, Suite 536 � Plano, TX 75075Phone #: (703) 342-5900 � Fax #: (530) 484-2906

Web site: www.namb.org

President—Donald J. Frommeyer, CRMSAmtrust Mortgage Funding Inc.200 Medical Drive, Suite DCarmel, IN 46032(317) 575-4355 � [email protected]

Vice President—Donald Fader, CRMSSMC Home FinanceP.O. Box 1376Kinston, NC 28503-1376(252) 523-5800 � [email protected]

Treasurer—John Councilman, CMC, CRMSAMC Mortgage Corporation2613 Fallston RoadFallston, MD 21047(410) 557-6400 � [email protected]

Secretary—Olga Kucerak, CRMSCrown Lending222 East Houston, Suite 1600San Antonio, TX 78205(210) 828-3384 � [email protected]

Past President—Jim Pair, CMCMortgage Associates Corpus Christi6262 Weber Road, Suite 208Corpus Christi, TX 78413(361) 853-9987 � [email protected]

Rocke Andrews, CMC, CRMSLending Arizona LLC1996 North KolbTucson, AZ 85715(520) 886-7283 � [email protected]

Fred Arnold, CMCAmerican Family Funding24961 The Old Road, Suite 101Stevenson Ranch, CA 91381(661) 284-1150 � [email protected]

Kay A. Cleland, CMC, CRMSKC Mortgage LLC200 South Wilcox Street #224Castle Rock, CO 80104(720) 810-4917 � [email protected]

Andy W. Harris, CRMSVantage Mortgage Group1596 SW Boones Ferry Road, Ste. 100Lake Oswego, OR 97035(503) 496-0431 � [email protected]

Deb Killian, CRMSGMAC246 Federal Road, Unit C-24Brookfield, CT 06804(203) 778-9999, ext. 103 � [email protected]

Linda McCoyMortgage Team 1 Inc.6336 Picadilly Square DriveMobile, AL 36609(251) 610-0494 � [email protected]

John StevensBank of England d/b/a ENG Lending11650 South State Street, Ste. 350Draper, UT 84120(801) 427-7111 � [email protected]

Donald J. UngerPresident(303) 670-7993, ext. [email protected]

Daphne LargeVice President & Treasurer(901) [email protected]

Tom ConwellEx-Officio & Legislative Chair(800) 445-4922, ext. [email protected]

Nancy FedichDirector–Conference Chair(908) 813-8555, ext. [email protected]

Judy RyanDirector-Strategic AllianceChair(800) 929-3400, ext. [email protected]

Susan CataldoDirector–Education & Compliance Chair(404) 303-8656, ext. [email protected]

William BowerDirector–Tenant ScreeningChair(800) [email protected]

Mike BrownDirector–Technology Chair(800) 925-6691, ext. [email protected]

Maureen DevineDirector–Education & Compliance Co-Chair(413) [email protected]

Renee EricksonDirector–New Membership & Elections Chair(800) 311-1585, ext. [email protected]

Terry ClemansExecutive Director(630) [email protected]

Jan GerberOffice Manager/MembershipServices(630) [email protected]

PresidentCandace M. Smith, CME(512) [email protected]

President-ElectJill Kinsman(206) [email protected]

Senior Vice PresidentChristine Pollard(607) [email protected]

Vice President—Central RegionKelly Hendricks(314) [email protected]

Vice President—Eastern RegionKatrica J. Driscoll, MML, CME, CMI(919) [email protected]

Vice President—Northwestern RegionDebbie Tofte, GML(425) [email protected]

Vice President—Western RegionLyman King III, CMI, CME(916) [email protected]

SecretarySara Vasura(703) [email protected]

TreasurerJeanne Evans, CME(918) [email protected]

ParliamentarianHulene Works(972) [email protected]

NAMB 2011-2012 Board of Directors

National Association of ProfessionalMortgage Women

P.O. Box 451718 � Garland, TX 75042Phone #: (800) 827-3034 � Fax #: (469) 524-5121

Web site: www.napmw.org

OFFICERS

DIRECTORS

2012 Board of Directors & Staff

National Credit Reporting Association Inc.125 East Lake Street, Suite 200 � Bloomingdale, IL 60108

Phone #: (630) 539-1525 � Fax #: (630) 539-1526Web site: www.ncrainc.org

National Board of Directors 2012-2013

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Sponsored Editorial

By Melanie A. Feliciano Esq.

There appears to be a movement afoot to adopt electron-ic transactions, including electronic signatures, in mort-gage lending transactions. Pursuant to Bulletin Number2012-11, Freddie Mac announced recently, among other

things, that federally-regulated sellers of loans to Freddie Mac may elec-tronically deliver initial disclosure documents in the loan originationprocess. In addition, Freddie Mac announced that electronic signatureswould be accepted if signatures are required on any of the initial disclo-sure documents.

The initial loan origination documents that are eligible for ElectronicTransactions (defined below) under Freddie Mac’s guidelines are as follows:

� Initial loan application (Final loan application at closing must be apaper copy and signed with pen and ink)

� Real Estate Purchase and Sale Agreement (see Section 3.10)� Initial Good Faith Estimate (GFE)� Initial Truth-in-Lending (TIL)/Regulation Z Disclosures� Initial Consumer Mortgage Product Disclosures� Other Initial Federal and State Consumer Disclosures� Internal Revenue Service (IRS) Forms (Note that IRS Form 4506-T must

be ink, or wet, signed by the borrower)� Other initial documents or forms required by the seller for the seller’s

use only that do not require notarization or witnesses

An “Electronic Transaction” is defined in Section 3.2 of Chapter 3 ofGeneral Freddie Mac Policies, Freddie Mac’s Single-Family Seller/ServicerGuide, Volume 1 as:

An action or set of actions occurring between two or more persons relating tothe conduct of business, commercial, or governmental affairs, using electronicmeans. For purposes of the Guide and the Seller’s other Purchase Documents,the term also includes, but is not limited to, an Electronic Transaction con-ducted using Systems to create, sign, transfer, maintain, send, receive, retrieveand/or store Records, Electronic Records or Electronic Signatures.

Note that Freddie Mac’s guidelines for electronic signatures can befound in new Guide Chapter 3, Special Requirements for ElectronicTransactions, which consolidates its existing requirements in GuideSection 1.3, Acknowledgment and Consent to Electronic Transactions.

Freddie Mac’s acceptance of electronic transactions, including elec-tronic signatures, is welcome news to those lenders who have been deliv-ering their loan packages electronically and securing borrowers’ elec-tronic signatures on initial disclosure documents.

Melanie A. Feliciano Esq. is DocMagic Inc.’s chief legal officer and current-ly serves as editor-in-chief of DocMagic’s electronic compliance newsletter,The Compliance Wizard. She received her JD from the GeorgetownUniversity Law Center, and is licensed in California and Texas. She may bereached by phone at (800) 649-1362 or e-mail [email protected].

Freddie Mac AnnouncesIts Acceptance of

Electronic Transactions

Consumer Credit AwarenessImproving, But Still Lacking inMany Areas

By Terry W. Clemans

In May, the results of the second annual ConsumerFederation of America (CFA) VantageScore SolutionsSurvey, a study measuring consumer awareness of creditscores, were released. VantageScore is the competitor toFICO Score that was created and is co-owned by the threenational credit bureaus. And while Vantage Score is not

used currently in the mortgage industry, they dominate some market seg-ments like credit card underwriting. This survey was created to measurethe level of consumer awarenessof what their credit score is andwhat affects it, with the goal ofimproving consumer credit edu-cation. The CFA-VantageScoresurvey was administered to arepresentative sample of morethan 1,000 adult Americans byphone in late April 2012 by ORCInternational. The survey con-tained many of the same ques-tions was administered by ORCInternational in January 2011.

More than two-fifths of respondents (42 percent) said they had obtainedor received at least one of their credit scores in the past year. Nearly halfof this group said their source was a consumer or mortgage lender (45 per-cent) and/or a Web site using credit reports at the three main creditbureaus (49 percent). On almost all questions, those who had recentlyobtained a score or scores were more likely to know the correct answersthan consumers who had not recently obtained their credit report.

“In the numerous consumer knowledge surveys we have undertakenover the past several decades, I have never seen such improvement fromone year to the next,” said Stephen Brobeck, CFA’s executive director.“However, credit reports and scores are so important to consumers thatthey should try to improve knowledge that remains deficient in several keyareas.”

The overall findings show that consumer knowledge about credit scoresis improving, including that 78 percent of survey respondents were awarethat they have more than one credit score. Despite large increases in someareas, the average overall score for correct answers increased three per-centage points from the first CFA-VantageScore Survey in 2011.

Some key misperceptions remain and the lending industry as a wholeneeds to stress to consumers to become more educated about their credithistory and what they can do to improve it:

� Fewer than half (44 percent) understand that a credit score typicallymeasures risk of not repaying loans rather than amount of debt (22 per-cent), financial resources (21 percent), or other factors.

� Over half still think, incorrectly, that a person’s age (56 percent) andmarital status (54 percent) are factors used to calculate credit scores,and 21 percent incorrectly believe that ethnic origin is a factor.

Student debt is another area tackled in the survey. According to theFederal Reserve Bank of New York, more than $100 billion in student loanswere taken out last year, and the total loans outstanding exceed $1 trillion,which is a staggering amount. Not only is this a matter for policy makers,but the financial toll placed on students after graduation cannot be over-stated.

The survey found that only 58 percent of respondents between the agesof 18-34 correctly identified the factors related to student debt that impactcredit scores. For the good of the students, and those who co-sign and areguarantors on student loans, we need to help facilitate better understand-ing. An important question to ask is whether financial education isaddressing this issue, and whether or not those who take out student loans

“The overall findings showthat consumer knowledge

about credit scores isimproving, including that

78 percent of surveyrespondents were aware

that they have more thanone credit score.”

continued on page 22

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Total Mortgage ExpandsHeadquarters toAccommodateCompanywide Growth

Total Mortgage Services LLC hasexpanded its Milford, Conn.-basedheadquarters with the addition of anadditional 2,000-sq.-ft. of office spacewhich will house the company’s seniorleadership. The new space is part ofthe same building complex whereTotal Mortgage’s origination and oper-ation centers are located. TotalMortgage now occupies more than10,000-sq.-ft. of office space at itsheadquarters on West Main Street inMilford, Conn. as well as other region-al offices.

“We have been part of the City ofMilford’s business community since1997, and we are excited about ourrapid growth,” said John Walsh,founder and president of TotalMortgage Services. “We have hiredmore than 30 new employees over thepast year, and our expansion is directresult of the success of both our retailand wholesale lending platforms.”

Total Mortgage is actively hiringfully-licensed, experienced loan offi-cers, as well as marketing and opera-tional staff. The company is nowlicensed in 27 states and the District ofColumbia with plans to be licensed inall 50 states in the near future.

“Amid a struggling national econo-my, Total Mortgage has become a keyemployer in Milford, and the expan-sions of its operations is a win-win situ-ation for both the company and ourcity,” said Benjamin G. Blake, mayorof the city of Milford, Conn. “TotalMortgage will continue to leverage NewHaven County’s well-educated, diverseworkforce as they further grow theirbusiness, while Milford can count onone of the nation’s most responsiblelenders to be an integral part of ourlocal economy.”

Greg Redmond to LeadNew REMN Branch inKansas City

Real Estate Mort-gage NetworkInc. (REMN) has

announced the opening of their firstoffice in Kansas City, Kan. and the hir-ing of Greg Redmond as the office’s

branch manager. The new Kansas Citylocation will serve the Kansas City area,as well as Missouri, Tennessee andNebraska. Redmond is a 25-year veter-an of the mortgage industry and a life-long area resident. A member of theMortgage Bankers Association (MBA)and the Kansas City RegionalAssociation of Realtors (KCRAR),Redmond spends his free time outsideof the office experimenting with gour-met recipes, flying planes and volun-teering with Welcome House.

“As REMN expands in the Midwest,it’s important to us that we bring onmortgage industry professionals thatembody our commitment to customerservice and quality in helping peoplesecure mortgages for their homes,” saidCathy Stroud, regional VP for REMN.“Greg’s reputation is well known in theKansas City lending community andhe’s a great choice to oversee our newoffice.”

In addition to Redmond, JenniferBailey is joining the new Kansas Cityoffice as its first operations manager. Along-time area resident, Bailey has alsoworked in the lending industry formore than 25 years. When not in theoffice, she enjoys watching footballwith her family, being outside with hertwo dogs and volunteering at GraceHospice.

REMN currently has more than 40retail offices licensed to originate loansacross the continental U.S., in additionto their online consumer direct divi-sion, which is doing business asFinanceMyHome.com. The companyemploys more than 600 peoplethroughout offices in California,Colorado, Connecticut, Delaware,Florida, Georgia, Kansas, Maryland,Missouri, New Jersey, New York, NorthCarolina, Pennsylvania, South Carolina,Tennessee and Vermont. In 2011 alone,REMN closed more than $2.3 billion inhome loans.

360 Mortgage Group Sees Pipeline Rise byNearly 700 Percent After HARP 2.0

360 Mortgage Groupofficially beganaccepting applica-tions for HARP 2.0

loans on Monday, March 19, 2012,specifically serving challenged andunderwater borrowers. Subsequently,

NMLS

National Education

National Training

National Networking

NAPMW is a community of nearly 2,000 professionals across the Country who engage in the mortgage / banking industry. Men and women from all backgrounds have joined NAPMW because they want to excel at what they do. Employers who want excel-lence from their employees engage with NAPMW for up-to-date education. Both professionals and employers have found there is a place for them in NAPMW.

To Join NAPMW visit:

www.napmw.org

or call: 1-800-827-3034

Have Questions? Please

feel free to e-mail us at:

[email protected]

Organized for the purpose of providing education to profession-als in all phases of the mortgage industry, NAPMW offers educa-tion via many venues – seminars and workshops held around the country, on-line, and at its National Education Conference held each May.

NAPMW membership gives you exclusive access to timely educa-tion regarding the regulations affecting your career such as a FREE TO MEMBERS monthly webinar on industry updates AND our 8 hour NMLS continuing education class offering (NMLS Provider # 1400309)

If you believe in helping to elevate the educational standards of this industry, or assisting in developing the most competent industry work force, then you believe in NAPMW.

NAPMW is not a women’s organization. But since women make up the majority of professionals in the mortgage/banking profes-sion, our purpose is to help them advance in business, personal, and leadership development.

Coast to Coast Associations

Discounted Services

Industry Updates

Education

Networking

Leadership

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PRMG Expands ItsWholesale OperationsInto the Northeast

P a r a m o u n tR e s i d e n t i a lM o r t g a g eGroup (PRMG)

has announced the expansion of itswholesale operations into theNortheastern U.S. and New England ter-ritories. The New England territory willbe headed up by the recent hiring ofPRMG’s new regional manager, BrianBurke. Brian brings more than 20 yearsof experience in the mortgage industryto PRMG, including time spent as aregional sales manager for Clear PointFunding, MetLife Home Loans, and VPof national business development for

Countywide Home Loans. His back-ground includes sales, origination,recruiting, and training support for thecompanies he has served.

In his new position as regional man-ager, Burke will be responsible forrecruiting and developing PRMG’s pres-ence in the New England territory,while overseeing a full-service fulfill-ment operations center that will beunderwriting and funding locally,including generating business in Maine,Connecticut, Vermont, Massachusetts,Delaware, New Hampshire and RhodeIsland. Burke will be reporting directlyto Anne Molchan, vice president, andher division.


360 has experienced a significantincrease in loan volume, resulting inthe largest active pipeline since thecompany’s 2007 founding. Borrowerswhose application date was listed afterDec. 1, 2011 are eligible to take part in360 Mortgage Group’s participationwith HARP 2.0. Additionally, all EA-I, II,III, and occupancy loans are HARP-eligi-ble with unlimited LTV and CLTVs withAU Approval. 360 is also accepting exist-ing MI transfers and no appraisals willbe required on loans receiving aProperty Fieldwork Waiver. There is nolimit to the number of financed proper-ties owned by a borrower that can beconsidered HARP-eligible and no mini-mum FICO is required.

Since first accepting HARP 2.0 appli-cations, 360 Mortgage Group’s activeloan pipeline has increased by almost700 percent and 360 expects customerparticipation with HARP only toincrease in the coming months. As aresult of its increased loan activity, 360is adding staff.

“We’re focused on making qualityhires as rapidly as possible, addingexpert staff to meet the daily increasingdemand both for HARP and all otherloan types,” said Mark Greco, presidentof 360 Mortgage Group. “360 has trulyembraced the spirit of HARP 2.0. Ifhomeowners have made their pay-ments without fail throughout the pastfour years during an economic crisis,then they are going to continue tomake those payments now. Thesehomeowners see their home as just that—a home—and not just an invest-ment. These are the people that Fannieand Freddie are seeking to help rightnow, and so is 360.”

The Hershman Group andMarket Focus AnnouncePartnership

Market Focus Inc., a provider of auto-mated marketing solutions since 1992,has announced a joint partnership withThe Hershman Group, a provider oftraining and marketing solutionsthrough the OriginationPro MarketingSystem. Under terms of the agreement,Market Focus will be integratingOriginationPro’s marketing materialsinto the MortgageQuest CRM, as well asCRM solutions for the real estate andinsurance industries.

Chris Carter, chief executive officer ofMarket Focus indicated that, “we havebeen searching a long time for contentthat is up-to-date, relevant and writtenby an industry expert so that our thou-sands of subscribers can reach their cus-tomers and entire sphere with uniqueand value-added material in order toincrease their prospect conversions andreferrals. With the material written byindustry expert Dave Hershman, wehave found the ideal solution.”

Market Focus has announced thatevery WebDesk subscriber will automati-cally receive OriginationPro’s newsletters,articles and e-mails at no extra charge.

“Our content has been recognizedas the leading content in the indus-try for three decades,” saidOriginationPro’s Dave Hershman.“However, we have lacked the inte-grated distribution system through afully functional and powerful CRM.Now we can offer the best of bothworlds to our clients as MortgageQuesthas been an industry leader for 20years.”

The group also announced that,through an inexpensive upgrade,MortgageQuest users will be able togain access to OriginationPro’s printnewsletters, flyers and postcards, aswell as their advanced training certifi-cation, the Certified Mortgage AdvisorProgram.

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By David Lykken

I just returned from spending two-and-a-half days in Gettysburg, Pa. attending aCampus MBA leadership event that wasconducted literally on the grounds of theBattle at Gettysburg, an event put on bythe Lincoln Leadership Institute ofGettysburg, in conjunction with theMortgage Bankers Association (MBA).Over the course of my 37-year career inthe mortgage industry, I have attendedmany outstanding training/educationalsessions and heard many great speakers.However, this event was, without ques-tion, one of the most profound life-changing experiences I’ve had profes-sionally and want to tell you all about it.

Maybe you, like me, have visitedGettysburg and have seen the monu-ments and toured the battlefields.Perhaps you have read a book or twoabout the Battle of Gettysburg or evensee the movie, “Gettysburg.” While I hadan understanding of the significance ofwhat took place there those first days inJuly of 1863, it wasn’t until I attendedthis event that I recognized how the les-sons learned at the Gettysburg Battlecould help our industry today. While thelessons are many, here are three that Ibelieve you will find interesting.

Lesson #1: The importanceof purpose The Union army was more than 80,000soldiers strong, much larger in numberthan the Confederate army. But theUnion soldiers had lost faith in theirleaders. They had developed an attitudeproblem that had become a seriousmorale issue throughout the ranks. Yet,while they were down on their leaders,they were not down on themselves. Doesthat sound familiar? The Union soldiersmotivated themselves by reminding eachother that they were fighting for a cause

bigger than themselves … they were fight-ing to set other men free! They were fight-ing to keep the United States “united” andremaining, to quote from the Pledge ofAllegiance, “One nation indivisible withliberty and justice for all.” Having an over-riding moral cause will motivate even themost demoralized person, giving themreason to fight with greater purpose todefeat an army with a higher morale, buta lesser cause. When you read the diariesof those fighting on both sides of the CivilWar, both thought that they had the high-er more “righteous cause” for which theyall were willing to die.

Just like the Union forces, I believethat many in the mortgage industry todayhave become frustrated and lost faith inleadership of our industry and ournation. Nonetheless, many in the indus-try have NOT lost confidence or faith inthemselves. Neither have they lost sightof the significance of “the greater cause”or purpose, for which we do what wedo … finance the American Dream ofHomeownership! This purpose supportsand undergirds our entire country’s

economy, which arguably impacts theongoing viability of our nation.

Lesson #2: Know yourstrategic positionGettysburg was very strategically posi-tioned, geographically speaking. It was-n’t just the fact that approximately70,000 Confederate soldiers were strungout to the west and north, nor was it that80,000 Union soldiers amassed to thesouth marching north directly towardsthis otherwise peaceful and picturesquecommunity. By looking at a map, youwill quickly see that the establishedroads, all nine or 10 of them, lead direct-ly into Gettysburg. That worked to theiradvantage in good economic timesbringing commerce to their community.Conversely, it worked to their disadvan-tage in these times of great conflict suchas this.

This is a perfect parallel to the mort-gage industry today. It has been saidmany times and now is universallyaccepted that the key to any economicrecovery is a sustainable housing recov-

ery … and the key to a sustainable hous-ing recovery will be a healthy mortgageindustry recovery. In that sense,metaphorically speaking, all “economicroads” lead to the mortgage industry justas all the transportation roads lead toGettysburg. If the mortgage industry was“Ground Zero” for the current economiccollapse in our country, then it is under-standable and predictable that the mort-gage industry is going to be the epicenterfor any battles as we struggle to achievean economic recovery. Our industry findsitself at the crossroads of our economyand, therefore, in the crosshairs of theConsumer Financial Protection Bureau(CFPB), an agency whose mission it is tostop all “trickery” and “abuse” (PresidentObama’s words, not mine) that has goneon in the mortgage industry. The CFPB ischurning out more and more regulationsintent on monitoring and managing us,when in reality, it may be doing more tothwart any kind of mortgage recovery,much less an overall economic recovery.It’s like the federal government wants to“kill the goose that’s trying the lay thegolden egg.” As there was an epic battleforming around Gettysburg, so there’s anepic battle forming around the mortgageindustry. This battle will no doubtreshape our industry, as the potentialfuture economic direction of our country.

It’s an interesting side note that assoon as it became evident to the 2,500citizens living there that Gettysburg wasabout to be at the center of an epic bat-tle of opposing massive military forces,the elected officials, the “leaders” ofGettysburg, packed up everything theyowned and fled town. They abandonedthe very ones they were elected to“serve and protect.” These “leaders” left

Lessons on Leadership Learned From GettysburgWhat does the historical Battle of Gettysburg have in common with the mortgage industry today?

More than you might think!


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Icon Residential is one of the nation’s leading Conforming, Jumbo, FHA and VA wholesale lenders. Our

strength, success and longevity are derived from delivering customer service that exceeds our valued

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technology, we provide the solutions for our business partners to fund loans while avoiding risk.

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888-247-4207or visit us at

www.iconwholesale.comSee guidelines for any product restrictions. Terms and programs are subject to change without notice.

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heard on the street continued from page 7

“As part of our global vision andstrategic growth plan, the recent addi-tion of the New England territory com-plimented by the previous acquisitionof the southeast region will allow us toremain on course toward expandingour overall footprint across the countryand ultimately position PRMG as anational player,” said PRMG ChiefExecutive Officer Paul Rozo.

Bay Equity ConsolidatesIts Wholesale Operationsand Relocates CorporateOffices

Bay Equity Home Loans has announcedthat it has completed a series of logisti-cal moves designed to accommodate itsrapid expansion over the past four yearsand into the immediate future. Themoves entailed the consolidation of BayEquity’s wholesale operations center inthe East Bay from Pleasanton, Calif. toConcord, Calif., and the relocation of itscorporate offices in San Francisco. Thenew 6,500-sq.-ft. Concord OperationsCenter (COC) has an open floor plandesign with only two private offices,plus a training/conference room. Thenew corporate headquarters onCalifornia Street comprises nearly9,500-sq.-ft. and features 15 executiveoffices, a conference room, receptionarea and an open production area.

“As a result of the tremendousgrowth we have experienced sinceopening our doors in 2008,” said BrettMcGovern, president of Bay Equity. “Weneeded more space, particularly theConcord operations center where we needto accommodate the additional person-nel necessary to support the increasedproduction in both our wholesale andretail lines of business. We would nothave been able to accommodate thatgrowth in our previous locations.”

A total of 40 employees made themove from the San Francisco andPleasanton facilities to the new COC. BayEquity plans to add six new employees tothe COC within the first two weeks of itsopening and has five additional unfilledpositions for which it is recruiting. Thenew corporate office will include BayEquity’s senior executive offices as well aspayroll, human resources, accounting andother administrative functions as well asapproximately a dozen retail operationspersonnel.

MBA Past President JohnRobbins Launches BexilAmerican Mortgage

Bexil Corporation has announced thatmortgage origination operations havebegun at Bexil American Mortgage Inc.,a new mortgage subsidiary of Bexil

Corporation focused on the wholesaleand retail market. The wholesale divi-sion is entering the market under thename of American Mortgage Network,formerly a top 10 independent whole-sale lender that was led by John M.Robbins, president and chief executiveofficer of Bexil American Mortgage.Robbins served as CEO of leading inde-pendent mortgage firms, including ICAMortgage, American ResidentialMortgage, and American MortgageNetwork prior to their acquisition bylarge financial institutions. He is also apast president of the Mortgage BankersAssociation (MBA).

“The commencement of operationsat Bexil American Mortgage was slightlyahead of schedule and under budget,”said Robbins. “Bexil American Mortgagehas a highly-seasoned managementteam that has worked together buildingprevious mortgage banking startupsspanning some 26 years. I am extreme-ly proud of what this team has accom-plished. Our priority now is building adedicated and loyal employee basewith a passion for delivering industryleading customer service levels and cre-ating customer loyalty by being respon-sive to their needs.”

Bexil American Mortgage has threedirectors: John M. Robbins, ThomasWinmill, and Alex B. Rozek, managingmember of Boulderado Group LLC.Boulderado is a significant Bexil stock-holder and has been working with Bexilto explore acquisition opportunitiesand certain businesses.

“Bexil American Mortgage enjoys aunique competitive advantage amongits peers,” said Rozek. “In addition to itsseasoned management team and sub-stantial funding, the company has nolegacy loan issues which are stillimpacting the industry as a result of thehousing boom and bust. That leavesevery dollar of invested capital in thebusiness available for capturing the his-toric returns available today, withoutany risk of impairment from past vin-tage loan repurchases.”

RGA PR and LeadingCauses Partner onMortgage Tech WhitePapers

R G A P u b l i cRelations hasannounced ap a r t n e r s h i pwith LeadingCauses LLC, a

leadership, organizational develop-ment and project management consul-tancy, to produce White Papers for themortgage technology sector of thehome finance industry.

“We’ve noticed that while there are anumber of highly intelligent leaders inour industry, too often the White Papers


By David Rasmussen

In my May 2012 ValueNation column, I noted that whilewe are seeing the housing market start to level out, thereare still a significant number of properties in default orforeclosure. These nearly six million properties pose a bigchallenge to a complete housing recovery. Accurate valu-ations are essential to moving these properties off themarket quickly while maximizing returns. The use of a

reputable real estate-owned (REO) automated valuation model (AVM) is oneof the best ways for servicers and lenders to obtain an accurate valuationfor a default property to minimize loss severity and lessen the chance of theproperty being undersold. Minimizing vulnerability to underselling a poolof such assets can only be accomplished with solid automated analyticsspecifically designed for this purpose—one at a time appraisals would befar too cumbersome and expensive.

However, an REO AVM is just one of three approaches for determiningproperty valuation, including an appraisal and broker price opinion(BPO). All three are trusted methods and should be used to best meet thespecific needs for a valuation.

While they are rarely used simultaneously, it may make sense in somesituations to order an REO AVM first and follow it up with either a BPO orappraisal. While it is rare that a lender would order a BPO and anappraisal, this might happen if a BPO was ordered first, but the lenderdidn’t trust it and decided to “upgrade” to an appraisal.

The differences in the three valuation methods are based on pricepoint, turn time, expertise and content. For example, a typical REO AVMcosts $20-plus and provides an immediate value, but an inspectionreport (if needed) will take two to three days and require an additionalfee ranging from $50 to $75. A BPO will cost $100-plus and take two tofive days (depending on the area). An appraisal will cost around $400 andtake one to three weeks (depending on the area).

As for expertise, appraisers are licensed and trained to value properties,but there is no guarantee of objectivity. An appraisal is considered subjec-tive and can be dependent on an appraiser’s perspective and ability to prop-erly assess the property. Brokers are trained to sell homes so the valuationmay be dependent on the opinion and motivation of the person reviewingthe property. Since an REO AVM is a detached mathematical algorithm it isobjective and the value is not swayed by opinion or level of expertise.

Benefits of using an AVM for valuation verses a BPO or appraisalincludes:

• Immediate property valuation;• Objective property valuation;• Least expensive of the three valuation methods available; and• Short turnaround time on obtaining a verification report for an extra fee.

Next month in this column, I will explore the logistics of using an REOAVM alongside an inspection report for a variety of valuation needs.

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

SPONSORED EDITORIAL

The REO AVM as Comparedto Other Valuation Methods

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It is really hard tobelieve that June hasnow arrived. The sum-mer weather is hereand it seems like yester-day when I took overthe presidency ofNAMB—The Associa-tion of Mortgage Pro-

fessionals. I must tell you that this job hasbeen really a challenge, trying to balancemy NAMB life, my company life and mypersonal life. If there was a way to extendthe day to 48 hours instead of 24, I wouldbe a happy man. But to tell the truth, Iwouldn’t change a thing. I am not closingloans like some of my employees or evensome of my friends, but being involved inNAMB takes a lot of devotion and time.

That is why I want to thank each andevery one of the state and national volun-teers that we have, because I know first-hand the number of hours that you allspend doing the volunteer thing. My fatheronce told me years ago that it is imperativethat you get involved in your businessassociation as soon as you can for severalreasons. The main reason is that you real-ly find out what is going on by beinginvolved.

The second thing that he told me issomething that I will never forget: “Thosewho can … do! And those who can domore … volunteer!” I have never forgottenthat and that has always been my drivingforce. You see, I am not a person thatbelieves in doing this 50 or 60 or 90 per-cent of the way. I am a 110 percent-plusguy. Ask any of my friends. I spend count-less hours working to perfect my trade, beit in the mortgage business, baseballumpiring or overseeing NAMB. I just won’taccept anything but 110 percent frommyself. I have jumped in with both feetand am fully committed.

Now I do have some faults also, but thatis for another day. What I want to do ismotivate you to be involved. I was onceasked why I went into the mortgage busi-ness. You know, I really don’t feel that Ichose it … I think it chose me. I was look-ing for a job with something that I coulduse my financial management back-ground, and all of a sudden, the mortgagebusiness was there. I have to believe that isprobably the way most of you got your jobalso. But I have to admit, I just don’t likemy job … I LOVE IT! It is a passion with me,and I really like being able to help peopleand making them happy. It is truly a joywhen we get to see with loans closing andthe people getting into their home. So whynot take this desire to be successful. Takethis moment and jump in. We don’trequire hours and hours of your time, butwe do require participation. Just take twoto three hours per week and this would bewonderful. I am sure that most of you

spend that much time searchingFacebook, the Internet or watching TV.That is all that I am asking.

I am so thrilled to see all of the peoplethat have been working on the ConsumerFinancial Protection Bureau (CFPB) TaskForce doing what they can to make surethat we cover all of the bases from the 37pages that the CFPB put out for the panel.We do have some really dedicated peoplethat are proving to me that we can make adifference in this industry. The CFPB TaskForce has proven to wake up some of thegiant questions and search for the answers.These talented and motivated individualsare doing a fantastic job working togetherand we will be making a difference.

NAMB’s membership continues to lingerin the 5,100 member range for the past fourmonths. There are 113,000 originators outthere nationwide, and it’s time that we startworking together. I am so tired of hearing,“Why should I join, you are going to repre-sent me anyway” from people that it makesme sick. Kay Cleland is trying all kinds ofthings to help this association grow, and Ithink that it is time to ask each member togo out and get one new member eachmonth. If each and every member woulddo this, we would have an additional 12members per year, per member, and anadditional 60,000 members in a year. Tothat end, I am bringing back the NAMBMembership Awards Program for this com-ing year. If you surpass your 12 members,you will get a pin that expresses your excel-lence and will be entered into a drawing fora fantastic prize at the Annual Conferencenext June. I am currently working with acompany to supply this prize. And you willreceive one entry for every 12 people yourecruit. In addition, you will also get freeregistration and a room at NAMB WEST in2013. Just for going out and recruiting peo-ple to join NAMB. Make sure that you startnow, we will count all of the members yousign up beginning in June 2012 throughJune 15, 2013. That gives you a whole yearto accumulate members. But remember,this is for new members. This program doesnot include members whose membershipsexpired Dec. 31, 2011 or earlier, that getback into the association. We will keep youinformed on the progress of this contestthroughout the year. So start getting yourmembers now!

As we look at the year ahead, many feltthat we would no longer be here. I am veryproud to say that we proved them wrong.We are still working to make this a strongerassociation each and every day. InIndianapolis on June 22-23, we will begoing over some of the changes that wemade in these last 12 months at the 2012NAMB Annual Mid-Year Meeting and whatdirection the association is headed in thenext 12 months. These topics will all be dis-cussed during the Annual Meeting as part of

the Delegate Council Meeting on Saturday,June 23. We have made some changes fornext year, and I think that you will really beexcited about some of them. So get yourreservations made today and come join usfor a great Annual Conference. VisitNAMB.org for more information.

At the time this article was written, I amunaware of any new Board members whohave joined our ranks. But, I do want to saythat I appreciate Don Fader for stepping upas vice president and Olga Kucerak for step-ping up as secretary. As most of you know,Don has been around the board for a longtime and to step up and replace MikeAnderson as VP of NAMB was really a greathelp. And Olga, thanks for all of the help atsecretary. It is one of the most thanklessjobs, but she has done a great job. I appre-ciate both of you very much.

As I complete another President’s Corner

for National Mortgage ProfessionalMagazine, I am reminded that, in reality,we cannot do all of this alone. My thanksalso goes out to Harry Dinham for all of thelong talks and questions and answers thathelped me get through these months, andJim Pair, who is working as the longestNAMB past president status of any pastpresident. Both of these men exemplify thestatus of the past president, and I amthankful that they have been available forwhatever question that I may have hadduring these months.

Sincerely,

Donald J. Frommeyer, CRMS, PresidentNAMB—The Association of MortgageProfessionals

The President’s Corner: June 2012

2012 NAMB Annual Mid-Year Meeting

Friday-Saturday, June 22-23

J.W. Marriott Indianapolis • 10 South West Street • IndianapolisPhone#: (317) 822-3500 • www.jwindy.com

The event includes:� NAMB 2012 Annual Meeting;� Baseball Game (Baseball Game at Victory Field: Pittsburg (Indians) vs.

Scranton Wilkes-Barre (Yankees)� NAMB Delegate Council Meeting & Legislative Update;� Installation of New Board & Officers;� Special Reception honoring President, Donald J. Frommeyer, CRMS

Schedule of events(Subject to change)

Friday, June 227:15 p.m. ......................Baseball Game at Victory Field (Walking Distance

from the J.W. Marriott Indianapolis: Pittsburg(Indians) vs. Scranton Wilkes-Barre (Yankees)

Saturday, June 238:00 a.m.-11:30 a.m. ....Registration Open

8:00 a.m.-11:30 a.m. ....Committee Meeting for All New NAMB CommitteeChairs and Board Members

11:30 a.m.-1:00 p.m. ....Lunch

1:00 p.m.-3:00 p.m. ......NAMB Delegate Council Meeting

3:00 p.m.-3:15 p.m. ......Break

3:15 p.m.-5:30 p.m. ......NAMB Board Meeting

6:30 p.m.-8:30 p.m. ......NAMB President’s Reception

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

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By John H. P.Hudson

At the NAMB Legis-lative & RegulatoryConference in Washing-ton, D.C. this pastMarch, a mortgagebroker from Florida

asked me, “When is the governmentgoing to quit interfering with mort-gage originators and let us do ourjobs?” My answer was a simple one,“Never.” Of my 15 years in the mort-gage industry, there has only beentwo constants, change and govern-ment regulation. However, with

NAMB—The Association of MortgageProfessionals at the helm represent-ing small business and ALL mortgageoriginators today, I remain optimisticthat our industry will continue toadapt, persevere and overcome anyobstacle in our path.

Real threats to homeownership doexist such as the qualified mortgage(QM), qualified residential mortgage(QRM), appraisal issues, flat fee pro-posals, regulatory burdens on smallbusiness, etc. … (it’s a long list). Thesethreats have forced the GovernmentAffairs team at NAMB to shift focusmore towards the regulatory arenaand work with the Consumer

Financial Protection Bureau (CFPB)directly. While our successes and winswith the CFPB may not be publiclynoticeable, I assure you they do exist.We are very fortunate to have a goodrelationship with the CFPB, and wewill continue to help educate the newregulator of the mortgage industry.

Although most of our time thesedays revolves around working withthe CFPB to find equitable solutionsto their mandates under the Dodd-Frank Act, we must continue to edu-cate our legislators as well. This iswhy membership numbers andPolitical Action Committee (PAC) dol-lars are so important, particularly inan election year. Now is your oppor-tunity to work with NAMB to get “facetime” with influential legislators anddecision-makers to not only let themknow how their decisions haveimpacted small business and con-sumers, but to educate them in orderto improve and help save the housingindustry and the overall economy ofthis country.

Here is the bottom line, 2012 hasalready proven itself to be one of themost influential and significant yearsfor mortgage professionals, con-

sumers and small business. NAMB isYOUR voice as a mortgage originator,and will continue to represent theindustry with honor and integrity. Inorder for NAMB to continue to be aneffective advocate for mortgage bro-kers and mortgage professionals, youmust participate in the politicalprocess either by supporting the PAC,volunteering, responded to calls toaction, or simply calling your con-gressman.

The Government Affairs Chairman,just like all other NAMB positions, isa volunteer position. I accepted thisposition with honor because I careabout the industry, supporting smallbusiness, and supporting consumerchoice and protection. NAMB willcontinue to stay the course and fightthe good fight … but we do needmore in the industry to care abouttheir livelihoods as much as myselfand our current members.

Support YOUR industry and let YOURvoice be heard.

John H. P. Hudson is Government AffairsCommittee Chair for NAMB. He may bereached by phone at (817) 247-4766 ore-mail [email protected].

An Update From the NAMBEducation Committee

By Rocke Andrews, CMC, CRMS

NAMB’s Education Committee has been supporting stateorganizations in their education programs. NAMB is anapproved NMLS education provider and has continuingeducation classes to fill NMLS requirements. States havebeen using education programs to build membership, asthey are either providing free or low-cost CE credits as ameans to membership.

Classes are put on by NAMB with the local states usually providing theinstructor and classroom. Costs to NAMB are the costs to upload to the NMLSsite plus $10 per upload. Books and education materials are published andsold by Hondros Learning and come out to about $25 each, depending onvolume.

In addition, NAMB has three online course providers who provide a dis-count to NAMB members accessing their sites through the NAMB EducationWeb page (Abacus Mortgage Training, Mortgageeducation.com, and theAssociation of Mortgage Educators). They also have pre-licensing educationavailable for those working on their initial license, as well as pre-testrefresher courses.

We are also working at adding non-CE classes to our library, includingsales and marketing, business, and product knowledge. If there is anythingelse you might need or have ideas on how NAMB can better provide educa-tion benefits to its members, please contact me by e-mail [email protected].

Rocke Andrews, CMC, CRMS is a member of the NAMB Board of Directors andEducation Committee Chair. He may be reached by phone at (520) 886-7283or e-mail [email protected].

NAMB Government AffairsCommittee UpdateThe Fight Continues … and Our Optimism is Growing

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By Scott Seroka

When many of us hearthe word, “leader,“we confuse the termwith manager, boss,supervisor or otherleadership titles. The

fact is, having a leadership title doesn‘tmake someone a leader. We‘ve allworked for people anointed with lead-ership titles who have absolutely noleadership skills. We‘ve also workedwith people who, after three days onthe job, seem to have extraordinaryleadership potential, and naturallyknow how to lead through exampleand inspiration.

The quality of your leadership will make orbreak your companyTeam your best loan originator (LO) witha crummy manager and what do youget? A resignation letter and loads ofbusiness that could have been yoursgoing to your competitor. Team a highly-trained and skilled manager with agroup of average-to-slightly above-aver-age employees and you‘ll soon haveenthusiastic and highly-motivated teamplayers willing to bleed for your compa-ny. In no time, you‘ll earn a great repu-tation in your market and industry, andmost importantly, you‘ll grow.

It‘s a fact that the quality of leadershiphas a direct impact on your brand‘s repu-tation and bottom line. And it makessense—people who enjoy working fortheir manager consistently perform atpeak levels. It‘s a sad fact that too manypeople are placed into leadership posi-tions based on all the wrong reasons—such as industry knowledge, tenure, ortechnical abilities—and then fail.

To be an effective leader requires avery specific set of skills. Read on …

Are leaders born ormade?It‘s the million dollar question, andarguments can be made for both sides.We are all leaders in that we make deci-sions for ourselves. However, managinga sea of diverse personalities, motivat-ing individual people to consistentlygive their best, building teams, creatingsynergies in groups, and knowing howto efficiently resolve conflict whereeveryone “wins“ (feeling as if their

needs have been met) are skills thatvery few people intuitively have. Theseare skills that must be refined or taughtfrom the ground up, especially whenyou consider that most of us developedour leadership styles based on leaderswe personally admire or believe to beeffective. And herein lies the trap—inthe absence of leadership trainingwhere proven management tech-niques are taught, managers rely ontrial and error with many differentleadership styles until they find onethey believe works. It‘s this trial anderror leadership style that frustratesemployees and perpetuates alreadydysfunctional manager/employeerelationships.

What makes a great leader?There are a number of characteristicsthat make up the fabric of good leaders,and it starts with having a high E.Q.(Empathy Quotient, a.k.a. EmotionalIntelligence).

What does this mean? Think about thelast three people you know who werefired. Did they lose their jobs due to theirlack of product, company or industryknowledge? Or were they fired due totheir inability to get along with others, bea team player or a team leader?

Leaders with higher E.Q.s, developcultures in suit where people naturallywork and communicate better witheach other. In other words, interperson-al conflict is either low or non-existent.

Great leaders are great active listen-ers—they have mastered the art ofacknowledging and feeding back whatthey hear to confirm understanding.Where many people in conversation aresimply thinking of what they want tosay and waiting until one person is fin-ished talking so that he or she mayspeak, active listening involves focusingone’s attention on the function andpurpose of a conversation. It cannot befaked. It builds trust, deepens relation-ships and is the most sincere form ofcommunication there is. One of thegreatest active listeners I know actuallywalks out from behind his desk, sitsdown at a small table away from hiscomputer, turns off the ringer on hiscell phone and gives their undividedattention to the person with whom theyare speaking. How would you feel ifyour manager did this for you?

Great leaders also encourage opencommunication without roadblocking.Roadblocking occurs when we order,warn, moralize, suggest, use logic, criti-cize, praise, label, analyze, reassure,question and recommend. In otherwords, roadblocking is steering a conver-sation toward our direction and way ofthinking, inhibiting open and candidconversation. We have all been road-blocked and know how offensive and irri-tating it can be. Think of it this way:Roadblocking is the number one reasonwhy teenagers don’t talk to their parents!

Great leaders don’t solve problems… they see to it that problems getsolved. When people come to us withtheir problems, some of us cannot waitto jump in and tell the person whoowns the problem how to fix it. Nothingcould be worse for three reasons:

� The person who owns the problemmay very well dump all of their prob-lems on you in the future;

� You may offend them because youare indirectly telling him or her thatthey do not have the intelligence tofix things on their own; and

� Once you, the manager, gets involved,you immediately assume responsibili-ty for the problem and the conse-quences of the advice given.

The better approach is to employactive listening to facilitate the prob-lem-solving process, as the one whoowns the problem is in the best positionto resolve it!

The age factorLet us assume for a few minutes thatyou are the young leader who is man-aging people who are not just a fewyears your senior, but some who are oldenough to be your parent. Not only doyou need to prove your worth as a man-ager, you need to earn and retain therespect of those who may view you assomeone who has “no clue” and “littleexperience.” At times, when you haveconflict with an older generationemployee, it can become personal.

This is precisely when you will needto practice those skills I identified a fewminutes ago. They are fundamental andproven leadership skills that will helpyou identify core problems and worktoward solutions. There will be timeswhen you will need to confront prob-

lems head on, and early on, to get themsolved. The way you manage those con-versations and facilitate solutions willdetermine your success or failure. Inmy opinion, one of the best leadershipbooks ever written is L.E.T. by Dr.Thomas Gordon. He doesn’t just writeabout leadership, he also teaches lead-ership skills.

Attracting and retainingstrong leadersMost companies are structured withone Grand Poobah—usually the chair-man, chief executive officer or owner—with lieutenants below.

Great leadership needs to start at thetop, which is why I am a huge propo-nent of leadership training. CEOs are aspecial breed—they take risks, pushthemselves hard, can smell the blood ofnew business, and know how to negoti-ate and close deals. And then they getback to the office and have to deal withegos, attitudes, under-performers, com-plainers, and a host of other issues theywould rather ignore, or don’t know howto deal with and, thus, it wears on theirpatience. You know what happens next.Failing to deal with these issues makesmatters worse and the hole in the shiponly gets bigger.

If you are looking to attract strongleaders within your organization, as theCEO you will need to prove that youhave a culture where leaders can growand flourish. Hint: Strong leaders willnot work for the micromanaging CEO.Nor will they work for those who leadthrough fear and intimidation. If youfall into one of these categories, yourreputation will one day precede youand finding good people will becomeincreasingly challenging.

What now?The mortgage industry is, was, andwill continue to be very competitive.Some say cutthroat. As the CEO orowner of your company, you need tofight the good fight every day to com-pete and succeed. And, you also needto find, hire and retain the best mort-gage professionals you can find. Yourleadership style will determine thesuccess or failure of your companyand the people you have representingand selling your brand.

Remember, team your best LO witha crummy manager and you will get aresignation letter and loads of busi-ness that could have been yours goingto your competitor. Team a highly-trained and skilled manager with agroup of average- to-slightly-above-average employees and you’ll soonhave enthusiastic and highly-motivat-ed team players who are willing tobleed for your company.

Scott Seroka is a principal and certifiedbrand strategist at Seroka, a brand devel-opment and strategic communicationsfirm based in Milwaukee, Wis. Scott is alsoa contributing blogger for Gordon TrainingInternational in San Diego, Calif. He maybe reached by phone at (262) 523-3761 ore-mail [email protected].

People Join Companies. They Leave People.

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�JUNE 2012Licenced Mortgage Lender in Alabama, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Illinois, Indiana, Louisiana, Maryland, Massachusetts, Michigan, Minnesota,

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JUNE 2012

Stevens Steps Down asMBA President to JoinSunTrust

The Mortgage BankersAssociation (MBA) hasannounced that DavidH. Stevens, the associa-tion’s president andchief executive officer,will be leaving theorganization on June 30

to join SunTrust Mortgage as the com-pany’s new president. Stevens was hiredlast May after leaving his position asAssistant Secretary for Housing andCommissioner of the Federal HousingAdministration (FHA) at the U.S.Department of Housing & UrbanDevelopment (HUD).

“Dave has been an exceptionalleader for MBA,” said MBA ChairmanMichael Young. “Although we are sorryto see him leave so soon, he leaves uswell-positioned for the future. Davedelivered on his pledge to enhanceMBA’s position as the industry’s leadingvoice in advocacy, policy, education andresearch and has developed a dynamicinfrastructure for addressing memberneeds. His insights and leadership havedemonstrated the importance of havingone large platform where the entireindustry can come together in an effortto provide a common voice on the criti-cal issues of the day. The MBA, its lead-ership and members remain steadfastin our focus to bring solutions that willbenefit the entire housing market, bor-rowers and lenders alike.”

Young has announced that MBAChief of Staff and Senior Vice PresidentMarcia M. Davies has been designatedto be the interim head of the associa-tion pending the replacement ofStevens. A search for a permanentreplacement is currently underway.

“David Stevens has been a very goodfriend to NAMB and the entire mort-gage business,” said Don Frommeyer,president of NAMB—The Association ofMortgage Professionals. “NAMB appre-ciated him attending the LegislativeConference in 2010 when he worked forHUD and he has always looked out forthe originator and the mortgage indus-try. His work at the MBA helped them tostrengthen their association and he willdo the same for SunTrust. All of themembers of NAMB—The Association ofMortgage Professionals wish him well atSunTrust Mortgage.”

A graduate of the University ofColorado, Boulder, Stevens has a strong

background in housing, including expe-rience in finance, construction, sales,mortgage acquisition and investment,and regulatory oversight. He began hisjourney to HUD at the dining roomtable, where he listened to storiesabout the creation of FHA and otherefforts to stabilize the housing marketfrom his father, who started as a runneron Wall Street during the depression.The dining room table soon became theboard room as Stevens started his pro-fessional career with a 16-year tenureat the World Savings Bank. He later heldpositions as senior vice president of sin-gle-family business at Freddie Mac, andthen executive vice president, nationalwholesale manager at Wells Fargo.Prior to being confirmed at HUD,Stevens had been president and chiefoperating officer of Long and FosterCompanies, the nation’s largest, pri-vately-held real estate firm.

“David Stevens did a fabulous job atthe MBA,” said Mike Anderson, CRMS ofEssential Mortgage Company, a Latter &Blum Realtors Company. “He was a truechampion of the mortgage and housingindustry and defiantly left a mark thatall trade groups should try and immo-late. SunTrust is lucky to have someoneof Dave’s caliber and will no doubtmove them in stronger position goingforward.”

Nearly 16 MillionHomeowners Underwaterin Q1

Nearly one-third(31.4 percent) ofU.S. homeown-ers with mort-gages, or 15.7million, wereunderwater ontheir mortgagein Q1 of 2012,

despite rising home values, accordingto the first quarter Zillow NegativeEquity Report. Collectively, underwaterhomeowners owed $1.2 trillion morethan their homes were worth. Negativeequity rose slightly from 31.1 percent inthe fourth quarter, and declined from32.4 percent one year ago. Negativeequity remained high despite increas-ing home values in the latter part of thefirst quarter. A slower pace of foreclo-sures after the robo-signing issues of2010 contributed to slower progress inworking down negative equity.

By Casey Cunningham

Find someone, any-one who is not in theworld of sales, andask them to say thatvery word out loud.Next, invite them to

conjure up a vision of exactly what asalesperson looks like. And finally,ask them to verbalize the vision cre-ated in their minds eye. In a tongue-in-cheek, paradoxical sort of way, Ishudder at the thought of what thosevisuals might embody or represent.How about the requisite plaid jacketwith sewn-on elbow patches or theblinding ray of light that reflects off alateral incisor while said salespersonsmiles and shakes hands with awould-be client, uttering phrases like“What do I need to do to put you into(whatever product) today” or “Helpme help you.” Let’s be honest, whileyou may not have been guilty of thisvisual representation, you probablyknow someone who is. It’s no wonderwe don’t like selling very much.

For most of us in the game of sales(without the plaid elbowed patchedjacket, big toothy smile and catchphraseology)—whether your role isthat of a loan officer, real estateagent, builder or any other title car-rying with it the responsibility of ‘sell-ing something’—the name of thegame is connections, relationshipsand ultimately, referrals. And yetsometimes (or actually quite often)we develop an aversion to cold-call-ing probably due to our fear of rejec-tion or self-promotion. It’s hard forsome of us to get past our own limit-ing beliefs that others might reallyview us as the salesperson describedabove. There’s the added snag that,like many in our industry, we’re onlyas good as our previous month. Weclose out one month’s productionand look to the next, while delicatelybalancing the creation of new con-nections while continuing to cultivatethose we’ve already made. With thisin mind, let’s put some assurance offuture success in the capable handsof science and biology.

Psychology and Sales Go Hand in Hand

“Phone calls and e-mails are nice, and certainly part

of the process in communicating with our

clients and business partners, but there is some-

thing infinitely better—the handwritten

thank you note.”

There is a part of the brain knownas the Reticular Activator. Without anin-depth analysis about frontal cor-texes, brain stems and quotes byFreud and Nietzsche, I will simplycontend the Reticular Activator canbe one of the best sales tools you willever discover. Imagine, for amoment, the last new car youbought—say, for example, a redVolkswagen Beetle. For the first sev-eral months after buying your newcar, you seem to have developed anuncanny ability to spot every singlered beetle on the road. With thisnewfound sixth sense, you are ableto spot Volkswagens out of a sea ofother vehicles … in parking lots, yousense them coming around the cor-ner before they’re even there.

It’s not that all of the sudden thereare a bevy of red Volkswagen Beetleson the road; it’s just that you (morespecifically the Reticular Activatorpart of your brain) was not focusingon them before. The same is true forsomeone’s heightened level of aware-ness as it relates to real estate signsplanted in the front lawn or radioadvertisements about mortgagerates.

If this is the case, then what bettertime to extract referrals from yourconnections than while you’re work-ing with them? If we do our jobs—and we do them well—we can expectreferrals from our clients, pastclients and others in our “sphere ofinfluence” throughout the entireyear. However, at no other time will


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By Eric Levin

You are a successfulmortgage loan origi-nator. You have yourown referral base anda network of sourcesfrom which you draw

a substantial share of your business.You are a proven commodity. Have youever wondered if there is a better pro-fessional environment for you outthere … somewhere? We all thinkabout it from time to time, particularlyafter something at our current place ofemployment has not gone particularlywell. But is it true? Could there be aplace that better fits who I am andwhat I have to bring to the table? Quitepossibly.

How can I be so sure that the oddsare in the favor of there being a betteropportunity available to you in themarketplace? Because most mortgageloan originators are working at lendingfirms due to reasons that have little todo with maximizing Model-Match.

Model-Match is a term my firm,Hammerhouse LLC, uses to describe theideal matching of talent (mortgage loanoriginators) with employers (lendingfirms) across a wide range of variablesin six core areas of engagement:Leadership, culture, business, opera-tions, technology and geography.

I would bet that you are working atyour current organization for one of thefollowing reasons:

� A friend or friends work there� My original company was purchased

by my current employer� Geographic proximity to my referral

partners� They had a program or rates I liked� They recruited me� Followed leadership

Sometimes, things just seem to hap-pen and we end up working some-where for reasons that have little to dowith maximizing our potential. It isimportant to recognize this fact and tocall it what it is … “Employer byDefault.”

There is nothing wrong or sinisterabout having an employer by default,but it is hardly the environment inwhich you would expect to see the bestoutcomes for the people and organiza-tions involved. Model-Matching doesn’thappen by default.

We should all periodically considerour career. Are you doing what youwere born to do? Are you highly moti-vated, passionate and happy? There arethree possible answers:

1) Yes—I am doing exactly what I wantto be doing and where I want to do it.

2) No—I consider what I am doing to bea job, a means to an end, or a way tosupport myself and my family.

3) Yes, but—I am doing exactly what Iwant to be doing, but I think I coulddo it even better.

If you are fortunate enough to beable to claim number one, then you arepart of a fortunate few. Surveys suggestthat only two percent of workers agreewith the second statement. If you findyourself agreeing with statement num-ber two, then you already know it’s timeto move on to find a better career fit.

For those of you drawn to statementnumber three, let me encourage you todo this—determine if what is keepingyou from claiming statement numberone has to do with you or your employ-er. Are there skills, attitudes or effortskeeping you from the career you desire?If so, then get off of your rear end andmake the necessary changes in yourself.If, however, you find that what is hold-ing you back is the organization thatyou work with, then I encourage you toinitiate a “process of selection.”

Process of selectionWhat is a “process of selection?” Let meexplain. A friend of ours is involved inthe economic development/site selec-tion industry. The two different nameshave to do with the perspective of eachof the main parties involved. “Economicdevelopment” is the name used by gov-ernment entities that are seeking toimprove the economic opportunitiesavailable to their citizens through manyactivities, but key among them is therecruitment of industry that will pro-vide jobs and tax revenue. “Site selec-tion” is the name of the function withincorporations that selects the locationsfor corporate operational facilities.When I considered recruitment of talentin the mortgage industry, I can seemany parallels.

Mortgage companies are in the busi-ness of growing their operationsthrough the addition of producers whohelp to increase revenue and profits.Proven LOs with self-developed business

are highly sought-after commodities thatseek to “locate” their production in thebest possible place. Both economicdevelopment/site selection and the mort-gage industry involve an attempt to bestmatch people and places.

But my friend shared a problem thatplagues his industry. Too often, he saysparticipants on both sides have turnedthe process into one of “elimination”rather than one of “selection.” As I havepondered what that meant and how itrelates to the business I am in, the moreprofound it has become … eliminationis negative and selection is positive.That alone seems reason enough tofavor the latter, but as I discovered, thedifference between the two orientationstruly changes how the process of match-ing people and places works in practice.

The Elimination ModelThe Elimination Model is, at its core, aprocess to eliminate options from con-sideration. Mortgage companiesemploying the Elimination Model tendto follow a path that looks somethinglike this (while this is laid out from themortgage company’s point of view, thesame approach is often used by LOswhen looking for a new lender):

1) Establishment of the ideal candidate� What is it that we are looking for? � What are the metrics that define the

ideal candidate?

2) Discovery� How can we screen candidates to

eliminate those who don’t meetthose metrics?

3) Disillusionment� What do we do since no candidates

meet our ideal?

4) Settling� Let’s select the candidate that scored

best against our metrics.

The obvious problem with theElimination Model is that it yields aresult that is contrary to the establishedgoal. The choice made is likely always tobe viewed in a negative light—as lessthan desirable. This model also focuseson the past—what was achieved in adifferent environment.

Let’s contrast that with a SelectionModel which has as its core a process toselect the best possible candidate. The

Selection Model tends to follow aprocess that looks like this:

1) Establishment of a profile� What are the characteristics of candi-

dates who fit the profile?� What methods (beyond numbers) will

be used to evaluate the candidates?

2) Discovery� How can we identify candidates that

meet or can meet the profile?

3) Relationship building� Getting to know what drives, motivates

and limits the identified candidates.

4) Mutual selection� Decision by both parties to work

together to achieve the sharedvision—to create the ideal.

The advantages of the Selection Modelare many, but let me focus on two. First,it produces a result that is viewed in apositive light. Second, and this is key, itfocuses on what comes next, rather thanwhat has come before. Why spend somuch time evaluating and eliminatingcandidates based on what they haveaccomplished in the past in different cir-cumstances? Why not, instead, focus ondeveloping a mutually-shared vision ofwhat the goals are and how, together,they can be achieved?

A selection process doesn’t meanthat threshold metrics are not used aspart of the evaluation, but a selectionprocess must go well beyond the num-bers before a choice is made. The over-all lesson I have learned from my exam-ination of “elimination” vs. “selection”is that ideal candidates do not exist—period. Ideal candidates become thatonly after two Model-Matched partiesget together, explore what makes eachother tick and decide to pursue theirshared goals.

The mortgage industry specifically,and the world in general, needs morepeople who are Model-Matched to theirplace of employment through a processof mutual selection.

Eric Levin is managing partner atHammerhouse LLC, a national recruitingand strategic growth firm for the finan-cial services industry with mortgage salesand leadership placement at its core. Hemay be reached by phone at (949) 525-9405 or e-mail [email protected].

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they produce are little more than mar-keting collateral,” said Rick Grant, pres-ident of RGA Public Relations. “Ourindustry stands to benefit from valu-able thought leadership but readerswon’t sift through the marketing mate-rial to find it. It’s time for a higher stan-dard and we intend to provide it.”

The pair has already completedone White Paper for a top industryservice provider, and will roll out theirown on a controversial topic impact-ing the collateral valuation process bymonth’s end.

“Our White Papers have a more aca-demic bent than is generally seen inother marketing White Papers,” saidJeff Schurman, chief executive officer ofLeading Causes LLC and editor of theMortgage Third Party Risk Blog.“Marketing messages may be present,however our conversational writingstyle and presentation of the materialin easy to understand terms minimizesthe chance of the Paper being per-ceived by the reader as a marketingpitch.”

Nationstar Agrees toAcquire MortgageServicing Assets ofResCap

Nationstar Mort-gage Holdings Inc.has announced

that it has signed a definitive agree-ment to acquire certain residentialmortgage servicing assets and otherassets from Residential Capital LLC andrelated entities (ResCap) in connectionwith ResCap’s proposed asset sale pur-suant to a plan under the U.S.Bankruptcy Code. Nationstar expectsthe acquired Mortgage Servicing Assetsto total approximately $374 billion,including $201 billion in primary resi-dential mortgage servicing rights (MSRs)and $173 billion in subservicing con-tracts, as measured by unpaid principalbalances as of Feb. 29, 2012, approxi-mately $1.8 billion of related servicingadvance receivables and certain othercomplimentary assets. The transactionis expected to close in late 2012, subjectto the conditions and auction processdescribed below.

Upon closing, the acquisition willmake Nationstar the largest non-bankresidential mortgage loan servicer andone of the largest residential loan orig-inators in the nation. With this transac-tion, Nationstar anticipates addingmore than 2.4 million customers to acustomer base of more than one mil-lion, and growing its total servicing andsub-servicing book to approximately$550 billion.

“We believe this transaction willcement Nationstar’s position as thenation’s pre-eminent non-bank mort-gage servicer, and it reflects a record ofservicing performance that has madeus a partner of choice in a transforming

industry,” said Nationstar CEO Jay Bray.“This potential transaction and ourpending acquisition of servicing rightsfrom Aurora represent terrific opportu-nities to acquire assets and operationsfrom best-in-class servicers without theburden of certain legacy liabilities.”

The cash purchase price of the mort-gage servicing rights and subservicingcontracts would be approximately $700million based on unpaid principal bal-ances as of Feb. 29, 2012. The cash pur-chase price of the related servicingadvance receivables would be approxi-mately $180 million, net of financing,based on advance balances as of Feb.29, 2012. Nationstar expects to enterinto approximately $1.6 billion ofadvance financing facilities to fund thebalance of the related servicing advancereceivables. Approximately 68 percentof loans in the total portfolio (by unpaidprincipal balance) are owned, insuredor guaranteed by Fannie Mae, FreddieMac or Ginnie Mae.

As contemplated by the agreement,ResCap has voluntarily filed a Chapter11 petition in U.S. Bankruptcy Courtand is seeking court approval to sell itsMortgage Servicing Assets in an auctionprocess supervised by the court.Pursuant to the terms of theAgreement, Nationstar has agreed toserve as the “stalking horse” bidder forthe auction of the Mortgage ServicingAssets. Nationstar’s bid is subject tosuperior offers solicited as part of theauction process as well as court andother approvals and conditions.

Nationstar anticipates that the courtwill approve in mid-June the auctionprocedures and timeline for the sale ofthe Mortgage Servicing Assets and thatthe auction process will last approxi-mately 90 days, during which timeResCap will solicit competing bids. IfNationstar is the successful bidder, thenResCap will seek court approval to sellthe Mortgage Servicing Assets toNationstar and the closing of theTransaction would be expected to occurin late 2012. The auction timing andprocess is subject to the court’s discre-tion and may change.

CFPB Partners WithCampusMBA onRegulatory WebinarSeries

CampusMBA, the edu-cation division of theMortgage BankersAssociation (MBA), has

announced that it is partnering with theConsumer Financial Protection Bureau(CFPB) to offer a monthly Webinar seriesaddressing a variety of issues includingthe CFPB’s current activities and signifi-cant initiatives impacting the mortgageindustry.

“The CFPB is actively engaged in a


By Beverly Frase

You’ve heard the sayings … “When life gives you lemons,make lemonade,” “When the going gets tough, the toughget going,” and “You can’t make something out of nothing.”

What? Well, in the case of this month’s Mortgage Hero, J. BarrySherlock, that’s just what he’s done.

Recognizing a good thing, Barry took the USA Cares Certified MilitaryHousing Specialist (CMHS) Course and knew it was a great tool for deliver-ing skilled services to our military servicemen and servicewomen. But, re-tired from the mortgage industry, Barry no longer had military clients tohelp. How then could he show our military personnel his gratitude for theirservice to our country? He recruited real estate agents and mortgage brokersto the CMHS Course and its benefits, but he wanted to do more. He lookedaround and found a way to make something happen.

Near Barry’s home in Lexington, Ky. is the historical Keeneland Race Track,who just happened to be hosting “Military Appreciation Day” with the Kentucky

National Guard and Windstream. Hmmm? They wouldbe auctioning a camouflage saddle cloth, signed by allmembers of the jockey association. Hmmm? Barry knewexactly who that money should benefit, he picked up thephone and called the Keeneland Racing Association to tellthem about the national non-profit organization hewanted to help. They were determined to have an ex-tremely successful “Military Appreciation Day.”

Keeneland’s Terrace was transformed into the Mili-tary Family Zone with free food, live music and activ-ities throughout the day for military members andtheir families. A parachute demonstration by the 101st

Airborne Division followed the Presentation of Colors and National Anthem.Kentucky Guardsmen deployed to Kuwait and Afghanistan gave pre-recordedmessages of thanks to Keeneland and the military families on the track’s videoboards.

“The weather was right for sweatshirts,” Barry said, “and we had USA Caressweatshirts to give away. It’s a pleasure shaking hands with the veterans andthanking them for their service.”

Keeneland’s featured race was a salute to all military with the horses wearingcamouflage saddle towels. The trophy presentation included Windstream, MajorGeneral Edward W. Tonini, and Mortgage Hero J. Barry Sherlock. The winningsaddle towel, signed by the Keeneland jockey colony, was auctioned for $999,with proceeds going directly to USA Cares to help provide financial and advocacyassistance to post 9/11 active duty U.S. military service personnel, veterans andtheir families.

J. Barry Sherlock is proof to the old adage, “Where there’s a will, there’s a way.”In his three short months of volunteering on behalf of USA Cares, Barry raisedjust shy of $1,000, and he’s only just begun. His next project? “Making a sales callon Churchill Downs for their upcoming Military Appreciation Day,” Barry quips.“I’m excited! It’s my honor to serve the men and women of the military.”

E-mail Barry for his ideas to raise money in your own community at [email protected].

Be a Mortgage Hero! This recognition is free to Certified Military Housing Spe-cialists. Take the FREE CMHS course offered online by USA Cares and tell ushow you are “Helping those who defend our homes, preserve their own.” Pleasecontact Program Director Beverly Frase at [email protected] to joinour national team and be our next Mortgage Hero. We want to recognize you!

USA CaresMortgage Heroes

J.. Barryy Sherlock

J. Barry Sherlock

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• Daily updated mortgage industry news

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number of prominent rulemakings,particularly in the loan origination andloan servicing space,” said JeffreySchummer, MBA’s vice president of edu-cation. “MBA is keenly aware of thevalue of offering industry education,especially in this challenging economicenvironment. This partnership illus-trates our continued commitment tothese efforts by covering issues relatingto the CFPB, issues so vital to our mem-bers. We are very excited to work withthe CFPB to provide such relevant infor-mation to the industry.”

During each Webinar, representa-tives from the CFPB and MBA memberswill provide information and insightand participants will have an opportu-nity to ask questions. The Webinars aredesigned as part of the CFPB’s ongoingeffort to ensure transparency and toprovide timely information to industryand community stakeholders.

The first workshop, which was heldMay 16, focused on the CFPB organiza-tional structure, key personnel, andlaws under authority, major initiativesto date including the consumer com-plaint system and the CFPB’s regulatoryagenda, including what can be expectedin the coming months. Future work-shops may cover such topics as the CFPBExamination and Supervision require-ments or other significant initiativesand relevant topics.

PHH to Manage HSBC’sMortgage Processing

PHH Mortgage Corporation, a subsidiaryof PHH Corporation, has announcedthat it has entered into a partnershipwith HSBC Bank USA to provide privatelabel end-to-end mortgage originationservices and loan servicing to HSBC.Under the terms of the agreements,PHH Mortgage will provide HSBC withmortgage origination processing servic-es, as well as sub-servicing of HSBC’s$15.5 billion prime mortgage loan port-folio and $36.6 billion of loans servicedfor third-party investors (both as ofMarch 31, 2012). It is expected thatapproximately 400 employees fromHSBC’s mortgage facility in Depew, N.Y.,will transfer to PHH Mortgage, whichplans to maintain operations in thearea.

“We are excited to partner with a glob-al financial brand like HSBC,” said SmritiPopenoe, executive vice president andchief risk officer of PHH Mortgage. “Weare pleased to welcome many HSBCemployees to the PHH Mortgage team.This is an outstanding example of thecommitment of our Private Label Servicesbusiness to serving the nation’s leadingfinancial institutions, regional banks,community banks and credit unions, andwe look forward to a long-term, strategicrelationship.”

The agreement between PHH andHSBC is effective immediately, and theconversion of operations is expectedto be complete in the first quarter of2013.

“We’re thrilled and honored to wel-come HSBC into our family of privatelabel partnerships,” said Glen A.Messina, president and chief executiveofficer of PHH Corporation. “We thankthem for their confidence in us. Weare committed to delivering an excep-tional mortgage experience to HSBCcustomers through our focus on oper-ational excellence and customer serv-ice. This partnership demonstrates thestrength of our franchise and our com-mitment to growing our private labelmortgage platform.”

Impac Mortgage Entersthe CorrespondentLending Business

Impac Mortgagehas entered theresidential cor-r e s p o n d e n t

lending business. Impact’s correspon-dent lending and capital markets expe-rience dates back to the mid-1990s withmore than $90 billion in mortgage orig-inations and acquisitions. ImpacMortgage’s client-centric approach ismanaged by the team of Mike Falce andLarry Matlin who bring 20-plus years ofdeep secondary and capital marketsexperience to Impac.

Impac Mortgage CorrespondentLending is going back to the basics ofmortgage banking by offering top-tiercustomer service, including 48-hour filereviews, 24-hour underwriting scenarioresponse times and five to seven dayfunding timelines.

Impac’s correspondent unit purchas-es conventional loans in 49 states(including the District of Columbia) andgovernment loans (FHA, VA & USDA) in43 states (including D.C.), for salethrough its affiliate to Ginnie Mae,Fannie Mae and Freddie Mac. The com-pany plans to extend its product offer-ing in the future to include FHA 203(k)s(both streamline and standard) andprime jumbo loans.

Impac’s strategy in building a corre-spondent platform focuses on com-munity and regional banks as wells ascredit unions and smaller select mort-gage banking firms. The strategyfocuses on being a take-out investorfor institutions that originate qualityconventional and government loanseligible for sale to Agencies. By pro-viding better turn times and moreimmediate liquidity than the competi-tors, Impac has successfully grown itsapproved correspondent client listthrough word of mouth and reputa-tion of providing superior customerservice.


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Dear Mortgage Broker/Correspondent Lender/Retail Loan Officer

I’m pleased to introduce to you First Guaranty Mortgage Corporation. Some of you may

already know us. Whether you’re hearing our name for the first time, or have been with us for

years, I think you’ll be pleased by the steps we’re taking to help you help your customers.

You may have already noticed that your interactions with us on each transaction are faster,

smoother and more efficient. We’ve refined our process with new technology and a better

workflow, ensuring fewer people need to touch your file before the closing or purchase.

We want you to have time to do what you do best: work with your customer, rather than

processing loans and troubleshooting.

We are also working hard to provide options for our partners. Today’s market requires

maximum flexibility. We’re offering solutions regardless of the space you occupy in today’s

marketplace. Whether you are a mortgage broker seeking a common sense FHA and VA lender

with niche offerings; a flow seller looking to fill the voids with products like 203K or VA

manuals; a banker looking for a mini bulk / bulk buyer with competitive pricing and the fastest

purchase times in the industry to help create cash flow or warehouse line relief; or a retail loan

officer looking for a unique home that will allow you endless opportunities, FGMC offers real

options. We are delivering these every day for clients across the country.

One thing that won’t be changing is our focus. Our core philosophy continues to be the

foundation of what we do. We still believe strongly that borrowers deserve to be evaluated by

experienced, manual underwriting and common sense, rather than a simple DU and FICO

score. We wonder whatever happened to common sense when it comes to mortgage lending. We

exist to put good people into good homes. You deserve that, as do your customers. Your clients

are borrowers, not numbers.

We invite you to learn more about our product lines and services at www.FGMCwholesale.com

(wholesale); www.FGMCcorrespondent.com (correspondent); www.FGMCb2b.com (capital

markets); and www.FGMC.com (retail) so that we can show you exactly how we can help your

business grow. We are always open to your feedback on ways we can improve. The market may

be changing, but that can mean opportunity for you and your customers. We’d like the chance

to prove it to you.

Best regards,

Andrew Peters

Chief Executive Officer

First Guaranty Mortgage Corporation

Andrew Peters

www.fgmc.com (800) 296-2275

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truly understand the implications ofincurring large amounts of debt.

The improvement in consumerknowledge is a great testament to allof the industry and public interestgroup efforts to improve consumercredit awareness, but major work incredit education needs to be done assome of the findings are extremelyconcerning.

People who fail to understand thefactors driving their credit score havelittle incentive to manage the realthings that truly do make a difference,such things as paying bills on time,keeping credit card balances low, andnot taking out unnecessary loans.

VantageScore and the CFA haveco-created educational materialssuch as CreditScoreQuiz.org and

CreditScoreQuiz.org/Espanol for con-sumers. This Web site is completely freeof any marketing content and mimics thesurvey questions the results are from. Thesite is a fun tool that delivers interactiveanswers to each question so that con-sumers can inform themselves about thelatest credit score information. As of thiswriting, more than 28,000 people havetaken the quiz. For further details on thesurvey, please visit the ConsumerFederation of America’s Web site(www.consumerfed.org) and read theirpress release.

Terry W. Clemans is executive directorof the National Credit ReportingAssociation Inc. (NCRA). He may bereached at (630) 539-1525 or [email protected].

consumer credit awareness continued from page 4


a la mode AnnouncesCompliance IntegrationWith Byte Software

a la mode has announced that its cus-tomers will benefit from a new integra-tion between Mercury Network andByte Software’s popular BytePro loanorigination software (LOS). The integra-tion allows users to click a buttoninside the BytePro system to log intoMercury Network and use the platformto manage their entire appraisal work-flow. In addition to the time-savingautomation, the interface providestools that help users comply with allappraisal independence standards andapplicable banking regulations.

One of the integration’s featurespre-fills the data from the loan filewithin Byte Software into the apprais-al order, eliminating errors and delaysthat often result from manual dataentry. Byte Software users can importappraisal status messages directly intothe loan file, and download the com-pleted appraisal, and any supportingdocuments such as the government-sponsored enterprise (GSE) submissionsummary reports, into the LOS in bothPDF and the newly required MISMOXML formats.

BytePro users can take advantage ofMercury Network’s streamlined compli-ance and cost-free, direct integrationwith the GSEs’ Uniform Collateral DataPortal (UCDP). These key differentiatorsset Mercury Network and BytePro apartfrom competing solutions that requirethe use of multiple and costly applica-tions to comply with the new appraisalsubmission standards. Byte users gainthe benefit of Mercury Network’s supe-rior automated and customizableappraisal quality control (QC) measures

that include a regimen of more than1,000 quality rules. The QC rules are runon the appraisal before it’s deliveredback to the Byte user, which dramati-cally speeds the underwriting and man-ual coordination process.

“We’re pleased to offer the latest inappraisal management automation toour clients,” said Joe Herb, generalmanager of Byte Software. “Our objec-tive is to provide the most comprehen-sive LOS. This new integration withMercury Network gives our clients easyaccess to a powerful vendor manage-ment platform, and a much-neededintegration with UCDP. It’s a definiteadvantage for our clients.”

Omega Financial SignsWith LendingQB for ItsCloud-Based LOS

LendingQB has announced that OmegaFinancial Services Inc. has implementedits Web-based loan origination system(LOS) to automate each of its businesschannels. LendingQB’s platform willreduce Omega’s cost per loan, maxi-mize productivity across operations anddecrease its existing technology costs.Acting as an advisor to Omega, JoeCilento, CPA, CMB, a mortgage industryveteran and consultant, guided theselection and implementation ofLending QB’s LOS platform after per-forming a company-wide review ofoperations.

“I have conducted numerous mort-gage technology evaluations and imple-mentations; the rollout of LendingQB’sWeb-based platform was one smoothestI’ve been involved with,” said Cilento.“The extensive level of support thatLendingQB provided and their ability to

easily configure tailored workflows arethe main reasons Omega’s implementa-tion was so successful.”

LendingQB’s LOS seamlessly inte-grates Omega’s entire workflow andlending functions to enable the straightthrough processing (STP) of loans. Fromthe point-of-sale (POS) through closingand funding, LendingQB consolidatesall of Omega’s lending activities onto asingle platform that creates a true end-to-end experience. Regardless ofemployees’ roles, LendingQB containsOmega’s users to a single database andsoftware environment to ensure thesame data is being used in differentdepartments. The result is fewer manu-al touch points, which turns Omega’slending practices into a profit optimiza-tion workflow.

“Paramount to running an efficientlending operation is the seamless con-nection of every workflow the lenderuses to eliminate unnecessary humaninteraction and thus improve produc-tivity,” said Binh Dang, president ofLendingQB. “The only way to achievethis is to implement an all-in-one plat-form that uses a single database and isdiscriminating with outside integra-tions, as too many interfaces and sep-arate databases creates data integrityissues and hampers efficiency andaccuracy.”

LendingQB’s platform is comprisedof LO, broker, and consumer directpoint-of-sale Web portals for all lendingchannels; product and pricing engine;proprietary AUS; loan processing; elec-tronic documents, closing; secondarymarketing; and interim servicing.LendingQB also accompanies businessintelligence (BI) and data analytics func-tionality along with detailed reportingthat helps lenders locate and translatetheir data into actionable information,enabling them to make informed busi-ness decisions that establishes a com-petitive advantage and leads to greaterprofitability.

Mortgage BuilderAnnounces theAcquisition of GCCServicing Systems

M o r t g a g eBuilder hasagreed to

acquire GCC Servicing Systems, a loanservicing software provider that shares35 years of history with its new owner.GCC is the creator of G/Serv, a mortgageservicing software popular with mid-tierlenders, community banks, creditunions and mortgage companies, amarket sector also well-served byMortgage Builder. The teaming of thetwo technologies comes at a time whenmany lenders are retaining servicingrights and responsibilities rather thanusing sub-servicers and selling loans ona servicing released basis.

“More lenders need servicing soft-ware now than at any time in recenthistory,” said Keven Smith, MortgageBuilder’s president and chief executiveofficer. “With the acquisition of GCC,Mortgage Builder now offers a complete

lending system that empowerslenders to control all aspects of theprocess. And with their common DNA,the platforms work extremely welltogether, making it far simpler forlenders to make smooth transitionsinto loan servicing.”

The GCC staff will join MortgageBuilder and GCC will operate as a sepa-rate division with Jeff Augenstein, vicepresident of GCC, responsible for theday-to-day operations.

GCC Servicing Systems was foundedin 1977 as Glenn Computer Corporationby Glenn Liebowitz in Southfield, Mich.as a mortgage servicing, loan origina-tion, and accounting service bureau.The loan origination product was spunoff in 1998 to become Mortgage BuilderSoftware. G/Serv brings MortgageBuilder a comprehensive loan servicingplatform that automates all servicingadministration functions, along withdefault management and full reportingcapabilities. Like Mortgage Builder,G/Serv has evolved greatly since it wasfirst released, and is now designed forSoftware as a Service (SaaS) delivery forfast, cost-effective implementation, andis hosted in a SAS-70 Type II/ SSAE-16Type II compliant data center.

“This acquisition puts MortgageBuilder into a unique class of technolo-gy providers,” said Kelli Himebaugh,corporate vice president of MortgageBuilder. “As a nimble, independentcompany, we are well accustomed toworking with regional and mid-tierlenders” she says. “We can now bringour highly personalized approach tolenders choosing to become servicers tomaximize returns and improve borrow-er service levels. A new era is dawningfor the mortgage industry and with theaddition of GCC, we are able to providea full range of exceptional technologiesfor America’s lenders.”

Nationwide Appraisal and Settlement NetworkMoves Into New Location to AccommodateHiring Surge

NationwideAppraisal &Settlement

Network (NASN) has announced theexpansion of its corporate headquar-ters, just three years after moving intoits current office. NASN is moving to anew building, tripling its office spaceto accommodate the firm’s recentgrowth. NASN, which provides resi-dential valuation services to lendersthroughout all 50 states, will expandtheir space and increase their staffthis year.

“This is an exciting time for us,” saidJoni Pilgrim, vice president of sales andbusiness development. “With theexpansion into a bigger space andincreased number of quality teammembers we have the ability to meetand exceed our goals as well as the abil-ity to better serve our clients, just as wehave for nearly four years.”


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...the freedom to

originate!

finally

Don’t take our word for it, read what our Rising Starsat America’s Choice Say about us!

“I started with America’s Choice as StateManager at the beginning of 2011 and I’mglad I made the move. ACHL is an excel-lent company to be associated with. Thiscompany offers many of the opportunitieswe had at previous companies and evensome of the same people we’ve all worked

with prior to coming to ACHL.”

Dan Palumbo25 years in business

Toms River, New Jersey

I’m very pleased that I chose ACHL. They understand the importance of

customer service and a team environment.The underwriting and closing departments

are responsive and quick. With our excellentmanagement, HR, and accounting team, we

have a family working together for a common goal – to Close More Loans!!

Denise Alcorn20+ years in business

Monroe, Georgia

“Your team is ABSOLUTELY THE MOSTAWESOME, EFFICIENT, HARDEST

WORKING TEAM I HAVE EVERWORKED WITH. YOU ALL ARE JUST

AMAZING. I’M SITTING HERESTUNNED AND DEFINITELY USING

CAPS ON THIS MESSAGE!!!!! WOWSER, OPA!!!!!

Jane Stathas25 years in business

Dallas, Texas

“I really like this organization. My only regret is that I didn’t find

you sooner!”

Jim Patterson9 years in business

Houston, Texas

America’s Choice gives you the tools you needso you can Originate, Close and Get Paid!

www.achlonline.com

Give Jonathan Fowler, Director of National Production ofAmerica’s Choice Home Loans a call at

713-821-9750to learn how you can have a better, more rewarding career

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NASN currently employs more 25people and Pilgrim was recentlynamed a 2012 Top 50 Entrepreneur ofTampa Bay by Business LeaderMagazine.

BluFi Lending Opens NewSan Diego Location

BluFi Lending, a directlender for homeloans, has announced

the opening of a new office in MissionValley, San Diego, Calif. and the newhires of Branch Manager ScottEllwood and 10 new staff members,including management, back office,and sales positions such as loan offi-cers. Ellwood will head recruitmentefforts and manage the new office.Ellwood has 20 years of experience inthe mortgage industry with morethan $3 billion in retail mortgageloan closings. Previously, he served asa mortgage banker at GatewayFunding, a loan officer at PNCMortgage, and vice president of busi-ness development at All WesternMortgage. At BluFi, he will take anactive part in growing the companyand supporting its customers.

“Opening a new office in MissionValley enables us to better serve ourcustomers and recruit new employ-ees,” said John Lee, BluFi Lendingpresident and chief executive officer.“San Diegans are recognizing thatnow is a great time to buy or refi-nance their home, and BluFi isexpanding to support the increaseddemand. We have a history of deliver-ing on our promises and closing loansquickly, so it’s important to maintainthat standard. Scott and the welltrained staff at Mission Valley willhelp deliver great BluFi service to ourgrowing customer base.”

Mortgage Professionalsto Watch� Equator has named Anna James vice

president of marketing and ChuckHarkins as director of operations.

� Real Estate Mortgage Network Inc.(REMN) has announced the additionsof Account Executives Larry Fontaine(Grand Rapids, Mich.), MatthewBaron (Orlando, Fla.) and Laura

Brooks (Molena, Ga.) to REMNWholesale.

� The Federal Housing Finance Agency(FHFA) has appointed DeniseDunckel as senior associate directorof Congressional affairs and commu-nications.

� zIngenuity Inc. has named ScottFriedberg as vice president of opera-tions and contract underwriting.

� MCT Trading has announced theaddition of Tawab Abawi to its capi-tal markets trading team.

� Donald H. Layton has been namedchief executive officer of FreddieMac.

� Gary B. Fabian has been named chieffinancial officer of Stearns LendingInc.

� PHH Mortgage has named David E.Tucker as its new president. InterimPresident Smriti Laxman Popenoewill resume her responsibilities asPHH Mortgage executive vice presi-dent and chief risk officer.

� Clayton Holdings LLC has namedJenine Fitter as senior managingdirector of business development.

� Dan Palmer has joined InlantaMortgage as branch manager forInlanta’s Greater Chicago area.

� Christopher Bowser has been namedbranch sales coach for ChurchillMortgage.

� ICBA Mortgage Solutions has namedRon Bricker as northeast regionalaccount manager.

� GSF Mortgage has named Ted Talbottbranch manager/loan originator forGSF’s branch in The Woodlands,Texas and Michelle Baer as branchmanager of GSF’s downtownMilwaukee, Wis. location.

� The Appraisers Guild of America(AGA) has named Elizabeth Green asindustry liaison.

� Mark Coupland has been named vicepresident of business developmentfor LoanSifter Inc.

� WFG National Title of Washington, asubsidiary of WFG National TitleInsurance Company, has named TomHollenbeck as senior account manag-er of the company’s lender division.

� Kenneth F. Sawan has joined UrbanFinancial Group Inc. as vice presidentof retail sales.

� Alec Cheung has been named vicepresident of marketing for eLynx, aportfolio company of AmericanCapital.

� Loan Resolution Corporation hasnamed Jamie Reed executive vicepresident.

Your turnNational Mortgage ProfessionalMagazine invites its readers to submitany information, events, passages, pro-motions, personal or professionaloccurrences that seem appropriate

and/or other pertinent data to theattention of:

Heard on theStreet/Mortgage

Professionals to Watchcolumn

Phone #: (516) 409-5555E-mail: [email protected]

Note: Submissions sent via e-mail arepreferred. The deadline for submissionsis the 1st of the month prior to the tar-get issue.

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these people be as poised to referyou to their family, friends and co-workers as when they themselves areentrenched in the process and theirReticular Activator is totallyengaged.

Phone calls and e-mails are nice,and certainly part of the process incommunicating with our clients andbusiness partners, but there is some-thing infinitely better—the hand-written thank you note. A handwrit-ten thank you note, sent andreceived during the course of busi-ness, is a secret little weapon of inti-macy, and a way to “touch base,” buton a much deeper and meaningfullevel.

There is something else going on inthe brain when someone receives ahandwritten thank you note.Imagine, for a moment, someonewalking to their mailbox to fetch thenew Pottery Barn catalog, the Visabill, the ever-so-personal letter fromGeico addressed to “Current Resident”and a flurry of other recyclables—butthere is one envelope amongst thefray that stands out as its’ size is smalland its’ impact is meaningful. Whenthis happens—when they see yourhandwritten envelope and tear itopen to reveal a handwritten card—their brain secretes a trace amount ofdopamine into their system andmakes them, literally, feel good.We’re not talking about a mind-numbing rush where their body goeslimp and they temporarily lose con-sciousness, but rather, just a smallspot of dopamine to remind them,“Yeah, it feels good to receive a hand-written thank you note—especiallycompared to the stuff that typicallylitters my mailbox.”

Continuing on with the psychologytheme, you may want to consider anaddition to the handwritten note,possibly including a business cardmagnet and/or a small token ofappreciation; a $5 Starbucks cards,for example.

The business card magnet is a con-cept as old as the scriptures, but ifIvan Pavlov taught us anything, it ispeople will—as though on autopi-

lot—take your magnet and slap it ontheir fridge. Even if they don’t knowyou very well, even if they don’t needyour services right now, they will useyour contact information to securetheir children’s school picture or lat-est artwork and when they do needyou, they’ll know right where to findyou.

Additionally, sending a smalltoken of appreciation in the way of aStarbucks card, or something of thelike, is a nice gesture on your part.Perhaps the receipt of a gift, albeitnothing more than a cup of coffee,results in a tugging at the heart of therecipient to, somehow, even thescore. A referral maybe?

The coolest thing about the hand-written thank you note is they’re soeasy to do. Set a personal goal towrite, at a minimum, five handwrit-ten thank you notes each day. Theydon’t all have to be significant, nordo they have to be to a client. Thereare a number of people and reasonsto write a thank you note; like theescrow officer or closing attorneywho went above and beyond in the11th hour, or the buyer’s agent whocovered for the listing agent at theappraisal appointment, or the CPAwho provided an important docu-ment in the nick of time.

There are an overwhelming num-ber of cool techniques, strategies andapproaches to sustaining success inthis business. I like to think one ofthe primary cornerstones of yourbusiness model should be the hand-written thank you note.

The brilliant simplicity of thehandwritten note is captured in MayaAngelou’s famous quote, “People willforget what you said, people will for-get what you did, but people willnever forget how you made themfeel.”

Write thank you notes. A lot ofthem … thousands in fact.

Casey Cunningham is president of XIN-NIX, a provider of mortgage sales andleadership development programs. Shemay be reached by phone at (678) 325-3501 or e-mail [email protected].

pursuing excellence continued from page 16

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“As iron sharpens iron, so one person sharpens another.”

—Proverbs 27:17

I still find it amusing when people complainor hold grudges toward competitors in themarketplace. While those who violate rulesand regulations or act unethically do war-rant complaints, ethical and compliantcompetitors should not. Competition in themarket is not only good for your clients, butit is also what drives you to refine your skills,innovate and perform. Without competi-tion, there is no doubt that our productwould be more expensive and the servicelevel in our industry would depress.

If you think back to when you were achild, you’ll remember how often we wereall involved with competitive sports.Competitive sports, whether it be as ateam or individual, has shown to drasti-cally improve the ways one will cope withthe real world and adapting to navigatingthis world with other human beings. Ithelps you understand how competitionworks in a friendly environment, and ifyou try your hardest, you will have a bet-ter chance of succeeding. Competitiondoes not need to be negative orunhealthy, but in fact, can be uplifting ifused in a compliant environment.

Think about the Olympics. How mucheffort do you really feel these athleteswould exert if they had limited or easycompetition? How long would they train?How would they eat and how long wouldthey rest?

It’s no secret that every world recordbroken was a direct result of competingagainst another or competing against anold record. Without competition, I ampretty certain the Olympic Games wouldlose the majority, if not all, of its viewersacross the world. Every country takes pridein their team for this friendly environmentof competition, and each develops andimproves their strategy and training moti-vated by this event that brings the worldtogether every four years.

So, what are some of the key benefits ofcompetition in business?

Compete Like an OlympianKeeps you focused andsharp Working in a competitive marketplacewill maximize use of your brain to refineand develop your knowledge of trade.Conversations with clients and businesspartners will improve as a result of stay-ing ahead of the pack.

Desire and will to succeed, perseveranceand determinationCompetition will keep you motivated andlooking to improve performance in order toearn and retain more business. As all things,change keeps things interesting in ourindustry, and the way one adapts and growsis only a matter of competitive determina-tion. Earning new clients and client referralsare even more rewarding.

Learn how to copeIf you lose business to a competitor, you areprovided with an opportunity to learn fromit. Learn how to improve technique or adaptto different clients personalities. Find whatworks and what does not work, but moreimportantly, find a way to learn from failuresand take responsibility rather than allow pes-simism to linger.

Increase productivityThe harder you work, the more likely you areto succeed. Competition keeps us motivatedto gain more business and increase our mar-ket share by utilizing our skills and abilities.Innovation, relationships and technology willcontinue to grow our industry.

Tip of the month …Client objections are not bad. They arejust telling you they are still interested,but have questions.

Andy W. Harris, CRMS is president and owner ofLake Oswego, Ore.-based Vantage MortgageGroup Inc. and a member of the NAMB—TheAssociation of Mortgage Professionals Board. Hemay be reached by phone at (877) 496-0431 ore-mail [email protected] visit AndyHarrisMortgage.com.

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Branch Affiliate Network• Banker and Broker• In-house underwriting and closing• Fully integrated business platform that is truly plug-and-play• Daily branch deposits• Customizable managed marketing and lead campaigns• Aggressive compensation plan

Gold Star Financial has been a proud supporter of the LOlifestyle for more than a decade. Please visit our web site or contact one of our business-development specialists today!

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Foreclosures cause homes to come outof negative equity when a bank or thirdparty takes ownership.

Despite the high rate of negativeequity, the majority of underwaterhomeowners are current on their mort-gages. Nine in 10 continue to maketheir mortgage and home loan pay-ments on time, with just 10.1 percentof underwater homeowners more than90 days delinquent.

“While it was disappointing to seenegative equity numbers remain sohigh, it is important to note that nega-tive equity remains only a paper loss forthe vast majority of underwater home-owners,” said Zillow Chief EconomistStan Humphries. “As home values slow-ly increase and these homeowners con-tinue to pay down their principal, theywill surface again. That said, negativeequity remains an issue for the housingmarket as a whole, and poses a risk toany recovery. Not only does negativeequity tie many to their homes, bymaking homeowners unable to movewhen they may want to, but if econom-ic growth slows and unemploymentrises, more homeowners will be unableto make timely mortgage payments,increasing delinquency rates and even-tually foreclosures.”

Additionally, many homeowners innegative equity are not deeply under-

water. Nearly 40 percent of underwaterhomeowners, or 12.4 percent of allhomeowners with a mortgage, owebetween one and 20 percent more thantheir home is worth. An additional 21percent of underwater homeowners, or6.6 percent of all homeowners with amortgage, owe between 21 and 40 per-cent more than their home is worth.

However, approximately 2.4 million,or 4.7 percent of all homeowners withmortgages, owe more than double whattheir home is worth. In the Las Vegasmetro area, nearly 90,000, or 26.8 per-cent of homeowners with mortgagesowe double. On a state level, Nevadahas the highest percentage of negativeequity, with 66.9 percent of all home-owners with mortgages underwater.Arizona (52.3 percent), Georgia (46.8percent), Florida (46.3 percent) andMichigan (41.7 percent) also have high-est percentages of homeowners in neg-ative equity.

MBA Increases Estimatefor 2012 Originations byNearly $200 Billion

The Mortgage BankersAssociation (MBA) hasannounced it isincreasing its mortgageorigination forecast for2012 by almost $200 continued on page 28

nmp news flash continued from page 16

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Markets may be volatile, but there’s one thing you can always count on, the total commitment of our Mortgage Team. Loyalty, continuity of service and our dedication to protecting the integrity of our relationships are just a few of the things that set us apart.

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billion, due entirely to an increase inrefinances. MBA now expects that mort-gage originations will reach $1.28 tril-lion in 2012, up from $1.26 trillion in2011. Refinance originations are nowexpected to total $870 billion in 2012,an almost identical amount to 2011.MBA is slightly lowering its purchaseoriginations forecast for 2012 from$415 billion to $409 billion.

“Scenarios we have consistently high-lighted that could drive rates down andrefis up have materialized, primarilydue to market turmoil in Europe,” saidMike Fratantoni, MBA’s vice president ofresearch. “Deterioration of the debt sit-uation in Spain and Greece and a newregime in France that is a weaker pro-ponent of European austerity, alongwith slower economic growth globally,have driven the U.S. 10-Year Treasuryyield down. Thus, we are projectinglower U.S. mortgage rates for the rest ofthe year and raising our refinance fore-cast as a result.”

The estimate for 2012 reflects anupward revision of $188 billion fromMBA’s April forecast, driven by anincrease in the pace of refinance appli-cations and originations, while pur-chase origination estimates wererevised downwards by $6 billion toreflect lower than previously expectedhome prices and weaker than previous-ly expected home sales.

“The increase in our estimated refi-nance activity is largely independent ofthe HARP 2.0 initiative. We factoredHARP lending of roughly $100 billion in

both 2012 and 2013 into our April fore-cast, and the HARP share of refinanceactivity has remained relatively con-stant over recent months,” saidFratantoni. “However, mortgage ratesbelow four percent and regular mediacoverage showcasing ‘record low mort-gage rates’ provide sufficient incentiveand impetus for borrowers to examinetheir current rate. Additionally, we haverevised our estimates for the first andsecond quarter of 2012, based on addi-tional information from GSE securitiza-tion data and a refinement in pull-through assumptions from our WeeklyApplications Survey.”

Nearly 80 Percent of Q1Refis Maintained orReduced Mortgage Debt

Freddie Mac hasreleased the resultsof its first quarterrefinance analysisshowing that 79percent of home-owners who refi-

nanced their first-lien home mortgageeither maintained about the same loanamount or lowered their principal bal-ance by paying-in additional money atthe closing table.

“The typical borrower who refi-nanced reduced their interest rate byabout 1.5 percentage points,” saidFrank Nothaft, Freddie Mac vice presi-dent and chief economist. “On a

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United WholesaleMortgage Launches ELITEBroker Program

United WholesaleMortgage (UWM), hasannounced thelaunch of a new

product, dubbed “ELITE,” that offers thebest conventional rates and pricing inthe industry. Recognized industrywidefor first-class customer service, UWM ispleased to provide their signature serv-ice combined with the most aggressiverates and pricing in the industry forelite borrowers. ELITE aims to rewardUWM brokers that consistently workwith borrowers of the highest quality,who expect the best in service andprice.

“We’re excited to offer ELITE to ourvalued broker community in order toexceed the expectations of their eliteborrowers,” said Mat Ishbia, presidentof United Wholesale Mortgage (UWM).“These types of borrowers deserve pre-ferred conventional rates and pricing,and since every UWM program isaccompanied by our world-class cus-tomer service, ELITE offers the best ofboth worlds. Our brokers’ first-rate bor-rowers shouldn’t settle for anythingless. Brokers are confident in knowingthat UWM can accommodate their everylending need while providing the easi-est loan process available.”

Recently, UWM launched a numberof new products, which include: The Bigand Easy, a true jumbo loan on up to$2.5 million; the HARP 2.0 changes; theimplementation of HARP 2.0 with up to175 percent LTV/Unlimited CLTV withDU; USDA loans; and now ELITE.

All of UWM’s products and pricingare available within its custom brokerportal, EASE (Easiest Application SystemEver), which offers a number of Web-based tools for originators. EASE is inte-grated with EQ (Easy Qualifier), UWM’sproprietary eligibility and pricingengine that instantly returns accuratedecisions on up to twelve programs atonce with the click of a mouse.

Financial LiteracySolutions LaunchesEducational Video Widget on HARP 2.0

Financial LiteracySolutions LLC (FLS)

has released a new video solution that

lenders can use on their Web sites toattract borrowers who hope to refi-nance their loans under the govern-ment’s HARP 2.0 program. Like all ofthe Web video widgets that FLS pro-vides, the HARP 2.0 video allowslenders to more effectively communi-cate with borrowers in a manner thathas been shown to be more engaging toAmerican consumers. Video is currentlythe most viewed online content andhome loan borrowers who view onlinevideos are more engaged with thelender that offers it.

“Borrowers are tired of hearingabout government programs that can’thelp them because they don’t qualify,”said Garth Graham, founder and presi-dent of Financial Literacy Solutions LLC(FLS). “This happens when borrowersdon’t fully understand the programs orwhat it takes to qualify. The result isthat the lender loses credibility andloses the borrower’s trust. Our new edu-cational video on HARP 2.0 reduces thatrisk and puts more borrowers into thelender’s pipeline.”

In addition to the video, the widgetprovides links to other useful informa-tion, including a qualification wizardthat leads the borrower through thequalification criteria without ever leav-ing the video player. FLS widgets can beshared easily with partners, such as realestate agents, who also want to providevaluable information to their clients. Itcan be deployed on a Web site, a blogor a Facebook page, with installationtypically in only minutes.

Coester BringsCompliance to the CloudsWith New Offering

C o e s t e rAppraisal

Group has announced the launch of itsCloud Control Compliance Center, anew tool that lenders can use to ensurecompliance with all major industry reg-ulations, including the Dodd-Frank WallStreet Reform and Consumer ProtectionAct, Truth-in-Lending Act (TILA), andmore. Cloud Control’s ComplianceCenter, which can be customized basedon the specific information a lenderneeds, enables lenders to verifyappraisal compliance and print out acomprehensive, yet easy-to-read com-pliance report with just a click or two.

The Compliance Center’s compre-


$200,000 loan, that translates into sav-ing about $2,900 in interest during thenext 12 months. Fixed-rate mortgagerates hit new lows during March, with30-year product averaging 3.95 percentand 15-year averaging 3.20 percent thatmonth, according to our PrimaryMortgage Market Survey (PMMS).”

Of these borrowers, 58 percentmaintained about the same loanamount, and 21 percent of refinancinghomeowners reduced their principalbalance; the share of borrowers thatkept about the same loan amount wasthe highest in the 26-year history of theanalysis. “Cash-out” borrowers, thosewho increased their loan balance by atleast five percent, represented 21 per-cent of all refinance loans; the weight-ed average cash-out share during the1985 to 2008 period was 50 percent.

“The enhancements to HARPannounced in October, such as remov-ing the maximum loan-to-value limit,are beginning to show up in additionalrefinance volume during the first quar-ter,” said Nothaft. “HARP loans were 20percent of Freddie Mac’s refinancefundings during the first quarter, thehighest share since HARP’s inception.”

The median interest rate reductionfor a 30-year fixed-rate mortgage wasabout 1.5 percentage points, or a sav-ings of about 27 percent in interestrate, the largest percent reductionrecorded in the 27 years of analysis.Over the first year of the refinance loanlife, the median borrower will saveabout $2,900 in interest payments on a$200,000 loan.

The net dollars of home equity con-verted to cash as part of a refinance,adjusted for inflation, was at the lowestlevel in nearly 17 years (since the thirdquarter of 1995). In the first quarter, anestimated $5.3 billion in net homeequity was cashed out during the refi-nance of conventional prime-credithome mortgages, down from $7 billionin the fourth quarter and substantiallyless than during the peak cash-out refi-nance volume of $83.7 billion duringthe second quarter of 2006.

Among the refinanced loans inFreddie Mac’s analysis, the medianprior loan life was 4.3 years. One-half ofthe loans that were paid-off had beenin place from between three and sevenyears, that is, had been originatedbetween 2005 and 2009.

Equifax Reports HomeFinance Balances PostFourth Straight Year ofDeclines

Non-home financewrite-off dollars

year-to-date through April havedecreased 52 percent according toEquifax’s April National ConsumerCredit Trends Report. The write-offshave decreased to $26.2 billion as ofApril 2012 from $54.1 billion in April

2009. Today’s write-offs approach 2006pre-recession levels of $24 billion andcontinue an improving trend. Non-home finance write-off dollars havedeclined due to both improvements ingeneral repayment patterns and lowernumbers of bankruptcies. Bankruptcydollars have declined at a slower rate,comprising 15.7 percent of write-offdollars in 2009 but 18.5 percent ofwrite-off dollars today. This is due tofaster declines in the average dollar sizeof general delinquencies, relative to thepeak of the recession.

Non-home finance balances declinedby seven percent or $193 billion sinceOctober 2008, but the deleveragingtrend ended about a year ago, with bal-ances now 1.5 percent higher than inMay 2011. Auto balances are increasingfollowing the trend in rising auto sales,while card balances are declining at aslower rate due to sustained originationincreases and payment improvementsthat mirror pre-recession levels. Basedon current trends, card balances willstop declining and begin increasingduring 2012. With the continued weak-ness in labor markets, demand for addi-tional education is very strong. As aresult, student lending balances rose 66percent to $766 billion in November2011 (from the pre-recession average of$460 billion) before falling back to $753billion as of April 2012.

“Consumers are now starting to seegreater accessibility to credit opportu-nities and they are taking advantageof those opportunities, though inmoderation,” said Equifax ChiefEconomist Amy Crews Cutts. “TheAmerican household’s balance sheet islooking much better now, with debtburdens down significantly due toboth write-offs and consumer-leddeleveraging, and slow but significantimprovements in the economy. “

Survey Finds StricterUnderwriting StandardsStifling CommercialMarket Recovery

Although commer-cial real estate mar-kets showed signs ofrecovery in 2011,commercial lendingstandards have tight-ened in the past yearfor small businessesand scuttled a major

portion of contracted transactions forsmaller properties, according to theannual Commercial Real Estate LendingSurvey conducted by the NationalAssociation of Realtors (NAR). Accordingto Real Capital Analytics, more than13,000 major properties valued at $2.5million or higher traded hands in 2011.Sales volume increased 51 percent over2010 to $205.8 billion, with the lion’s


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hensive findings provide all the docu-mentation lenders need in the case ofan audit. Lenders can see exactly howeach appraisal report measures up tonew and existing industry require-ments, such as customary and reason-able appraiser fees, technology issueslike SAS Type II 70 control standards,and appraisal independence require-ments. Lenders can also use theCompliance Center to view appraisalcontracts; to audit and remove apprais-ers; check the license status or possibledisciplinary actions of individualappraisers; ensure their specific poli-cies and procedures like TILA triggersand value reconsiderations are beingfollowed; and much more. ComplianceCenter’s findings also include recentvalue reconsiderations as well as accessvery detailed information about everyappraisal order, down to the com-ments, order date, the paymentamount and when it was processed forTILA purposes.

“With all the different regulationslenders are facing, proving appraisalcompliance has been extraordinarilydifficult, but we’ve managed to make iteasy,” said Brian Coester, chief execu-tive officer of Coester Appraisal Group.“Our Compliance Center provides every-thing lenders need to stay compliant intheir appraisal relationships and theirorders—nothing is left to guesswork.Lenders simply select what they want toknow about an appraisal, click the printcommand, and they’re done.”

The Compliance Center is accessiblethrough Cloud Control, CoesterAppraisal Group’s revolutionary newappraisal management technology andthe only appraisal management soft-ware built on the award-wining plat-form of Salesforce.com. Launched inMarch of this year, Cloud Control offerslenders unlimited customization inmanaging appraisal orders and serviceswhile creating sales and marketingrules that can help them become moreefficient, stay compliant and generatenew business.

Mortgage ReturnsLaunches NewGuaranteed TargetedMarketing Program

Mortgage Returnshas announced thelaunch of a new

marketing program with a money-backguarantee. Mortgage Returns’ first guar-anteed marketing program focused onthe challenge of customer retention. Asmortgage rates reached record lows,Mortgage Returns assessed its cus-tomer’s databases and found that near-ly 60 percent of homeowners needed aprofessional loan review.

“There is no doubt that this will be aprofitable program for us,” said SteveGrossman, managing partner of NJLenders. “We started the program twoweeks ago, and have already put 25new loans into the pipeline, a 300 per-cent return on investment, which isamazing. We are impressed with thisprogram.”

Early results have been tremen-dous. In the first few weeks of the pro-motion, Mortgage Returns has seen e-mail marketing open rates of 30.8 per-cent, more than double the nationalaverage of 12.5 percent. And withinthe first 10 days, more than four per-cent of homeowners have completed amortgage analysis with their mortgageprofessional.

“This is exactly our goal,” said JimBlatt, chief executive officer ofMortgage Returns. “If homeownerscontinue to trust their originators tomanage their loans, they will berewarded with future purchases, refer-rals, and refinances. Our job is tomake sure the loan review is per-formed by the mortgage company thatclosed the loan. We know this resultsin long-term customer retention, withan immediate short-term payback inrefinances. Rates are at a place wheremost homeowners would benefit fromhaving an in-depth analysis of theirloan. Our goal is to make sure thathomeowners went back to their origi-nator, not to the mega lenders whoare continually advertising broadly onradio and television.”

Mortgage Returns utilizes its data-base management engine to target theright customers and deliver a com-pelling message on behalf of loan orig-inators. If originators do not closeenough new loans to cover the cost ofthe marketing program, MortgageReturns will refund the difference.

“We know that it is important to seemarketing as a real partnership indriving results and not just a service ofdelivering e-mail or direct mail,” saidBlatt. “More than one-third of our cus-tomers participated in this targetedmarketing program, and we look for-ward to showing them the results itwill deliver.”

CoreLogic Releases REO-to-Rental DataProduct for Investors

C o r e L o g i c h a sa n n o u n c e d t h elaunch of a new prop-erty data and analyt-ics offering that pro-

vides enhanced insight to investors par-ticipating in the new government-spon-sored enterprise (GSE)/Federal HousingFinance Agency (FHFA) REO-to-Rentalprogram and other similar private pro-grams. The new offering providespotential investors with property-levelinformation such as:� Average potential rent for the sub-

ject properties, based on relevantmarket information, including near-by multiple listing service (MLS) sin-gle family residence (SFR) rental data

� Capitalization rate information bygeographic area

� Current value of the propertythrough CoreLogic automated valua-tion models (AVMs)

� Assessment of neighborhood andmarket trends

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share of lending funds coming from bigbanks. Other funding sources includeinsurance companies and institutionalinvestors. By contrast, the NAR surveyshows that small business transactionsrely heavily on smaller regional andlocal banks, and small privateinvestors, for lending capital.

“This is very much a tale of two mar-kets. There have been notable improve-ments in capital for large commercialtransactions valued at $2.5 million orhigher, but there remain significantchallenges for small business,” saidLawrence Yun, NAR chief economist.“Our Realtor members typically areinvolved in helping commercial clientswith purchases under $2 million, wherea lack of capital has caused two out ofthree respondents to report deals havefallen through. Given that most jobs arecreated through small business, the lackof capital is hurting small businesses andthe overall economic recovery.”

The most common types of propertytransactions referenced in the surveywere multifamily, land, warehouse,suburban office and retail strip centers.Other property types include industrialflex space, central business districtoffice, freestanding retail, and restau-rants. Realtors report the system isclogged with property that must be soldor refinanced, which is significantly

impacting the recovery. Long-timeinvestors who never had a problem get-ting a loan in the past are now beingdeclined.

More than half of respondents saylending is just as stringent as a year ago,while 23 percent say it is more strin-gent; 20 percent say it is less stringentbut not near historical averages.Members also complained about banksbeing over-regulated, and refinancingbeing denied due to stringent internallender underwriting requirements orlow appraisal valuations.

Thirty-six percent of Realtors saidclients used the Small BusinessAdministration (SBA) commercialrefinance program, but of those whodidn’t, 45 percent said it was due toburdensome application and reportingrequirements.

Kroll: Lenders Face Riskand Additional Costs toDoing Business

Kroll Factual Data Inc. has reported thatmore than 14 percent of the loan filesprocessed by Kroll in 2011, and in thefirst quarter of 2012, contained certainapplicant-provided information thatsuggested the possibility of fraudulentactivity. Using its proprietary risk analy-

sis and verification engines, KrollFactual Data determined these filestriggered alerts that could indicate thepresence of mortgage originationfraud, resulting in reputational damageand/or increased costs of doing busi-ness for lenders and other mortgageproviders.

“It is important for mortgage lendersto have the right tools to identify poten-tially fraudulent activity, therebyenabling them to better understand theactions that can be taken to reduce therisks and costs associated with havingto repurchase loans,” said Rod Bazzani,president of Kroll Factual Data. “Oursuite of risk solutions provides a mar-ket-tested, cost-effective method formortgage lenders to reduce risk andmitigate the chance of having to incursuch costs.”

Kroll has developed, and continuesto refine, advanced proprietary algo-rithms—deployed through its riskanalysis and verification engines—thatassess applicant-provided informationfor the potential indicators of fraud.These engines are fully customizable,allowing clients to tailor the algorithmsto reduce the number of false alerts.For example, after a national lenderworked closely with Kroll Factual Datato customize its alert criteria, whichincluded removing alerts for data entryand similar administrative errors, thislender realized a significant decrease inits average alert review rate—from 8.5percent in 2011, to less than seven per-cent in Q1 of 2012.

Typical fraud alert variables wouldinclude a “no match” result (on a SocialSecurity Number verification), a poten-tial “straw buyer,” a positive matchagainst the Office of Foreign AssetsControl list, etc. In all, there are morethan 300 fraud alert factors that couldbe flagged for additional review.

“Our goal is to empower financialservices companies with the mortgage-related information, processes and riskmitigation tools they need to confident-ly make decisions to support their busi-ness objectives,” said Bazzani. “Our pro-prietary risk analysis and verificationsolutions are exactly what mortgagelenders need to thrive in today’s chal-lenging and volatile mortgage lendingenvironment.”

RMBS Working GroupEstablishes New Methodsto Investigate MBSMisconduct

The ResidentialMortgage-BackedSecurities (RMBS)Working Grouphas announced

new resources in their efforts to investi-gate misconduct, including the launchof a RMBS Web site to report fraud andthe creation of a coordination team tofacilitate the various investigationsunderway around the country. TheRMBS Working Group is a collaborativeeffort led by five co-chairs, includingAssistant Attorney General for theCriminal Division Lanny Breuer, Acting

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Assistant Attorney General for the CivilDivision Stuart Delery, U.S. Attorney forthe District of Colorado John Walsh,Director of Enforcement for the U.S.Securities & Exchange Commission (SEC)Robert Khuzami, and New York StateAttorney General Eric Schneiderman.

The Working Group and its membersare focused on investigating potentialfalse or misleading statements, decep-tion or other misconduct by marketparticipants in the creation, packagingand sale of MBS. While the workinggroup and its members’ specific effortsare law enforcement sensitive and,therefore, must remain confidential,generally the working group continuesto: Identify specific RMBS offerings forpriority investigation through the useof various forensic tools including risk-based analytics; analyze pending pri-vate RMBS litigation throughout thecountry for important evidentiary con-nections to existing law enforcementinvestigations; and convene opera-tional meetings among investigators,attorneys, analysts and RMBS marketexperts and insiders.

“The RMBS Web site is a new call tothose insiders who know about fraudthat occurred in the RMBS market, whoknow it’s time to expose that fraud, andwho want to help us hold accountablethose individuals and institutions whobroke the law in pursuit of even biggerpaydays,” said Acting Associate AttorneyGeneral Tony West. “Although theWorking Group and its members havedone a tremendous amount of inves-tigative work already—including hav-ing issued more than 25 civil subpoe-nas—we know that hearing from insid-ers is particularly valuable. There arescores of people who worked in theRMBS market who acted responsibly,but who also may have witnessed greedand misconduct that crossed the legalline and created havoc for investors,homeowners and our economy. Wewant to hear from them.”

Each co-chair agency brings inves-tigative resources and existing RMBSinvestigations to the Working Group. Tofacilitate communication and coordi-nation among the various agencies con-ducting RMBS investigations nation-wide, the five co-chairs and the TaskForce’s Executive Director haveappointed a coordinating team.Matthew Stegman, a career white-collarprosecutor, is the RMBS WorkingGroup’s Coordinator. In addition to theselection of Stegman, the coordinatingteam in Washington, D.C. includescriminal prosecutors and civil attor-neys, analysts and FBI investigatorswho are coordinating federal and statefraud investigations nationwide.

Mortgage Insurer MGICFiles Suit Against FreddieMac and FHFA

MGIC InvestmentCorporation hasannounced thatits MortgageGuaranty Insur-ance Corporation

(MGIC) subsidiary has filed a lawsuitin Federal District Court inMilwaukee, Wis. against Freddie Macand the Federal Housing FinanceAdministration (FHFA) regarding thepool insurance dispute between MGICand Freddie Mac. The dispute hasbeen described for some time inMGIC Investment’s public disclosures.MGIC said it would not comment onthe suit beyond a communication ithas sent to Freddie Mac, which saidin part:

That we took the initiative in seek-ing to resolve our dispute throughthe judicial system does not mean wecannot seek to resolve it “out ofcourt.” Indeed, we welcome theopportunity to continue such discus-sions, but could not accept the termson which Freddie Mac was willing todo so.

MGIC intends to conduct “businessas usual” on the various mattersbetween themselves and the FHFA,and the company hopes that afterdue reflection, Freddie Mac will con-cur their approach makes sense.

New HUD Studies Find the Benefits ofHousing Counseling

The U.S. Department ofHousing & Urban Develop-ment (HUD) has releasedtwo reports on the impactof HUD-approved housing

counseling has for those families whopurchase their first homes and thosestruggling to prevent foreclosure. Inboth studies, HUD found housingcounseling significantly improved thelikelihood homeowners remained intheir homes. Both the pre-purchasecounseling and foreclosure counselingstudies enrolled clients in the fall of2009 and early 2010.

HUD found that 35 percent of par-ticipants became homeowners within18 months of pre-purchase counsel-ing and only one of those buyers sub-sequently fell behind in their mort-gage payments. The foreclosurecounseling study reveals that with acounselor’s help, nearly 70 percent ofthose counseled obtained a mortgageremedy to retain their home, and 56percent cured their defaults andbecame current on their mortgages.

“These two studies underscore theneed to continue supporting housingcounseling programs across thiscountry, especially during this periodwhen families need these services themost,” said Raphael Bostic, HUD’sAssistant Secretary for PolicyDevelopment and Research. “The evi-dence is clear, with a little invest-ment on the front end, we can go along way toward improving thechances families will buy a homethey can afford and sustain theirhomes in the long run.”

The “Pre-Purchase CounselingOutcome Study” enrolled 573 individ-uals seeking pre-purchase counseling

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By David J. Coster

Steven Marshall hasalways had a flair forthe dramatic. Hissales improvementevents in the boomtimes of the mid-

2000s drew thousands of eager mort-gage professionals who were caught upin the high energy, high motivationspectacle. Those events reflected theirtime and place in history.

The MasterMind 2012 event, held inearly June at the Palms Hotel andCasino in Las Vegas, was more reflectiveof the times we live in today. Not thatthe event was without the “Vegas flair”as Steven Marshall put it during aninterview with National MortgageProfessional Magazine, but, as Marshalladded, “This time around it’s all aboutthe content—how to close more loansdespite the increased work involved ineach transaction.”

Marshall also stated that it not allabout closing more loans.

“We had 50 of the top loan 200 orig-inators in the U.S. who attended thisevent,” said Marshall. “For many ofthem, the goal is closing the same num-

ber of loans in less time.” Asked to sumup the event’s purpose, he said, “It wasgladiator training—where the bestcame to get better.”

How each individual defined “better”was up to them.

The event employed two uniquefeatures: Massive panelsand a speaker competition.Marshall says he wanted todeliver as much practical,actionable content as possi-ble during the two-dayevent. One way he accom-plished this was by reducingthe time allotment forkeynote speakers, includinghis own, and drasticallyincreasing the time allottedto successful originators andmortgage sales executives.

His two panel discus-sions gave 27 industry leaders 10 minuteseach to share their best tips. Additionally,to increase the motivation of the speak-ers to deliver the best possible content,Marshall instituted “MasterMind’s GotTalent,” in which attendees voted aftereach session on which speaker was thebest. The winners advanced to a final fourfrom which a “Best Speaker” was crowned.

Next year, Marshall hopes to add a“play-in” competition in which a fewspeaking slots will be up for grabs basedon video clips placed and promoted onYouTube. In a similar populist move, nextyear’s primary keynote speaker will beselected based on this year’s attendee’s

votes. The choices for nextyear include former U.S.President Bill Clinton, LanceArmstrong or Tony Robbins.

How was the eventreceived? According toDrew Waterhouse, manag-ing director and chief execu-tive officer of HammerhouseLLC, a mortgage industryrecruiting firm, “It was niceto get the top talent in theindustry together, pat eachother on the back for surviv-ing the last few years, have

some fun and be serious about gettingbetter at what we do.”

Don Henig, managing director ofnational sales for Mortgage Master Inc.and a member of the “Executive Panel,”said, “Steven is a visionary. He knewinstinctively that an event focused onactionable ideas would be extremelypopular. He had a great deal of courage

to put on an event now given the uncer-tainties in the economy and in theindustry. His courage was rewarded.”

If the 2012 MasterMind event is anyindication, it appears that this is theyear that mortgage professionals arereclaiming their pride in being the linkto homeownership and debt manage-ment for their clients after years of vili-fication by politicians and the press.The mood in the halls of the PalmsHotel and Casino was positive, but real-istic. The assembled industry leadersseemed to know that many trials still lieahead for the industry, but there wasalso a sense that these people, mostlyseasoned industry veterans, would beamong those who will adapt the best.

David J. Coster, managing partner ofAcademy Media Partners, is a 25-yearveteran of the financial services industry,with experience in production, market-ing and management within the realestate, mortgage and insurance markets.Academy Media Partners is a developerand publisher of educational-focusedcontent for leading financial servicesfirms. He may be reached by phone at(919) 559-2171 or e-mail [email protected].

Unique Mortgage EventDraws 1,500 Originators

and Executives

Steven Marshall

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new to market continued from page 29

� 24-month review of housing pricetrends

� Cash-flow projections on similarpropertiesThe analysis is delivered within 24

hours of bid tape receipt. CoreLogicwill report average rental pricingbased on completed rental agree-ments sourced directly from localMLSs, where available. This will pro-vide more accurate and timely datathan listings typically “scraped” fromInternet sites. After a successful acqui-sition of REO property, CoreLogic canprovide renter screening and occu-pant rental insurance data to helpsuccessful bidders manage propertiesmore securely.

“Over the last five years, there havebeen more than three million addi-tional potential renters from complet-ed foreclosures, which is more thanthe net increase in the number ofrenters during the 1990’s and theearly part of the 2000’s before thehousing bust. And many of them seeksingle-family housing with similarcharacteristics to the home theyowned,” said Mark Fleming, chiefeconomist at CoreLogic. “However,until recently, attracting institutionalinvestors into the single-family homerental market has been difficultbecause of the regional nature of themarkets, the difficulty in bundling theproperties and the lack of actionableinformation concerning cash flow andpricing.”

Interthinx’s NewWatchlist Review ModuleTool Eases ComplianceBurden

Interthinx has announced the releaseof its new Watchlist Review Module, astand-alone application thatallows/enables lenders to check all loanparticipants against several industrylists to ensure compliance with FannieMae’s Loan Quality Initiative (LQI) aswell as rules from the Office of ForeignAssets Control (OFAC) and the BankSecrecy Act (BSA).

“Much of the risk involved in themortgage loan transaction rests withthe loan participants,” said GayleShank, vice president of product man-agement at Interthinx. “Knowingwhether these individuals—includingthe personnel involved in the clos-ing—are on any industry lists is a crit-ical due-diligence step that federalregulators expect lenders to take.Those who fail to do so greatlyincrease the risk associated with aloan transaction.”

Shank pointed out that the BSArequires lenders to screen closing par-ticipants against industry watchlistsbut said that lenders lacked a compre-

hensive way to do so. The newWatchlist Review Module solves thatproblem by screening individuals andcompanies against all exclusionarylists at the same time.

The module uses name-matching soft-ware combined with algorithms to iden-tify matching records. The system pro-vides a customizable, intuitive reportthrough a single-source interface.

DataQuick Launches New Valuation Tool

San Diego-based DataQuick, a providerof advanced real estate informationsolutions powered by data, analyticsand decisioning, has released CMV-Portfolio, a flexible automated valua-tion tool that uses confidence scoresand configurable business rules tooptimize portfolio risk managementdecisions. To provide users a higherlevel assurance in their portfolio deci-sions, each CMV-Portfolio propertyvalue is delivered with a confidencescore, indicating the precise level ofaccuracy associated with the valuetogether with a Forecast StandardDeviation (FSD), which represents theprobability that the CMV-Portfolio val-uation falls within a statistical range ofthe actual market value, measuredagainst a sale price.

“It’s not enough to just have a valu-ation attached to a property,” saidJohn Walsh, president of DataQuick.“How likely is it to be an accurate esti-mate? Is the valuation supported byrecent sales? Does the score demon-strate confidence? Is the property anoutlier in its community, skewingautomated results? All of these ques-tions can cast doubt on a valuation,and risk managers need insight intothese factors to ensure the best busi-ness decision.”

CMV-Portfolio calculates a moreaccurate valuation by basing its valueestimates on input from four diversesub models. And unlike most AVMs,users can specify the desired accuracylevel based on the requirements ofindividual portfolios. Allowing riskmanagers to have full control of accu-racy and hit rate enables CMV-Portfolio to be more widely usedacross the organization, generating ahigher value enterprise wide.

“CMV-Portfolio provides risk man-agers with the highest possible levelof property valuation, but mostimportantly, the peace of mind thatthe provided values are accurate andcan be fully trusted,” Walsh said. “Thisconfidence leads to the best resultspossible– highly effective and accu-rate portfolio review decisions andreduced risk.”

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Finding the Right Branch OpportunityBy Tina Jablonski & Shawn Sirko

During the last several years, lenders andloan originators have been looking for newways to survive and thrive in the “post-lend-ing crisis” meltdown. In many cases, thisinvolves forming partnerships or other affil-iations that seem to match their long-termgoals. Of course, one of the most obviousoptions is the branch affiliation, whereby anindividual loan officer or an independentmortgage company becomes a branch of amortgage banker/lender or other entity.There are some definite pluses to such anarrangement, but making a move like thisrequires extensive research before you canmake such a major move.

Starting a branchYour first step is to identify your ownstrengths and weaknesses to determine ifyou are well-suited to be part of a branchoperation. Formulate a short- and long-term business plan that will include a list-ing of the state(s) in which you can, andintend, to do business in.

Of course, you want to know whichbranch affiliate organizations are mostclosely aligned with your plan and overallbusiness style. There are hundreds of poten-tial firms, and this will require a great dealof research on your part, so begin the fact-finding mission many weeks prior to yourtarget date. Of course, you may find thatyour peers and other business contacts canprovide the best suggestions.

You will have many questions to ask. Forexample, some companies have more of aregional or local footprint, while others mayhave less saturation in one area, but have abroader national footprint that will allowyou to take advantage of name brand recog-nition in nearly any state in which youintend to do business. Less saturation in aspecific market may provide a more exclu-sive opportunity for you to become a pri-mary player in that company’s network.

You also must consider the investmentthat these companies make in their peopleand their partners. Do the organization’s keyplayers spend one-on-one time helpingbranch managers to shape their businessplans? Are they willing to help you trulygrow and become more profitable overtime, or are you simply just another branchwith access to the basic benefits of your typ-ical affiliate company. For example, our CEOspends time working one-on-one with

branch managers via weekly Skype meet-ings, helping them to continue to refinetheir business practices and sales strategies.We have been able to measure a level ofsuccess as a result of these weekly meetings.

You want to be sure not to overlook theintangible benefits such as culture, energyand spirit. Some people tend to thrive in ahigh-energy, fast-paced environment. Theyfind that hard work and constant growthcan become very exciting and providemomentum moving forward. If the cultureis right, positive energy will become conta-gious. These types of organizations tend tohave the most longevity and ability toadapt to change, which is more importantthan ever in today’s business climate.

As part of your research, you will wantto read all of the available material on thecompany’s Web site, in trade publicationsand elsewhere. Also, take time to talk withthe organization’s key leaders and ask forreferences of a few of the company’sbranch managers who ideally will sharetheir experiences with the organization.

Partnering with larger companiesYou should consider the benefits of part-nering with a larger company. In addition toassuming most of the significant adminis-trative and regulatory responsibilities, mostof these organizations will provide the nec-essary support for human resources, com-pliance, licensing, in-house underwriting,marketing, closing, processing, technology,accounting and payroll. They can also offerexpertise to help you grow and improveyour sales and operations teams.

The main disadvantage of joining a larg-er affiliate-based organization is that youwould likely relinquish some degree of con-trol and autonomy. This change can be dif-ficult for long-time business owners.However, a smart businessperson should beable to realize the long-term upside of suchan arrangement. Just be sure you select theright company.

Office structureAs part of your evaluation, determine ifyou need a brick and mortar office or ifworking from home is preferable. Somecompanies allow individuals to work fromhome as virtual loan officers, and will formbranch relationships with even marginal

producers in an effort toincrease volume through thesheer number of branches.However, others realize thatthe effort involved in navi-gating the licensing andcompliance requirements,and the resources necessaryto manage such an arrange-ment, are too extensive whencompared to the benefits ofoffering a home officemodel. It may not makefinancial sense for a largerorganization to take that on.

We have found thatidentifying special partnersand helping each branch todevelop considerably is amuch more effective way togrow a company’s volumeversus having an abun-dance of one person shops.

As an individual loanoriginator seeking a virtualbranch opportunity, it’s easyto see the attraction of hav-ing the ability to work fromhome. Before going in thatdirection, consider theadvantages of joining abranch that is already estab-lished. There are definitebenefits of being in an officewhere you are surroundedby your peers every day. Anoffice environment providesadvantages such as cama-raderie, healthy competitionand the ability to stayinformed. While technologycan provide advantages thatallow you to work remotely,it really cannot compare toworking side-by-side withyour processor and other teammates, whichtends to provide positive energy, inspiration,sales solutions, and more effective pipelinemanagement.

Branding is keyOnce you find the ideal branch affiliation,keep in mind the importance of maintain-ing constant and compliant marketingmessages. It would be in your best interestto take full advantage of all regional andnational branding your company has doneprior to your arrival. This would includepress releases, flyers, mailers, e-mail cam-paigns, Web sites and other marketing.Capitalize on your company’s brand name,but maintain continuity by using the new

company’s marketing mes-sages, while adding yourown “twist” to best supportyour target markets.

Most top tier branchaffiliate organizations willhave predetermined com-pliance guidelines to helpsteer you in the right direc-tion. Some also may havepre-designed marketingmaterials and Web sites thatyou can use as templates.Given the current regulatoryenvironment, we cannotstress enough the need toalways lean on your corpo-rate compliance departmentto ensure that all marketingmessages are compliant.

Legal/restrictionsAs you can imagine, one ofthe most critical areas toassess is the legal/regulatoryrestrictions on branch oper-ations. It is important to stayabreast of changing regula-tory guidelines from federal,state and local agencies toensure compliance withlending guidelines andpractices. In addition to theU.S. Department of Housing& Urban Development(HUD), the ConsumerFinancial Protection Bureau(CFPB) has been tasked withmonitoring and enforcingmost federal lending regula-tions. Conferring with thisand other regulators is criti-cal to your ongoing opera-tions. Again, further evi-dence of why joining a larg-

er organization with a strong, qualifiedcompliance department makes sense.

Becoming a branch of a successfulorganization could be a great move for yourshort- and long-term future. However, it isno easy task and in order to make the rightdecision, you need to take the time to thor-oughly research your options.

Tina Jablonski is vice president of businessdevelopment with Gold Star Mortgage. Shemay be reached by phone at (866) 278-7214or e-mail [email protected] Sirko is vice president of businessdevelopment with Gold Star Mortgage. Hemay be reached by phone at (866) 249-2190or e-mail [email protected].

“Less saturation in aspecific market may

provide a more exclusive opportunityfor you to become a

primary player in thatcompany’s network.”

—Tina Jablonski

“The main disadvantage of joining a larger affiliate-based

organization is thatyou would likely relinquish somedegree of control and autonomy.”

—Shawn Sirko

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The New Age of Mortgage Branching:What Originators Need to KnowThe most recent financial industry shiftsand regulatory requirements have made itnecessary for mortgage originators toensure they are aligned with the rightcompany for their career goals. An in-depth review of the various branchingmodels combined with a self-analysis ofwhat’s important is required to determinethe best company for each originator.Whether it is remaining independent,being aligned with a megabank or a retailbranching operation, there are advantagesand disadvantages to each model.

Two of the mortgage industry’s mostwell-known and successful profession-als participated in a question andanswer session with National MortgageProfessional Magazine about the variousretail origination models most preva-lent in 2012. Residential FinanceCorporation’s Vice President and ChiefMarket Strategist Barry Habib, andDaniel Jacobs, president of retailbranching, took some time to sharetheir insights into the market and whatit will look like in the future.

What are some of the disadvantagesand advantages of working with the dif-ferent origination channels? Daniel Jacobs: There are various origi-nation channels, including megabanks,retail banks, retail branching, as well asindependent brokers. Megabank mort-gage lenders have a perception of stabili-ty, national branding, cross-selling refer-rals, strong training programs, bank mar-keting, strong—although sometimesrigid—corporate culture, national licens-ing exemption and independence fromwarehouse lines for funding loans. Someof the disadvantages are the rigidity of themegabank along with the modest com-pensation, limited loan products, andmortgage origination is often an ancillarybusiness line, which means it may notreceive the same level of resources as thebank’s core lines of business.

Then, there is the retail branchingmodel in which, for the originator ormanager, although there is no capital atrisk, there is a sense of entrepreneurismto operate a branch within a communi-ty that can focus on the unique needswithout conforming to a one-size-fits-allapproach. Retail branching offers origina-

tors a sense of independence that onlymortgage brokers traditionally enjoyed,with the corporate backing and the variousbenefits of a larger corporation with a solidmortgage banking platform to supportthem. It is true that this option lacks own-ership, and the sense of independence andentrepreneurism has corporate bound-aries, but many experienced originatorsand managers in the industry have saidthis model has emerged as the best fit forthem. It offers the best of many modelsand appeals most to individuals with moreexperience and history in the industry.

Many brokers have an entrepreneurialspirit, independence and focus on personalbranding. However, the contraction of thewholesale market, the negative public andregulatory perception of brokers, the dis-traction of back office audits and disparatedisclosure and compensation laws havemade it more of a challenge to thrive forindependent brokers than ever before. Inthe past being a broker meant more optionsto the originator. Today, it means more lim-itations are imposed on the originator.

There are, of course, exceptions inall of these categories, and that isimportant to remember.

What is the best way to decide if youwant to be a retail branch or join alarge bank? Barry Habib: There are advantages anddisadvantages to any of the choices, asDaniel mentioned earlier. It’s important tomatch your personal desires and goalswith the platform that will allow you toexcel in those areas. Know your likes anddislikes and do not get distracted by slicksales pitches. Also, determine what modelmakes the most sense for you. Your pro-fessional goals need to align with the com-pany for which you work. I recommendeveryone to create a checklist and explorethe various options. It is not a decision totake lightly but it is one that must be madeso that you can enjoy a rewarding career.

What are some of the key challenges toretail mortgage originations? Habib: The onslaught of new regula-tions in the past few years have creatednew challenges for everyone�con-sumers, brokers and bankers alike. Somecompanies have not responded as well as

others in this area and theircompliance policies put thecompany at risk for beingtoo loose—this is a particu-lar challenge for companieswithout robust in-housecounsel. Other companieshave taken an anti-businessapproach by responding tooheavily with overbearingpolicies that go above andbeyond requirements. Thisdoes customers a disserviceas it increases the cost oflending and can prohibittoo many people frombeing helped. The bottomline is that companies mustbe 100 percent compliantwith the letter and the spir-it of the law without creat-ing unnecessary obstaclesfor homeowners to jumpthrough.

Jacobs: That’s exactlyright. Plus, the uncertainand changing legislativeand regulatory climatehas made it difficult fororiginators to developstrategies to grow theirbusiness. The increasedliability from noncompli-ance of regulations can beoverwhelming. As an orig-inator in 2012, it’s impor-tant to have solid guid-ance to remain both com-pliant and competitive.

Habib: Other challengesare marketing and opera-tions. Maximizing your pro-ductivity through both marketing andoperational efficiency is really importantin today’s market. The best companiesknow how to help originators gain morerefinance and purchase business throughtheir marketing support without sacrific-ing on the execution or operations side.Otherwise, income levels rise and fallbecause as new loans come in they have tobe baby sat instead of flowing through thesystem, which allows the originator tofocus on selling.

Another area of concern for all origina-tors is licensing. What should they be mostaware of regarding licensing? Habib: It is silly not to be licensed. It isinexpensive and allows an originator to

maximize their options.There are only two reasonsnot to do this: Fear of theunknown or laziness, nei-ther of which should be anobstacle for a successfuloriginator.

Jacobs: As a loan origina-tor in today’s regulatoryenvironment, it is impor-tant to remain up-to-dateon continuing educationand licensing, even ifworking for an exemptorganization. If not, yourcareer becomes behold-en to only those banksthat are exempt. We haveseen some recent exam-ples of major banks thathave exited the marketand their originators’career choices wereseverely limited due totheir lack of individuallicensing. Remember,licenses are personalnow. The individual ownsthat license, not the com-pany, making it vital tothe true origination pro-fessional to hold personallicenses to protect his orher career options.

What are some of thechallenges retail origina-tors and branch man-agers may face? Jacobs: In addition to theregulatory and licensingissues we have men-tioned, the current mar-

ket requires originators to determinecareer what kind of organization theywant to be aligned with. In the past,they could choose from an independ-ent broker, megabank mortgagelender, net branch mortgage broker, ornet branch mortgage lender or a retailindependent mortgage banking firm. Eachof those options has varying degrees ofongoing viability. But the advantages anddisadvantages of each have changed dra-matically, due mainly to the legislativechanges and other evolutionary changesthe industry has experienced over the lastfive years. It also is important to select acompany that shares your core values and

“Retail branching offers originators a sense

of independence thatonly mortgage brokers

traditionally enjoyed …”

—Daniel Jacobs

“It’s important to matchyour personal desires

and goals with the platform that will allow

you to excel in thoseareas. Know your likesand dislikes and do notget distracted by slick

sales pitches.”—Barry Habib

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

By Jeff Mifsud

Back in the early- to mid-2000s, virtual-ly every marginally competent loan offi-cer (LO) could open up an office … whatwe used to refer to as a “trunk of yourcar” mortgage company. Unfortunately,for these folks, compliance wasn’t asimportant as getting deals closed.Thankfully, in today’s era of compli-ance, the bar has been raised very highand only a small percentage of LOs willbe able or even willing to try to clearthat bar. For good reason, branch com-panies are very cautious about accept-ing new branch managers.

What does it take to starta branch office?To answer this question, you have toask yourself another question first: Whydo you want to have a branch? The“WHY” fueling your motivation will tellyou whether you have a chance of suc-ceeding or not. The answer will be dif-ferent from person to person, but thismuch is critical: Your answer to “WHY”must be inspiring enough to get youover, around, and through the manyobstacles that will come your way. Itmust be inspiring enough to enable youto create a work space that will attract

top talent in your area.Once you have your “WHY,” and it’s

strong enough to keep you focused onyour goal, you need to take inventory ofyour existing skill set to determinewhether or not you have the requisiteskills to successfully manage a branch.If you don’t, you’ll need to find ways ofacquiring the skills you currently lack,or hiring someone who has the skillsyou need.

So what are some of the skills that make aneffective branch manager?Having worked with companies allacross America, I have observed someof the traits that make an effectivemanager. Here are just a few:

� Humility: Managers that displayhumility are able to establish a bondwith their employees that is sincereand long lasting. Arrogance, on theother hand, will produce animosityand create a difficult work environ-ment for all.

� Integrity: Managers who walk theirtalk and display true integrity are

able to gain theiremployees’ confidenceand influence them tohave greater integritythemselves. The greaterthe integrity of the man-ager, the greater theintegrity of the wholebranch becomes. Themanager earns therespect of his employersand their customers.

� The ability to Empower:Great managers areable to implementmanagement principlesthat help their employ-ees feel empowered intheir jobs. By empower-ing employees, man-agers are able to tapinto the creativity and ingenuity oftheir employees, which in turn createsa culture of growth and keeps theenergy in the office high.

� The ability to Empathize: The greaterthe manager’s ability to empathizewith their employees, the strongerthe manager-employee relationship.Everyone has challenges in theirlives, and when employees feelunderstood by their manager, theyfeel more compelled to perform at ahigher level. While, of course, nomanager wants to be taken advan-tage of, the manager who has hiredquality people and can cease frompenalizing employees for beinghuman or having lives outside theoffice will have loyal and gratefulemployees who are eager to please.

� The ability to Share Your Vision:Managers who work with theiremployees to create a shared visionfor the branch are able to create aculture where everyone feels respon-sible for the success of the branch.Managers who don’t get theiremployees to buy into and to feellike an integral part of the realiza-tion of that vision will have a verydifficult time actualizing that vision.

� Tenacity: Managers must be tena-cious in their pursuit of the desiredresult. Many peaks and valleys comeabout when running a branch.Hiring and firing, maintaining a bal-ance between comfort and respect,

flexibility with responsi-bility, financial consider-ations are all part of thepicture. Managers thatgrow from each chal-lenge and create positivechange for the future arein a much better positionto move their branchcloser to their goals.

Is starting abranch the rightbusiness movefor you?Once you’ve determinedthat you have what ittakes in the way of theleadership qualities men-tioned above, you needto then assess whether youpossess the practical man-

agement skills necessary to be a successfulbranch manager. The most successfulbranch managers are those who under-stand how to create and implement work-able business systems that move a busi-ness forward and will attain the growthrequired to thrive.

You must clearly understand that beinga top producer does not always translateinto a successful branch manager! In fact,this often becomes a scenario of “promot-ing to the highest level of incompetence!”Top producers will often fail as branchmanagers because each position requires avery different skill set—while some skillscertainly overlap, and many individualshave both skill sets, not many do. Many topproducers have never developed the skillsneeded to manage people—or simplydon’t have the talent, patience or desire todo so!

Top producers are often very cavalierand strong individualists. They do verywell as MLOs because their job matchestheir personality and/or skill set. But if topproducers then decide they want to betheir own boss and open a branch, with-out first evaluating the implications there-of and determining that they really havewhat it takes to succeed in this role, theymay well find that they have no clue howto deal with disputes among employees.They have no patience for teaching others,or how to create a team spirit amongemployees. They have no clue how to cre-ate an office culture that people areattracted to and look forward to comingto be a part of every day. They may watchlongingly as their employees head out toland the deals while he needs to stay at the

“If you are considering opening a branch but have

never managed people, it is critical

that you begin educating yourself inthe best practices in

people management.”

the new age of mortgage banking continued from page 35

business philosophy. And of course, sincethe LO compensation rules changed in2011, we have seen more disparity in com-pensation plans than ever before. So, it’simportant to fully understand and feelcomfortable with the compensation planonce you find narrow the choices of com-panies that are otherwise a good fit. This isan important decision and will drive thecareer and success of the astute originatoror branch manager.

Where do you see the market going inthe next three years? Habib: This is a highly uncertain time inthe marketing place, which creates enor-mous opportunities for informed, educat-ed professionals, as clients will need moreguidance and wisdom than ever before.

Events such as the upcoming election, thetax cliff, chaos in Europe, potential QE3, thedebt ceiling debate and, most importantly,the deficit will cause economic gyrations.

I feel there is a strong possibility rateswill decline even further and originatorsneed to be able to maximize this opportu-nity. That said, there appears to be a “bangmoment” on the horizon, which is wheninterest rates may rise rapidly as a result ofthe bond market losing its tolerance fordeficit spending. This is exactly what istranspired in parts of Europe where inter-est rates have risen dramatically over shortperiods of time. Originators need to exam-ine their personal business model as wellas that of their company to make sure theycan weather the storm and seize theopportunities.

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Coffee, Tea or Bank?By Dave Hershman

There are many choicesfor a prospective loanofficer (LO) in this indus-try. First, they can choosewhether to work for abank, independent mort-gage company, netbranch or broker. Then,they can choose whetherto be a “street LO,” workon “inbound” leads witha company that advertis-es, or work inside a realestate office, a buildersite or a bank branch.Even when they arrive attheir designated locale,they will have plenty ofchoices as to how theywill go about their busi-ness, such as purchasingleads or becoming areferral-based LO.

As a manager, chances are you arerecruiting within one of these types ofenvironments. The question is—how doesrecruiting differ from locale-to-locale? Iwill attempt to answer this question fromtwo perspectives. The first perspective isthe perspective of the company and thewill be the perspective of the LO.

Managers are competing with manyother companies when it comes torecruiting. It is imperative that themanager understand what benefits areprovided by that company. These bene-fits are not just the traditional benefitsof health insurance and retirementplans. The definition of benefits ismuch wider in this regard, and include,but are not limited to:

� They do include traditional benefitssuch as insurance and more. Thesebenefit vary greatly from organiza-tion to organization.

� Some benefits are important, butnot as measurable as insurance. Forexample, a larger bank is more like-ly to have name recognition. When aloan officer is talking to a prospect,familiarity with the company can bea major advantage.

� We could not talk about benefits

without talking aboutcompensation plans. Afterall, that is foremost in themind of LOs searching fora home. There may be aninverse relationshipbetween how many bene-fits are provided by thecompany and the level ofcompensation and theflexibility of the compen-sation plan as well. Themore the company mustspend to support an LO,the less it can pay. An LOwho works for a smallbroker may get a largercut of every loan, but theymay not get the extradeals that comes fromname recognition or in-house leads.

� Speaking of leads, obviously the provi-sion of leads is a major benefit. Again,these may come from telemarketing orother activity or the leads may be cus-tomers of the organization.

� Loan officer support … which mayinclude a wide range of benefits, fromtechnology to marketing support to train-ing. For example, some companies mayprovide individual Web sites for each loanofficer or may be flexible in allowing theLO to put up their own Web site. Largercompanies may not provide these sitesand may be more likely to restrict anyindividual marketing that does not sup-port branding of the company.

� Service levels. Does your companyprocess, underwrite and close their ownloans? This does not mean your servicelevels are better than that of a broker,but it does give you more control overthe process. It is important to under-stand that every category gives a theo-retical benefit, but not necessarily a ben-efit based in reality. For example, namerecognition is a great benefit, as long asthe reputation is good. More important-ly, loan officers perceive companies thatcan control processes can provide better

“The other part of theequation is the loan

officer. In determiningwhat type of person to‘recruit,’ your benefit

package will give you agreat idea of the

characteristics of the loanofficer that will thrive in

the organization.”

office and “rule the roost,” as it were. Topproducers are so used to doing business forthemselves, if they haven’t deliberatelymoved into a different modus operandi asbranch managers, they tend to be prone tomicromanaging. No one appreciates beingunder the microscope, and this can bringmorale down and creates animosity andless-than-motivated employees.

The successful branch manager has aprocess and system in place for absolutelyevery aspect of their branch operations;from how leads are generated and howthe phone is answered to how loans areprocessed, how the lunch room is main-tained, and how past client relationshipsare maintained. Systems that are imple-mented to create clarity in what needs toget accomplished not only assures therequired tasks get done but it also createsharmony among employees. Whenemployees are unclear about their jobsthis creates stress, hindered performance,and disharmony.

Are you going to be aproducing manager?This is a big question, one that needs to becarefully considered. I have heard count-less MLOs complain about the lack of pres-ence and leadership in their branch man-agers, often because he is too busy writinghis own business. Notice I said “he” … Ihave never heard a complaint about afemale branch manager in this particularregard. While there are exceptions to everyrule, I suspect that this is probably becausewomen tend to have a more natural pro-clivity to both multi-tasking and particu-larly to effectively relating to and manag-ing people.

For the manager who decides theywant to continue producing: I can sum upin one word what successful producingmanagers need to achieve not only per-sonal production goals but branch goals aswell: “Systems.” The most effective pro-ducing managers implement systems thatremove them from aspects of the loanprocess in which they are not needed, free-ing them up to be present for the needs oftheir employees while still doing his loans.

Does the company offeringyou a branch really do FHAloans?I know this may sound like a strange ques-tion, but if you do a high volume of FHAloans with tougher credit profiles, thisquestion is extremely important. I haveseen too many income streams nearlyobliterated because well-meaning MLOs

opened a branch of a company assumingthat they now had a good channel to closetheir FHA loans with … only to find outthat it was near difficult to downrightimpossible to close their FHA loans.

If your FHA volume has credit profileswith high scores, and over 95 percent ofyour loans will receive Approve/Eligiblefindings, then this is a less important ques-tion. However, most MLOs have tougherFHA loans, and need to approach openinga branch with caution, to be sure that youtruly have a good FHA channel. The mostpertinent information you need is howclosely they underwrite to the FHA guides,and what the minimum credit score is. Youare looking for a company that has at leasttwo wholesale channels, and that under-write according to the FHA guides—mean-ing little to no FHA overlays. There is noth-ing more frustrating for an MLO than to beconditioned for items that are not part ofFHA guides.

If the company claims to have theseFHA channels in place, sorry to say you can-not take their word for it. Call otherbranches and speak to the MLOs; ask themto share their experiences. Find out thenames of the FHA wholesale channels andcall to these wholesalers; interview themabout how they underwrite FHA loans. Ialso recommend speaking with some ofthe underwriters directly and sharing vari-ous loan scenarios, to find out what theirunderwriting thresholds are. Once youhave this information from all theseangles, you’ll have a clearer and moreaccurate idea of what to expect once youstart putting loans into the system.

It should go without saying at this point,but just so that there is no doubt: If you areconsidering opening a branch but havenever managed people, it is critical thatyou begin educating yourself in the bestpractices in people management. Perhapsmore importantly, you should seek out amentor who has years of experience, doeshis job well, has happy and productiveemployees, and who has achieved the suc-cess you want to achieve.

Go FHA!

Jeff Mifsud is founder of Michigan-basedMortgage Seminars LLC, a former FHAunderwriter with 15-plus years of expe-rience originating FHA loans, an FHAexpert for LoanToolbox.com and cre-ator of The FHA Originator, a monthlyFHA newsletter. Jeff may be reached byphone at (248) 403-8181 or visitwww.MortgageSeminars.com.

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Taking Your BranchFrom Good to Great

By John Cate

You’ve been engaged inthe mortgage industry formany years. You’veachieved some notablesuccesses, but your busi-ness development hasstalled. You may feel over-whelmed by rapid changesin the industry, new regu-latory requirements andjust the competition inher-ent in today’s economy.

The question thenbecomes, “How can you,as a mortgage branchmanager, take your retailoperation from good togreat?” This article willshow how an analysis ofsome fundamental busi-ness processes and structures will helpyou achieve resounding success, bothin the industry as a whole and in yourlocal environment. Consider the follow-ing six actions to affect positive change.

1. Analyze your businessmodelAre you a purchase shop or refinanceshop? It is difficult to excel at both. Youare better off specializing in one,branding your branch accordingly andrecruiting your staff with this focus inmind. Too much time and energy isspent trying to teach loan officers tocall on realtors for purchase referralswhen their past experience was sittingat a desk waiting for phone calls from arefinance mailer. Become a specialist!

Creating a unique niche and differen-tiation from your competition will reaprewards in areas beyond customers andstaff. As you become an expert in boththe industry and in your chosen special-ty, you will find opportunities for public-ity in trade magazines, business eventsand speaking engagements, and you canmaintain your competitive edge throughcontinual learning.

2. Analyze your staffingmodelDo you spend most of your time helpingthe low producers get their loans through

the system and putting outtheir fires? Does your part-time staff complain morethan they produce? Is yourturnover rate rising? Manymanagers make the mis-take of hanging on to lowproducers to fund a loan ortwo every other month. Ifthey amass enough ofthese employees, the fund-ing will create enough rev-enue to pay the bills … sothey think. This short-sight-ed viewpoint impedes cre-ation of a successfulbranch by retaining inef-fective staff.

You should continuallymeasure “loans per origi-

nator” (LPO) and hold your staff account-able to a minimum standard per quarter.Use LPO as a benchmark to gauge the effi-ciency of your operation. A high LPO com-pared to similar branch models signifies awell-run, professional organization.

Set S.M.A.R.T goals for each of youremployees (Specific, Measurable,Attainable, Relevant, Time-Sensitive). Theywill produce more and achieve greater jobsatisfaction as a result. Conduct annualemployment reviews with each employee.Make them thoughtful, timely and honest.Consider terminating your lowest producingLO at least annually to establish your branchas a production-oriented shop and push allemployees to become more successful.

“Thinning out the herd,” a time-provensales strategy, works because mortgagecustomers prefer professional, successfulLOs, and successful LOs want to work at abranch with other successful loan officers.Pruning your staff helps to build brandingand reputation. If you want a best-in-classbranch, you must hire and retain best-in-class staff. You must select quality proces-sors as well. It will become more difficultto recruit and retain the best LOs if yousettle for a mediocre processor.

3. Analyze your commission, bonus andrate sheet pricingStay in the middle in your market so you

“Creating a uniqueniche and

differentiation fromyour competition

will reap rewards inareas beyond

customers and staff.”

coffee, tea or bank? continued from page 37

service—especially if those services arelocal. Have you ever been asked if youhave “local processing?”

� You. This is a benefit we often miss andcan be the most important element ofattracting and retaining candidates.They are coming to work for “you.”What is your background, experienceand skill level? How have you helpedthe careers of others in the past? Whattype of manager and leader are you?This is one area that makes you com-pletely different from everyone else.

It is important for every manager tocompletely understand the benefits theyhave and the benefits they lack. This givesthem the opportunity to improve their ben-efit packages where possible and to comeup with what will call the “Unique sellingproposition” of the company. The goal isnot to have every benefit, but to understandwhy your package is different from othersand how that makes you unique. If you arethe same as your competition, then therecruitment task becomes much more diffi-cult. If you feel your benefit package is lack-ing, feel free to e-mail me at [email protected] with a description, and Iwill be happy to make some suggestions.Again, some of these benefits are tied to thetype of organization you work for and oth-ers are completely independent.

The other part of the equation is theloan officer. In determining what type ofperson to “recruit,” your benefit packagewill give you a great idea of the characteris-

tics of the loan officer that will thrive in theorganization. Again, this is not just bank ver-sus broker, but is a function of support andenvironment. For example, is yours a suitand tie company with regular sales meetingsand sales reports required? Or, do the loanofficers work out of the home and are prettyindependent? Again, we tend to think of oneas a bank and another as a smaller mortgagecompany or broker—but there are excep-tions. You can see what type of individualmight fit one environment and what typemight fit the other environment.

Another example might be a street loanofficer versus one that services a real estateoffice from the inside. One can be muchmore independent, while the other is tiedto and part of an office. One can do busi-ness with any one they would like while theother must service the real estate agents ofthat office. One is not a better job than theother. There are advantages of either situa-tion. But success in these environmentsrequire different skill sets and preferences.

Here is the most important point: Nomatter what the environment or benefits—a big bank, an independent net branch or asmall broker—what a loan officer needs todo in order to succeed will not change. Theymust work hard and be a team player.

Dave Hershman is a top author in the mortgageindustry with seven books published, as well ashundreds of articles. Dave has delivered hun-dreds of keynote speeches, seminars and schoolsfor the industry as well. He may be reached bye-mail at [email protected] or visitOriginationPro.com.

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Six Do’s for Branch MarketersBy Jim Blatt

When choosing to join abranch organization,making the best decisionis critical. One of thebiggest advantages that alarge organization canbring when considering abranch arrangement ismore effective and effi-cient marketing. Weknow the refinanceboom that has dominat-ed the industry has toend at some point, so abranch operation has tooffer very strong market-ing tools that deliver ameasurable and positivereturn-on-investment(ROI).

Evidence points to the evolution of apurchase market, according to theS&P/Case-Shiller Home Price Index. Theprice of homes has plummeted 34.4percent since the recession started,which made loan officers have tobecome short sale experts. In addition,Dr. Robert Shiller, Yale economist andnoted predictor of the housing and techbubbles, recently predicted it wouldtake 20 years for the housing market torecover. Even if Dr. Shiller is wrong,marketers have to adapt to a new nor-mal—a market that is overregulatedand filled with too much supply and notenough demand.

Finally, since 2009, theHeritage Foundation esti-mates the ObamaAdministration imposedmore than 75 major regu-lations with an annualcompliance cost of $38billion. To be successful,mortgage professionalsneed to work smarter notharder.

Here are six key itemsto look for in a marketingpackage offered by thebranch:

1. Recurringmarketing mustbe automatedAdvertisers will tell you

that continuous marketing touches areone of the keys to maintaining relation-ships, so having an efficient and inex-pensive system to do this is critical.Having a varied and dynamic approachis best, so direct mail, e-mail and socialmedia are all important. The key tostrengthening relationships is frequen-cy and repetition.

2. Make sure the marketing is relevantA study conducted by the direct mailindustry showed that when marketers

are seen as competitive. Quality processorsand LOs are looking for a completeemployment package in addition to highincome. Can their loans be approved andclosed in your branch? Can they get themclosed on time? Do they feel supported bythe branch manager? Do they enjoy com-ing to work? These considerations affectrecruiting and retaining quality people.Just paying the highest splits or bonuses isan unsustainable business practice andoften leads to failure.

On the other hand, your staff will alsorecognize the imperative of the bottomline, both for your organization as a wholeand in their individual situations. Theworking environment plays a pivotal role,but, in the end, your commissions andbonuses must stay competitive with therest of the industry.

4. Create and follow aconsistent recognitionplanSales people, notorious for being motivatedby money, are also influenced by recogni-tion. Post production numbers at leastweekly, both in the office on a white boardand via e-mail to every employee. Stackrank them to stimulate competition. Createa simple monthly prize, such as a gift cer-tificate to a local restaurant, so winners canshare their success. Recognition provideseffective and cost-efficient motivation.

Recognizing valuable employees, ofcourse, goes beyond contests. Reinforcingpositive actions and discouraging negativeones should become a daily element of theenvironment. Also, different peoplerespond to different approaches. Whilesome may require a firmer hand, othersreact better to encouragement and are dis-suaded by a forceful attitude.

5. Embrace online publicity for your branch,yourself and your staffUse Facebook and Twitter for starters.People do business with those they know,like and trust. Telling people about yourteam and mortgage business will increaseproduction. Social media sites also providegreat venues for “asking” for business.Building your business through your onlinesphere of influence represents anotherproven strategy.

Go beyond social media after you’veset up the basics. Consider an e-mailmarketing campaign using ConstantContact or MailChimp to create anattractive newsletter template. Startinga blog, especially one hosted on your

own Web site, can improve searchengine optimization (SEO) by creatinglinks and attracting visitors to your site.

6. Determine if you areusing the right lendingplatformAs a broker, should you align yourself witha mortgage banker or a bank? If you arealready allied with one, can you and yourteam become more successful by joininganother company? Do you delegate to cor-porate to focus your energy on origina-tion? Often, mortgage brokers becomeconsumed by the compliance and licens-ing requirements necessary to stay in busi-ness and end up failing as a result.

Brokers are being squeezed out of com-petitive circles as the big banks are less like-ly to interact with lower volume, third-partyoriginators. Becoming a branch of a mort-gage banker or bank can increase productand guideline flexibility. Many allow both in-house mortgages and brokering leaving verylittle business on the table.

LOs find it easier to sell the Good FaithEstimate (GFE) to their customers if they arewith a mortgage banker or bank providingan in-house loan. These factors play a largerole in recruiting and retaining best-in-classstaff for your branch. If you do make a shiftto another company, do your homework toensure the right cultural fit.

A successful branch manager must ana-lyze fundamental issues to drive theirorganization from good to great. Yourbusiness model, staff analysis, paymentstructure, recognition, online publicityand lending platform should all be specif-ically addressed in a thoughtful and con-tinual process. You should enjoy learningmore about the industry and implement-ing the results of your study. Branch man-agers should look forward to each day’schallenges instead of complaining aboutthe obstacles in their way.

Good branches can be found anywhere.To excel, you must commit to a thoroughanalysis of your organization’s strengths andweaknesses. Then, identifying and imple-menting customized changes can transformyour branch to achieve greatness!

John Cate is director of branch support forGuaranteed Home Mortgage Company.Founded in 1992, Guaranteed is a licensedmortgage investment and banking firmcomprised of more than 300 mortgage pro-fessionals lending in 27 states. He may bereached by phone at (813) 444-1035 or e-mail [email protected].


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Let the numbers speak for themselves.

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six do’s for branch marketers continued from page 39

employed personalized marketingmessages, response rates from con-sumers increased tenfold. The morerelevant marketing messages are, thebetter the result will be.

In addition to the simple massmessages described in the first point,marketing messages should be cus-tomized to the individual recipient.This goes beyond just a name andaddress. To truly demonstrate ongo-ing service, monitor their loan andgive them specific advice.

This is also true for industry part-ners who refer leads. If leads comefrom real estate partners, marketingmust be relevant to their clients. Thisdemonstrates a clear understanding

of the client’s goals. Referral partnerswant to know that you are providingexcellent service to their customers.Personalized marketing will not onlyassure partners that you understandthe client’s unique situation, it willdeliver better results. Deliveringresults will be vital for most partnersthat refer business to you. Relevantmarketing provides value for theircustomers, which will ensure theykeep sending you leads.

Giving great service to a referralpartner’s customers will build greatrelationships with them, and build-ing great relationships with key part-ners will take your business to anoth-er level. The expertise you demon-

strate with their customers will helpto build their reputation in theindustry, as well. Once trust is estab-lished, your partners will continue tosend business your way for years tocome. The same goes for past cus-tomers, prospects and other referralpartners.

3. A targeted marketingprogramThe mortgage industry is dynamic.New products, regulatory changes andguideline changes all create opportu-nities for targeted groups of borrow-ers. It should be easy to precisely tar-get specific groups (think HARP 2.0,FHA for MIP changes, etc.) and delivera relevant message to that targetedgroup efficiently.

4. Centralized marketingsupportWe know that loan originators arebusier than ever trying to shepherdloans through the closing process.They don’t have the time or expertiseto execute an ongoing, relevant mar-keting program. As a branch manager,you need someone centralized whocan help execute your marketinggoals. At a minimum, you should havethe ability to do it on behalf of yourown team. Centralized marketingenables originators to measure theresults and adjust marketing mes-sages to deliver stronger results. Italso empowers originators to do whatthey do best, which is close and saleloans.

5. Compliance in marketingWhile many branch managers andloan officers prefer to send individualmarketing whenever they want, itsimply isn’t realistic. A company thatallows this is asking for trouble.Compliant marketing should be effi-cient, but it also needs to be central-ized and relevant. The new ConsumerFinance Protection Bureau (CFPB) hasalready decided that the mortgageindustry is a target and today’s mort-gage firms need to take this seriously.Mortgage professionals can take alook at the banking industry to seehow potentially game-changing regu-lation can be. Perhaps, if the mort-gage industry is more proactive, theycan potentially avoid disruptive regu-latory forces.

6. Marketing that measures its ROIMany marketing companies think theirjob is done when the marketing is sent.They are missing the most importantpoint—accountability! Loan officers areaccountable for generating businessand marketing should be too. Youshould be able to quantify and evaluatethe change in customer retention basedon your marketing program, as well asquantify the ROI on individualized, tar-geted pieces. Marketing partnersshould provide this information regu-larly. John Wannamaker, considered bymany to be a pioneer in marketing, saidhe knew half of his advertising waswasted; he just didn’t know which half.That was more than 100 years ago—originators should expect more.

The marketing program is just one ofseveral items to be considered whenjoining a new firm, and it is one of themost important. Most firms that havesurvived the consolidation of the last sev-eral years meet the basics in operations,processing and product availability.Providing the tools to create a consistentbrand image that positions you as a truemortgage professional is the key to long-term business success and should be highon the list of requirements when choos-ing a branch with which to work.

Jim Blatt is chief executive officer of St.Louis, Mo.-based Mortgage Returns. Jimco-founded Mortgage Returns in 2004,bringing consumer and database-drivenmarketing expertise to the company. Hemay be reached by phone at (314) 989-9100, ext. 102 or e-mail [email protected].

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1st Advantage Mortgage........................................................................................http://www.1amllc.com1st Signature Lending, LLC ......................................................................................http://www.1stsl.com360 Mortgage Inc ......................................................................................http://www.360-mortgage.comAapex Financial Solutions, LLC ............................................................................http://aapexfinancial.netABC Family & Comm. Mtg. Co.................................http://www.arizonamortgagenet.com/company_9.phpAcademy Mortgage ......................................................................................http://academymortgage.comAcademy Mortgage - Bakersfield CA ............................................................http://academymortgage.comAcclaim Mortgage, Inc. ..................................................................................http://Acclaimmortgage.comACT Appraisal, Inc ........................................................................................http://www.actappraisal.comAdecco - Encino, CA........................................................................................http://www.adeccousa.comAdecco Financial Services ........................................................................................http://adeccousa.comAdvanced Mortgage SVF............................................................................................http://sky-valley.comAlliance School of Mortage Lending..............................................http://www.alliancebusinessschool.comAlliance West Mortgage, INC ..........................................................http://www.alliancewestmortgage.comAllied Mortgage Group ........................................................................................http://www.alliedmg.comAlpha Mortgage ................................................................................................http://Ifyouneedmone.comAlpine Mortgage Planning ..................................................................................http://www.alpinemc.comAmCap Mortgage, Ltd. ..........................................................................http://www.MaryPapageorge.comAMEC ..................................................................................................................http://www.amecinc.orgAmerican Equity Mortgage ......................................................................http://www.americanequity.comAmerican Fidelity Financial Services, Inc. ......................................................http://www.illinoisrates.comAmerican Financing ..............................................................................http://www.americanfinancing.netAmerican Midwest Mortgage Corp. ..............................................................................http://ammcorp.netAmerican Mortgage and Equity Consultants Inc., Mequon, WI ..............................http://www.amecinc.orgAmerican Mortgage Company ............................................................http://www.americanmortgage.comAmerica’s Choice Home Loans ........................................................................http://www.achlonline.comAmeriFirst Financial Corp ..................................................................................http://www.amerifirst.comAmeriFirst Home Mortgage ................................................................................http://www.amerifist.comAmeriNational Community Services, Inc. ......................................................http://www.amerinational.netAmeriPro Funding ......................................................................http://www.cespey.ameriprofunding.comAmFam NUO ..............................................................................................http://www.amfamseminar.orgAmtrust Mortgage Funding, Inc..............................................................................http://www.amtrust.netAnchor Home Mortgage, Inc. ....................................................................http://www.theanchorteam.comAngel Oak Funding, LLC ..................................................................................http://angeloakfunding.comAssociated Bank..........................................................................http://www.associatedbank.com/careersAssociates Mortgage Company ..........................................http://www.associatesmortgagecompany.comAtlantic Home Loans, Inc. ................................................................................http://www.ahlcareers.comAugusta Financial, Inc.....................................................................................http://www.petercosfol.comBayBurg Financial, Inc ........................................................................................http://www.bayburg.comBBG Home Loans ............................................................................http://bbghomeloans.com/join_us.phpBenchmark Mortgage ................................................................................http://www.iambenchmark.infoBofI Federal Bank ......................................................................................http://www.bankofinternet.comBrickwood Mortgage Inc- Murrells Inlet, SC..................................http://www.brickwoodmortgageinc.comBridge View Funding (soon to be Ever Funding Group) ........................................http://pcmcaffiliates.comBurke & Herbert Bank..............................................................................http://burkeandherbertbank.comC2 Financial Corporation ..........................................................................http://www.c2financialcorp.comCal Coast Financial Corp ..............................................................................http://www.calcoastmtg.comCalifornia Mortgage Advisors, Inc. ........................................................................http://www.CalMtg.comCapital Financial Mortgage Corporation............................................................http://www.capitalfmc.comCapital Lending, Inc.........................................................................http://www.CapitalLendingOnline.comCapital Mortgage ............................................................................http://www.capitalmortgageiowa.comCarrington Mortgage Services, LLC ............................http://www.carringtonhomeloans.com/lo/JayCollinsCastle & Cooke Mortgage ................http://castlecookemortgage.com/find_location/branch/newportbeachCastle & Cooke Mortgage, LLC........................................................http://www.castlecookemortgage.comCatalyst Lending, Inc.............................................................................................http://catalystlending.coCBC National Bank............................................................................http://www.cbcnationalbankmtg.comCCowan and Associates ......................................................................................http://www.ccowan.comCentral Coast Home Loans ..........................................................http://www.centralcoasthomeloans.comCity 1st Mortgage..........................................................................................http://www.city1stIdaho.comCitywide Mortgage Associates, Inc. ......................................................http://www.citywidemortgage.comClear Capital ..............http://tbe.taleo.net/NA8/ats/careers/searchResults.jsp?org=CLEARCAPITAL&cws=5CNC Mortgage, LLC ............................................................................................http://www.cncmrtg.comCoastline Mortgage Consultants, LLC ................................................http://www.coastline-mortgage.comCollateral Group, Inc. ................................................................................http://www.collateralgroup.comColonial Family of Companies ..................................................http://www.colonialsavings.com/joblist.aspColonial Savings ......................................................................................http://www.ColonialSavings.comCommonfund Mortgage Corporation ......................................................http://www.commonfundmtg.comCommunity Lending of America, Inc. ......................................................................http://www.clakc.comConsumer First Mortgage, Inc. ....................................http://www.mortgagescanbesimple.com/expansionContour Mortgage..................................................................................http://www.contourmortgage.comCoreFirst Bank & Trust ..............................................................................http://www.CoreFirstBank.comCorridor Mortgage Grouip ..............................................................................http://www.corridormtg.comCovenant Mortgage ............................................................................................http://www.covmort.comCRESTICO ............................................................................................................http://www.crestico.comCrown Financial Services ................................................................................http://www.crownloans.netDAS Acquisition Company, LLC ..................................................................http://www.usa-mortgage.comDimont & Associates ....................................................................http://hwww.dimontandassociates.comDocVelocity ....................................................................................................http://www.docvelocity.comDowns Financial ................................................................................................http://www.downsinc.comE Loans Mortgage ..................................................................................http://www.e-loanmortgage.comElement Funding......................................................................................http://www.elementfunding.com

EMB Lenders Inc. ........................................................................................http://www.EMBLenders.comEmperiq Financial ..............................................................................................http://www.emperiq.comENG Lending ....................................................................................http://www.mylowcostmortgage.comEnterprise Lending Group, Inc..............................................................http://www.enterprise-lending.comEnvoy Mortgage ........................................................http://www.mortgageprosus.com/WhyworkforenvoyEquity Mortgage Lending ..............................................................http://www.equitymortgagelending.comEquity Wave Lending ..........................................................................http://www.equitywavelending.comeValuation ZONE, Inc. ..............................................................................http://www.eValuationZONE.comEvergreen Pacific Mortgage, Stearns Lending, Inc. ..........................http://www.evergreenpacificmtg.comEXIT Mortgage LLC ..............................................................................................http://www.Exitmtg.comFairmore Financial ........................................................................................http://fairmoreMortgage.comFairway Asset Mortgage (Falls Church, VA Branch) ........................http://www.fairwayassetmortgage.comFairway Independent Mortgage ..................................................http://www.fairwaywholesalelending.comFairway Independent Mortgage Corp. ....................................http://www.fairwaymtgny.com/Default.aspxFairway Independent Mortgage Corporation ................................................http://www.fairwaynymtg.comFamily 1st Mortgage ......................................................http://www.family1stmortgage.instantlender.comFCF Services Inc ........................................................................................http://www.fcfservicesinc.comFiduciary Funding, LLC............................................................................http://www.fiduciaryfunding.comFinance Austin Associates, LP ....................................................http://www.financeaustinassociates.comFirst American Home Mortgage, LLC ....................................................http://www.FirstAmericanHM.comFirst California Mortgage ........................................................................................http://www.firstcal.netFirst Centennial Mortgage Corporation ..................................................................http://www.GoFCM.comFirst Citizens Bank..........................................................................................http://www.firstcitizens.comFirst Community Mortgage, Inc. ................................................................http://www.fcmhomeloans.comFirst Equity Financial ....................................................................................................http://fefloans.comFirst Federal Bank of Boston ..........................................................................http://www.firsteastern.comFirst Home Equity Loans ..................................................................http://www.firsthomeequityloans.comFirst International Bank & Trust - Fargo, ND ..................................................http://www.firstintlbank.comFirst Mortgage Corp-Ontario-Euclid Branch ................................................http://www.firstmortgage.comFirst Mortgage Company................................................................................http://www.allaboutfmc.comFirst Mortgage Group ..............................................................................................http://www.fmgllc.netFirst Priority Financial......................................................................................http://www.joinfpfiowa.comFirst Priority Financial Solutions ......................................................................http://www.loansbykat.comFirst Priority Financial, Inc ..................................................................http://www.joinfpfnorthcarolina.comFirst Priority Financial, Inc.........................................................................................http://joinfpfohio.comFirst State Mortgage Company, LLC ......................................................................http://www.thefsb.comFirst Valuation ............................................................................................http://www.FirstValuation.comFirstBANK Mortgage Partners ..................................................................http://www.firstbankonline.comFlagstar Bank ......................................................................................................http://www.flagstar.comFoundation Financial Group..........................................................................................http://www.ffg.comFranklin First Financial ............................................................................http://FranklinFirstFinancial.comFreedom First Credit Union............................................................................http://www.freedomfirst.comGarret Associates, LLC ..........................................................................http://www.garretassociates.comGateway Funding ..................................................................http://www.gateway-funding.com/MortgageGateway Funding Diversified Mortgage Services, L.P. ............................http://www.joingatewaynow.comGemstarr Mortgage Services ........................................................................http://gemstarrmortgage.comGeneration Mortgage Company..............................................http://www.generationmortgage.com/recruitGolden Empire Mortgage Inc ..............................................................................http://gemmortgage.comGood Friend Mortgage Inc. ..................................................................http://www.goodfriendmortgage.bizgotmortgage.com..........................................................................http://www.gotmortgagewholesale.comGreenlight Financial Services....................................................................http://www.greenlightloans.comGSF Mortgage ..................................................................................................http://www.gsflending.comGuardian National Bank ..........................................................................................http://www.gnbkc.comGum Tree Mortgage ............................................................................http://www.gumtreemortgage.comHall Lending Group, LLC ......................................................................http://www.HallLendingGroup.comHALO Capital ........................................................................................................http://www.sayhalo.comHamilton Group Funding ....................................................................................http://www.hgfdirect.comHancock Mortgage Partners, LLC..................................................................http://www.hancockmtg.comHKA Staffing Services ....................................................................................http://www.hkastaffing.comHome Loan Investment Bank ..................................................................http://www.HomeLoanBank.comHome Source Mortgage ........................................................................................http://homesource.comHome Star Mortgage Capital Corp. ......................................................http://www.homestarmortgage.orgHomePlus Mortgage ..........................................................................http://www.homeplusmortgage.comHomeServices Lending ..........................................................................................http://www.hsl-ga.comHometown Lenders ..............................................................................http://www.hometownbranch.comHometown Lending/Bay Equity LLC ..........................................................http://www.sedonalending.comHomeTown Lending, a Division of Bay Equity ......................................................http://www.HTLend.comHyperion Bank ............................................................................................http://www.hyperionbank.comICON Residential Lenders, LLC ..................................................................http://www.iconwholesale.comInd Home Loans, LLC ................................................................................http://www.indhomeloans.comInlanta Mortgage ..................................................................................................http://www.inlanta.comInnova Mortgage Services................................................................................http://www.innovamtg.comInnovative Lending Solutions ..............................................................................http://www.innolend.comIntegrity Mortgage & Financial Services, Inc. ........................................http://[email protected] Mortgage Company ............................................................http://www.interbankwholesale.comInterthinx, Inc ....................................................................................................http://www.interthinx.comIntertrustbanc ............................................................................................http://www.intertrustbanc.comInvicta Finance INc ....................................................................................http://www.invictafinance.comJ. Stevens Mortgage ............................................................................http://www.jstevensmortgage.comKiel Lending (a Division of Mortgage Broker Services, Inc.) ............................http://www.kiellending.comLeaderOne Financial Corporation ..................................................................http://leaderonefinancial.com

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Company Name: Academy MortgageWebsite: academymortgage.comPhone Number: (480) 246-3705Email: [email protected]

Company Bio: Academy Mortgage is headquartered in Salt Lake City, Utah – originating loansin over 120 branches in 33 states, providing FHA, VA, Fannie Mae, Freddie Mac, conformingand non-conforming loan products.

Academy Mortgage leads the industry by continuously providing exceptional customerservice and responsible lending practices as more and more banks consolidate operations,Academy has the distinct advantage of being a direct lender – all processing, underwriting,and closings are handled locally. Therefore, loans close in a matter of days.

Positions Available: Branch Managers Loan Officer Assistant ProcessorsLoan Officers DE Underwriters

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

Company Name: CCowan & AssociatesWebsite: www.ccowan.comPhone Number: (321) 363-4384Email: [email protected]

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

Positions Available: We have Origination Management positions at all levels: Divisional, Re-gional, District, Area, Branch and Sales Managers. All companies that we represent are “A Play-ers” looking for “A Players” and each has its own Unique Value Proposition.

Locations: Various Locations Nationally, Midwest, Southwest, Northwest, South, Northeast,West, East.

Company Name: AmeriFirst Home MortgageWebsite: www.amerifirst.comPhone Number: 513-382-5861Email: [email protected]

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

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

Positions Available: Loan Officers & Renovation Specialists

Locations: Cincinnati, Columbus, Dayton, Greater Chicago, Indianapolis, Knoxville, Lexington,Louisville, Merrilville, Michigan, Nashville, and in any other cities we are located in.

Company Name: Fairway Independent Mortgage Corp.Website: www.fairwaymtgny.com/Default.aspxPhone Number: (631) 881-5100Email: [email protected]

Company Bio: Fairway was recently named the 22nd Largest Nationwide Lender by SourceMedia! Our size allows us to offer the best mortgage products, extremely competitive interestrates and closing costs available on the Internet to YOU! A Common Sense Lender with a Com-mon Sense Approach! Extremely Competitive Comp Plan!

Positions Available: Loan Officer

Locations: 1757 Veterans Highway, Suite 12 • Islandia, NY 11749

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

Company Bio: Founded in 1952, Colonial Savings F.A. is a privately held, national, multi-ser-vice financial institution, and is one of the largest servicers of mortgage loans in the UnitedStates, with a portfolio exceeding $12.5 billion. It is the parent company of Colonial NationalMortgage, CU Members Mortgage, Community Bankers Mortgage and Colonial Savings. It is alsoaffiliated with Colonial Life Insurance Company of Texas, DuBose & Associates Insurance andFirst Western Title Company.

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

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

Company Name: Icon Residential LendersWebsite: www.iconwholesale.comPhone Number: (714) 379-7000Email: [email protected]

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

Positions Available:Underwriters SupervisorsFunders Account Executives – NationwideDoc Drawers Retail Sales ManagerAccount Managers

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

FEATURED LISTINGS

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Legacy Lending Group - Salt Lake City, UT Branch ............................http://www.legacylendinggroup.comLenderCity Home Loans ....................................................................................http://www.lendercity.comLenox Financial Home Loans ....................................................................http://www.lenoxhomeloan.comLiberty Home Mortgages LLC ..............................................................................http://www.myLHM.comLoan Republic Financial, Inc. ........................................................................http://www.loanrepublic.comLoan Simple Inc of Dallas ....................................................................http://www.northdallaslending.comLoanCentral, LLC ..........................................................................................http://www.LoanCentral.comLoanontime ....................................................................................................http://www.loanontime.comLoanSifter Inc...................................................................................................https://www.loansifter.comLong Grove Mortgage..................................................................................http://longgrovemortgage.comLynx Financial Group ....................................................................................http://www.lynxfinancial.comMAAG ..................................................................................................................http://www.maagllc.infoMain Street Home Loans ................................................................http://www.mainstreethomeloans.comMainstream Funding Network, Inc.................................................................................http://www.mfnincManhattan Mortgage........................................................................................http://www.mmcloans.comMarket Consulting Mortgage..................................................................................http://www.macmtg.bizMarketplace Home Mortgage, LLC- Omaha, NE ..................................http://www.marketplacehome.comMerit Finance Inc..........................................................................................http://www.meritfinance.comMetropolitan Funding Group Inc - Jenkintown PA ....................http://www.metropolitanfundinggroup.comMichael Scott Properties & Finance............................................................http://www.resourcerealty.comMid Nation Mortgage Corp ..................................................................................http://www.mnmgo.comMidCountry Bank (MN)............................................................................http://www.MidCountryBank.comMidwest Family Lending Corporation, Iowa, Nebraska, and South Dakota ..........http://www.midwestfamilylending.comMortgage Brokers Network Corp, Inc..................................................http://mortgagebrokersnetwork.comMortgage Cadence, LLC. ....................................................http://www.mortgagecadence.com/home.aspxMortgage Financial Group ............................................................................................http://mfglends.netMortgage Investors Corporation ..........................................................http://www.mortgageinvestors.comMortgage Resources ..........................................................................http://www.mortgageresources.comMortgage Security ....................................................................................http://www.mtgsecurityinc.comMortgage Solutions Financial ............................................................................http://www.msfhome.comMotown Financial, LLC ....................................................................................http://motownfinancial.comMount Olympus Mortgage Company ................................................................http://momco.com/careersMountain West Bank ..........................................................................http://www.mountainwestbank.comMSource Training & Consulting, Inc. ..............................................................http://www.msource24.comMyCityLender ..............................................................................................http://www.mycitylender.comNational Mortgage Alliance........................................................http://www.nationalmortgagealliance.comNational Mortgage Staffing ........................................................http://www.nationalmortgagestaffing.comNational Mortgage Staffing LLC ................................................http://www.nationalmortgagestaffing.comNationwide Equities Corporation ........................................................................http://www.nwecorp.comNationwide Title Clearing, Inc. ..................................................................................http://www.nwtc.comNeighborhood Loans ........................................................................http://www.NeighborhoodLoans.comnetbranchology.com ................................................................................http://www.netbranchology.comNetwork Funding LP ..................................................................................http://www.networkfunding.netNew American Mortgage ............................................................................http://www.newamerican.comNew England Home Mortgage LLC..................................................................http://www.nehmloans.comNew Horizon Funding............................................................................http://newhorizonfundingcorp.comNew Penn Financial LLC ......................................................................http://www.newpennfinancial.comNew York Community Bank ................................................................................http://www.mynycb.comNewDay USA ............................................................................................http://www.newdaycareers.comNoble Home Loans................................................................................http://www.NobleHomeLoans.comNOLA Lending Group......................................................................................http://www.nolalending.comNorcom Mortgage..................................................................................http://www.norcommortgage.comNOVA Home Loans ..................................................................................http://www.novahomeloans.comOmega Financial Services, Inc. ........................................................................http://www.fhaomega.comOne Mortgage, Inc. ................................................................................http://www.OneMortgageInc.comOpen Mortgage ............................................................................................http://joinopenmortgage.comOpen Mortgage Home Lending ..........................................................................http://openmortgage.comOpen Mortgage Home Lending ..............................................................http://www.openmtg.com/jimvaniOpen Mortgage LLC ......................................................................................http://[email protected] Mortgage, LLC ....................................................http://www.openmtg.com/home/dianebrayden.eplOpus Capital Markets Consultants......................................................................http://www.opuscmc.comPacific Residential Mortgage ..................................................................http://www.pacresmortgage.comPacor Mortgage Corp................................................................................http://www.pacormortgage.comParamount Equity Mortgage ......................................................http://www.paramountequity.com/careersParamount Residential Mortgage Group..............................................................................http://prmg.netPartners Mortgage Corporation ............................................................http://www.partnersmortgage.comPennyMac Home Loan Solutions ....................................................http://www.pennymacusa.com/careersPeoples Home Equity ..........................................................................................http://phewholesale.comPeoples Home Equity (Virginia Beach) ................................................http://www.peopleshomeequity.comPHH Corporation ..................................................................................................http://www.phhjobs.comPinnacle Lending Group, Inc. ..................................................................................http://www.plgnv.comPinnacle Mortgage Group, Inc. ............................................................http://www.pinnacle-mortgage.comPinnacle Mortgage Group, LLC ........................................................http://www.mortgagebypinnacle.comPlant City Mortgage Corporation ........................................................http://www.PlantCityMortgages.comPlatinum Home Mortgage Corp - Rolling Meadows, IL Corporate Branch ........http://www.platinumhomemortgage.comPlaza Home Mortgage, Inc................................................................http://www.plazahomemortgage.comPMAC Lending Services Inc. ....................................................................................http://www.pmac.comPRC Funding Corp ..........................................................................................http://www.prcfunding.comPremier Lending........................................................................................http://www.PremierLending.orgPrestige Home Mortgage LLC ......................................................http://www.prestigehomemortgage.comPrimary Residential Mortgage......................................................http://www.DelawareMortgageLoans.net

Primary Residential Mortgage - Southern California ..................................http://www.PrimeResWest.comPrimary Residential Mortgage, Inc ..............................................http://www.primarymortgagelender.comPrimary Residential Mortgage, Inc. ..............................................http://www.bestcoloradomortgages.comPrime Appraisal Services ......................................................................http://primeappraisalservices.comPrimeSource Mortgage ..........................................................................http://www.wewalkyouhome.comProfessional Mortgage Associates, Ltd. ..........................................http://professionalmortgageassoc.comProfessional Mortgage Lending Services ............................................http://www.myfinancingonline.comQuality First Mortgage ....................................................................................http://www.qfmortgage.comQuality Mortgage Lending................................................................http://www.qualitymortgage4you.comRate One, Inc. The Mortgage People ........................................................http://www.rate1mortgage.comRatePro Mortgage ..................................................................................http://www.ratepromortgage.comRealEstateBestJobs.com....................................................................http://www.RealEstateBestJobs.comRegional Mortgage Corporation ............................................................http://regionalmortgageonline.comReliance First Capital, LLC ..................................................................http://www.reliancefirstcapital.comRepublic State Mortgage Co. ........................................................http://www.republicstatemortgage.comResidential Finance Corporation ..................................................................http://www.myrfccareers.comResidential Home Funding Corp. ......................................................................http://www.rhfunding.comReverseMortgageOne, Inc. ............................................................http://www.reversemortgagesone.comRFC Residential Finance Corp. ..............................................................http://www.residentialfinance.comRPM Mortgage, Inc. ......................................................................http://www.rpm-mtg.com/careers.htmlRushmore Loan Management Services..........................................................http://www.rushmorelm.comSAFE Credit Union ..................................................................................................http://www.safecu.orgSagamore Home Mortgage,LLC ..................................................................http://www.sagamoremtg.comSatori Mortgage........................................................................................http://www.satorimortgage.comSeaway Community Bank ..........................................................................http://www.seaway-online.comService First Mortgage ............................................................................http://www.ServiceFirstMtg.comShield Field Services ..........................................................................http://www.shieldfieldservices.comSierra Pacific Mortgage ................................................................................http://www.swmortgage.comSierra Pacific Mortgage Warwick Rhode Island ..............................................http://www.myloan123.comSilvercreek Finance Corp. ....................................................................http://www.silvercreekfinance.comSistar Mortgage ................................................................................................http://sistarmortgage.comSkyline Home Loans ............................................................................http://www.skylinehomeloans.comSmart Mortgage Centers, Inc. ..................................................http://www.smartmortgagecentersinc.comSmith Broady & Associates, Inc. ..................................................................http://www.smithbroady.comSoutheast Mortgage ..........................................................................http://www.southeastmortgage.comSouthern Funding Alliance ..........................................http://www.southernfundingalliance.com/InnerloopSouthern Trust Mortgage, a subsidiary of Middleburg Bank ........................http://www.southerntrust.comStearns Lending, Inc.............................................................................................http://www.stearns.comStokes Mortgage Capital ........................................................................http://stokesmortgagecapital.comStonegate Mortgage ..................................................................................http://www.stonegatemtg.comStonehill Group ..........................................................................................http://www.stonehillgroup.comStrock & Tanner Mortgage ..............................................................................http://www.stmcloans.comsuman khanna............................................................................................................http://primerica.comSummit Funding, Inc. ........................................................................................http://summitfunding.netSummit Mortgage Corporation ............................................................http://www.summit-mortgage.comSun West Mortgage Company ................................................................................http://www.swmc.comSyracuse Securities, Inc-Western New York ........................................http://www.syracusesecurities.comTexas Reverse Mortgage, Inc. ........................................................................http://www.reversefacts.orgThe Lending Company..................................................................http://www.jointhelendingcompany.comThe Lending Company San Diego ................................................................http://www.thelendingco.comThe Lending Partners ......................................................................................http://www.tlpwebsite.comThe Mortgage Firm ................................................................................http://www.themortgagefirm.comThe Mortgage House, Inc ..........................................................................http://www.mortgagehouse.orgThe Mortgage Lending Group, Inc. ..........................................................................http://www.mlgla.comTodays Realty Group & Loan Solutions ..................................................http://www.lendingandhome.comTotal Mortgage Services ............................................................................http://www.totalmortgage.comTotalChoice Financial Services............................................................http://www.totalchoicenetwork.comTowne Mortgage Company ......................................................................http://www.townemortgage.comUnicor........................................http://www.manta.com/c/mmnnfpc/unicor-global-limited?referid=10145Union National Mortgage Co. ..............................http://www.unionnationalmortgage.com/rancho/tdohertyUnion Savings Bank....................................................................https://www.unionsavings.com/page.cfmUnited Wholesale Mortgage......................................................................................http://www.uwm.comUrban Lending Solutions ..........................................................................http://www.urban-ls.com/homeUS Mortgage ..........................................................................................................http://usmortgage.comUSA Mortgage Solution, LLC ....................................................................http://usemortgagesolution.comV.I.P. Mortgage Inc. ..........................................................................................http://www.vipmtginc.comVanDyk Mortgage Corporation ................................................................http://www.vandykmortgage.comVantage Mortgage Group, Inc. ....................................................http://www.VantageMortgageGroup.comVersatile Mortgage L.L.C. ..........................................................................http://versatilemortgagellc.comVitek Mortgage Group ......................................................................http://www.vitekmortgagegroup.comVolunteer Mortgage, Inc. ........................................................................http://volunteermortgageinc.comW.J. Bradley Mortgage Capital, LLC ..................................................................http://www.wjbradley.comW.J. Bradley Mortgage Capital, LLC - Fresno Branch ..........................http://mywjb.com/wjbfresno-teamWaukesha State Bank ..............................................................................http://www.waukeshabank.comWebster Bank ..............................................................................................http://www.websterbank.comWest Town Savings Bank ..............................................................http://www.westtownsavingsbank.comWeststar Mortgage ..............................................................................http://www.weststarmortgage.comWillow Bend Mortgage Company ....................................................http://www.willowbendmortgage.comWintrust Mortgage ........................................................................................http://wintrustmortgage.comZenith Mortgage Advisors, Inc. ..................................................................http://www.zenithadvisors.com

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Company Name: Menlo Park FundingWebsite: www.mpfunding.comPhone Number: 877-896-8496Email: [email protected]

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

Positions Available: Loan OriginatorsBranch Managers

Locations:Nationwide

Company Name: National Mortgage Staffing, LLCWebsite: www.nationalmortgagestaffing.comPhone Number: 1-800-603-1651Email: [email protected]

Company Bio: National Mortgage Staffing is an executive national recruiting firm dedicated tothe Mortgage Industry. National Mortgage Staffing specializes in Mortgage Staffing for Banks,Credit Unions and Mortgage Companies on a National level.

Our recruiting staff has over thirty years combined experience in successful job placements with ourmortgage clients coast to coast. Our recruiters, who are placed strategically throughout the U.S., have anintricate knowledge of the Mortgage Industry and are constantly keeping abreast of the new guidelines.

Positions Available: DE Underwriters, Mortgage Processors, Mortgage Closers, Mortgage Funders,Conventional Underwriters, Operations Managers, Post Closers, Loan Openers, Compliance Managers,VA Underwriters, Mortgage Servicing Specialists, Conventional Processors, Underwriting Managers

Locations: Nationwide

Company Name: Mortgage Brokers Network Corp., Inc.Website: www.mortgagebrokersnetwork.comEmail: [email protected]

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

Positions Available:Mortgage Net Branch OpportunitiesMortgage OriginatorsLoan Officers

Locations: Nationwide

Mortgage BrokersNetwork Corp., Inc.

Company Name: Pacor Mortgage Corp.Website: www.pacormortgage.comPhone Number: (773) 881-7744, ext. 26Email: [email protected]

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

Positions Available: Loan Officers

Locations:Oak Lawn MokenaOak Brook Loop

Company Name: Mount Olympus Mortgage CompanyWebsite: www.momco.comPhone Number: (949) 333-8206Email: [email protected]

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

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

Locations: Irvine, CA

Company Name: Real Estate Mortgage Network, Inc.Website: www.remnwholesale.comPhone Number: 866-933-6342Email: [email protected]

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

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

Locations:National Wholesale Lender

FEATURED LISTINGS

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services in fall 2009 from 15 HUD-funded counseling agencies across thecountry. The objectives of the studywere to examine the characteristics ofpre-purchase counseling clients, thetypes of services they received, andwhether and under what circumstancesthey purchased housing in the 18 monthsafter starting counseling.

While HUD cannot conclude thatthe study sample is representative ofall pre-purchase counseling clientsserved by the study agencies, thisstudy provides a snapshot of some

pre-purchase counseling clients at 15different housing counseling agenciesacross the country in the fall of 2009.

HUD’s “Foreclosure CounselingOutcome Study” involved conductingbaseline interviews with 824 foreclo-sure counseling clients, tracking thehousing counseling services theyreceived, and analyzing homebuyeroutcomes through an analysis of cred-it report data. A follow-up telephonesurvey was conducted approximately18 months after the foreclosure coun-seling services were delivered.

About three-quarters of the home-owners who had fallen behind ontheir payments did so because of aloss of income, and very few had anysavings to draw upon to pay missedmortgage payments. The study findsthat large shares of counseled home-owners were able to obtain a reme-dy, retain their home, and becomecurrent on their mortgages. Theseoutcomes were much more commonamong homeowners in the studywho sought counseling beforebecoming delinquent or in the earlystages of delinquency (one to threemonths).

This study provides informationon who accesses counseling serviceswhen facing challenges in paying

their mortgage loan, what servicesthose clients obtain, and identifiesthe outcomes the clients experiencedin the following 18 months (though itcannot assert that the counselingcaused the outcomes).

Survey Reveals TitleIndustry’s Perspective onMortgage Fraud

Ernst PublishingCompany has re-

leased the results of a title industrysurvey, revealing thoughts and per-ceptions held by industry insidersregarding mortgage fraud. The sur-vey touched about 9,000 industryparticipants, many of whom provid-ed detailed answers. About 40 per-cent of respondents felt that fraud inreal estate transactions hadincreased in the last year, while therespondents were evenly divided onthe topic of which type of fraud theywere most concerned about. Amongthe choices: Robo-signing, identitytheft, integrity of the record, fraudwithin the loan transaction, andforeclosure fraud.

“It’s clear that lenders are viewingmortgage fraud as a very seriousissue and a growing problem,” saidJan Clark, senior vice president ofErnst Publishing Company. “We dis-cussed the results with members ofthe American Land Title Association(ALTA) and the Property RecordsIndustry Association (PRIA), andwhile our survey revealed that abouthalf of respondents don’t believe anational recording system wouldn’thave any impact on fraudulent prac-tices, the idea of a national registryprovoked quite a debate.”

The survey also revealed a luke-warm response to whether or not theConsumer Financial ProtectionBureau (CFPB)/Real Estate SettlementProcedures Act (RESPA) changes tothe HUD and GFE had helped to mit-igate fraud, with approximately 20percent saying they believed the newrules had a positive impact.Respondents felt that additionalsteps to combat fraud would be toimprove technology solutions,increase notary responsibility, andfurther certifications for title agentsand loan officers.

Your turnNational Mortgage ProfessionalMagazine invites you to submit anyinformation on regulatory changes, leg-islative updates, human interest storiesor any other newsworthy items pertain-ing to the mortgage industry to theattention of:

NMP News Flash columnPhone #: (516) 409-5555

E-mail:[email protected]

Note: Submissions sent via e-mail arepreferred. The deadline for submissionsis the 1st of the month prior to the tar-get issue.

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lykken on leadership continued from page 8

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behind the older and weaker folks, whowere least able to defend themselves. Talkabout bad leadership! What I find so iron-ic is that so many mortgage “professionals”that made a bundle of money when thingswere going great are nowhere to be foundthese days. Those of us who believe in thisindustry and are fighting the good fight fora greater cause are still here. While someof us may be older, we are far from weak.We have a lot of fight yet in us and have asense of a “higher cause” that is beyondour own selfish desires. I could go on andon with this, but I think you get my point.

Lesson #3: The importanceof knowing the forcescoming against usThe third and final lesson came fromstudying that part of the final battle thatbecame known as “Pickett’s Charge.” Yousee, Major General George Pickett led adivision of Confederate soldiers and hadbeen given orders by General Robert E. Leeto make a full-on frontal assault on Unionforces that held the high ground just southof Gettysburg. Major General Pickett wouldbe joined on both sides by otherConfederate divisions making for a mas-sive assault force that stretched a mile-wide across an open field. General Lee wasconvinced that this would be the final bat-tle of the war. Why you ask? Because inprevious battles where General Lee’s battlestrategy was a massive frontal assault, theUnion forces had turned and run. But onthis day, July 3, 1863, General Lee woulddiscover a new resolve within the Unionsoldiers, under the new leadership underGeneral Meade who understood theimportance of focusing his Union soldierson the “greater cause” for which they werefighting that day.

The battle, which again became knownas “Pickett’s Charge,” involved tens ofthousands of Confederate soldiers march-ing across an open field, shoulder-to-shoulder in full view of a Union army whowere “locked and loaded” with the resolveto not lose this battle at all costs. TheUnion army had a well-established supplyline providing them all the ammunitionthey needed to keep the Union forces well-equipped. As the Confederate troopsbegan their assault, the Union forcesopened up with a barrage of long-range(for that time) artillery fire. TheConfederates suffered some losses, some-where in the 10 percent range, but asConfederate troops drew closer, the Unionforces engaged the Confederate forces withan overpowering hail of bullets and short-er-range cannon fire. In the next 45 min-utes, approximately 10,000 soldiers tragi-cally lost their lives, the vast majority ofwhich were Confederate soldiers. TheConfederate Army was decimated by theUnion forces, and ultimately, forced into ahumiliating retreat. Pickett’s Division wasalmost completely wiped out.

As I stood there on the very spot whereall this happened and trying to take it allin, I saw more parallels to our industry.

This is one of the powerful aspects of thisLincoln Leadership Institute at Gettysburgevent that I was attending. I actually hadthe opportunity to walk across that samemile-long stretch of open ground … virtu-ally the same path that Major GeneralPickett’s soldiers waked as they charged theUnion forces … a very powerful moment!As I walked across that open field, it wasn’tdifficult to imagine how Pickett’s men musthave felt as they watched their comradesget obliterated by the Union forces who hadsecured the strategic higher ground.

As I walked up to what was the battleline, I was handed a .52 caliber lead bulletthat was found there on the battlefield as asouvenir. It was overwhelming to realizethe magnitude of destruction pointed atPickett’s forces. As I held that souvenir bul-let, I recognized another parallel for themortgage industry. It is how our industry,metaphorically speaking, is marchingunprotected across an open field towards“Union” regulators that are “On the Hill.” Iquickly equated the CFPB to the Unionforces up on the hill. This seemed especial-ly fitting as I had read that same day theCFPB’s resolve to release a barrage of newregulations at the rate of nearly one newregulation a day through September of thisyear. It was then that I realized what a dec-imating impact this could have on theranks of our industry.

Before I attended this leadershipdevelopment event, I understood theBattle at Gettysburg from a historical per-spective. Today, as a result of thisConference, I see how we can learn somuch from uninformed decisions thatcan lead to some tragic defeats, as well assome really good leadership that led tosome extraordinary victories. It was SirWinston Churchill who said, “Those whofail to learn from history are doomed torepeat it.” We have seen this to be trueover and over again. My goal in writingthis article was to make you aware of thisevent, and hopefully, motivate you tomake the time and investment to attendthe next Lincoln on Leadership atGettysburg event which is scheduledfor Wednesday-Friday, Sept. 12-14,2012. To learn more, go towww.CampusMBA.org/Lincoln or go towww.Gettysburgleadership.com. I lookforward to hearing from you and anyfeedback you may have on this article([email protected]).

David Lykken is president of mortgagestrategies and managing partner withMortgage Banking Solutions. He has morethan 35 years of industry experience andhas garnered a national reputation, andhas become a frequent guest on FOXBusiness News with Neil Cavuto, StuartVarney, Liz Claman and Dave Asmanwith additional guest appearances on theCBS Evening News, Bloomberg TV andradio. He may be reached by phone at(512) 977-9900, ext. 10, or [email protected] or [email protected].

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new to market continued from page 33

MCT Trading LaunchesLockCentral Service forLenders

MCT Trading Inc. (MCT) has announcedthat it has established an outsourced serv-ice, LockCentral, that implements andmanages a centralized lock desk for mort-gage bankers that offers them a viablealternative to operating an in-house lockdesk. LockCentral saves time, ensures pric-ing accuracy, frees secondary marketingpersonnel to assume other responsibili-ties, and brings a number of new efficien-cies to secondary marketing departments.

“We established LockCentral specifi-cally for mortgage bankers that want tooperate a centralized lock desk withouthaving to incur the expenses of addi-tional full time resources and to alsoimprove on data integrity for our hedg-ing clients,” said Curtis Richins, presi-dent of MCT. “Running an efficient lockdesk is paramount to a lender’s prof-itability. However, the successful imple-mentation and effective management ofan internal desk can be very involvedand time consuming, and not all sec-ondary marketing departments areready to adopt, implement and effi-ciently utilize what are generally compli-cated, onerous locking tools that oftenfall short of profitability expectations.”

LockCentral is run by a dedicatedteam of seasoned secondary marketinganalysts who reside in multiple MCToffices across the country in differenttime zones, designed to provideresponsive customer service levels toclients. The LockCentral offering alsoallows lenders to private label theirlock desks, enabling secondary staff towork with MCT analysts while eliminat-ing the onus of managing locking tasksso they can focus on other duties.

Wipro Gallagher SolutionsLaunches ProductivitySuite App for iPads andTablets

Wipro GallagherSolutions (WGS) hasannounced thelaunch of EnterpriseMobile Origination, anative iOS lendingproductivity suite

for the iPad, designed to enable salesteams in the field to run and originatenew loans of all types. The EnterpriseMobile Origination application inte-grates with any loan origination system(LOS), including WGS’ NetOxygen LOS,and provides all the tools to keep salesinformed and connected to the cus-tomer. The application monitors leadsand manages all associated contactsthrough the entire lending process. Itmaintains lead status, follows up onadditional requirements, and requestscredit and AVM results while creating

a lead. Its alert and notification sys-tem monitors borrower activity viauser-friendly iPad push notificationsfor the duration of the lead through-out the entire lending lifecycle.

“Tablets are shifting the way busi-ness is conducted for the entire lend-ing lifecycle, yielding a net effect ofimproved customer service and satis-faction,” said Narayan Bharadwaj,business head for WGS. “We alreadyoffer NetOxygen on the cloud and theextension of our solution to a mobiledevice further strengthens our valueproposition in line with our overallstrategy to provide multi-channel,product-agnostic enterprise lendingsolutions to make the lendingprocess as convenient as possible forborrowers.”

The Enterprise Mobile Originationapplication positions loan originators asconsultants to their customers with itsmapping and house price index (HPI)designed to offer well-informed deci-sioning support to borrowers based onthe ability to map their property ofchoice and compare real estate oppor-tunities in the geographical area.

Enterprise Mobile Origination’s built-in calculators compare items, includingfixed-rate versus variable rate products,loan terms and payments while in thefield with a borrower and engages leadswith graphical representations of theirbuying power. Its reporting dashboardeasily communicates information toloan officers and compares lead gener-ation using charts representing lead sta-tus, lead completion and performancelevels within the branch, region andcountry.

Other Enterprise Mobile Origi-nation tools include a product filterthat leverages the product and pricingengine of choice and provides signifi-cantly reduced turnaround time forthe origination process with informa-tion readily available on the iPad.Loan information is immediatelyavailable to processors, underwriters,funders and closers through the LOSvia seamless real-time integrationwith the app.

Your turnNational Mortgage ProfessionalMagazine invites you to submit anyinformation promoting new “niche”loan programs, new products or anyother announcement related to theintroduction of a new program, to theattention of:

New to Market columnPhone #: (516) 409-5555

E-mail:[email protected]

Note: Submissions sent via e-mail arepreferred. The deadline for submissions isthe 1st of the month prior to the targetissue.

Marketing in 2012: Tips to Maximize your Marketing Dollars

Follow the trendsIf the big word in the industry is HARP 2.0, don’t try to go against the grain and marketfor something else. The public is well-aware of the changes in the mortgage industry, andis keeping up on buzzwords like “FHA STREAMLINE” and “HARP.” Find a marketingmeans that works for you and your budget and get to work.

Don’t try to reinvent the wheelWhen you go to trade shows or speak with colleagues about how great their own cam-paigns are working, go after the same thing! The marketing is working because the marketis accepting it. Anyone who tries to tell you that they are the best marketer because they justknow, isn’t worth your time. Find a marketing firm that follows the trends, and then followthem yourself. The market will always show you how to best offer your products.

Test, measure, test againMany people begin a new marketing campaign with a new marketing firm and thinkthat they should be setting records right away. This couldn’t be further from the truth. Infact, in most cases, the first campaign is only the beginning. Campaign number three orfour is where they really start paying off.

Talk to others who are successfulPeople who successfully market commit the resources necessary to find a campaign thatworks for them. This can be exhausting, but once you find your niche, it will pay divi-dends; and you must exploit it. This is the campaign that gives you the return-on-investment (ROI) you need while being versatile enough to change as guidelines do.

Find a sales approach that works for youMany people have had less than profitable results trying their own marketing at one pointor another. Chances are that this is because one of three things has happened:

1.) Wrong campaignYou must find a marketing campaign that works with your own sales ability.

2.) Wrong companyThere are plenty of quality marketing firms to work with. Don’t try to manage yourown marketing. Let the professionals help you. You’ve got loans to close or an officeto run. A professional marketing firm can make your year, while managing yourmarketing and saving you valuable time and resources.

3.) Market the product that your most comfortable withAll too often, salespeople want to jump onboard with a marketing campaign just be-cause they talked to a colleague who made it work well. Find a product that you’rean expert on. Credibility is key to all sales and marketing, and if you don’t fully un-derstand what you’re selling, it’s going to be hard to build that credibility. Take the low-hanging fruit first.

Tips for 2012� Direct mail responses are up. If you haven’t tried direct mail in a while, it might be time

to give it a try again. � Internet leads work if you work them. Don’t expect to make an easy buck … those days

are over. If you must use them, make sure you get exclusive Internet leads, and notthose $10 (sold 10 times) ones.

� Live transfers are a thing of the past. With as many as 90 percent of the population onthe Do-Not-Call List, telemarketing just isn’t what it used to be.

� New data files are available specifically for the mortgage industry. You don’t have toget set up with credit bureaus to get qualified data anymore. Mail houses won’t haveit, but good marketing firms will.

� Trigger leads are still being sold by the credit bureaus. Stay aware of what methodsyour competitors are using. Whether you are using them or not, it’s a reality that mustbe dealt with.

� FHA is going to be BIG next month, get started early. Chances are, your competitionhas already got something in the works.

� Last, but not least, ride the HARP 2.0 wave! This has been the biggest thing to hit themortgage industry since 2009!

Medford, Ore.-based TagQuest is a full-service marketing firm created specifically forthe ever-changing business world. TagQuest assists companies with their direct mar-keting, advertising and branding needs, and knows what it takes to generate qualitycustomers and, most importantly, how to retain those customers for years to come.TagQuest brings forth a unique opportunity to utilize our experience and expertise invarying consumer sales and marketing environments. For more information, call(888) 717-8980 or visit Tagquest.com.

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Marketing in 2012: Tips to Maximize Your Marketing Dollars

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Appraisal Management Company Branch Manager

StreetLinks Lender Solutions provides an innovative andcomprehensive suite of valuation and service solutions used bylenders, servicers and appraisers nationwide to improve everydaybusiness operations.

StreetLinks industry-leading products include LenderPlus™ full-service appraisal management, LenderX™ lender-executedappraisal management software and SCORe™ appraisalreviews and a series of valuation analysis tools for services.Our commitment to quality and service, embodied by ourpartnership approach to clients and appraisers, continues toset us apart as the nation’s premier lending solutions partner.For more information, visit www.streetlinks.com.

StreetLinks Lender Solutions(800) 778-4920

[email protected]

Compliance Consultants

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

Pioneers in outsourcing solutions for mortgage compliance.

Our Compliance Team Will:

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

LENDERS COMPLIANCE GROUP167 West Hudson Street - Suite 200

Long Beach | NY | 11561 | (516) 442-3456www.LendersComplianceGroup.com

Meadowbrook loan originators make 33% more money withMeadowbrook than with any other company they worked for.Enjoy the benefits of a low compare ratio, a lead management sys-tem with an endless supply of leads, A tier investors, and muchmore.

Meadowbrook is hiring Branch Managers and Loan Originators.We are licensed in NY, CT, PA, NJ, MD, FL, MA, NC, pending inSC, NH, and RI.

Meadowbrook is an FHA, Fannie Mae, Freddie Mac, and VAendorsed lender.

Meadowbrook Financial Mortgage Bankers1-888-MEADOW8 (632-3698)www.mortgagesalesjob.com

• Mortgage Branch Employment Opportunities

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

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

• Hiring Licensed Mortgage Originators for branch managementand loan origination.

• Bank and Broker status to choose from, multi-State lending andmore...

Visit our site or call us today to speak to one of our representatives.

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

We work as hard as you to be America’s Choice for consumersneeding a home loan, and we work just as hard to be America’sChoice for top branch managers, loan originators and mortgageprofessionals.

Call Jonathan Fowler, Director of National Production at 713-821-9750to learn how you can have a better, more rewarding career.

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Continuing Education

NMLS approved 20 hour Prelicensing EducationNMLS approved Continuing EducationLive Classroom Instruction, Web Delivery and Private EventsThe SAFE-Smart ExamCram, Powerfully Innovative Test Prep

Abacus Mortgage Training and EducationPO Box 780

Summerfield, NC 27358888-341-7767 • www.GetYourEd.com

Jeff Mifsud, a former FHA Direct Endorsed Underwriter trained byHUD and an FHA Originator for over 15 years, is publisher of TheFHA Originator, a monthly marketing newsletter which gives you…

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

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

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

Watch for our 8 Hour NMLS Continuing Education Course

Mortgage SeminarsMortgageSeminars.com

248-403-8181

Credit Reporting

Credit reports • Rapid rescore • Reissue • SupplementsIRS & Social verification • VOE / VOI • Title • Flood

Appraisals / BPO / AVM • Fraud alerts • Red Flag • LQIMOST AGGRESSIVE PRICING!

“A Full Service Lending Information Company”A/E: Jeremy “Judge” Honor

877-MFI- [email protected]

www.MfiCreditSolutions.com

Bookmark this!Access these listings

online atnmpmag.com/directory_list

NATI

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Direct Mail

Document Preparation

Document Preparation (SaaS)

Mortgage Loan Closing Document Preparation & Compliance ServicesFulfillment Services Including Pre-Funding Review & Post-ClosingInterfaces with Leading Loan Origination Software SystemsForeclosure – Loss Mitigation Services

Robertson | Anschutz800-343-7160

[email protected]/info.html

Mortgage Loan Closing Document Preparation & Compliance SoftwareLoan Documents and Compliance – Web-based/SaaS – Easy to UseIntuitive – Secure and Reliable – Integrates with Leading LOSFree Setup and Support – Extensive Compliance Audits

Docs on Demand800-343-7160

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

Events

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

NYC Real Estate Expo LLCAnthony Kazazis - Director

[email protected] • www.nycrealestateexpo.com646.210.2545 • 914.763.8008

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

TagQuest is a full service marketing firm created specifically forthe ever changing mortgage business. We have tested and provencampaigns for FHA -VA - HARP - CONVENTIONAL loan types.TagQuest knows what it takes to generate quality leads whetherthrough direct mail marketing, telemarketing, internet leads, datalists, tracking systems, or any combination thereof. TagQuest willbrand your company, prepare targeted marketing campaigns thatgenerate interest in your company, and most importantly, showyou how to turn sales leads into repeat customers.

TagQuestwww.myharpleads.com

TagQuest.com888-717-8980

Employment Services

Leads

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

Loan Origination Systems

Calyx Software, the #1 provider of mortgage solutions is dedicatedto offering reliable and affordable software that streamlines, inte-grates and optimizes the loan process. Find out how PointCentralcan streamline your business and create compliant processes today.

Calyx Software 800-362-2599

[email protected] www.calyxsoftware.com

Recruitment

Reach affluent and creditworthy consumers who are in-market andready to transact. Bankrate is a consumer direct Web site, NOT alead aggregator. Qualified leads for every sized budget, and payonly for performance. No set up fees! No contracts! No risk!

Founded in 2005, Best Rate Referrals has grown into one of thefastest growing marketing firms in the nation. By combining newtechnology with traditional direct marketing methods that produceprofitable results.

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

Best Rate ReferralsThe Leading Direct Marketing Company

for Mortgage Professionals800-811-1402 • www.bestratereferrals.com

Leads

Reach affluent and creditworthy consumers who are in-market andready to transact. Bankrate is a consumer direct Web site, NOT alead aggregator. Qualified leads for every sized budget, and payonly for performance. No set up fees! No contracts! No risk!

• Reach self directed, highly qualified consumers that are activelysearching for mortgage loans• Geo-targeting – reach the right consumers in the right markets• Our proprietary Advertiser Portal gives you complete controlover your campaigns, budgets, and performance reports.• YOU determine your daily/weekly/monthly budget• Pay only for consumers who click on your listing• NO cancellation fees

Try us risk-free! Call 561-630-1257or visit www.bankrate.com/cpcprogram/ for more details.

Internet’s Leading Consumer Mortgage MarketplaceAttracting over 8 million unique

consumers every monthwww.Bankrate.com • 561-630-1257

Sign-on weekly at nmpmag.com/lykkenonlending

The Lykken on LendingR A D I O P R O G R A M

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Wholesale/FHA

Icon Residential, a wholly owned subsidiary of Grand Bank N.A.,is one of the nation’s leading Conforming, Jumbo, FHA and VAwholesale lenders. Our strength, success and longevity isderived from delivering customers service that exceeds ourvalued business partners expectations. With deep industryknowledge, financial stability and innovative technology weprovide the solutions for our business partners to fund loanswhile avoiding risk.

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

Icon Residential Lenders(888) 247-4207

www.iconwholesale.com

Sign-on weekly at nmpmag.com/lykkenonlendingThe Lykken on Lending Radio Program

Wholesale/Residential

CBC National Bank is one of the nation’s fastest growingwholesale lenders offering Conventional, FHA, VA, and USDA.The most important aspect of being a leader in today’s market isthe ability to build and maintain a meaningful relationship witheach customer. We understand that these meaningful relation-ships coupled with competitive pricing and efficient technologyare the pillars of today’s lending environment.

We are now hiring Account Executives in AL, TN, KY, VA, & MD.

Contact Stu Ehrlich in our HR department at

[email protected] for further details.

Big Enough to MATTER…Small Enough to CARE

CBC National Bank3010 Royal Boulevard South, Ste. 230

Alpharetta, GA 30022888-486-4304

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

Wholesale Lenders

REMN has FHA, USDA, 203k, VA and Conventional solutions to fitthe needs of your customers. But, at REMN, our most valuableproduct is our people. The REMN Sales and Operations Teamsgive you - and your loans - the time and attention that youdeserve. Even better, at REMN, same-day approvals are guaran-teed.* You can rely on us to get the little, yet vital, things takencare of on time.

Interested in joining our Wholesale Division? Send your resume to

[email protected]

Real Estate Mortgage Network, Inc.www.remnwholesale.com

866-933-6342

#1 USDA RD lender in multiple states with strong FHA/VA/CONVproduct lines as well. Don't be held hostage by a captive brancharrangement. Bank it or broker it. Have a business name/identityyou don't want to give up? We allow DBAs (subject to state rules).

Polaris Home Funding Corp.616-667-9000

[email protected]/timeforachange

Retail Branch

Veros Real Estate Solutions is a premier technology leader in the mort-gage industry and proven leader in enterprise risk management andcollateral valuation services. Veros combines the power of predictivetechnology and data analytics for advanced automated solutions.

Veros Real Estate Solutions2333 North Broadway, Suite 350 • Santa Ana, CA 92706

(866) 458-3767www.veros.com • @verosres (Twitter)

If your ad was here, you would be seen by

191,181 MortgageProfessionals looking

for resources to help them

in their business.

The Resource Registry is a directory of lenders(wholesaler or retail thatare recruiting), affiliatedservices and resources

that is seen by more than 191,181 active

Professionals.

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

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

TMSfunding Wholesale Lending326 W Main Street • Milford, Ct. 06460

888.371.2989 • WWW.TMSFUNDING.COMYour Partner in Success!

We offer competitive pricing and fast turn-times for FHA, VA,Conventional, and USDA programs without having a retail pres-ence in the industry. We are a wholesale lender with 22 years ofexperience and believe in exceptional service.

Terrace Mortgage4010 W. Boyscout Blvd., Suite 550

Tampa, FL 33607866-934-4631 • www.terracemortgage.com

JUNE 2012Friday-Saturday, June 22-23

NAMB—The Association ofMortgage Professionals Annual

Conference & Board InstallationJ.W. Marriott Indianapolis

10 South West StreetIndianapolis

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

Sunday-Tuesday, June 24-26Mortgage Bankers AssociationChairman’s Conference 2012

The Breakers1 South Country Road

Palm Beach, Fla.For more information,

call (800) 793-6222 or visitMortgageBankers.org.

JULY 2012Wednesday-Saturday,

July 11-14Florida Association of MortgageProfessionals 2012 Convention

& Trade Show “Stay on Track”

The Grand Hyatt Tampa Bay2900 Bayport Drive

Tampa, Fla.For more information,

call (850) 942-6411 or visit FAMB.org.

Sunday-Tuesday, July 29-31CoreLogic’s 24th Annual

RiskSummitSt. Regis Monarch Beach1 Monarch Beach Resort

Dana Point, Calif.For more information,

call (415) 536-3525 or visitCoreLogic.com/RiskSummit2012.

AUGUST 2012Tuesday-Wednesday,

August 2-3Louisiana Mortgage Lenders

Association 2012 EducationalConference

New Orleans Hilton RiversideHotel

2 Poydras StreetNew Orleans, La.

For more information, call (225) 590-5722 or visit LMLA.com.

Wednesday-Friday, August 8-10California Association ofMortgage Professionals

2012 Annual Convention“2012 Summer CAMP”

Newport Beach Marriott900 Newport Center Drive

Newport Beach, Calif.For more information,

call (916) 448-8236 or visit CA-AMP.org.

SEPTEMBER 2012Sunday-Tuesday, September 9-11

Mortgage Success Source 2012 Mortgage Leadership

Today ConferenceThe Mirage Hotel & Casino

3400 Las Vegas Boulevard SouthLas Vegas

For more information, call (800) 963-1900 or visit

MortgageSuccessSource.com.

To submit your entry for inclusion in the National Mortgage Professional

Calendar of Events, please e-mail the details of your event, along with

contact information, to [email protected].

Monday-Wednesday,September 10-12

2012 American MortgageConference

Raleigh Marriott Crabtree Valley4500 Marriott Drive

Raleigh, N.C.For more information,

call (919) 781-7979 or visit NCBankers.org.

Wednesday-Friday, September 19-21

2012 New England MortgageBankers Conference

Hyatt Regency Newport1 Goat IslandNewport, R.I.

For more information, call (617) 570-9114

or visit MassMBA.com.

OCTOBER 2012Sunday-Wednesday,

October 21-24Mortgage Bankers Association

99th Annual Convention & ExpoThe Hyatt Regency

151 East Wacker DriveChicago

For more information, call (800) 793-6222 or visit

MortgageBankers.org.

NATIONAL MORTGAGE PROFESSIONAL

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