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Castle & Cooke Mortgage Opens CT Branch

Castle & Cooke Mortgage, an independent mortgage lenders with locations across the U.S., announced the opening of its Danielson, Connecticut branch (NMLS # 1458459). The new location expands the company’s footprint in the state and will complement the company’s sister branch in Columbia.

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The new branch is led by industry veteran and Danielson native, Todd A. Cooke (NMLS #1055106). Cooke has 15 years of experience in mortgage lending and real estate brokerage, offering personalized guidance and addressing the specific home-buying needs of his community. Cooke and his team provide a range of services from assisting first-time homebuyers as they make the leap from renting to owning, to supporting homeowners in their refinancing or renovation goals.

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“Assisting first-time homebuyers who need personalized guidance through the home buying process and buyers unsure of their options given their current credit situation, are my specialty,” said Cooke. “I take pride in simplifying the home buying process and providing all of the information a buyer should have to come to the best decision for their specific and individualized needs.”

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Cooke can be reached at TCooke@castlecookemortgage.com or at the Castle & Cooke Mortgage Danielson branch, located at 7 Center Street, Danielson, CT 06239.

Progress In Lending
The Place For Thought Leaders And Visionaries
marketanalysis

Lender Ends 2016 On A High Note

Churchill Mortgage, a provider of conventional, FHA, VA and USDA residential mortgages across 38 states, announced the addition of 24 new employees across its branches in Arizona, California, Colorado, Michigan, Oregon, Tennessee, Texas and Virginia.

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In Brentwood, Tenn., Churchill welcomes Chris Spence as a home loan specialist, David Bruce as a mortgage planning specialist and Latrese Flowers as a closing coordinator. The branch also adds Zachary McCollum as an associate developer, Stephanie Rogers as a loan processor and Sean Lewis as a technical support specialist. In Herndon, Va., the lender adds Donna Haleand Salman Ahmad as senior loan processors, Lynda Marie StewartRobert Lewandowski and Robert Jenkins as home loan specialists and Annie Tang as an assistant processor.

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Cindy Robinson and Krista Northrop join Churchill’s Phoenix branch as a home loan specialist and loan processor, respectively, and Heather Manning and Lindsey Berry join in Grand Rapids, Mich. as home loan assistants. In Portland, Ore., the lender welcomes Nicole Cook as a home loan specialist and Ashley Davidson as an assistant processor. Churchill’s Dallas branch also welcomes William Brewer and Darren Edgar as home loan specialists. The lender also adds Kathy Rex as a home loan specialist in Colorado Springs, Colo.; Mara Coronado-Maller as a home loan specialist and Suzanne Moreton as a loan processor in Orange, Calif.; and Renee Shepherd as a home loan specialist in San Diego.      

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“The addition of these 24 mortgage professionals, combined with all of our successes this year, gives me a great deal of optimism about the state of the mortgage industry heading into 2017,” said Mike Hardwick, president of Churchill Mortgage. “Every single one of our employees is critical to our mission to serve borrowers with the heart of a teacher and their efforts will propel our ability to make homeownership achievable to families and individuals in communities across the country.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
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National Lender Expands In The Chicago Area

Mortgage Master, a national mortgage lender and division of loanDepot, LLC, announced today the expansion of their Northbrook office to better serve local borrowers with a broad suite of competitively priced lending products supported by excellent customer service. Along with the expansion of the Northbrook office, Mortgage Master also announced the promotion of Jorden Brok and Brett Lotsoff as co-managers of both the Northbrook and North River – Chicago branches.

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“In the short time that Jorden and Brett have been with Mortgage Master, their leadership and success in offering competitively priced financing options and excellent customer service has been exceptional,” said Mortgage Master President Paul Anastos. “Their dynamic leadership and knowledge is the perfect match for meet the growing demand for mortgage and nonmortgage productions throughout the entire Chicago market.”

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Both Brok and Lotsoff joined Mortgage Master in February of 2014 and share Mortgage Master’s commitment to personal attention and customer service. With nearly 30 years of experience, Brok is a seasoned lending professional licensed in five states. Lotsoff has over 20 years of experience in lending and is both a licensed loan officer and attorney.  These two senior executives will lead Mortgage Master’s expansion in the greater Chicago area as the preferred lender of choice for responsible borrowers and the employer of choice for financial professionals. Mortgage Master offers a broad range of product lines to accommodate most every lending need including personal, purchase, refinance, traditional, high-balance and jumbo loans.

Progress In Lending
The Place For Thought Leaders And Visionaries
marketanalysis

Expansion Continues At Carrington

Carrington mortgage Services has opened four new branches in Warrenton, Virginia; Plano, Texas; Houston, Texas; and Fishers, Indiana; along with the appointment of Jeff Scannicchio as Senior Vice President of Mortgage Lending Operations. Carrington’s branch expansion initiatives and management appointments provide business development opportunities in each of these regions, while extending a wide range of product offerings and faster turn times to effectively meet market demands – particularly with respect to reaching and serving “underserved” borrowers (typically those in the sub-640 FICO score range). The company’s experienced managers named to lead Carrington’s new branches include: Jessica Furr in Warrenton; Mike Denton in Plano; Oliver de Boer in Houston; and Ryan Higley in Fishers.

Carrington’s newly appointed SVP Jeff Scannicchio will manage national operations for the Mortgage Lending Division and support the organization’s objectives in continuing to grow the operation’s functional capacity, efficiency and market share. Scannicchio, a proven senior executive financial services leader, has successfully demonstrated his leadership competencies in managing organizational development in increasingly competitive business environments throughout his career. He spent the last seven years with JP Morgan Chase & Company overseeing their U.S. Consumer Direct and Home Equity operations groups, as well as retail channel fulfillment covering the West and South regions of the country. Prior to Chase, Scannicchio held senior leadership positions for over 15 years with Citigroup, Associates First Capital Corporation and Fleet Financial Group, all of which were centered in the growth and management of operations fulfillment nationally across all distribution channels.

“We are pleased to announce that we’ve expanded into these additional markets, and welcome Jeff Scannicchio to our exceptional team of highly skilled financial services professionals,” said Ray Brousseau, Executive Vice President of Carrington Mortgage Services, LLC’s Mortgage Lending Division. “As we continue our trajectory of growth, we want to ensure that we are effectively meeting the needs of consumers in many markets throughout the U.S., as well as maturing our processes and systems to keep pace while maintaining our loan quality, and remaining sharply focused on servicing the underserved market. We are confident that our plans for continued branch expansion, and appointments like Jeff Scannicchio will effectively contribute to accomplishing these goals.”

An estimated one in three Carrington consumers has a FICO credit score below 650 according to industry experts. For these consumers, obtaining access to appropriate financing options can be a challenge – one that Carrington is uniquely equipped to handle due to the company’s ability to both originate quality loans and appropriately service them after the fact. While Carrington will continue to provide a wide breadth of product and support to borrowers across all ranges of the credit spectrum, the company will increase its attention and focus on providing service to that underserved segment of the market where it can make the most impact – and where its core competencies are obviously needed. To accelerate and further enhance its ability to give this market the attention it deserves, Carrington has lowered its minimum credit requirement to a FICO score of 550, and expanded its guidelines on a number of FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.

As advocates of borrower education and in support of the company’s commitment to meeting the needs of the underserved market, Carrington developed patent-pending MyLoanDetail, a proprietary online loan review resource designed to improve the financial literacy of its customers by walking every customer through the details of their loan. This education initiative will help to ensure borrower understanding of loan terms and responsibilities. Carrington will require all of its customers to complete the MyLoanDetail online education prior to funding

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
EditorsNote

Not Everyone Is Cutting Back

You Can Download This Full Article As A PDF HERE

We’ve heard a lot recently about layoffs and industry consolidation, but it is important to note that not every mortgage-related company is contracting. For example, NMI Holdings, the parent company of National Mortgage Insurance Corp. (National MI), has said that National MI’s application for an insurance license in Wyoming has been approved by the Wyoming Department of Insurance. With Wyoming’s approval, National MI is now licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia.

“We are pleased that National MI is able to provide mortgage insurance to lenders offering loans to borrowers in Wyoming,” said Bradley Shuster, president and chief executive officer of NMI Holdings, Inc. “The approval by the Wyoming Department of Insurance marks a significant milestone for National MI as we are now able to provide mortgage insurance in every state in the U.S., as well as the District of Columbia. We believe this is especially important to our customers who do business nationwide.”

By approving National MI as a licensed insurer in the state of Wyoming, National MI believes the Wyoming Department of Insurance is helping to expand the availability of mortgage financing, particularly for first-time homeowners who might not have a 20 percent down payment, Shuster noted. Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio greater than 80 percent.

“National MI commends the Wyoming Department of Insurance for acknowledging the importance of private mortgage insurance and the role it plays in broadening home ownership opportunities for Americans,” Shuster said.

National MI received approval from Fannie Mae and Freddie Mac in January 2013.National MI, a subsidiary of NMI Holdings, Inc., is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default.

Why do I bring this expansion up? To keep your spirits up. It’s important to for all of us active in the mortgage space to note that if we provide a valuable service, there is a healthy market out there ready to buy. It’s not all doom and gloom for industry visionaries that are actively paving a new path forward.

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
WEB-Dallas

Special Servicer Expands In Dallas

Fay Servicing. a special servicer that manages residential mortgages, announced that the company has opened an office in the Dallas metro to take advantage of the tremendous talent available in the region.

Fay Servicing’s staffing model is based on hiring former loan originators and leveraging their strengths via the its unique training program designed to transition them into special servicing account managers. These employees typically have extensive mortgage industry knowledge as well as the interpersonal skills to required to successfully engage borrowers and help find positive resolutions for troubled loans.

“As we grow, we continue to focus on hiring account managers who are natural problem solvers with exceptional mortgage industry expertise” said Ed Fay, chief executive officer of Fay Servicing. “Given the recent employment trends in the Dallas region, it was a perfect fit for executing our specialized approach of bringing strong originators into the servicing role while also enhancing our business continuity capabilities.”

Chicago, Ill.-based Fay Servicing is a special servicer which leverages its relationship-based servicing platform to optimize performance of residential loan portfolios for banking institutions and alternative real estate investors.

Progress In Lending
The Place For Thought Leaders And Visionaries
marketanalysis

Not Every Mortgage-Related Firm Is Cutting Back

We’ve heard a lot recently about layoffs and industry consolidation, but it is important to note that not every mortgage-related company is contracting. For example, NMI Holdings, the parent company of National Mortgage Insurance Corp. (National MI), has said that National MI’s application for an insurance license in Wyoming has been approved by the Wyoming Department of Insurance. With Wyoming’s approval, National MI is now licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia.

“We are pleased that National MI is able to provide mortgage insurance to lenders offering loans to borrowers in Wyoming,” said Bradley Shuster, president and chief executive officer of NMI Holdings, Inc. “The approval by the Wyoming Department of Insurance marks a significant milestone for National MI as we are now able to provide mortgage insurance in every state in the U.S., as well as the District of Columbia. We believe this is especially important to our customers who do business nationwide.”

By approving National MI as a licensed insurer in the state of Wyoming, National MI believes the Wyoming Department of Insurance is helping to expand the availability of mortgage financing, particularly for first-time homeowners who might not have a 20 percent down payment, Shuster noted. Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio greater than 80 percent.

“National MI commends the Wyoming Department of Insurance for acknowledging the importance of private mortgage insurance and the role it plays in broadening home ownership opportunities for Americans,” Shuster said.

National MI received approval from Fannie Mae and Freddie Mac in January 2013.National MI, a subsidiary of NMI Holdings, Inc., is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default.

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
marketanalysis

Lender Embarks On Retail Growth Strategy

RightStart Mortgage, a full-service mortgage lender featuring FHA, conforming, ARM and refinance products, will be expanding its retail branch operations to help meet the growing demand for purchase mortgage loans in 2014 and beyond. The company will be adding 25 retail branches, increase its market area from 10 to 15 states, mostly in the western U.S., and plans to grow its retail origination volume by 200 percent over the coming year.

The company plans to add three branches in Southern California in the next several weeks, followed by a branch in Hawaii in the spring. The company will be recruiting new branch managers and loan officers as well. The expansion will be directed by recently appointed retail business development manager John Stangarone, a 20-year veteran mortgage executive with experience directing similar initiatives for several large mortgage lenders.

Founded in 1989, RightStart Mortgage currently provides residential mortgage loans through retail and wholesale divisions.

“Buying a home should be a fun and fulfilling experience, but as many Americans know, it can be challenging and nerve-wracking as well,” said Stangarone. “By providing services from within the communities where our customers live, we hope to make the process as rewarding and streamlined as it should be.”

Said Buster Williams, president of RightStart Mortgage: “We have always taken a long-term approach to our business, and with the improving market, it’s a fantastic time to substantially increase our footprint and sales force. As more consumers seize the opportunity to buy a home, this new retail expansion will ensure that RightStart will be there to help them.”

In conjunction with the expansion of its retail business, RightStart Mortgage has appointed Jonathan Okken as business development manager. A 17-year veteran of the mortgage and financial services industries, Okken recently served as an account executive with CBCInnovis, a provider of mortgage credit and fraud products, where he was responsible for growing the credit union, mortgage banker and collection agency business. Okken has also held management and sales roles with Countrywide Financial Corporation, Dollar Mortgage Corporation, Harbor Capital Group/Home Capital Funding, CBSK Financial Group and Manhattan Financial Group.

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
marketanalysis

Some Lenders Are Doing Well

We hear a lot about how lenders are being devastated by the new rules, but that’s not true of all lenders. For example, Supreme Lending, a Dallas-based nationwide mortgage banker, has opened two new branches in Louisiana, one in Baton Rouge, the other in Shreveport.

Industry veteran William Walker, who has over 20 years of experience in mortgage lending, joined the company as branch manager of the new Baton Rouge branch and supervisor of the Shreveport branch. Mr. Walker has appointed Tammy McKee, who has over 15 years of mortgage industry experience, as branch manager of the Shreveport office. He has also retained over 20 other experienced mortgage professionals who worked with him prior to Supreme Lending, to originate and process mortgages.

“Tammy understands that being a great originator requires knowing your products and the components that can make or break a loan,” said Walker. “She is a terrific branch manager and, like our entire team in Louisiana, is dedicated to helping qualified borrowers get the mortgages they deserve.”

Throughout the past 20 years, Mr. Walker and his team have developed a very strong presence and following among Realtors®, builders, and homeowners in the greater Baton Rouge and Shreveport metropolitan areas.

Prior to joining Supreme Lending, Mr. Walker held several management and executive positions with Resource One Mortgage. Throughout the course of his career, he has worked with other lenders such as Nationwide Home Lending and Allied Mortgage Group; directed and overseen branches with annual production up to $400 million; and managed up to 55 origination and processing staff members. Prior to his career in the mortgage industry, he was a licensed real estate agent for 11 years. Ms. McKee was previously branch manager with North American Lending in Shreveport.

Both Mr. Walker and Ms. McKee cite Supreme Lending’s technology and customer-centric policies as key factors in their decision to join the company.

“Supreme Lending’s technology enables us to stay compliant and complete tasks more efficiently, which in turn enhances the service we provide to our customers,” said Walker. “Supreme is known to a technology-focused lender, not only among the lending community, but also among borrowers, Realtors and other professionals we work with.”

Supreme Lending was recently named to the Dallas Business Journal’s Best Places to Work list, and won the Dallas 100 Award, which identifies and honors the 100 fastest growing privately held companies in the Dallas area.

“Bill and his team have built a great reputation among borrowers and housing industry professionals,” said Scott Everett, Supreme Lending’s president and founder. “We’re proud to have Bill and his team as part of the Supreme family, and we’re excited about the great business they’ll do as Supreme further expands its network into Louisiana.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.
marketanalysis

Not Everyone Is Retrenching These Days

*Not Everyone Is Retrenching*
**By Tony Garritano**

TonyG***We hear so much these days about people/companies pulling back. As interest rates go up volume will go down. We know this, we’ve been through it before and there are signs that it’s already starting to happen. I maintain though, that now is the time to opportunistically expand. For example, Equity Loans, a residential mortgage lender whose operations extend to more than 30 states, has expanded into the wholesale market and to support its growth, Equity Loans appointed Kingsley Kodan as its senior vice president of Sales. Here’s why:

****Equity Loans has entered the wholesale market to build its servicing portfolio and further enhance the lender’s diverse product offering. With wholesale licensing in more than 25 states, entry into the wholesale market enables the lender to leverage alternate channels and build a stronger foundation for future operations. Additionally, Equity Loans will establish a dedicated wholesale team to eliminate internal bandwidth issues and maintain its commitment to providing excellent customer service and quick closing times.

****Kodan will support the lender’s growth as its new senior vice president of Sales. During his 18 years in the mortgage industry, Kodan has proven success in driving multi-million dollar revenue growth and significantly improving sales team performance. Prior to joining Equity Loans, Kodan was the director of branch development for National Fidelity Mortgage (NFM), Inc. Kodan also previously held business development and sales positions with Franklin American Mortgage Company, First Residential Mortgage Services Corp. and Carteret Mortgage Corp.

****“Since no situation is the same, Equity Loans is committed to expanding into other channels to enable our branch managers to offer borrowers an abundance of flexible options, as well as open up new market opportunities for the future,” said Kunjan “KP” Patel, CEO of Equity Loans. “Kingsley is instrumental in supporting our wholesale operations and we are confident his knowledge and expertise will be an excellent addition to Equity Loans.”

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.