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Lenders One Touts Member And Preferred Provider Growth

The Lenders One Cooperative, a national alliance of independent mortgage bankers, has kicked off its annual Summer Conference in Minneapolis, MN. The cooperative will celebrate its continued strong growth and participate in education sessions, keynotes and networking events designed to help members discover new opportunities in a changing market.

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Already the nation’s largest mortgage cooperative, Lenders One has welcomed the addition of 13 new members, four new vendors and four new preferred investors since the beginning of the year. The cooperative most recently celebrated the addition of two notable preferred secondary providers:

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Mortgage Capital Trading, Inc. (MCT)is a capital markets-focused risk management and advisory services company providing independent analysis, training, hedging strategy and loan sale execution support to clients engaged in the secondary mortgage market. Since 2001, MCT has grown from a pipeline hedging services specialist into a fully integrated provider of capital markets services and software for lenders at every stage of growth. Lenders One members will receive discounted pricing on selected services. In addition, MCT is committed to integrating with noteXchange and working closely with Lenders One members and the cooperative’s preferred investors to bring even more efficiencies and productivity lift to the bulk trading market.

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Planet Home Lending, LLC is a full-service, multi-state lender providing its customers a wide variety of loan products, including 203(k)s and FHA manufactured home loans, with a non-QM, alternative doc program for self-employed business owners and jumbo products coming soon. Consistently ranked in the top four for price on ICON for best effort, Planet Home Lending gives Lenders One members an assigned sales and service representative delivering personalized service plus access to state-of-the-art technology and a seasoned management team.

“We are thrilled with the momentum our cooperative has achieved,” said Bryan Binder, chief executive officer of Lenders One. “As we continue to grow in size and market presence, our team is committed to delivering value to our members through our many networking and educational opportunities as well as innovative technology offerings. We can see that our progress and industry-leading services are resonating with our members as the attendance at this Summer Conference is up over 30 percent from last summer.”

Over the past three conferences, Lenders One has announced the strategic addition of new technologies to help benefit our members, including Vendorly and noteXchange. At this year’s Summer Conference, Lenders One will launch additional noteXchange capabilities as well as preview a new cutting-edge eClosing ‘in a box’ offering as well as a continued focus on digitalization to prepare mortgage bankers for the future of the industry.

Progress In Lending
The Place For Thought Leaders And Visionaries

Lenders Are Optimistic About Trump

A large majority of lenders surveyed (73 percent) believe the new administration’s policies will have a positive impact on the lending environment, according to the 2017 Lenders One Mortgage Barometer, a survey of 200 mortgage lending professionals.

“Despite some industry concerns over rising interest rates, lenders are optimistic about the potential for a more flexible regulatory environment in 2017 and beyond,” said Bryan Binder, chief executive officer of Lenders One.

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Lenders are also ready to make investments in their organizations’ business operations. In fact, 42 percent of lenders indicate their biggest investment is in operational changes (hiring new staff, compliance support and software support), and 25 percent of lenders surveyed say they are currently making the greatest investment in marketing. While these investments are necessary for the industry to keep pace with consumer demand, they may also be driving up the cost per loan, with 65 percent of respondents indicating that the cost per loan will continue to increase.

Regulations Don’t Weigh Quite as Heavy on Lenders in 2017

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Lenders are ready for new regulatory requirements, such as updates to the Home Mortgage Disclosure Act (HMDA), with two-thirds (65 percent) indicating they are very prepared for HMDA changes. Yet, the biggest HMDA compliance challenge for lenders is around additional resources needed to report transactional data, such as home equity lines of credit (HELOC) and dwelling secured loans for apartments. While lenders are investing in staff and technology, about one-third (32 percent) of them cite challenges with securing additional resources to report, connect and analyze transactional data.

E-closings See Broad Adoption a Decade after Their Inception

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Though 39 percent of lenders report they are not using electronic closings (e-closings) on mortgage loans, a third of those respondents expect their organizations to implement e-closings in one to two years, on average. The majority (61 percent), however, say their organization has implemented e-closings while seasoned lenders — those in the business for 10 or more years — are the predominant category of lenders utilizing them (67 percent).

Survey Methodology 

The Lenders One Mortgage Barometer was conducted online among a random sample of 200 mortgage lenders. Fieldwork was conducted by independent research firm Ebiquity between January 4 and 14, 2017. The margin of error associated with the sample of n=200 is +/- 6.9 percent at a 95 percent confidence level.

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.

LendersOne Endorses Optimal Blue

The Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, recently announced the selection of Optimal Blue as a new preferred vendor. Optimal Blue, a cloud-based provider of enterprise lending solutions to the mortgage industry, provides mortgage banks, community banks and credit unions the ability to navigate the complex mortgage process from capital markets, to consumers, and back.

“Lenders One is focused on delivering opportunities for our members to be innovative in the communities they originate in and with the borrowers they serve. Optimal Blue fulfills that with its highly-regarded suite of technology offerings that’s been proven to simplify the origination process for borrowers and help attract more customers,” said Jeff McGuiness, CEO of Lenders One.

Optimal Blue offers a suite of innovative services that help mortgage banks, credit unions and community banks improve efficiencies, manage compliance, reach consumers and boost secondary market performance. Consumers are looking for a new approach to the lending process according to recent study from PwC’s Experience Radar research group, which found that more than one-fourth of consumers (28%) are looking for a purely online mortgage experience. Meeting that demand is the cloud-based eOriginations platform that extends the simplification of mortgage originations to consumers through an online mortgage application experience, providing transparency and greatly reducing the time and effort required from prospective borrowers.

“Optimal Blue’s innovative technology greatly improves a lender’s ability to originate compliant mortgages efficiently, and to engage consumers who are increasingly interested in applying for mortgages online,” said Larry Huff, Co-CEO of Optimal Blue. “We look forward to working with Lenders One to help its members become more efficient, competitive, profitable, and equipped for success in today’s evolving mortgage origination market.”

Progress In Lending
The Place For Thought Leaders And Visionaries

What Do Loan Officers Really Think?

Lenders One has released the results of a new national survey on loan officer retention conducted by Majestic Consulting. According to the survey results, productive loan officers are willing to leave higher paying positions to move to a company where management has a firm grasp on fulfillment and business development. Findings from the survey were unveiled at the Lenders One 2014 Summer Member Conference in Nashville today. More than 450 independent mortgage bankers, investors and vendors are attending the conference.

“The assumption that loan officers always leave for a better compensation structure somewhere else is false,” Tom Ward, CEO of Majestic Consulting told Lenders One members during one of the educational sessions at the conference. “Issues like a short-term missed closing have a phenomenally long-term impact on a loan officer’s book of business and can be just as or more important than compensation to a decision to change employment. The shift from a less-time sensitive refi, to an intricately coordinated purchase transaction exposes a lot of inefficiency in the process. Now there is a real deadline, the ‘I have a borrower with their belongings in a truck and nowhere to go’ deadline. If you miss that deadline, that borrower is unlikely to come back, and that Realtor is unlikely to refer again.”

The survey of randomly selected loan officers from around the country identified three consistent reasons loan officers leave a company:

>> The lender cannot close loans on time, putting stress on the loan officer’s relationships and destroying borrower and referral agent confidence;

>> Leadership has not updated their perspective on, nor do they provide sufficient training or support for pursuing new purchase business; and

>> A lack of confidence that the leadership team understands, anticipates and is prepared for market and industry changes.

“Loan officer retention is a critical business issue we hear about time and time again from our members,” commented Jeff McGuiness, CEO of Lenders One. “This survey highlights the importance leaders must place on both the manufacturing process and their service teams so that both are in synch. Production efficiency and quality are directly related to sales and service efficiency and quality, regardless of the market cycle. A holistic approach is crucial to ensure stability and reduce disruptive turnover in the long run.”

The survey also found that it takes almost seven months from the time a loan officer decides to leave a company and when it actually happens, Ward said. “That’s a remarkable amount of loyalty,” he commented. “What’s more, we found that the company that may initially start loan officers thinking about leaving is not usually the company they end up joining.”

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.

New Vendors Get The Lenders One Endorsement

Lenders One was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. Members of the St. Louis-based platform originated more than $224 billion in mortgages in 2013; collectively ranking as one of the largest retail mortgage origination entities in the U.S. So, when the group names new technology vendors to its preferred list, it’s a big deal. The two most recent additions include:

To help its members respond to the changing digital preferences of homebuyers, Lenders One has added Easy Mortgage Apps and The Turning Point to its approved vendor list. The announcement was made to members at the recent biannual conference.

“We know homebuyers today are going online to research information about homes, home values and mortgage information,” said Jeff McGuiness, CEO of Lenders One. “The best-in-class technology solutions offered on our vendor platform enable our members to take advantage of the anytime, anywhere nature of the modern sales cycle.”

Easy Mortgage Apps allows loan officers to better serve consumers and real estate agents. With the private-label software, loan officers, borrowers and real estate agents can track an application status, communicate with all relevant parties and securely share time sensitive data from any mobile device. “Leveraging technology to make the home lending process more efficient and transparent is how we got started,” said Michael Kelleher, founder and executive vice president of Easy Mortgage Apps. “Our goal is to deliver a mobile-centric solution to minimize latency while improving efficiency and productivity, which aligns perfectly with the Lenders One mission.”

The Turning Point’s MACH3 is a robust marketing automation platform that digitally connects companies, loan officers, their clients and referral sources. The Turning Point’s compliant, easy-to-use, turnkey platform helps maximize the potential of loan officers and mortgage customers, delivering measurable improvements in sales and productivity.

“The Turning Point is delighted to help bring a holistic, compliant, technology-driven marketing solution to the Lenders One membership,” commented Brandon Perry, president of The Turning Point. “When applied in a thoughtful manner, data-driven marketing can have enormous impact on growth in any market cycle. We are delighted to offer our MACH3 platform and expertise to the membership of Lenders One.”

“With the increased prevalence of technology in our day-to-day lives, lenders must keep up and deliver content and services to clients in their preferred format,” McGuiness concluded. “Lenders One is committed to ensuring that the scope of our member benefits are relevant in every environment.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Good Lenders Are Breaking Through

You hear a lot about shrinking origination volume these days. But for good lenders, success isn’t determined by market conditions, it happens regardless of market conditions. For example, Lenders One, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, collectively originated $224 billion in loan volume for 2013. This represents a 22 percent increase from the previous year and nearly 14 percent of the total U.S. origination volume.

“Despite the market correction that began last summer, our members continue to see market share increases,” said Jeff McGuiness, CEO of Lenders One. “The lenders that planned for change are successfully navigating the purchase market and adapting to the new regulations, while protecting their margins. They selected partners and programs from the Lenders One platform that flexed with their business volume and product needs.”

Part of that success is attributed to the lender members’ access to multiple preferred investor relationships, including six preferred investors that joined the cooperative in 2013:

>> 360 Mortgage Group

>> Homeward Residential Capital

>> Liberty Home Equity Solutions, Inc.

>> New Penn Financial

>> Weststar Mortgage Corp.

>> Prospect Mortgage

“Lenders One is committed to using the collective negotiating power of the cooperative to deliver the resources and benefits that help our members continue to succeed, regardless of market cycle,” concluded McGuiness.

Lenders One (www.LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. Members of the St. Louis-based platform originated more than $224 billion in mortgages in 2013; collectively ranking as one of the largest retail mortgage origination entities in the U.S. Lenders One, nearly 275 lender members strong, is managed by a subsidiary of Altisource Portfolio Solutions, S.A.

Progress In Lending
The Place For Thought Leaders And Visionaries

Lenders One Goes Even Further

*Lenders One Goes Even Further*
**By Tony Garritano**

***We have to help each other. Why not look out for your fellow lender? When you can, you should. And some are. For example, Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has introduced its first Origination Services Bundle product to its members. The new Origination Services Bundle is specifically designed to facilitate more efficient retail loan production.

****Working with select partners and Altisource, the initial Origination Services Bundle will include appraisal, flood certification, fraud report and Internal Revenue Service 4506T services provided at a discount compared to ordering them individually. The bundled services will be delivered via a custom portal powered by REALTrans, Altisource’s patented order management platform. The portal enables seamless, single-source ordering, tracking, messaging and fulfillment, which helps simplify the complex process of originating a residential home loan.

****“Lenders One strives to deliver products and services that improve our members’ performance,” said Jeff McGuiness, CEO of Lenders One. “By leveraging Lenders One’s buying power, as well as the patented technology and scope of Altisource services, we are in a unique position to deliver meaningful product cost savings and loan processing efficiencies for our members.”

****“The bundle includes services that we were already ordering; however, through the bundle we were able to save money,” said Greg Grojean, Lenders One member and group senior vice president of Home State Bank, N.A. located outside of Chicago. “We started using the bundle because we realized we could pass on the cost savings we received to our borrowers. This gives us a competitive edge in the marketplace as consumers are looking to work with lenders that are willing to go the extra mile for them.”

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.

On The Move: Lenders One Names New CEO

*Lenders One Names New CEO*
**A New Chief Executive Takes Charge**

***Lenders One, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has named Jeffrey R. McGuiness as its new CEO. McGuiness assumes this position after former CEO and co-founder, Scott Stern, announced last month he would leave the company to pursue other entrepreneurial opportunities.

****McGuiness has more than two decades of experience in the financial industry, with particular emphasis in building correspondent, retail and direct to consumer operations. Most recently, McGuiness was executive vice president of consumer banking and originations at St. Louis-based Aurora Bank, managing the bank’s consumer deposit and mortgage business units. Prior to joining Aurora, he was executive vice president of direct-to-consumer lending at American Home Mortgage. McGuiness also was with CitiMortgage for seven years in multiple senior management positions, including managing director of correspondent lending.

****“I am confident that Jeff’s extensive experience in mortgage operations will serve him well as he guides Lenders One into the future,” said departing CEO Scott Stern. “Jeff will build on the success of Lenders One and constantly strive to find new and innovative ways to offer our members the services and products they need to succeed.”

****After a thorough search, McGuiness was selected based on his comprehensive industry experience and demonstrated leadership skills. “I cannot think of a better choice than Jeff to lead Lenders One through these complex and challenging times,” said Lenders One Advisory Board member Stephen M. Calk, Chairman and CEO of Kansas-based National Bancorp Holdings, a member of the cooperative. “The combination of his correspondent, retail, investor, secondary market and regulatory experience is unparalleled. Jeff’s leadership experience and acute understanding of the needs of our members and the demands of today’s investors will be critical to the success of our cooperative now and in the future.”

****Lenders One was established in 2000 as a national alliance of mortgage bankers, correspondent lenders and suppliers of mortgage products and services. The St. Louis-based company originated more than $106 billion in mortgages in 2011 and is ranked as one of the largest retail mortgage originators in the U.S. Its mortgage productivity system additionally allows members to close more loans, satisfy continuing education requirements and market themselves more powerfully. Lenders One, now more than 220 lender members strong, is a subsidiary of Altisource Portfolio Solutions S.A.

Progress In Lending
The Place For Thought Leaders And Visionaries