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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.

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Castle & Cooke Mortgage Expands Into Mississippi

Castle & Cooke Mortgage, LLC, an independent mortgage lender with locations across the U.S., has expanded into Mississippi with the opening of its Southaven branch (NMLS #1647847). The new branch is led by industry veteran Tammy D. Kennedy (NMLS #35154), who has 16 years of experience in the mortgage industry and understands the housing needs of the Southaven area well.

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“We are thrilled to have Tammy and her team join the Castle & Cooke Mortgage family,” expressed John F. Brawner (NMLS #218829), area manager for Castle & Cooke Mortgage. “This group is in a fast-growing market and they are aggressive in their approach to helping homebuyers. They accomplish this through excellent customer service, a vast knowledge of the industry and strong, trustworthy relationships with Realtors and builders.”

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Prior to joining Castle & Cooke Mortgage, Kennedy was a sales manager for Envoy Mortgage and a senior loan officer with PrimeLending. Her years of experience have given her the expertise necessary to lead the Southaven team as they work together to serve the lending needs of their community. From rural housing loans and low down-payment programs to conventional lending options, Kennedy is persistent in her efforts to obtain the right loan for her clients’ needs. Her commitment to exceptional customer service is evident throughout the lending process.

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“My team and I are looking forward to helping borrowers purchase or refinance a home while interest rates are still historically low,” said Kennedy. “And I am thrilled to become a part of Castle & Cooke Mortgage, one of the leading and most responsible mortgage lenders in the country.”

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The Place For Thought Leaders And Visionaries

Castle & Cooke Mortgage Launches Consumer Direct Team

Castle & Cooke Mortgage, LLC launched its new Consumer Direct team, designed to improve retention of clients in the company’s expansive servicing portfolio and ensure the mortgage needs of all Castle & Cooke Mortgage’s current borrowers are being met. In addition to portfolio retention activities, the new consumer direct team will originate loans to consumers across Castle & Cooke Mortgage’s extensive nationwide footprint.

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With loan originators licensed in all states in which Castle & Cooke Mortgage does business, the team is able to accommodate clients across the country, providing them with access to conventional, FHA, VA and USDA purchase and refinance loans, renovation loans, energy-efficient mortgages, zero down payment options and other loan programs.

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The new, rapidly-growing team of highly experienced loan originators is led by Matthew Keyworth (NMLS #254513), who joined the company in late 2016 as managing director of consumer direct sales. Matthew brings over 15 years of mortgage industry experience working for national lenders, most recently serving as vice president of retail sales and channel management for PennyMac. He has overseen the funding of billions of dollars in residential loans and helped other call centers and consumer direct groups grow exponentially during his career.

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“I was attracted by the chance to start and grow a consumer direct team to help defend Castle & Cooke Mortgage’s portfolio and take advantage of other opportunities that only a team like this can provide,” said Keyworth. “Moreover, I appreciate the fact that the company is an established purchase lender with a broad product offering to accommodate the diverse needs of today’s homebuyers.”

“Matthew’s experience in mortgage servicing portfolio defense and his familiarity working with multiple departments to improve business processes and ensure an optimal customer experience made him the ideal choice to lead our Consumer Direct team,” said company President and COO Adam Thorpe. “His leadership and the excellent team of talented originators behind him will make great strides toward Castle & Cooke Mortgage becoming an industry leader in both purchase and refinance business.”

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.

Grow Your Business

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ATTOM Data Solutions released its Q4 2016 U.S. Residential Property Loan Origination Report, which shows more than 1.7 million (1,748,177) loans were originated on U.S. residential properties (1 to 4 units) in the fourth quarter of 2016, down 15% from the previous quarter, but still up 2% from a year ago. More than 7.3 million loans were originated in 2016, up 2% from 2015 to the highest total since 2013. Total dollar volume of loan originations in the fourth quarter increased 8% from a year ago to more than $461 billion ($461,291,961,501). So, what do these industry dynamics mean for lenders? Lisa Schreiber, EVP Operations at Sprout Mortgage, talked to us about what lenders need to do in order to thrive in the current mortgage market. Here’s what she said:

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Q: What’s ahead for Sprout Mortgage this year?

LISA SCHREIBER: We are growing our product line. We are not just offering more products, but new services, as well. We are growing our national sales strategy across the country. We’ll be in all channels of business. So, we’re very excited about 2017.

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Q: What are Sprout’s technology priorities this year?

LISA SCHREIBER: We are building out automation for decisioning on non-QM products. We are working with a vendor right now. That technology will be embedded in our LOS and we’ll white label it for our correspondents. I’m looking to find good tools to obtain documentation without putting that responsibility on the borrower. We want to help the borrower through the process and put less of the burden on the borrower to provide paper documents like bank statements, W2s, etc.

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Q: What do you see as the future of straight through processing?

LISA SCHREIBER: When I was at Ellie Mae we were talking about mortgage as a manufacturing process. We can do a much better job of accessing client data upfront. We need to be clear upfront and have triggers throughout the process that constantly keep the borrower informed.

Q: How does the mortgage industry craft a process where the user experience has no friction?

LISA SCHREIBER: No friction is difficult. It goes back to how we can better enable borrowers. I have daughters in their twenties and they don’t like to talk to people as much as we do. They want to do things with the push of a button and they want to be informed at every step, as well. So, it’s a combination of technology and people power.

Q: How will the recent governmental changes impact the mortgage market in 2017 and beyond?

LISA SCHREIBER: The big headline for us is Dodd-Frank. Several people, myself included, do like more structure. However, the timelines set up by Dodd-Frank are a little crazy though. I’d like to see some portions of the regulation go away, but not everything all together. It’ll be interesting to see what happens to Dodd-Frank. When they say they want to get rid of regulation, what does that mean?

Q: When evaluating their technology strategy, what elements should lenders keep in mind?

LISA SCHREIBER: There’s no one technology that is going to be everything to everyone. Lenders need to really think and plan first. Most times lenders just grab a piece of technology and build it out because we’re still doing loans and we still have to make a profit. We don’t always whiteboard or analyze things fully before buying a piece of technology. There should be someone in the organization that is always thinking globally. It’s hard to plan everything out, but some times you spend more resources to fix new technology then you should.

Q: What is perhaps the single biggest misconception lenders believe regarding technology?

LISA SCHREIBER: That it will solve all of their problems. That it will work when you turn it on. That it will instantly solve the problem without the lender having to put much thought into it. It’s not going to automatically work and not everyone in your company is going to automatically understand how to use the new technology.

Q: What do lenders need to do in 2017 to remain competitive?

LISA SCHREIBER: Lenders have to assess cost and try to manage cost better. We are coming out of refinance boom so people spend a lot of money getting to all the refinance business, but that changes in a purchase market. Lenders have to adjust to spending their money wisely in a purchase market.

Industry Predictions

Lisa Schreiber thinks:

1.) Interest rates will rise, but not by too much.

2.) It’ll be a terrific year for purchase volume.

3.) There we be a lot of product development and new products entering the market to address particular borrower needs.

Insider Profile

Lisa Schreiber is EVP Operations at Sprout Mortgage. She is a true mortgage industry veteran that has worked with lenders, technology vendors and as a consultant. She was a Regional VP at Bank of America; EVP at American Brokers Conduit; EVP of Wholesale Lending at TMSFunding Wholesale Lending; VP of Correspondent Lending at New Penn Financial; VP, Lender Business Development at Ellie; President at LSK Consultants, etc.

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Lenders Are Expanding

Now is not the time to step back. Good lenders should look to break into new markets. For example,  Lehigh, Pennsylvania-area residents Patrick Rooney and Brian Fiore have opened a new branch location for national mortgage lender Supreme Lending. The branch, which is licensed in Pennsylvania and New Jersey, will serve the Lehigh Valley and Poconos areas.

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Rooney (NMLS #203265) and Fiore (NMLS #376921) are co-branch managers for the location. Together, the Lehigh Valley natives bring more than 30 years of experience in all types of government and agency financing, including Fannie Mae, Freddie Mac, FHA, VA, non-conforming and jumbo products. Their expertise with purchase transactions and first-time homebuyers is the foundation of their referral-based business.

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“Our job is helping borrowers navigate to a successful close,” said Rooney. “We evaluate the facts, present options, explain how things work, and allow our clients to decide what is best for them. The difference between us and your average loan officer is that we know mortgage guidelines like we know our own siblings. We know what’s worked in the past and what hasn’t.”

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“Qualifying for a mortgage can be stressful for first time homebuyers,” said Fiore. “They’ve never been through the process so they need a different type of communication. You have to really enjoy working with these folks, like Patrick and I do, to deliver service that makes everyone happy not just when the deal closes, but throughout the whole process. That’s what we strive for, and that’s what we deliver.”

Rooney and Fiore evaluated several mortgage lenders prior to joining Supreme Lending. “We chose Supreme because they value customer service as much as we do,” said Rooney.

Fiore agreed, adding, “Supreme’s dedication to customer care is apparent in everything from their proactive communication to their much faster turnaround times. That’s something that both borrowers and Realtors® appreciate.”

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.

Learning Across Borders (LAB): Building Bridges To Unite And Serve

Early in my career as a loan officer, I had a very important realization regarding business processes that led me to understand not just my job better, but also the tasks and requirements of my colleagues. I was lucky enough to work with outstanding team players who, unbeknownst to me, were completing my work. They were doing things I could have easily done but I simply was not aware that I needed to at the time. Not only was my lack of knowledge inconveniencing those working around me, it ultimately created a less than optimal customer experience as well. My loan processor would have to contact the customer for additional information, which inconvenienced the borrower and extended the loan closing cycle time. The result was decreased efficiency across the board. Despite the fact I was a high producer, I had yet to detangle myself from siloed work habits. Once I better understood the nature of the broader loan process and could see the effects of decisions on the people around me, it enabled me to become a much better and stronger employee who was a better colleague and could now provide better service to customers.

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Understanding the Ripple Effect

What got me to that point of understanding in my career was a simple conversation with my processor. She explained what she had been doing “behind the scenes” for me. In essence, what we were doing was breaking down the barriers of communication and expectation. This level of communications between sales and operations, for example, gives employees more context which in turn translates to a better understanding of how important it is for them to do their job well and how it affects the rest of the process.

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The mortgage industry has traditionally had an uninspiring reputation for proper training. However, with intentionality and focus this can change. There are some companies making great strides toward implementing job training programs combined with a strong focus on creating a collaborative culture within their organizations. It is this training and collaboration component that is going to remove obstacles between internal business efficiency and customer-facing experiences. What has been missing is training across job specialties.

Training across job “borders” will open the opportunity for everyone in a company to learn how their role fits into the process as well as the role of their colleagues. This does not mean that everyone will be trained to do everyone else’s job. Instead, they will gain a deeper level of appreciation and a better understanding of the total process, which we believe creates empathy.

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This level of training goes beyond having a better quality process and better quality loans; it actually improves the culture of the organization. With it, companies can remove the wedge between people in different roles and departments and create an environment where employees understand the ripple effect of decisions throughout the organization to ultimately work better together.

So, consider mortgage LAB training where it is not an experiment, but is a culture of collaboration where everyone learns across borders. This additional training gives us as an industry the opportunity to learn from different perspectives. Generally, people want to do a great job but simply don’t know what they don’t know. This level of collaborative learning across boarders creates a deeper understanding of the process and empathy between roles, which ultimately results in not only a great consumer experience, but a great corporate culture of collaboration that breeds high performance and long-term employee loyalty. This will not happen by accident, though. It takes an organized effort from the top down to ensure the mortgage LAB is a priority and specific initiative.

About The Author

Daniel Jacobs
Daniel Jacobs is the EVP and managing director of national retail lending for MiMutual Mortgage. With nearly 20 years of experience in the mortgage industry, he has previously had senior positions at American Financial Network, Residential Finance Corporation and Freedom Mortgage Corporation. Jacobs can be reached at djacobs@mimutual.com.

Competition For Seasoned Originators Heats Up

According to the latest STRATMOR Insights report, featuring survey data focusing on lender salesforces put out by STRATMOR Group, the industry is looking for good originators. Included were findings from a recent Spotlight Survey that looked into the ways in which lenders were recruiting and retaining loan originators. As Senior Partner Dr. Matt Lind explained, there is significant competition in the industry for seasoned originators, particularly among independent lenders.

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“Due to a multitude of factors, the mortgage industry today is smaller than in recent decades, and both short and longer-term growth prospects are smaller as well,” said Lind. “In this kind of environment, a key strategy for growing origination volume and market share is to recruit seasoned originators while, at the same time, retaining the productive originators a lender has on staff. Findings from STRATMOR’s most recent Originator Census Survey – representing a sample of almost 17,000 retail originators – prove that to be a harder task than one might imagine. The data shows that nearly 60 percent of originators have been with their current company for just two years or less. This simply underscores what any industry veteran knows: originators like to change companies.”

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“This makes recruiting a competitive affair, and retaining seasoned originators more difficult than ever,” Lind continued. “Our Spotlight Survey results suggest that the most intense competition for seasoned originators is seen as coming from regional and national independent lenders, rather than banks or credit unions. STRATMOR believes this reflects the focus of independents on highly-prized ‘Hunter’ loan originators versus the focus of banks on ‘Gatherers’ who can work as well off of bank referrals. In both cases, banks and independents were far more likely to pay incentives to recruit seasoned originators than to retain originators. Likewise, both groups agreed that Increased commissions – along with non-refundable signing bonuses – were seen to be the most cost-effective incentives when it came to both recruiting and retaining.”

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This month’s report also surveyed 2016 MortgageSAT data to examine borrower satisfaction with the origination process across age, gender, income and ethnicity characteristics. STRATMOR notes the possibility of an upward bias in the sample set because the MortgageSAT data for the roughly 100,000 respondents speaks only to the experience of borrowers whose loans have closed, not those whose applications were rejected or who dropped out post-approval because of negative experiences. With that caveat, though, STRATMOR reports that it finds almost equal levels of satisfaction across multiple borrower characteristics.

Satisfaction by gender was virtually identical (90 out of a possible 100) and there was but a one point difference between significantly younger or older borrowers and those in prime home-buying age groups. A slight differential (-3 points) existed between borrowers seeking smaller loans and the national overall average, but not as great as that between the national average and those seeking loans above $750,000 (-6 points). It also seems that borrower satisfaction decreases – slightly – the greater a borrower’s monthly income, probably because higher income groups expect higher levels of service. Finally, the data indicated a four-point difference between the highest and lowest satisfaction scores by ethnic group. Hispanic borrowers rated their experience highest overall, at 92.

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.

Lender Reaches Funding Milestone

loanDepot confirmed its drive toward record growth by funding $100 billion in home, personal and home equity loans since inception in 2010. In total, loanDepot has grown originations on average by 70 percent annually since 2010, and grown its market share by 400 percent since 2012.

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The $100 billion milestone builds on a phenomenal year in 2016 in which loanDepot funded $38 billion in loans, a 33 percent increase compared to 2015, and nearly five times its funding volume in 2013. The company also grew its top line revenue in 2016 by approximately 41 percent compared to a year earlier, nearly 140 percent higher than 2014.

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“In 2010, we launched loanDepot when many lenders were retreating from the market. What we’ve accomplished in seven years is really something special and extremely rewarding,” said Chairman and CEO Anthony Hsieh. “loanDepot has grown into a powerful national brand that challenges the status quo of traditional banking every day. Our $100 billion in fundings has been fueled by millions in capital strategically reinvested back into the company to sharpen our technology, expand our products and attract the nation’s top talent. We’re very excited with the work we’re doing to help borrowers achieve their dreams, and we’re looking forward to the next chapter for loanDepot and our nation.”

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Ranked by Inc. Magazine as one of the fastest-growing private companies in 2016 and 2015, loanDepot opened three new campuses in 2016 across the country to expand its Direct, Retail, and Wholesale business channels. Growing its nationwide employee base to nearly 6,000 strong today, loanDepot recently signed a lease to open a new 65,000 square foot business campus located in Irvine, California. The opening of this new campus will support loanDepot’s accelerated growth and expansion, and reflects the company’s commitment to developing market-leading technology, digital product delivery platforms and processes that will usher in the next generation of consumer lending.

Today, the loanDepot marketing platform acquires more than 500,000 potential borrowers every month, up 25 percent from a just over a year ago. The company maintains a total borrower data base of more than 15 million consumers nationwide.

“Unlike most lenders, loanDepot isn’t burdened with legacy issues that impede advancements in building proprietary technology, product delivery systems that bring greater efficiency to the lending process, or regulatory compliance. Our diversified origination platform is purpose built to pivot quickly in fast-changing market conditions. This philosophy empowers us to further penetrate purchase, refinance and consumer loans,” continued Hsieh. “This is an ideal time for loanDepot to gain greater market share as the leading solution to satisfy consumer demand for a highly efficient, tech-based lending experience that’s easy to navigate and supported by world class customer care.”

In a move to drive revenue and higher end-to-end service levels, last month loanDepot announced the acquisition of Closing USA and American Coast Title to its portfolio of brands. The move demonstrates loanDepot’s power to add and integrate multiple services and channels into one powerful technology-based lending platform that is redefining America’s lending landscape and how consumers think about accessing credit.

Today, the top five largest retail mortgage lenders, including loanDepot, are Wells Fargo, Quicken Loans, Bank of America, and JP Morgan Chase, according to the most recent Inside Mortgage Finance (IMF) report on the nation’s top retail mortgage lenders.

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.

Future Lending Success

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The Mortgage Bankers Association (MBA) announced that it forecasts $1.10 trillion in purchase mortgage originations during calendar year 2017, an 11% increase from 2016. In contrast, MBA anticipates refinance originations will decrease by 40%, resulting in refinance mortgage originations of $529 billion. In total, mortgage originations are expected to decrease to $1.63 trillion in 2017 from $1.89 trillion in 2016. Further, for 2018, MBA is forecasting purchase originations of $1.18 trillion and refinance originations of $410 billion for a total of $1.59 trillion. So, we sat down with Joe Dahleen, Vice President of Consumer at Axia Home Loans, to discuss how lenders can be successful in the current mortgage market. Here’s what he shared:

Q: What do you see as the future of straight through processing?

JOE DAHLEEN: Purchase certainty is important. DSD + STP= GPC, which means direct source data plus straight through processing equals greater purchase certainty. I am doing this at the point-of-sale today. I take the path of least resistance. I do the VOE and the VOD at the point-of-sale. if I get those two data points, I can get a good idea on if I qualify and I can turn the file very quickly.

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Q: How will things like outsourcing verification and calculation of income change over time?

JOE DAHLEEN: I outsource the calculation of income. I drop it into FACTCheck, The FACTCheck tax transcript report returns the proprietary FACTCheck rules engine analysis on all income sources in a detailed, interactive report that contains both calculated qualifying income and messages of explanation and instruction. These rules are designed to test for GSE compliance, as well as a borrower’s ability to repay (ATR) under Appendix Q. In the end, underwriting doesn’t want to see it until it’s a full file. So, my POS allows the customer to submit data, upload data and consent for us to get their data electronically. Once I get that I put it into FACTCheck. I do all of that at the point-of-sale. My assumption is that more lenders will jump on that bandwagon.

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Q: How does the mortgage industry craft a process where the user experience has no friction?

JOE DAHLEEN: My next goal is to eliminate fraud when you inject the driver’s license. Using technology you can scan the driver’s license and it will pull that data and populate the 1003 electronically. For U.S. driver’s licenses, Mobile Verify put out by a company called Mitek has the ability to find and decode enhanced security features. When this feature is found, a document is 100% authentic. When a document is authenticated by Mobile Verify, it is a genuine government-issued identity document. If fraudulent, it is immediately rejected. Documents that are suspicious are returned with warnings indicating that additional checks on the consumer are required. You want to do identification verification at the point-of-sale and pre-population that data. HELOCs will be big in 2017 and we can automate all of that at the point-of-sale. You want to get rid of any ambiguity during the process.

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Q: How will the recent governmental changes impact the mortgage market in 2017 and beyond?

JOE DAHLEEN: We’ll see some loosening of regulations. We won’t see too many changes in what has been activated so far. Only 44% of the rules promised in Dodd-Frank have happened, so some of those new rules to come may be eliminated or streamlined, but we won’t get rid of the CFPB or anything that has happened so far. I do think there will be better oversight of the CFPB, though.

Q: How do you think lenders handled this year’s regulatory challenges and what key lessons can we take from those examples?

JOE DAHLEEN: Lenders have gotten better at dealing with change. Deploying additional technology has gotten better. The pace of innovation on the mortgage technology side has caught up. I’d still like to see more adoption of the e-note. Change management has gotten better because the teams have gotten more used to change. The independent mortgage bankers have done a good job of pivoting to deal with new situations. We can’t fear change.

Q: When evaluating their technology strategy, what elements should lenders keep in mind?

JOE DAHLEEN: Lenders always have to consider the customer experience. They should be thinking: What is the customer’s journey? You need to make everything easier for the consumer. You better make sure they have a good experience. If your customer has to download a document, wet sign it and get it back to you, you’ve failed. We pester the consumer all through the process and we don’t have to do it that way. You may not loose the loan this way, but that customer is not going to refer you.

Q: What is perhaps the single biggest misconception lenders believe regarding technology?

JOE DAHLEEN: Some lenders still think that one solution can do everything. There is a fallacy that there is one solution that can automate everything. Lenders spend a lot of time and energy implementing end-to-end systems, but even those systems don’t do everything. No LOS can serve every need.

Q: What do lenders need to do in 2017 to remain competitive?

JOE DAHLEEN: Lenders need to lower the cost to produce so you can lower your rates and do more loans. You can’t spend $6,000 to originate a loan. The only way you get there is by lowering cost.

Industry Predictions

Joe Dahleen thinks:

  1. The adoption of e-note will lower the cost to produce by 25%.
  2. Verification of assets and income will be done at the point-of-sale.
  3. The confluence of title and appraisal as one quoting platform will be the next big innovation.

Insider Profile

Joe Dahleen is currently Vice President of Consumer at Axia Home Loans. Prior to joining Axia, Joe was Senior Vice President of Marketing at Primary Capital Mortgage, a Resource Capital Corp. company, and Executive Vice President and Head of Mortgage Originations at Elevation Home Loans, LLC, which was a start-up residential mortgage company acquired by Resource Capital Corp. Joe is a veteran of the mortgage industry who specializes in executive management and strategic marketing. He is known for being a strong advocate of technology and an expert in leveraging the latest communication methods to support successful growth.

Progress In Lending
The Place For Thought Leaders And Visionaries

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.