Understanding The News: Read Appraisals With Ease

*Read Appraisals With Ease*
**UAD Help Arrives**

***The new appraisal standards have some pulling out their hair, but fear not, technology can help. For example, ACI, a valuation technology provider for the mortgage industry, has launched a new Appraisal Reader powered by The new technology helps lenders and reviewers view and validate appraisal reports prepared by any appraisal software vendor that supports the new MISMO XML format. Here’s how it works:

**** is an ACI brand that serves the appraiser and lender communities. The Appraisal Reader is compact and provides mortgage professionals with a critical tool to conduct a review while keeping all the components of the appraisal report intact. The review is performed using ACI’s PARLogic rules, a library that checks the appraisal report for compliance. Custom client-specific rules can also be applied on demand using PAR Logic to highlight errors and omissions.

****The Uniform Appraisal Dataset (UAD) information embedded in the PDF appraisal report is also available in a concise, organized manner using the QuickView Summary Report within the Appraisal Reader. The QuickView Summary Report presents the UAD information in a form and helps streamline the review and validation process prior to submission to the Uniform Collateral Data Portal (UCDP).

****“With the advent of the UCDP, ensuring regulatory compliance before submitting appraisal reports to the portal is increasingly important for lenders and appraisers,” said Dave Roberts, president of ACI. “We’ve developed a sophisticated, yet free, solution that enables lenders, credit unions, and community banks to easily view and validate MISMO XML appraisal reports using technology.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Winning The Battle For The Borrower: Let’s Get Concrete About Technology

*Let’s Get Concrete About Technology*
**By Judy Margrett**

***We all know that the market is tough. You need technology to remain competitive and to stay compliant. But what technology do you really need? Do you need a new LOS or a new POS? Or can you do with something else? I’m sure these questions and others are circling in your head as you decide how to proceed.

****Also, during these difficult times, vendors are fighting just as hard for business as lenders. So, they’re breaking out their best slant to convince you to buy they’re technology. Remember though, good technology has to solve real business problems. So, if you’re looking for new business, you need automation that will help you better deal with the borrower. Still confused? Let’s look at two “real world” examples that illustrate enterprise marketing automation’s vast capabilities. You’ll see what I mean soon.

****Fast Start – Big Finish

****The moment rates dropped below 5% veteran originator Bill Smith* was in a hurry to reach his diverse database of customers. So, he selected an oversize postcard from his enterprise marketing automation’s extensive marketing library, then adapted the copy to meet the specific interests of several niche audiences.

****After making his copy modifications, Bill’s file was automatically forwarded to his company’s marketing and compliance departments to ensure it met all appropriate brand guidelines and regulatory requirements. Bill’s changes were approved within minutes and the cards printed – including a Spanish translation for some, plus Bill’s new photo and signature added that day – and mailed to over 1,500 clients.

****It took less than 24 hours for Bill to complete his mission, from the time he accessed his enterprise marketing automation site until the highly personalized cards were in the mail. Within weeks, as a result, he closed $10 million in new business.

****Expanding a Referral Network

****Sarah Jones, a top producing originator, developed a proactive marketing program that includes a regular series of birthday, holiday and other greeting cards, along with a special campaign to encourage Realtors, builders, customers and others to share referrals. She adapted postcards, letters, e-mails and other materials to include “I welcome your referrals…” messages for different audiences and scheduled them for automatic distribution at various dates.

****Sarah has found her enterprise marketing automation performance-tracking feature to be especially appealing. It enables her to measure how her business has increased over time and the number of referrals she is receiving from her professional partners.

****Of course I used fictional names, but the results are real. See what I mean about choosing the right technology to get you the results that you’re looking for now?

Judy Margrett is President of The Turning Point, Inc. The company’s flagship product is MACH3, a mortgage-specific CRM and automated marketing engine. With more than 20 years’ experience in mortgage banking, Judy was an early advocate of technology-based marketing solutions, especially for nurturing key business relationships. Recognizing the demand to maximize resources within business enterprises, she works closely with industry leaders to guide The Turning Point’s development of advanced mortgage-specific solutions. She can be reached via e-mail at

Market Analysis: We Live in A Data-Centric World

*We Live In A Data-Centric World*
**By Tony Garritano**

***With all of the emphasis on loan quality and transparency, the GSEs are now mandating a more data-centric approach. This trend is just going to continue. Investors need complete visibility into each and every loan, and data makes that possible. To this end, vendors are stepping up to make it easier for lenders to embrace the data. For example, ClosingCorp, an independent, real estate closing cost data and technology company that develops online data services for mortgage lenders, real estate professionals and consumers, has launched DART, a data service that provides recording fee and transfer tax amounts for title and settlement professionals to use for closing transactions. Here’s the scoop:

****DART delivers access to accurate recording fee and transfer tax information for any address in the U.S., and reflects unique requirements based on geographic location. DART’s highly sophisticated data engine also calculates Buyer/Seller splits, commonly called “who pays” rules, and has a strength or confidence level based on collected data of statutory and customary practices by geographic location.

****“Since title and settlement agents ultimately pay and file recording fees and transfer taxes, having timely access to the most reliable data available is critical,” said Paul Mass, president of ClosingCorp. “ClosingCorp now represents the only true “sole source” provider of all actual closing cost data that title and settlement professionals need. This additional offering complements our complete line of data solutions, which includes everything from title and settlement fees, to home inspection, home warranty, and other “Block 6” fees. We are pleased to enter the market and provide a very competitive, alternative data source to title and settlements agents who depend on accurate recording fee and transfer tax amounts to close a residential real estate transaction.”

****ClosingCorp’s initial version of DART will deliver the recording fees and transfer tax information via web services, enabling title/settlement companies and real estate solutions providers to seamlessly integrate the data into their current workflow. ClosingCorp provides a DART API to facilitate easy implementation of the service. The data is returned via XML for use within the requesting application.

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

Technology Spotlight: It’s All About Service

*It’s All About Service*
**Riverview Community Bank of Vancouver Profiled**

***We all know how big compliance is. It’s top of mind for every lender. At the same time lenders want to be sure that in keeping compliant, they don’t compromise service. Because of these two factors more and more lenders are switching their LOS. For example, Riverview Community Bank of Vancouver, WA has selected Mortgage Builder’s platform for its mortgage lending business. Riverview Community Bank is a community-oriented financial institution and mortgage lender that provides local and personal service throughout Southwest Washington and in the Portland, Oregon metropolitan area just across the state line. Here’s why they made this choice:

****After researching several LOS providers, Riverview Community Bank chose the Mortgage Builder web-based LOS platform because of the company’s ability to quickly respond to regulatory changes in the mortgage industry, and also the company’s commitment to customer service, according to Chris Bell, systems coordinator with Riverview Community Bank. Mortgage Builder provides an end-to-end loan origination software platform that enables lenders to automate mortgage origination, loan closing, post closing and delivery to investors. The system offers built-in enhancements available on demand, including pricing and product eligibility, electronic document management (EDM) and electronic loan delivery.

****“Mortgage Builder was the most professional of all the LOS vendors we checked out,” Bell said. “They understood the mortgage origination needs of a community lender. The main deciding factors for partnering with Mortgage Builder were its excellent support services and its ability to respond quickly to regulatory changes in the mortgage industry, such as those included in the Dodd-Frank law.”

****Mortgage Builder’s online training library also impressed Riverview, Bell said. “The rollout of the new LOS and the integration process at the bank has gone very smoothly,” he said. “We’ve found Mortgage Builder to be very responsive, and quick to resolve any issues that arise.”

****Keven Smith, president and CEO of Mortgage Builder, noted, “Mortgage Builder specializes in meeting the retail origination needs of community banks. Everything is integrated in our LOS design, making it easier and more secure for Riverview Community Bank to not only originate loans, but also to track every component of a loan file with our reporting and document builder, the most robust on the market. With our end-to-end, fully integrated LOS and its reporting and tracking solutions, Riverview now has the origination tools to rival any large, national lender, while still maintaining a local touch.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Powering Today’s Lenders: Ask The Bank That Owns One

*Ask the Bank That Owns One*
**By Daniel Liggett**

***The title of this article is a twist on a classic advertising slogan for a legendary automobile brand. The manufacturer implored the reader to ask the person who owns one and why they bought it knowing full well the satisfied owners’ words would be more convincing than any they could possibly dream up.

****This transparent approach is extremely powerful, but the manufacturer better have the utmost confidence in their product. If the owner doesn’t like what they bought, they’re surely going to say so when asked. This is more true today than ever, with the increased use and adoption of social media.

****At a recent technology symposium held in New England, lenders had the rare opportunity to hear from a group of decision-makers on why they chose their loan origination system and the reasons behind their decisions.

****The panel of lenders differed in asset size, loan volume, lending models, deployment and workflow requirements, but they were similar in certain aspects as well. They set the table by discussing the reasons that motivated them to perform their technology search. Most were prompted by upcoming regulatory changes and the lack of confidence in their present system or in their vendor to handle these changes. Fear is a great motivator, but most of the lenders had a detailed plan long before compliance deadlines became realities. The lenders’ plans all included a wish-list of capabilities they both required and desired and all echoed that it had to be an integral part of their banks’ overall growth program. It was here that their needs began to differ and requirements became unique to their operations.

****One adopter said that he wanted an internet-based solution in order to relieve his thin IT staff from the burdens of maintenance and upgrades while providing access to loan officers in the field. A second lender said flexibility, customization and ease-of-use topped her list. A third lender desired to mirror their present workflow and then improve upon it. One said a key component was the LOS’s ability to grow with their organization, and not just accommodate more bodies, but have true scalability. Another lender wanted one system to handle both mortgage and consumer lending on the same platform.

****Each individual then described their lending operation in detail; the nuances that they embraced and those that they wanted to change. What became evident was how the differences in each operation clearly outnumbered the similarities, meaning each one had a distinctly different way of lending and thus a unique set of requirements. They described how the chosen LOS allowed them to achieve their goals and the effort that was involved. They described future plans and outlined their growth expectations. They also included candid details about their implementation experience, including both the successes and pitfalls and described what they learned along the way.

****In an effort to share this valuable knowledge and insight directly from the individuals making these decisions, I will be adding a “Lender Spotlight” section to this column.  Come back next week to see how and why technology decisions are being made directly from the decision makers.

Daniel Liggett serves as Director of Client Services for Associated Software Consultants’ PowerLender Loan Origination & Processing System. He has more than 20 years experience in mortgage lending and loan automation systems. Danny oversees the configuration, training, support and project management efforts for loan origination and secondary marketing at ASC and serves as a development and marketing advisor.

Market Analysis: Here’s Why We Need To Automate

*Here’s Why We Need To Automate*
**By Tony Garritano**

***I always preach about the benefits of automation. But I preach a lot. My kids say I’m a broken record when I talk to them about the value of doing well in school, for example. However, when it comes to automation, and the value of a good education, I’m right on both accounts and the data backs me up. PROGRESS in Lending has been told that CoreLogic released its October Home Price Index (HPI) which shows that home prices in the U.S. decreased 1.3 percent on a month-over-month basis, the third consecutive monthly decline. Let’s face it: with home prices continuing to decline lenders need to automate to be as efficient as possible and also to offer first-class service. Here’s what else the HPI found:

****According to the CoreLogic HPI, national home prices, including distressed sales, also declined by 3.9 percent on a year-over-year basis in October 2011 compared to October 2010. This follows a decline of 3.8 percent in September 2011 compared to September 2010. Excluding distressed sales, year-over-year prices declined by 0.5 percent in October 2011 compared to October 2010 and by 2.1 percent in September 2011 compared to September 2010. Distressed sales include short sales and real estate owned (REO) transactions.

****“Home prices continue to decline in response to the weak demand for housing. While many housing statistics are basically moving sideways, prices continue to correct for a supply and demand imbalance. Looking forward, our forecasts indicate flat growth through 2013,” said Mark Fleming, chief economist for CoreLogic.

****Highlights as of October 2011:

****>> Including distressed sales, the five states with the highest appreciation were:  West Virginia (+4.8 percent), South Dakota (+3.1 percent), New York (+3.0 percent), District of Columbia (+2.4 percent) and Alaska (+2.1 percent).

****>> Including distressed sales, the five states with the greatest depreciation were: Nevada (-12.1 percent), Illinois (-9.4 percent), Arizona (-8.1 percent), Minnesota (-7.9 percent) and Georgia (-7.3 percent).

****>> Excluding distressed sales, the five states with the highest appreciation were: South Carolina (+4.6 percent), Maine (+3.1 percent), New York (+3.1 percent), Alaska (+2.9 percent) and Kansas (+2.8 percent).

****>> Excluding distressed sales, the five states with the greatest depreciation were: Nevada (-8.8 percent), Arizona (-7.0 percent), Minnesota (-5.7 percent), Delaware (-3.9 percent) and Georgia (-3.6 percent).

****>> Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to October 2011) was -32.0 percent.  Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -22.4 percent.

****>> Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 78 are showing year-over-year declines in October, two fewer than in September.

****If this data doesn’t scream out: “This industry needs to automate!” I don’t know what it will take to get this idea across.

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

Your Competitive Edge: Looking To Grow Your Business?

*Looking To Grow Your Business?*
**By Michael Hammond**

***It seems like every day we hear more and more bad news. When will our business turn around? It’s only as bad as you make it out to be. At first glance that may seem like an odd statement to make, but it’s true. I know of plenty of companies that are growing and thriving. How do you follow their lead? Don’t be caught in the self-fulfilling prophecy of doom and gloom, look to be a trailblazer. Here’s some things to consider:

****I read an article called, “4 Ways to Stand Out and Grow Your Business” by The Jon Gordon Companies, Inc. that really had some good points. Here’s their advice:

****1. Create a Great Culture – Whether you are a Fortune 500 company or a five-person company it’s never too early to decide the kind of culture you want to create and determine what your culture stands for. For example, even when Apple was just a two-person company consisting of the two Steves it was clear their company culture challenged the status quo and as they grew they attracted and hired those that fit their culture. While it’s difficult to quantify the benefits of a strong culture, we can all agree that there is something about culture that speaks volumes to the marketplace. When you focus on your culture you create a strong foundation of values, beliefs, expectations and habits that cause you to stand out in the marketplace and ultimately grow your business.

****2. Lead with Optimism – Now, more than ever, optimism is a competitive advantage. Bob Iger, the CEO of Disney, was asked the most important characteristic of a leader and he said “Optimism.” After all, it’s not the pessimists who will grow this economy. It’s the optimists who believe in a brighter future that will take the actions necessary to create it. Optimism will also help you navigate the set-backs, challenges, naysayers and Energy Vampires as you seek to grow your business. You have a choice. You can believe success is impossible or you can believe that with faith, hard work and an optimistic attitude all things are possible. To grow your business, choose the latter.

****3. Show your Customers you Care – I am convinced that the most successful companies find unique ways to show their customers they care about them. Les Schwab Tire Center employees run outside to greet their customers when they pull up in their cars. Zappos offers free shipping and free return shipping. My local cleaner replaces buttons on my suit if they notice they are missing and provides free pick-up and delivery service. Rosenblums, the place where I buy a lot of my clothes, sends a gift certificate on my birthday. I can’t tell you how you should stand out without knowing more about your business but I can tell you, if you want to stand out and grow you must create your own signature way to show your customers that you care about them. When you show your customers you care they will talk about you to everyone (even write about you) and you’ll stand out in a crowded and competitive marketplace.

****4. Pursue Excellence – They can blame the economy all they want but the economy is not the reason people and businesses are unsuccessful. The economy has merely exposed those with weak business models, bad cultures, poor leadership, toxic work environments, apathetic sales forces and mediocre products and services. On the contrary those who pursue excellence are thriving. From the carpenter who is in demand because everyone knows he’s on time, works hard and always satisfies the customer to the graphic designer who strives to make each project her masterpiece, to the Realtor who is passionate about helping her customers find the right home, to Apple iPads and iPhones, to restaurants that are jam packed… it’s clear that those who passionately pursue excellence will stand out and grow high above the competition. The economy no longer will support mediocrity but if you can find your niche, share your passion and work hard to be great then growth will be inevitable.

****What does this mean for you Mr. Mortgage Lender or Mr. Mortgage Technology Vendor? I challenge you to take a test, actually two tests. First, take these four principles and document how your company follows them today. Second, challenge yourself to think about how you can follow these four principles in new ways in 2012. Tests are usually a drag, but I guarantee you that these tests will be tests that you will not regret taking.

Michael Hammond
Michael Hammond is chief strategy officer at PROGRESS in Lending Association and is the founder and president of NexLevel Advisors. They provide solutions in business development, strategic selling, marketing, public relations and social media. He has close to two decades of leadership, management, marketing, sales and technical product experience. Michael held prior executive positions such as CEO, CMO, VP of Business Strategy, Director of Sales and Marketing and Director of Marketing for a number of leading companies. He is also only one of about 60 individuals to earn the Certified Mortgage Technologist (CMT) designation. Michael can be contacted via e-mail at

Market Analysis: Lean On Your Vendor

*Lean On Your Vendor*
**By Tony Garritano**

***Having trouble keeping up with new government programs and regulations? As I always say, that’s what technology is for. Vendors should do the heavy lifting for you. For example, PROGRESS in lending has learned that ISGN Corp. can assist lenders and servicers with their loan infrastructure needs in meeting the expected higher demand of distressed borrowers for the new streamlined federal Home Affordable Refinance Program (HARP). ISGN has been processing, underwriting and closing HARP loans for lenders and servicers in the original program for the past two years.

****ISGN can get lenders and servicers ready to meet the expected increase in HARP volume, primarily with three mortgage outsource opportunities. First, ISGN offers staffing augmentation that provides lenders with key personnel for processing, underwriting and closing HARP loans. Secondly, ISGN can provide component outsourcing in which ISGN handles an area of origination that might be a process constraint for a lender, such as processing, underwriting or closing.

****Thirdly, ISGN offers end-to-end HARP loan outsourcing, in which ISGN processes, underwrites, closes and sets up loan funding. Lenders can manage their customer calls through a single point of contact, while ISGN handles the loan fulfillment. ISGN has the experts to manage remote lender client connections through technology, which enables ISGN to use its proprietary workflow in concert with a lender’s system to generate more efficiencies and lower costs.

****President Obama initiated the new expanded HARP 2.0 in October to aid more borrowers. Only approximately 838,000 Fannie Mae and Freddie Mac mortgages were refinanced in the original program. Today, the government estimates millions of more homeowners will be eligible for the new simplified HARP 2.0, which is the only government program designed for underwater borrowers who owe more than their house is worth. HARP 2.0 started accepting applications on December 1, 2011 for loans sold to Fannie Mae and Freddie Mac on or before May 31, 2009.

****The new streamlined HARP 2.0 should generate substantially more volume for lenders, because it removes the old loan-to-value ceiling of 125 percent, so the program is now available to homeowners in states such as Arizona and Florida where LTVs have exceeded 200 percent on many homes. It also makes it easier for lenders to participate by relaxing the rules concerning loan buybacks based on the representations and warranties of the original loan.

****“Lenders today are looking more strategically in an uncertain marketplace at the expected higher HARP loan volume,” said Scott Slifer, president of sales and marketing at ISGN. “They no longer consider it just a play to hire more staff. Now they want to determine what their core competencies are and outsource their other lending components.”

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

A Bit Of TLC: “Just Do It” Won’t Cut It

“Just Do It” Won’t Cut It
By Mary Kladde

***Low interest rates going even lower have driven a refi boom in the third quarter and show no real sign of spiking until next year.  Although I’m not a confident prognosticator in unprecedented times, I’d guess that at some point in Q2 2011 and certainly by this time next year, rates will eventually trend upward.

****When the shift finally occurs, the tide of borrowers motivated and qualified to refinance will recede and our industry will be staring directly in the face of what will become “The New Normal.”  We’ve evaded the real impact of our industry’s new market realities as a consequence of the Fed’s repeated decisions to repress interest rates.

****However, the respite will end eventually, rates will rise, and the reality of a significantly shrunken pool of loan volume will emerge.    Then, I believe, our industry will experience another wave of culling among independent mortgage lenders.  Unfortunate, yes, but from the evidence I see in working with a broad spectrum of mortgage lending organizations, two traits persist:

****>> A mindset that some aspects of loan quality can be circumvented “when necessary;” and

****>> Unrealistic expectations of “business walking in the door.”

****You would think the first trait would be significantly nullified by the regulations and “cost to cure” on loans stemming from changes enacted the first of the year.  It still amazes me, especially during the last days of the month, the quality details lenders are willing to “let slide” just to get a loan closed.  I’d wager that nearly every mortgage banker executive within the sound of my voice knows exactly what I mean.  They know either because they have allowed/demanded it, or because they have dealt with the repercussions of a loan returned by the destination investor because of it.

****Regardless of why and how and judging from the exceptions we are asked to make among our client base, mortgage loans are still being allowed to close prior to receiving “clear to close.” As we’ve said before, there are elements of total loan quality (such as verification of employment protocols) that, in our opinion, add no knowable value to the loan’s integrity. However, it is in the interest of a mortgage lender’s business integrity and business continuity to apply themselves slavishly to the details – even when there is a spike in volume. Especially when there is a spike in volume!

****It never ceases to surprise me that some mortgage bankers decide to outsource their back office and mortgage fulfillment operations to ensure scalability and mitigate the risk of mishandling loan details, yet ironically expect that we will allow exceptions on demand and assume the risk associated with these exceptions.  Our steadfast position on quality has ended some relationships, but those relationships often boomerang after those misguided lenders experience the pain of investor-returned loans or significant “cost to cure” requirements.

****May the words, “Don’t get hung up on the details, just get it done,” be banished from the mortgage banker vernacular now.

****Returning to the two traits above, I’d like to caution mortgage lenders who have been gorging on refis for the last 90 days to look up from the trough.  Look up and realize that your more fearsome competition is the lender committed to loan quality and strategic marketing.  Here’s my advice – know what your purchase to refi ratios are and spend at least 15 percent of your time each month in creating productive realtor and/or affinity relationships.   This focus will help fill your pipeline when the boom ends and positioning you for continued success in 2011.

In May of 2007, Mary Kladde decided to fully capitalize on her extensive experience within the mortgage industry by forming Titan Lenders Corp. Her 18 years of actual mortgage operations experience and exposure to all residential lending channels and processes from origination through point of sale has provided unique insight into the operational needs of lenders and investors. Her past experience includes operating and managing a successful fulfillment division for a leading document preparation provider in the industry. Prior to that, she managed the retail and wholesale closing and post closing department for a regional office of one of the larger residential mortgage banking investors in the country. Mary can be reached via e-mail at Also follow Titan Lenders Corp. on their blog at

On The Move: Looking For Excellence

*Looking For Excellence*
**The Latest Promotions, New Hires And Layoffs**

***Just this week we have seen that new appraisal rules have gone into effect. Also think week the Treasury Secretary said that Dodd-Frank is not going away and will be enforced. What does this mean? More regulation is here now and more is coming. As a result, lenders and vendors alike are looking to hire experienced executives that can help them grow their businesses in this very tense market. Here are two cases where we have seen this trend play out:

****First, Carrington Mortgage Services, LLC has hired Brad Nease as senior vice president, capital markets. In this newly created position, Mr. Nease will lead the secondary marketing efforts for the company’s fast-growing loan origination business, and will be responsible for product development, investor relations, loan trading and warehouse lending.

****Mr. Nease comes to Carrington from ICON Residential Lenders, where he was COO of capital markets. Prior to that, Mr. Nease was a partner for 12 years with the hedge advisory firm Mortgage Capital Management, and previously held executive management positions with IndyMac Bank, Impac Funding Corporation, and Cal Fed Bank.

****“We’re pleased to add someone with Brad’s experience and expertise to our team,” said Steve Patton, Carrington’s executive vice president of mortgage lending. “These are clearly challenging times in the secondary market, and having someone with Brad’s track record and skills will help us manage these challenges and position our company for continued success.”

****Second, Urban Lending Solutions, a provider of residential and commercial mortgage products and services, has promoted Michael Forgas to president. Forgas recently joined the company as chief strategy officer.

****“I am confident that Mike will continue to grow this company,” said Chuck Sanders, chief executive officer and founder of Urban Lending Solutions. “He has the experience and industry connections to grow our existing lines of business and diversify our client base. This is a very exciting time for our company.”

****Forgas is the former long-term CEO of National Real Estate Information Services, and was successful in growing it into a nationally recognized leader in the title, appraisal, and settlement services business. Forgas has been very active in issues facing the residential real estate service’s industry through the Title/Appraisal Vendor Management Association (TAVMA) and the Real Estate Service’s Providers Council (RESPRO). He is a past president of TAVMA and has been a member of its executive committee since its formation. He is also a member of the RESPRO Board of Directors.

Progress In Lending
The Place For Thought Leaders And Visionaries