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Fiserv To Acquire The Assets of PCLender

Fiserv has acquired the assets of PCLender, LLC, a leader in next generation enterprise internet-based mortgage software and mortgage lending technology solutions. This acquisition will enhance the Fiserv suite of mortgage origination services, which enable Fiserv clients to deliver the experience today’s consumers and mortgage lenders expect. Financial terms will not be disclosed.

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Mortgage lenders operate in an evolving marketplace in which they are challenged to deliver a more efficient lending process in tandem with a compelling borrower experience. Fiserv is working to simplify today’s lending experience for financial institutions and borrowers, delivering powerful tools to originate, process, underwrite and deliver loans in a secure, paperless environment.

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“Rapidly evolving consumer expectations require a seamless approach to banking experiences, including mortgage origination,” said Jeffery Yabuki, President and Chief Executive Officer, Fiserv. “PCLender provides Fiserv with a full digital suite of mortgage origination solutions for banks, credit unions and mortgage lenders. We welcome the existing clients and talented team members to our company.”

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A complement to the existing Fiserv lending solution suite, these assets provide a set of simple, easy-to-use internet-based mortgage solutions for banks, credit unions and mortgage lenders. This fully managed, end-to-end solution simplifies origination, document collection and compliance reporting, streamlining consumer direct and retail mortgage and HELOC loan origination. The technology offers a feature-rich user experience and improved operational efficiency for mortgage lenders with existing resources. Supporting lenders of all sizes, PCLender provides solutions for lenders funding up to 5,000 loans per month.

“Joining Fiserv accelerates our ability to scale our solution, while simplifying solutions for every phase of the loan process to benefit our clients,” said Lionel Urban, Chief Executive Officer, PCLender. “We look forward to leveraging our combined expertise to deliver greater client value and an enhanced experience for their customers.”

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.

Integration Enables Seamless Transmission Of Critical Hedge Pipeline Data

Mortgage Capital Trading, Inc. (MCT), a mortgage hedge advisory and secondary marketing technology firm, has completed an integration between its secondary marketing solution and PCLender’s loan origination system (LOS).  The integration seamlessly transmits critical hedge pipeline data, saving time and enhancing information security.

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Spence Killam, director of operations and principle at Millenium Home Mortgage, a long time user of MCT and PCLender, lauds the new integration stating: “The integration gives me confidence that my trader has the best data at hand to help ensure my hedge position and maximize my profitability.  I am thrilled that my LOS and Hedge Firm proactively allocate resources to develop technology to provide us with better service.”

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The integration enables mutual lender clients to streamline an otherwise manual data transfer process, allowing them to pass and populate loan details from PCLender’s LOS to MCT’s hedge model. It reduces the risk of market movement and ensures the optimization of mutual clients’ hedge positions.

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“We are excited to offer this new integration to lenders that are utilizing our secondary marketing advisory services and PCLender’s LOS,” said Chris Anderson, chief administrative officer at MCT. “Developing integrations with mortgage technology platforms in order to provide the best service to our clients is paramount to MCT’s mission.”

Lionel Urban, chief executive officer of PCLender, LLC, supports this next-generation integration stating, “Standardizing data integrations is valuable to lenders because they can then focus their business analysts and IT resources on other projects. We believe MCT is a leader in the secondary marketing services and look forward to streamlining operations for our mutual customers.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Integration Tries To Further Digital Mortgage Adoption

LOS PCLender has launched an enhanced integration with POS Blend. As a result of the partnership, lenders who work with PCLender will be able to easily deploy Blend’s platform creating an end-to-end digital mortgage experience that is geared to excite customers and streamline lender workflows while reducing risk and ensuring compliance. Blend’s technology integrates seamlessly with PCLender’s LOS to ensure rapid deployment and quick time to value while reducing the number of systems a lender must work in.

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“We’re dedicated to providing our customers with the industry’s top technology solutions, so teaming up with Blend was a natural next step,” said Lionel Urban, CEO of PCLender. “Blend’s platform is modernizing the mortgage lending experience and through this integration, we’re proud to enable our lenders to offer their customers a more compelling and efficient borrower experience.”

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The integration with Blend continues this legacy, linking PCLender’s total mortgage solution to Blend’s borrower and lender experiences powered by rules, direct-from-source validated data and audit logs. This integration is designed to provide consumers with a more end-to-end digital mortgage experience that is borrower-, lender-, and compliance-friendly.

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“At Blend, we’re building technology that reinvents home lending from the ground up,” said Nima Ghamsari, CEO & co-founder of Blend. “Built on a platform that integrates with existing systems, we’re thrilled to work with pioneering mortgage solutions providers like PCLender to create a digital mortgage ecosystem and enable fast, simple and satisfying lending experiences to millions of lenders and borrowers alike.”

Progress In Lending
The Place For Thought Leaders And Visionaries

New LOS Eyes Efficiency

As lenders get over complying with TRID, they are now looking harder at technology to gain efficiency and cut cost because many lenders used labor to comply with TRID, which has driven up the cost to originate a loan. So, how do they remain profitable going forward? They have to rework their processes in such a way that they are more automated, efficient and less costly. To this end, LOS mainstay PCLender has released a new version of its core offering.

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Specifically, PCLender has announced the release of its next generation LOS. The new system supports consumer direct, retail, wholesale and correspondent business channels, has a new user interface, and provides many new features such as paperless document management, investor delivery and record archiving. The system can be customized so that lenders don’t need to have in-house IT people customize their LOS systems. Industry best practices are pre-configured, and fine-tuning only requires tweaking the presets that come built-in.

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PCLender’s LOS:

>> Supports consumer direct, retail, wholesale and correspondent business channels.

>> Offers easier navigation with New User Interface.

>> Supports real-time work queues and dashboard reporting.

>> Offers paperless document management, investor delivery and record archiving.

>> Has best-of-breed vendor integrations, which ensures comprehensive functionality options for documents, PPE’s, fees, compliance and fraud.

>> Automates workflow to improve service levels and reduce costs.

>> Includes real time compliance checks to ensure loans are closed with data that is compliant and matches approval, vendor integrations, last AUS and lock data.

>> Provides rules-based system workflow that can be managed by business analysts.

>> Offers system complexity including data protection and disaster recovery managed by PCLender.

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“These features mean lenders can focus on growing their business rather than on technology and integrating various systems and vendors,” the company’s CEO Lionel Urban said. PCLender uses a rules-based engine, as opposed to the template-based engines some other LOS providers use. The rules-based LOS empowers lenders to customize business rules, ensuring consistent, compliant loans, every time.

Rapid improvements to origination technology over the last two years, combined with the large scale withdrawal from the mortgage market by the largest banks, has led to what Urban refers to as “a potential golden age for mid-size and smaller lenders.” PCLender works with community banks, credit unions and mortgage banks, with an emphasis on small to medium lenders.

Casey Crawford, co-founder and CEO of Fort Mill, South Carolina-based Movement Mortgage said, “We’ve turned the mortgage world upside down with our 6-hour Upfront Underwriting, 7-Day Processing and 1-Day Clear-to-Close process. PCLender is a valuable partner providing the loan origination system that keeps us efficient and productive as we reach our goals, scale nationwide and lead a ‘Movement of Change’ in our industry.”

“We are stepping things up with our Software as a Service offering, which enables smaller lenders to create very high quality experiences for their borrowers,” Urban said. “Those lenders no longer are disadvantaged by their lack of size and technology resources, as in years past. With the technology sophistication we are providing, small to midsized lenders can provide service that is often more personalized and superior to the largest lenders.”

The demands of the regulatory environment and the increasing sophistication of borrowers in the marketing process are driving much of the evolution of PCLender’s offering, Urban said. “We have built-in work queues and additional ways to keep operations transparent for regulatory considerations,” he said. “We have also integrated leading vendors that offer the industry’s most advanced workflow for point-of-sale to investor delivery, ensuring processing times are compressed and loan quality is improved.”

Urban cites the growing importance of document management innovations that are moving the industry further away from paper. “By partnering with the most advanced providers in document generation and digital mortgages, paper has become unnecessary unless someone in the process requires it.”

Additionally, PCLender’s integrated pricing, eligibility and secondary marketing tools are providing small and mid-sized lenders with big gains in pricing and loan delivery.

The LOS provider has made these enhancements over a two-year period, and in November 2016 will offer the system preconfigured with workflow best practices. This will enable lenders to go live in 60-90 days.

Progress In Lending
The Place For Thought Leaders And Visionaries

Integration Helps Ensure TRID Compliance

ClosingCorp’s SmartFees service is now integrated with PCLender’s Loan Origination Software (LOS). SmartFees provides an automated fee solution that gives users fast access to TRID-compliant closing costs with an audit trail and data-backed guarantee. Here’s how it works:

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The integration demonstrates both companies’ commitment to support lender solutions designed to expedite Loan Estimate (LE) and Closing Disclosure (CD) production. The integration of ClosingCorp’s service within the PCLender LOS will allow PCLender users to create LEs or GFEs directly from their LOS.

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“Unlike other options in the market, the ClosingCorp service allows lenders to generate actual rate and fee data from the providers they currently do business with, as well as others from across the country,” said Lionel Urban, chief executive officer of PCLender. “Our integrated solution will help increase productivity and show proof of compliance with best-in-class closing costs and easy-to-use technology.”

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“Having accurate, complete closing cost data streamlined directly into an LOS system, like PCLender’s, allows loan officers to have the most accurate, compliant information at their fingertips to take to their customers,” said Bob Jennings, chief executive officer for ClosingCorp. “Both ClosingCorp and PCLender are dedicated to providing solutions that help automate the residential real estate transaction process while helping our lender clients improve cycle times, increase efficiencies and remain compliant at all times.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Here’s What The Future Mortgage Process Will Look Like …

As we’ve been reporting on, for the sixth consecutive year, PROGRESS in Lending Association hosted its groundbreaking ENGAGE Event designed to engage the mortgage industry to discuss and find solutions to so many pressing  industry issues. This was a frank and thorough exchange of ideas and tips about how to solve the problems that face the mortgage industry.  We reported on what the speakers said about the future of mortgage regulatory compliance, the future of mortgage technology innovation, and today we’ll tell you how they see the future of the mortgage process itself. Here’s what they had to say:

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“The problem is that you e-sign here, submit conditions here, and you still get calls,” said Lionel Urban, CEO, founding partner and chairman of the board at PCLender. “That shouldn’t happen. You should be using as much machine-readable data as possible coming straight from the source, not the borrower, and that way the processor will only deal with exceptions. that’s how the process should work.”

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From a lender’s perspective, Joe Dahleen, vice president of consumer lending at Axia Home Loans, points out, “You have to get to the data upfront. We as lenders should be able to verify the borrower, their income, their bank statements, etc. electronically from the source. Also, we are getting things like the appraisal and other information as XML. Similarly, we are being required to deliver more to the investor as XML. So, technology vendors need to offer lenders a way to easily store and search all of that XML because the LOS doesn’t do that today.”

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Meanwhile, Rebecca Walzak, founder of rjbWalzak Consulting, wants technology to focus more on risk so the mortgage process of the future produces quality loans 100% of the time. “Where is the technology to help lenders mitigate risk?” she asked. “I’d like the mortgage industry to be a real industry instead of just a follower of our peers or the regulators.”

Brian Koss, chief storyteller, executive vice president, national head of production at Mortgage Network, agrees.”Making changes in reaction to an outside event hasn’t worked,” he argued. “We, as an industry, have to start being proactive. We have been so busy just trying to comply with the latest rule that we haven’t stopped to take a breadth. We have to look at the process in a new way. The cost to originate a loan continues to go up, so what should we do? We have to hold the line and continue to fight to genuinely improve the process so we can lower cost. That has to be the focus of every lender.”

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.

A New Take On Integrations

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Over the past few years there has been a significant change in philosophy on vendor integrations within LOS technology. The industry’s best service providers are superior in their space and when integrated properly with an LOS bring additional value through more elegant solutions.

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Having 100 or even 500 service provider options doesn’t do a lender much good if the integrations do not include all the important features the vendor offers, or requires a manual review of the results. Lenders are not looking for 10 doc prep vendor options, 5 pricing engines selections and 22 credit bureau pulls to choose from, but would rather have one or two solid, dependable, effective solutions to accurately and efficiently integrate into their everyday workflow. Integrations between an LOS and their third party vendors require countless hours of time, attention, communication and commitment. If an LOS has integrations with 5 or more doc prep vendors, how much time do you think they are really putting into building each of those relationships? How often are they making upgrades when they have so many to work through? What’s their strategy to integrate an optimal workflow or user experience?

Nowadays, lenders are looking for the best providers and are seeking quality over quantity. Loosely bolted on tools are no longer acceptable, instead the demand is for high functioning solutions that are “lights-out” bi-directional interfaces. Exceptional integrations run in a manner that reduces user efforts yet delivers the final results automatically. Vendor integrations demand a large amount of time and attention from both parties. It is the job of the LOS provider to find who is the best at what they do in each of the essentials – pricing engines, document providers, compliance, fraud and fulfillment services – and then build strategic partnerships.

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It’s critical to have bi-directional communication between the two systems. Why is that important to the lender? Efficiency, accuracy, productivity. To maintain compliance, the LOS must always be the data source of record. Today’s best integrations can run automatically; the lender would only address the exception. For flood determinations that means a lender is only alerted when the property requires flood insurance. For compliance that means the lender is alerted when a fee is not allowed or there is a high cost issue. For fraud that means the lender only completes additional due diligence when an alert to identified.

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The questions a lender should ask when reviewing their integration options are:

How is the LOS’s relationship with their integrated vendors maintained? How often are they making upgrades and advances to constantly better the solutions? Who is the first line of communication when there is a pain point with the integration – meaning, can you reach out directly to the LOS for solutions, or are you going to be tossed back and forth between the LOS and third-party vendor?

The LOS is the backbone of your lending operations, and there are excellent options to simplify your lending complexities with the right LOS who can support all your needs and provide you with remarkable third party integrations.

About The Author

Lionel Urban
Lionel Urban serves as CEO, founding partner and chairman of the board for PCLender, LLC; in this role, he is responsible for the overall strategic direction and the vision behind the technology development of the company. Prior founding PCLender, LLC, Lionel was a co-founder and CEO of Navigator Lending Solutions, Inc. (NavPros) a fulfilment services company specializing in mortgage banking services. Prior to NavPros Lionel was the co-founder, president and CEO of PCLender.com, Inc. from 1997 to 2011. During this time, he supervised the development of a pioneering, Internet-based mortgage technology platform that supports banks, credit unions and mortgage companies across the country. Since 1987 Lionel has acquired mortgage banking experience in management, origination, operations, secondary marketing and compliance roles within banks, credit unions and independent mortgage bankers.

Vendor Integrations: No Longer A Numbers Game

Over the past few years there has been a significant change in philosophy on vendor integrations within LOS technology. The industry’s best service providers are superior in their space and when integrated properly with an LOS bring additional value through more elegant solutions.

Featured Sponsors:

 

Having 100 or even 500 service provider options doesn’t do a lender much good if the integrations do not include all the important features the vendor offers, or requires a manual review of the results. Lenders are not looking for 10 doc prep vendor options, 5 pricing engines selections and 22 credit bureau pulls to choose from, but would rather have one or two solid, dependable, effective solutions to accurately and efficiently integrate into their everyday workflow. Integrations between an LOS and their third party vendors require countless hours of time, attention, communication and commitment. If an LOS has integrations with 5 or more doc prep vendors, how much time do you think they are really putting into building each of those relationships? How often are they making upgrades when they have so many to work through? What’s their strategy to integrate an optimal workflow or user experience?

Nowadays, lenders are looking for the best providers and are seeking quality over quantity. Loosely bolted on tools are no longer acceptable, instead the demand is for high functioning solutions that are “lights-out” bi-directional interfaces. Exceptional integrations run in a manner that reduces user efforts yet delivers the final results automatically. Vendor integrations demand a large amount of time and attention from both parties. It is the job of the LOS provider to find who is the best at what they do in each of the essentials – pricing engines, document providers, compliance, fraud and fulfillment services – and then build strategic partnerships.

Featured Sponsors:

 

It’s critical to have bi-directional communication between the two systems. Why is that important to the lender? Efficiency, accuracy, productivity. To maintain compliance, the LOS must always be the data source of record. Today’s best integrations can run automatically; the lender would only address the exception. For flood determinations that means a lender is only alerted when the property requires flood insurance. For compliance that means the lender is alerted when a fee is not allowed or there is a high cost issue. For fraud that means the lender only completes additional due diligence when an alert to identified.

The questions a lender should ask when reviewing their integration options are:

How is the LOS’s relationship with their integrated vendors maintained? How often are they making upgrades and advances to constantly better the solutions? Who is the first line of communication when there is a pain point with the integration – meaning, can you reach out directly to the LOS for solutions, or are you going to be tossed back and forth between the LOS and third-party vendor?

The LOS is the backbone of your lending operations, and there are excellent options to simplify your lending complexities with the right LOS who can support all your needs and provide you with remarkable third party integrations.

About The Author

Lionel Urban
Lionel Urban serves as CEO, founding partner and chairman of the board for PCLender, LLC; in this role, he is responsible for the overall strategic direction and the vision behind the technology development of the company. Prior founding PCLender, LLC, Lionel was a co-founder and CEO of Navigator Lending Solutions, Inc. (NavPros) a fulfilment services company specializing in mortgage banking services. Prior to NavPros Lionel was the co-founder, president and CEO of PCLender.com, Inc. from 1997 to 2011. During this time, he supervised the development of a pioneering, Internet-based mortgage technology platform that supports banks, credit unions and mortgage companies across the country. Since 1987 Lionel has acquired mortgage banking experience in management, origination, operations, secondary marketing and compliance roles within banks, credit unions and independent mortgage bankers.

Partnership Offers A Streamlined Origination Process

PCLender is now integrated with Roostify, a provider of automated mortgage transaction technology. The new integration enables lenders to offer a streamlined digital mortgage origination process to customers – from application to close.

“Loan applications are a sore spot in our industry and have needed a technological update for quite some time,” says Lionel Urban, CEO of PCLender. “We are pleased to partner with Roostify to lessen the stress for borrowers and lenders with a mortgage application process that simplifies the data and documentation collection requirements.”

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Roostify’s platform allows loan officers to easily collect a full loan application and associated documents, collaborate with consumers and third parties in real time, provide key documentation from any location and collect electronic signatures, allowing for quicker and higher quality closings.

“We are pleased to be an integration partner with PCLender, and extend access to the Roostify platform to more lenders, loan officers and consumers,” said Rajesh Bhat, CEO and Co-Founder, Roostify. “Our platform eliminates most of the headaches for lenders and consumers in the home buying process, allowing lenders to close more loans in a shortened time frame and provide an optimal digital experience to consumers, real estate agents, and third parties.”

Progress In Lending
The Place For Thought Leaders And Visionaries

Asking The Tough Questions

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As market conditions shift, lenders are concerned about how they comply with new rules, how they attract younger borrowers, how they increase efficiency, how they remain competitive, etc. The best solution, according to Brian Koss, EVP of Mortgage Network, is to stick with what you know.

“Knowing your core customers, your core states, your core products and your core markets is important,” he said. “You need to eliminate as many variables and create constants. You can’t be everything to everybody. You have to stay true to your mission.”

This strategy has helped Mortgage Network thrive. The lender has again been honored by two state housing agencies for its commitment to providing affordable financing options to qualified first-time and low- and moderate-income borrowers.

The Pennsylvania Housing Finance Agency (PHFA) recently announced that Mortgage Network had the fourth highest loan volume under the agency’s affordable mortgage program in 2015, up from sixth last year. Meanwhile, in Massachusetts, Mortgage Network was the top producing lender of affordable mortgage products under the Massachusetts Housing Finance Agency (MassHousing) in both Hamden and Hampshire counties. Last year, Mortgage Network was the third top producing lender of MassHousing loans in the state.

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The best way to do effective lending these days is to do quality control as close to the point-of-sale as possible. “Once you’re in, you’re locked in,” noted Koss. “Quality control should be done at the point of quote. That’s hard because there are a lot of variables. Writing as much information up front is best. You want to build a better questionnaire for the borrower. Lenders that involve the consumer more and do more upfront have been the most successful.”

Based in Danvers, Massachusetts, Mortgage Network provides mortgage banking services in more than 20 states through a wide variety of retail offices built to fit each local market. Mortgage Network is more focused and agile than many larger competitors, which allows the company to provide a high level of service to its customers and its business and referral partners.

“Growth for growth’s sake is filled with risk,” noted Koss. “It’s hard to create a strong national platform. We’ve become a local business again. You have to have strong processes and systems to ensure that mistakes are not made.

“We are pure retail so we are consumer driven. It’s all about the local loan officer and their customers. We get great ideas from asking customers what they thought. If you are willing to ask and listen, you will get pearls of wisdom,” concluded Koss.

“Lenders are going to have to increasingly turn automation,” added Ann D. Fulmer, a senior industry advisor for FormFree Holdings. “Everything has to be documented, and the only way to do that is with technology. As much as can be automated, should be automated.

“One of the wild cards is how the disparate impact will be applied. You have to have processes that are in place, and you have to show that they are being applied to everybody the same. Lawyers are waiting to get their hands on data that could show if different products or processes are being used in different areas, among certain populations.”

FormFree is a provider of automated asset verifications for banks and mortgage lenders. A nationally recognized fraud expert, Fulmer is a former assistant D.A. in DeKalb County, Georgia, where she supervised investigations of white collar crimes, including real estate and mortgage fraud. Fulmer is also a speaker, author and thought leader in the areas of data integrity, regulatory compliance and mortgage risk detection and prevention. Most recently, she served as vice president of industry relations and strategy for Interthinx.

Fulmer warns that, “if a lender is only doing post closing quality control, you are spending a lot of time collecting mistakes instead of catching the mistakes early. If you are not looking at the quality control findings, you can’t go back and make sure that you are correcting these mistakes.

“In the end, it’s hard to integrate staff and systems, though. You have to make sure that everyone has the right regulatory training and the right systems. When growth happens through acquisition you always have these issues, for example.”

The secret is to never take your eye off of the consumer experience. “The biggest thing that lenders can do for consumers is to make things easy,” Fulmer said. “Mobile lending is amazing. I just purchased a home and it was mostly electronic and easy. Consumers don’t want to submit pages and pages of documentation. The trend toward mobile banking and e-mortgages is happening. The future is now.”

A lot of this responsibility falls on the LOS as the system of record. Lenders have to be smart about the LOS that they choose. “Our customers do best when they isolate their processes and document a loan consistently,” noted Lionel Urban, CEO, founding partner and chairman of the board for LOS PCLender, LLC. “There should be business logic to take care of all the steps and ensure that the steps are done. The market is unforgiving.”

One reason why the market is so unforgiving is because of the increased regulation and the pressure to comply. “The problem is that the regulations are interpreted differently. If you can’t define the regulation, you can’t define a process to address that regulation. There has to be a cure for that loan that is out of compliance, but beyond that, there has to be a cure for the process, as well,” Urban pointed out.

Prior to founding PCLender, LLC, Urban was a co-founder and CEO of Navigator Lending Solutions, Inc. (NavPros), a fulfilment services company specializing in mortgage banking services. Preceding NavPros, Lionel was the co-founder, president and CEO of PCLender.com, Inc. from 1997 to 2011.

During this time, he supervised the development of a pioneering, Internet-based mortgage technology platform supporting banks, credit unions and mortgage companies across the country. Since 1987, Lionel has acquired vast mortgage banking experience in management, origination, operations, secondary marketing and compliance roles within banks, credit unions, and independent mortgage bankers.

But in the end it all comes down to the type of people that you employ. “Mortgage executives have much to consider as they seek to grow profitability through expansion strategies,” pointed out Rick Glass, CEO of Rick Glass Executive Search. “Identifying executive leadership talent in unfamiliar geographic areas is never easy, so top management should be prepared to conduct substantial research to develop a list of the best candidates. This can, of course, take a great deal of time and effort that can distract from the everyday decisions of running a mortgage business. But taking the path of least resistance and hiring without the proper research, contact strategy, value proposition and vetting assessment can have far more serious effects and place the company at risk.

“Additionally, lenders are discovering that leading younger sales forces is quite different from leading older mortgage professionals, so the skill set for leaders is evolving rapidly. The younger Millennial group comes with different priorities, different motivators and different requirements for job satisfaction. Finding them, hiring them and succeeding with them requires leadership who truly “get” Millennials. Senior leadership must truly understand this new generation of the shared economy, with their vastly more sophisticated communications standards, notably with mobile devices, the latest apps and social media.”

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.