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Lender Launches Consumer-Facing Website Touting Benefits Of Working With Mortgage Brokers

United Wholesale Mortgage (UWM) has launched a consumer-facing website, FindAMortgageBroker.com, dedicated solely to promoting the advantages of working with a mortgage broker for borrowers as well as real estate professionals, and helping both groups easily locate mortgage brokers in their area.

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UWM created the website to enhance awareness of mortgage brokers as a better option than large banks and mega retail lenders for three groups: consumers looking to get a residential loan; real estate professionals who want to build reliable partnerships and empower their clients; and bank or retail loan originators who are looking for the best place to work.

“Consumers are constantly inundated with advertising from banks and mega retail lenders that is only focused on interest rates, but there is more to a mortgage than the rate. More focus should be on finding the best program and lowest overall monthly payment for their specific needs, and the interest rate is only a small part of that,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “A local mortgage broker will educate consumers on the full picture, clearly lay out all the options available from multiple lenders, and help them find the best possible deal. FindAMortgageBroker.com gives consumers nationwide a platform to easily locate nearby mortgage brokers and learn about why they’re the best choice for getting a mortgage.”

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In addition to serving as an educational guide of written and video content explaining the value of mortgage brokers, the website provides a nationwide database of mortgage brokers filtered by location.

“Mortgage brokers are the best way for people to get a mortgage, but it’s difficult for people to use a broker if they don’t know where to find one. This website will make it easy to find a mortgage broker that is local to them,” Ishbia said.

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Investing in this website to ensure that borrowers are educated on why mortgage brokers are best further supports UWM’s commitment to growing the independent mortgage broker channel.

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.

United Wholesale Mortgage Brings On New Chief Strategy Officer

United Wholesale Mortgage (UWM) has hired Alex Elezaj as its Chief Strategy Officer. Elezaj most recently served as Chief Executive Officer of Troy, Michigan-based Class Appraisal, a nationally recognized leader in residential real estate appraisal management.

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“We are thrilled to have such an amazing leader join our team, and his main focus will be aligned with UWM’s which is to help our mortgage broker partners grow,” said Mat Ishbia, President and CEO of United Wholesale Mortgage. “He is in total lockstep with our company from a leadership vision and culture standpoint, as he believes mortgage brokers are the best place for loan originators to work and for borrowers to get a mortgage.”

Under Elezaj’s three-year tenure as CEO of Class Appraisal, the company more than tripled its annual revenue and built strategic business partnerships with more than 300 mortgage lenders and over a thousand of the nation’s top-performing appraisers.

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“What UWM has done over the last several years, growing at such an impressive rate despite market declines and entrenching itself as the run-away best wholesale lender in the country, is insanely impressive,” Elezaj said. “You can see UWM’s momentum and still-massive growth potential everywhere you look. I am excited to join such a great group of people and industry powerhouse, and play a role in its continued efforts to grow the mortgage broker channel.”

Elezaj has received several industry awards, including distinction as one of National Mortgage Professional’s “40 Under 40” honorees, Mortgage Professional America’s “Hot 100” selection, and a 2017 Vanguard award winner by HousingWire.

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UWM has separated itself from other wholesale lenders recently, finishing as the No. 1 wholesale lender in America for the past three years in a row. In 2017, UWM grew its loan volume by 29%, outpacing every other retail and wholesale lender in the country. Through the first quarter of 2018, UWM continued trending upward, increasing production by 85% while the industry overall declined by 10%.

The company has long been recognized as the premier advocate for pro-broker initiatives, and has led the charge to nationally tout mortgage brokers as the best option for consumers.

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.

Wholesale Lender Improves The Broker Experience

United Wholesale Mortgage (UWM), the No. 1 wholesale mortgage lender in the nation, has launched their newly designed, fully integrated website that was built to serve as a one-stop shop for mortgage brokers. Here’s the significance:

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“A lot of research went into finding the content and tools that our clients most frequently look for online, and we built UWM.com to be the destination to fulfill all those needs,” said Mat Ishbia, President and CEO of UWM. “We’ve upgraded to an all-inclusive hub of information and resources that is relevant to everyone in the mortgage industry. Now, originators, owners and processors can spend less time searching the web for tools and news and focus more of their time on obtaining new business and providing exceptional service to their clients.”

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The new UWM.com seamlessly integrates with UWM’s EASE loan origination system. The websites gives users one-click access to improved tools that enable them to start a loan, manage their pipeline, and grow their business.

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The site also provides mortgage professionals with easy access to essential tools designed to make their jobs more efficient, all at no cost, including:

>>Pulling all-encompassing home value reports

>>Getting answers to guideline questions using the “Ask UWM” smart search engine

>>Monitoring current market trends with lock alerts

>>Comparing interest rates and fees between multiple lenders

>>Reading the latest mortgage industry news

To take a tour UWM’s new website and learn more about how it will centralize business practices of mortgage professionals, visit www.UWM.com.

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.

Wholesale Lender Automates To Expand Business Growth

MORE Lending has implemented Portfolio Producer from LoanScorecard as its automated underwriting system (AUS), product and pricing engine (PPE), and distribution solution. Here’s why:

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MORE Lending is the wholesale division of Synergy One Lending, a San Diego-based mortgage lender. Licensed in 42 states, MORE Lending offers a variety of non-agency loan products, including program options for foreign nationals, interest only, non-warrantable condos, and recent credit events such as deeds-in-lieu, short sales, and foreclosures.

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Portfolio Producer is a sales distribution system that integrates with LoanScorecard’s AUS, Portfolio Underwriter, and PPE, Pricer1. It provides third-party originators (TPOs) access to a wholesale lender’s product and pricing options from within their loan origination system (LOS) or via the wholesale lender’s website.

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Using Portfolio Producer, MORE Lending will be able to instantly distribute the guidelines and pricing for their non-agency loan programs to TPOs via Calyx Point and their website. TPOs can search based on borrower profile, product type, rate and price to provide eligible products and pricing options to potential borrowers. If they like an eligible product and fully-adjusted price, TPOs can run “upfront decisioning,” and get back an in-depth Findings Report. The report provides an early indication of the likelihood that MORE Lending will approve the loan and reduces the likelihood that the TPO will provide inaccurate quotes to the borrower.

“Our goal is to provide the broker community with an automated solution that allows them to learn about our non-agency, non-QM offerings and gives them greater confidence when sharing these financing options with their borrowers,” said Steve Majerus, President of MORE Lending. “LoanScorecard’s Portfolio Producer, combined with our first-class customer support, helps us differentiate our company among brokers and provide them with more options for their borrowers.”

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.

Open Mortgage Launches A Wholesale Program

Open Mortgage LLC, a provider of traditional and reverse mortgages throughout the United States, announced their expanded Wholesale Program for Traditional and Reverse (HECM) Channels.

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“By joining the Open Mortgage Wholesale Program, partners have access to an extensive network of loan programs, training, marketing, and loan tools. These provide brokers with powerful benefits,” said Scott Gordon CEO, Open Mortgage.

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The wholesale program offers a wide range of products such as FHA, USDA, VA, FHA DPA, HECM (Reverse) loans as well as Prime, Alt A (Non-QM Near Prime, Non-QM Non-Prime) with competitive rates and no lender fees (on wholesale transactions). It also provides fast underwriting, in-depth training, and a dedicated operations team to help partners grow their business.

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“Open Mortgage’s top priority is to provide mortgage professionals with a wide range of products that meet their borrowers’ varying needs,” said Kevin McKnight, Vice President of Forward Sales Division, Open Mortgage.

“We have built a team with a main objective of building strategic programs that position partners to take advantage of the opportunities in their markets, said Sharon Falvey, Vice President of Reverse Sales Division, Open Mortgage.

Open Mortgage also hired experienced mortgage industry specialist Jerry Burleson to manage the Traditional Mortgage Wholesale Team. Upon joining Open Mortgage, Burleson said, “I am very excited to be part of a team that builds a terrific wholesale platform committed to providing the highest level of customer service.  I am thrilled to be part of this dynamic group.”

Brenley Gagnon, a mortgage and military veteran with more than 18 years in the marketplace, joined Open Mortgage, LLC, as a Regional Sales Manager for Wholesale Division of Home Equity Conversion Mortgages, commonly known as reverse mortgages.

“The reverse mortgage industry is misunderstood, and many brokers and clients don’t understand how these loans can change the lives of seniors for the better. It’s an exciting time to be in this industry. Open Mortgage has given me the opportunity to educate our brokers and clients about the reverse mortgage,” Gagnon said.

Parkside Lending Expands Jumbo Loan Program

Parkside Lending, LLC, a national wholesale and correspondent lender, announces it has expanded its Jumbo loan program and is now offering Jumbo mortgages (fixed rates or ARM options) with LTVs as high as 95 percent with or without mortgage insurance.

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Unlike other Jumbo programs that feature high LTV with mortgage insurance (MI), Parkside Lending’s new Jumbo III offers both lender-paid and borrower-paid MI options. Borrower-paid MI allows the borrower to take advantage of less expensive mortgage insurance and does not stay on for the full life of the loan.

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Parkside Lending provides four Jumbo products (Jumbo I, Jumbo III, Expanded Jumbo and Premier Jumbo), with robust guidelines and aggressive pricing.

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“As a wholesale lender that doesn’t have a retail channel, our number one goal is to provide mortgage professionals with a suite of products for their borrowers’ varying circumstances. There are creditworthy borrowers that are underserved in the Jumbo market; therefore, we continue to enhance our Jumbo offering to meet the range of needs in the marketplace,” said Clint Rosenthal, Executive Vice President of Sales, Parkside Lending.

Lenders Innovate, Too

We always talk about technology vendors innovating, but lenders are innovating, as well. For Example. American Financial Resources, Inc., an approved Fannie Mae, Ginnie Mae and Freddie Mac seller/servicer, the leading sponsored originator for FHA 203k loans and one of the nation’s leading independent mortgage originators, has launched MyLoanCenter, a new B2B technology solution to streamline and improve the way brokers communicate with their customers.

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MyLoanCenter is a free, mobile-optimized, white-label platform that facilitates real-time communication between the broker, borrower and lender, as well as effective monitoring of the loan at every stage of the process. It can help brokers better manage their client relationships and keep track of important transactions, while empowering the borrower by allowing them to remain constantly apprised of their loan status.

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The platform offers a range of innovative features, which include:

>> Admin Control – highly customizable settings that allow brokers to apply personal branding to the platform interface, create and manage internal teams, edit branch permissions and more

>> Loan Pipeline and Pipeline Management – enables brokers to view and sort their existing loan pipeline, register new loans, access pricing, order appraisals and conduct a loan estimate review expeditiously

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>> Loan Feed – provides brokers and borrowers alike with the opportunity to view real-time updates pertaining to the status of their loan, and any outstanding action items

>> Newsroom – helps users to remain abreast of pertinent news regarding regulatory updates, industry news and updates to the platform

>> Data Sync – MyLoanCenter enables instant upload of necessary client and broker documents

“Technology has transformed the lives of everyday Americans in recent years and, now more than ever, they require tools that simplify and streamline seemingly complex tasks such as applying for a mortgage,” said Bill Packer, CIO at American Financial Resources. “The development of this tool underscores not only American Financial Resource’s pioneering mindset, but its commitment to ensuring an optimal experience for both brokers and lenders.”

Parsippany, NJ-based American Financial Resources is a leading wholesale, correspondent, and retail mortgage originator and servicer of residential mortgage loans. AFR has residential mortgage banking licenses in all 50 states plus HUD, FHA, Fannie Mae, Freddie Mac, VA, Guaranteed Rural Housing and Ginnie Mae authority to underwrite and service mortgage loans. The Company’s wholesale/correspondent division serves a nationwide network of more than 1,000 wholesale/correspondent brokers making it one of the largest providers of these services in 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.

Parkside Lending Creates New Correspondent Advisory Board

Parkside Lending, LLC, a national wholesale and correspondent lender, announces the launch of a new Correspondent Advisory Board which was formed on September 1, 2016. Similar to its Broker Advisory Board which was formed earlier this year, the Correspondent Advisory Board is comprised of Parkside Lending’s correspondent lenders.

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Advisory Board members will meet quarterly with Parkside Lending’s senior management team, led by Matthew Ostrander, Chairman and Chief Executive Officer of Parkside Lending. The purpose of their discussions is to provide input that will be used to optimize Parkside Lending’s products, improve the customer experience and enhance communication. The Advisory Board members, in turn, will benefit by learning about opportunities, business strategies and peer successes and challenges.

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“This new forum is a continuation of a strategy that is designed to help us better understand our customers,” said Ostrander. “At the same time, the Advisory Board will offer us useful insights that will help direct future product and service enhancements to ensure we extend the ‘Power of Caring’ to everyone with whom we do business.”

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The first quarterly meeting took place on September 1.

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.

New Technology Automates Wholesale Lending

LoanScoreCard introduced LO Connect, an integrated automated distribution solution for aggregators and wholesale lenders sourcing non-agency loans from third-party originators (TPOs) and correspondents. LO Connect combines the power of LoanScoreCard Custom AUS (automated underwriting system); their product and pricing engine (PPE); and a unique integration with loan origination systems (LOSs). The first version of the product has been launched for multiple wholesalers within Calyx Point and will eventually be available on other LOSs as well.

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LO Connect allows TPOs to see branded product and pricing offers from participating wholesalers within Point. If the originator likes an eligible product and fully-adjusted price, they can run “upfront decisioning” against Custom AUS and get back an in-depth Findings Report which delivers an early indication of the likelihood that the specific investor will approve the loan. Uniquely, any Point originator can use LO Connect without first having a business relationship with the investor or needing to put together a full loan package. This saves time and effort for both the TPOs and the investors.

From an originator’s perspective, it helps the lender determine who to sell specific loans to and which investors to develop a relationship with. It also eliminates the likelihood that the originator will quote the wrong information to the borrower.

For wholesalers and investors, LO Connect is a more efficient way to distribute and promote their product and pricing offerings to originators, and it reduces “false starts” that can increase operating costs, require HMDA filings and foster bad will with correspondents and brokers.

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Because LO Connect operates independently from the wholesaler’s submission portal, it can be implemented in as little as 60 days.

“LO Connect provides automation and visibility that many TPOs don’t have at all today,” said Ben Wu, executive director at LoanScoreCard. “Because LO Connect is run at point of sale, TPOs receive an early look into whether a loan file is likely to be accepted by a wholesaler, without taking up anyone’s time—particularly the borrower’s or the wholesaler’s, who, if they see the file prematurely, have a tremendous burden to actually underwrite it, render a decision, issue disclosures, etc.”

Lender Reaches Out To Brokers

Parkside Lending, LLC, a national wholesale and correspondent lender, announces the creation of a new Broker Advisory Board that is designed to leverage the expertise and feedback from a diverse group of Parkside Lending’s wholesale clients.

Advisory Board members will meet quarterly with Parkside Lending’s senior management team, led by Matthew Ostrander, Chairman and Chief Executive Officer of Parkside Lending. Their discussions are intended to provide input that will be used to optimize Parkside Lending’s products, enhance the customer experience and improve communication. The participants, in turn, will benefit by learning about opportunities, business strategies and peer successes and challenges.

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“We are excited about this new forum as it will provide us with constructive insights that will help guide future Parkside enhancements and strengthen our ability to deliver the ‘Power of Caring,’” said Ostrander. “At the same time, the individual Board members will benefit by strengthening their relationships with members of our senior management team. Ultimately, the exchange of ideas and information will positively influence their businesses and ours.”

The first of the quarterly meetings commenced earlier this month.

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.