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Looking to take your loan origination process to the next level, but not sure where to start? We’ve got solutions backed by expert insights. The prequalifying stage is one of the first interactions with borrowers. Certified Credit’s Cascade Prequal helps you fulfill borrowers’ expectations and set the tone for the rest of their journey. Say goodbye to traditional verification processes and leverage one easy-to-use automated process that makes your VOE ordering consistent. Cascade VOE is the real deal. Eliminate blindspots by getting instant alerts when your borrower’s credit activity changes. You can stay one step ahead with Cascade Undisclosed Debt Monitoring and ensure you see no surprises! We think you’re ready to take control of your origination processes. Get started here: https://okt.to/iufJBh Certified Credit is dedicated to supporting you every step of the way. Our comprehensive guide, Take Control of Your Mortgage Lending Success, gives you access to insights into strengthening your business and maximizing all your current processes. Download the guide here: https://okt.to/TnkLoc #OriginationProcess #MortgageLoan #growyourbusiness

Tomo CEO Greg Schwartz talks market conditions, AI-driven loan production solutions https://ift.tt/bFNWwle In the newest episode of the PowerHouse podcast, HousingWire CEO Clayton Collins sits down with Greg Schwartz, CEO of Tomo, to discuss market recovery indicators and Tomo’s recent investments in artificial intelligence (AI). Schwartz also shares his approach to building a mortgage company alongside tips on work-life balance, market dynamics and more. To start the conversation, Collins and Schwartz reflect on Tomo’s past as the company was founded during the height of the COVID-19 pandemic. Schwartz points out that starting Tomo required an adaptive approach to leadership by people who maintain a “wartime“ leadership style that adjusts to industry changes. But he notes that building a successful mortgage company requires hard work and diligence, regardless of industry changes. From there, Collins dives deeper into Tomo’s past and mentions its focus on purchase loans versus refinances and other product types. Collins points out that purchase lending is generally more stable than refinances. Schwartz agrees and shares that one of Tomo’s top priorities was to build a business model that moved away from unstable refinance markets in favor of a more stable and predictable purchase-focused strategy. Collins asks Schwartz to share how he balanced working with real estate agents and other referral partners by leveraging AI to develop the “Costco loan origination method.“ Schwartz shares that agents prefer Tomo due to its shorter origination timelines, which allows them to deliver more value to customers. Agents prioritize accountability and quality, and Tomo helps them provide that for buyer clients. Schwartz also shares that his priority is to help Americans build wealth through real estate, which comprises more than 70% of all wealth in the U.S. As such, Tomo’s priority goes beyond merely driving loan volume. “It is not just about turning volume or making a buck,” Schwartz says. “The people that come to work here understand that it’s a startup. It will be a little less consistent every day because we’re inventing and changing day after day, but it’s purpose-driven, and that makes my job easier because I get to anchor to something bigger than me.” Unlike other lenders, Tomo doesn’t use market conditions to determine production goals or other critical metrics. He urges leaders to innovate and set standards based on a shared vision for the company in the future. Collins says it is vital to understand market conditions to a certain degree when determining performance metrics. The societal views of housing wealth also influence Tomo’s product decisions.  Schwartz shares that millennials have the same attitudes toward homeownership as older generations, despite the increased costs of housing. He also notes that many homeowners struggle to save for a down payment, a phenomenon he calls “the Pinterest effect.“ “We see a whole generation of...

There seem to be 3 types of Loan Officers in the mortgage industry: 😢 1. The vast majority of LOs are struggling. They're lone wolfs with little support from their lender, and they struggle to follow a general process (maybe something like CORE) to structure their day. 😵💫 2. "Unconscious" process oriented Loan Officers follow a process, but it lives in their head. They're using "the force" to manage a small team, who figures out how to support the undocumented process over time. These LOs are doing ok, but usually can't grow because it's tough to scale a process that lives in their head. 😎 3. "Conscious" process oriented Loan Officers follow a well documented process, they have systems and models in place. These LOs usually have mid-large size teams who are trained on their process, and thus can scale must easier. These LOs do well regardless of the market they're in. 📊In order to create the "Conscious" process, it takes data, discipline and structure. But it's REALLY hard to get the data necessary to provide the clarity of what actions an LO should take next in their day. 📱Why is it hard? Because most of that activity occurs on an LO's personal cell phone. The activity isn't tracked, therefore it's hard to tell an LO how to manage their day upstream from a loan application (where the tracking typically begins). Novum Home Loans is cracking the solution to this problem. We can track all (and I mean ALL) activities an LO has in a day, which allows us to generate insights to prioritize their next best action. This improves conversion and creates a unique experience for customers and referral partners (but they aren’t even aware of the tech we're using behind the scenes to provide our level of service). If you're an LO or agent who wants to learn more, shoot me a DM or reach out to Tad Hensley or Don Conwell - they're behind the curtain too and know how this works.

Agents, lenders are a critical component in your world. And with interest rates starting to fall, lenders are in for a massive shit storm. Let me break it down for you. Lenders have shrunk down. 61% of loan officers have exited the business. A large percentage of large lending institution in the United States have laid off the majority of their operational staff, and the lending industry does not want to invest a ton of money in anticipation of the market improving because it's been a moving target. They’ve all been waiting for rates to go down for a couple years now. So when rates do fall - and they're going to fall fast once the Fed starts reducing interest rates - lenders are going to be trying the best they can to keep up; to keep their heads above water and support you and their clients. In addition to loans, their phones will be ringing with past client refinances as well. With not having enough staff to handle all of that at the same time, you can anticipate some fumble. But not Concierge Home Loans. We've been fortunate enough to be working on market share during the down-market, and we are fully in a position where we can be a little bit overstaffed to prepare for the oncoming volume coming our way. We are 100% open to our partners having candid conversations about how to best meet their needs. If you struggle with any lender out there and you want support, please call us. We are still offering very quick closings. We're still turning around pre-approvals very quickly, and we might just be the solution if you are struggling or your clients are struggling. Keep that in mind that right now is just a byproduct of what's happened in the industry over the past couple of years, and if we can be the solution, we would love to be of service.

IF YOU ARE AN ACTIVE LOAN OFFICER... MOST LIKELY YOU ARE SPECIAL!!! As of January 2024, there were 93,938 active mortgage loan officers (MLOs) in the United States, which is almost half of the number of producing loan officers in the country. This number is a significant drop from 2021, when the Conference of State Bank Supervisors (CSBS) reported that the number of MLOs increased from 165,116 to 183,618.  Now 8 months into 2024, my guess we are 10% less than where the numbers were in January. Barry Habib posted this slide on the MBS Highway below. After digesting this, and comparing to my team's funded reports over this time frame, I couldn't be more proud! Below is where my Armed Forces Bank LOs rank compared to their fellow LOs in the United States over the last 12 months. % of AFB LOs in the top 25% or greater --> 95% % of AFB LOs in the top 10% or greater --> 45% % of AFB LOs in the top 5% of greater --> 33.3% % of AFB LOs in the top 1% of all the US --> 10% If your closed loans over the last 12 months allow you to be on this list, you should be celebrating your victories too. You helped people's dreams come true. You developed relationships with referral partners. All within one of the toughest markets in history. It is hard today, but this is a reminder you are one of the special ones. You are still in the game and you are still winning!

The 2nd Just Got Better We’ve made several significant enhancements to our 2nd & 2ndPlus programs, including improved pricing. These changes are designed to make the program more attractive to your borrowers and boost your volume. I’ve outlined the key updates below and attached the updated matrix for your convenience. If you have any questions or need further clarification, please don’t hesitate to reach out. the2nd Program Updates: Expanded the grid to include Alt Doc and P&L-only options. Increased the maximum loan amount to $600,000. Updated and raised most LTVs. Increased the maximum combined loans to $4,000,000. Added 1099 as an eligible documentation type. Added WVOE-only and P&L-only as eligible documentation types. Introduced a 90-day draw lockdown to the matrix. the2ndPlus Program Updates: Increased the maximum combined loans to $4,000,000. Added the 1099 documentation type. Increased the minimum FICO for 90% LTV to 740. Expanded the grid to differentiate between full doc and alt doc. Reduced many LTVs by 5% or more for FICO scores below 740. Lowered the maximum LTV for non-permanent resident aliens to 80% and removed other restrictions. Added ineligible loan features. Updated DTI requirements. Introduced an age of documents section. Added a BPO requirement. Updated the appraisal section. Added an AVM section. Removed the $350k-$450k grid section. We’re giving you every reason to reach out to your clients and introduce them to our latest product, theSecond.   What is theSecond? theSecond is an equity or purchase money second mortgage designed for primary residences, second homes, and investment properties. It supports both QM and Non-QM transactions, offering flexibility in mortgage history, credit history, payment options, and documentation. This program provides expanded credit parameters for a variety of borrower profiles, utilizing both standard and alternative documentation types. theSecond is available in four amortization terms: 10 years 15 years 20 years 30 years Documentation options for theSecond include: 1099 – 24 or 12 months Bank Statements – 24 or 12 months Full Doc – 24 or 12 months P&L Take advantage of these updates to better serve your clients and expand your offerings with theSecond. Sincerely, Grandma Noni www.theNoniLoan.com

Beyond rates: How Flagstar’s expertise and support drive broker success https://ift.tt/GD1TUOP In a competitive market full of options, banks must rely on more than their rate sheet to compete for the business of third-party originators. Established brokers and non-delegated correspondents alike continue to choose Flagstar as a preferred partner because of its reputation for not only being a reliable lender for over 35 years but also for having an extremely knowledgeable team. “We have built enduring trust with a network of over 3,5000 established brokers and non – delegated correspondents who have remained partners with Flagstar for over 35 years,” said Rich Hoffmann, Senior Vice President and TPO National Sales Director.” Our success is driven by our exceptional team and an expansive product portfolio. We specialize in non-agency loans, including bank statement loans, government lending, new construction and renovation products, and HELOCs, positioning us as a leader in the industry.” The company provides both mortgage brokers and non-delegated correspondents with 360-degree support to help them offer elite client service while also growing their business: Robust product portfolio: Specialty lending options such as non-agency loans, bank statement loans, government loans, new construction and renovation products, and Home Equity Lines of Credit (HELOCs). Flagstar is also preparing to launch new products, including Debt Service Coverage Ratio (DSCR) loans, Fixed Second products, and HELOCs in Texas. Dedicated sales support: Clients benefit from direct access to dedicated account executives and sales support, including client advocates who assist with the manufacturing side of originations. Additionally, Flagstar offers direct access to underwriters for product-specific advice and expertise in Non-QM, VA, and FHA lending. Live and recorded training opportunities: Broker-to-mortgage banker training, mortgage banker-to-broker training, live and recorded courses on various aspects of products or processes, and the Flagstar FLEX educational series, monthly webinars discussing hot topics and industry news, providing brokers with valuable insights to stay ahead in the market. Marketing support: White-label materials for brokers to brand and market their services along with a mortgage trigger lead pass-back program. “Flagstar TPO stands out in the market due to our diverse product range and exceptional support services,” said Hoffmann. “With an average tenure of 12 years, our account executives bring unparalleled expertise in products and processes, underscoring our unwavering  commitment to taking care of clients.” Looking ahead, Flagstar remains focused on building strong, long-term relationships with its partners. This approach, coupled with a broad and diversified product set, positions Flagstar to lead in the future of wholesale lending. The upcoming launch of diverse non-QM products exemplifies Flagstar’s commitment to providing...

As part of our ongoing partnership with FutureWave Finance, we are proud to launch the Market Analytics & Price Indications (MAPI) for Residential Mortgage Markets. FutureWave Finance is the only minority-owned correspondent lender, headed by 30-year mortgage market veteran Steve Thomas. The firm has built a large suite of mortgage products, including jumbo loans, CRA/CDFI loans, non-QM loans, conventional loans, etc., to purchase from banks, credit unions, and other mortgage loan sellers. FutureWave and THE Thomas Ho Company will now offer daily price indications across this broad range of Residential products to the customer base. A few Firsts associated with this initiative: •A daily metric of primary-secondary spreads- in price terms- to indicate the estimated value of selling loans •Loan sale balance sheet management analytical support •In addition to price, we have a unique new program where our loan sellers will exclusively receive ongoing interest-only income for Non-QM products sold Benefits: Price Transparency, Efficient Execution, Bespoke Products Call us today to learn more about how the Thomas Ho Company FutureWave Finance partnership can help you proactively manage results. Let us know if you would like to receive our Market Analytics and Price Indications. Thomas Ho Company is a leading financial engineering company and ALM Solutions provider. With growing regulatory demands and challenging times, we focus on providing banks and credit unions with the most cost-effective, in-depth, and accurate solution possible.

📣 Big News! Embrace Home Loans announces Ryan "Buddy" Hardiman as their new president! Get an insider look at his journey and upcoming leadership plans in our latest blog. #HomeLoans #MortgageLeadership #EmbraceHomeLoans #NewBeginnings 🏠🎉

📣 Big News! Embrace Home Loans announces Ryan "Buddy" Hardiman as their new president! Get an insider look at his journey and upcoming leadership plans in our latest blog. #HomeLoans #MortgageLeadership #EmbraceHomeLoans #NewBeginnings 🏠🎉