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Articles by Chrissy Brown
Four Ways to Optimize the Underwriting Process
In today's evolving financial landscape, the current approach to underwriting is falling short and fails to accommodate the profiles of many modern borrowers. A borrower’s loan application is a combination of assets, credit utilization, repayment history, current housing obligation to proposed obligation, pattern of savings, and so much more. You can’t expect each of them to fit the same criteria.
Women Are Shaping the Future of the Mortgage Industry
By Chrissy Brown, Chief Operations Officer at Atlantic Bay Mortgage Group The mortgage business has traditionally been a male-dominated industry, but that’s changing. More women are stepping into leadership roles and making their mark, bringing fresh ideas and approaches that are transforming the field. Women now represent about 47% of the workforce in the financial services sector, but in mortgage-specific roles, that number is closer to 58%.
Re: Ethnic inequities in maternal health
Dear Editor We welcomed the editorial, we are pleased that racism has finally been named, and we concur that it is time for action by healthcare professionals, policy makers, researchers as well as global majority women. We also agree that there is reluctance to engage with healthcare and research because of mistrust arising from (in part) generations of internalised racism. We know from reports by Muslim Women’s Network (2022) and Five X More (Awe et al.
Changes Coming For Investment Properties
Change is a word we are getting all too familiar with. So, what is the skinny on the upcoming changes? Some of the changes are positive and some are negative. The challenge is in the fact that, once again, Fannie Mae and Freddie Mac do not fully align. The first point worth mentioning is the implementation date. Fannie Mae’s changes required implementation with new applications since Jan. 1, 2024. Meanwhile, settlement dates must implement Freddie’s changes as of April 1, 2024.
Fight The Pesky Mood Swingers
Just when we thought the stress couldn’t get any worse, we are seeing glimpses of what Q4 and Q1 may bring us. Everyone is showing up with increased amount of stress, fear, and anxiety. Does it feel like no matter how hard you try; you are still making mistakes? When even the simplest of tasks seem impossible to finish and you can’t help but feel like a pressure cooker on the brink of explosion?
Infectious Or Insidious?
Leadership certainly isn’t for the faint of heart. You have heard the saying, “It is lonely at the top”. That always sounded untrue to me until it became a reality. Not only is it lonely but everyone is watching. Your attitudes, your stress levels, your reactions, your confidence, your balance, among other things.
‘I Was Worried What Would Happen To My Children If I Spoke Openly About My Mental Health’
My mum and dad gave me a really good upbringing. They taught me right from wrong, to always side with what is right, and to think about the importance of equality. Their guidance, along with my lived experience, has shaped me into the woman and mother I am today. During my first pregnancy in 2016, I felt amazing and was so excited to become a mother. My pregnancy and labour were great - I had no complaints.
Mortgage Barbie, Not Just A Pretty Face
Alexandra Rivera Berrios isn’t just a pretty face. Ok, she is a pretty face, pretty enough to compete in the Miss Universe Puerto Rico 2022 Pageant. But she’s also a college graduate with a bachelor’s degree in business administration with a minor in accounting, a certified public accountant, and a working mortgage loan officer with about 100 loans closed in Puerto Rico since she became an MLO at the age of 21. Pageants are her hobby. The mortgage industry is her passion.
Working To Change The Upper Levels Of Business
What is your opinion about mentors and how do you recommend finding one? TM: I think having mentors is an incredibly important facet of a successful career. For young women coming into our industry — one that has been largely paternal for generations — having someone you can trust to advise and guide you is critical. Finding the right mentor starts with finding a strong connection. Attending networking events and meeting new industry peers is key.
FICO Increases 400% For Tier 3 Lenders
As lenders reached the final stretch of a very challenging 2022, they were met with the news of yet another obstacle. One that adds an additional layer of financial strain to an already struggling industry. Obviously, any financial increase for our industry adversely impacts the American homebuyer. Especially when there is very little to zero margin that allows the lenders to absorb the increase. As most everyone knows at this point, FICO has increased their fees by 400% for Tier 3 Lenders.
Complex Algorithms Causing Complex Compliance Issues
Algorithms are part of our everyday life. For example, when you Google a question, it is an algorithm that brings up the most popular sites. Using a proprietary computation, Google ranks the websites based upon the number of keywords or combination of words and the relevance to the question being asked. Then Google provides the top results and ranks them based on the user’s profile. This is a great example of a “complex algorithm” because the results can be different for every user.
The State Of Remote Work In Mortgage
State regulators are starting to catch up to how the industry has been conducting business. With new regulations already in place and more on the horizon, we must be prepared for a new season of regulatory compliance. The COVID-19 pandemic taught us many things, but one of the main lessons learned is that our employees not only can work from home, but many are thriving while providing companies with additional nationwide resources.
Honoring Women Of Mortgage Technology
In this issue, Mortgage Women Magazine honors the women of mortgage technology who are making an impact on the industry. The Women of Tech award recognizes and promotes the achievements and stories of women working within mortgage technology. It’s important to recognize these women and their accomplishments. They can offer fresh perspectives and different approaches to the mortgage technology field.
The State Of The Mortgage Operational Employee
The mortgage industry has been experiencing some of the most challenging times we have seen. This is due to many factors, but mostly the dramatic swings in volatility. There are countless articles out there surrounding the impact of this market on borrowers, loan officers, fintech and companies. There are also countless articles out there regarding the numerical stats surrounding layoffs.
The Perfect Storm
As we near Q4 of 2022, many of us find ourselves in what feels like the perfect storm. Those of you that are busy navigating the various challenges understand that it is coming from many directions, all at once. However, for those of you that are laser focused on your respective area, with minimal insight into the larger picture, you may be sitting with a lot of confusion or unknowns. So, what is going on? Is your company alone in their challenges?
‘Are We There Yet?’
What is an NFT? Non-fungible Tokens are digital items, such as digital art, MP3, and JPGs. Non-fungible just means that there can only be one of a single item. There is only one Mona Lisa, it is non-fungible. NFTs are typically sold on a Marketplace. What is a Marketplace? A Marketplace is a website where NFTs are listed and sold. For example, a piece of digital art might be turned into an NFT, uploaded to a Marketplace where it will be sold using cryptocurrency.
Medical Debt Collections And Impact To The Homebuyer
In the first half of 2023, medical debt collection accounts under a predefined minimum threshold (will be at least $500 and published later this year) will no longer be included on consumer credit reports. The CRAs initial analysis suggests that once all three pieces are in effect, approximately 70% of medical collections will be impacted. This is great news for the American public and their ability to obtain homeownership. The subject of medical collections has long been a topic of discussion.
Fannie/Freddie Desktop Appraisals?
Acting FHFA Director Sandra Thompson announced the coming of this program at the MBA National Conference last October. This was in effort to help solve multiple issues our industry was facing, including but not limited to, the ability to get appraisal orders accepted, timeliness of appraisal completion, limited acceptance rates for rural areas, etc. Lenders across the nation were very relieved to hear a solution was on the horizon.
Demystifying Annual Loan-Limit Increases
As many of you know, the FHFA releases their annual loan limit increases usually at the end of every November. In September 2021, many companies were advertising early release of 2022 loan limits at $625,000. Most executives sat around and scratched our heads at how they were doing this. Did they have excess room on their balance sheets that they needed to fill up before the end of the year? Was there an insider that leaked some information?
Identifying Opportunities To Save Costs
I love learning new nuggets of information about our industry. Fortunately (and unfortunately for some) “it is what it is” or “just because” are not acceptable answers for me. I always find myself digging deeper for better understanding of things I’m not as well-versed in because, as industry professionals and leaders within our organizations, we should never stop learning and growing. This brings me to sharing another discovery I made while on my quest for more information.
Blitz Sign-Up: Come A Little Closer by Chrissy Brown
Come A Little Closer Chrissy Brown (Georgia Boys #2) Publication date: January 13th 2019 Genres: Contemporary, Romance, Young Adult Goodreads Amazon Sophie was the love of my life. Okay, we were twelve the last time I saw her but still. I’ve tried everything to move on—whiskey, women, weed. Nothing seemed to fill the void. Now, ten years later, she shows up out of the blue. The problem, I’m not the boy she used to know. I have a reputation that could ruin everything. Still, I have to try.
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