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Articles by Mary Kay Scully
False Moves, Real Consequences
When it comes to a mortgage loan, borrowers have a lot to gain and a lot to lose. When stakes are high, it’s easy for misrepresentation to occur, whether intentional or not. Regardless of anyone’s intentions, misrepresentation in the mortgage process is a crime, and it’s your responsibility to be on the lookout for red flags. As technology continues to advance, borrower fraud and misrepresentation will advance, also.
Go Time | NMP Magazine
In this issue learn how Phil DeFonzo is betting it all on TPO GO; An abundance of new homes are being built — but are they enough?; The unexpected path of a former youth pastor to current mortgage industry influencer and author; introducing NMP's 2024 class of Most Connected Mortgage Pros; and much more!
Meet The Social Stars: 2024’s Most Connected Mortgage Pros
This month, National Mortgage Professional Magazine features its “Most Connected Mortgage Professionals of 2024.” They are the top industry professionals selected by editors for their participation in the world of social media. The winners were chosen in part based on the nominations we received and focused on these social media platforms: Twitter, Facebook, LinkedIn, Instagram, YouTube, and TikTok. Winners were not selected based just on their numbers.
Find Your Purpose, Ignite Your Passion
“Purpose is the reason you journey. Passion is the fire that lights the way.” ~ Anonymous I have loved this quote recently because it really makes me think. What am I doing and, most importantly, why am I doing it? In this business, you may feel like a mere order taker for a 30-year fixed-rate mortgage. But while that may get you by, it’s not going to feel very fulfilling.
Mind The Gap | NMP Magazine
Some may call it beginner's luck, but there are those who are cut out to be loan originators and those who aren’t. In this issue, we meet an unlikely new entrant to the industry, explore why the grass is not always greener with a company that offers better pricing, and learn about a new academy that provides black and brown LOs the keys to success by training them to serve their communities.
Make More Money In Any Market
Geneva’s founder and CEO Aaron VanTrojen coaches his originators in the belief that when your team succeeds, you succeed, the elegance of which arises from the self-sustaining culture it creates. Thus, Geneva attracts originators who possess the optimism of rookies and the diligence of veterans, infused with the ambition of entrepreneurs. “Like-minded people that are grateful and positive and ambitious,” as Macdonald describes employees across the company.
The Newcomer’s Blueprint For Success
However, Zerwas insists that he follows a simple blueprint for success. He worked as a loan officer assistant (LOA) under a mentor for only a month, focusing mainly on learning the loan process. He then taught himself to use social media as a marketing and lead-generation tool. It also didn’t take long for Zerwas to find his own niche in doing VA loans, which allowed him to build a positive reputation among a community of borrowers.
From The Brink Of Foreclosure
Name: Kimberly Tondreau Job Title: Senior Home Loan Specialist Business: CorePlus Credit Union How much was your best deal worth? It was $50,000 to $60,000. What made it your best deal? Somebody was going to lose their house to foreclosure. The city was going to foreclose for three years of unpaid taxes. We did a refinance and basically got them to stay in their home. It didn’t make much money for us but it got a family to save their house. They fell behind in their taxes because they weren’t escrowed.
Still Swinging | NMP Magazine
In this month’s issue of NMP, we talk with CEOs who continue to be MLOs. They like having a hand in originating loans to know what’s happening with their originators and customers. Also in this issue, see how too many real estate agents hurt originations, how to mine resources for results, how one-stop mom-and-pop shops are growing, and so much more.
Still In The Game
E Mortgage Capital Founder and CEO Joseph Shalaby is still an active LO, which he calls, “keeping my fingers on the pulse” and “staying in the weeds.” “I’ll always originate. I have to know what’s going on,” he explains. “I can’t just turn a blind eye to what an originator is facing. Like in 2022 and 2023, if I did not figure out what was working, my originators would have died. We would have been like a lot of the other mortgage companies and gone out of business. We dominated those years.
One-Stop Shops Are The New Mom-And-Pops
In the past, loan originators and real estate agents operated independently, each with distinct roles in separate companies. Surprise! Loan originators can also be licensed real estate agents, and inversely, pulling double duty in a single deal and earning from both roles.
Trimming The Fat
Here’s where the ship veers in a totally opposite direction than PRMI; Direct Wholesale Rates (DWR) is a completely virtual firm with 10 employees, each paid the same salary and fixed amount per transaction. The entire operation relies on a secure virtual environment, with employees equipped with secure laptops, docking stations, and rigorous cybersecurity training. Forget a vigorous advertorial budget, too; Zitting says the company has opted for a word-of-mouth and referral partner strategy.
‘Submarining’ The Boss For The Better Good
What else was interesting about the deal? One of my neighbors was about to lose her house. I had coached her kids. So I ran over to her house on the morning of the foreclosure. I was able to shut it down by purchasing the house myself, which I didn’t have to do. My boss was there to do the same thing and flip it. In my opinion, I saved the family from embarrassment. She was adamant about staying in the house and raising her children there. Twenty-five years later, she is still in the home.
Get The Gig With Gig Workers
With tax season in full swing, let’s talk about calculating tax returns properly — more specifically, how to calculate income for gig workers. Many Americans are not working the traditional 40-hour-a-week salaried job anymore. According to Upwork’s Freelance Forward report, in 2022, 39% of the American workforce did some sort of freelance work, so you can expect to see some of these workers as your borrowers.
When Life Hits You Like A Truck, Make Opportunity Fit Your Needs
I value resourcefulness highly in my employees. Resourceful people can figure things out on their own. They find a way to make things work. They find solutions to problems using imaginative methods. They can use resources at their disposal to help them solve problems or overcome obstacles. Resourcefulness seems to come naturally to some people. They aren’t about to give up just because the odds are stacked heavily against them.
The Difference Between Competing And Closing
There are two main types of business-purpose borrowers: A natural person borrowing on their own behalf or with a co-borrower. Business entities transacting specifically for investment purposes (such as limited liability companies, or LLCs) that are borrowing money on behalf of the LLC. Rental properties under the ownership of non-individual investors, such as LLCs, have risen 18% over a recent two-year period according to the Rental Housing Finance Survey.
Self-righteous Or Poorly Trained, Too Many Agents Spoil The Pot
Did you hear the one about the listing agent, who was also the seller, who failed to disclose that he was going through bankruptcy and that the sale had to be approved by the court? The buyer finally closed two weeks later than expected. But the delay cost him $4,000 in temporary housing and extra moving costs.
The Importance Of Developing A Company Culture
Whether you are building out a new company or within an established company, it’s important to consider what your company culture looks like. More than just a corporate buzzword, company culture can play a tremendous role in any organization’s success because a strong culture can help to attract and keep the right employees for your business.
2024 NMP Leading LOs: Top Originators
As the mortgage market took us on a wild ride in 2023, there emerged a league of extraordinary professionals who not only weathered the storm but excelled amidst the challenges. Join us in raising a toast to the 2023 Leading Loan Originators who turned obstacles into opportunities. In the face of interest rate roller coasters and soaring home prices, these mortgage luminaries exhibited unwavering discipline, impeccable organization, and a steadfast commitment to their plans.
Inside The Magnified Environment Of Real Estate Offices
In my last article, I discussed the hiring process with respect to matching loan officers to the different types of origination situations. It is clear that someone who grew up within the industry as an independent mortgage broker is not as likely to fit in the chair of a big national bank. At this juncture, we will continue this discussion as we segue to a particular type of origination — working within a real estate office.
Meet a New Generation Of Spring Buyers - Gen Z
As we approach the spring homebuying season, there’s a lot of preparation to do. But I’d argue that knowing your buyer is the most important preparation you can make. Knowing who your buyers are can help give you an idea of their wants and needs and how to interact with them to provide a referral-worthy experience. And there is one new set of buyers that loan officers need to spend some time getting to know: Generation Z, or more popularly, Gen Z.
Blades of Glory | NMP Magazine
In this issue of NMP, read the fascinating story behind Matthew Blackmer’s transition from Team USA standout to Michigan mortgage mogul. Also, learn how to boost your bottom line with artificial intelligence, why mortgage influencer Jordan Nutter’s traveling the country in an RV, five hot takes from five top coaches, and so much more.
From Figure Eights to Mortgage Rates
Blackmer also says that the principles he learned from figure skating are ingrained in how he approaches his work. After all, figure skating and Blackmer had a quarter-century love affair. “In figure skating, you can be great, but you always have so much further to go and a lot to learn, a lot more to develop in yourself and your skill set. No matter how talented you are, perseverance and hard work always win,” he said.
Unlocking Success: Why Critical Thinking Reigns As The Ultimate Superpower
Critical thinking is a tool everyone needs, regardless of their industry or job function. Defined as the act of analyzing facts and understanding the need, topic, or problem thoroughly in order to arrive at an informed solution, critical thinking is crucial. It’s more than a business skill, it’s also a life skill, but let’s stay focused on business.
Hey, Bud | NMP Magazine
In this issue of NMP, we look at the issue of mortgages for legal marijuana workers. Don’t wait for these cash-rich workers to come to you. Reach out and beat the competition on these Non-QM mortgages. Also, we look at handling overcapacity, how time will be your friend with changes in credit guidelines, the need for a SWOT analysis, and so much more.
Going Green
PRMG recently expanded its Non-QM programs to allow employees and business owners in the medical or recreational cannabis industry to apply for loans. “It’s been pretty seamless because all we’re using are the same Non-QM features that we’ve had all along. We’re just opening a doorway to more borrowers, who unfortunately were sitting on the sidelines,” Jones says.
SWOT It Like It’s Hot
In January, everyone is gearing up to change their lives around. Whether it’s buying meal prep containers or joining a new gym, people are spending a lot of money in hopes of bettering themselves this year. I have an idea for how to kick off 2024 that costs nothing but time and can help you see big returns for your business this year. Rather than starting with lofty and hard to define goals or resolutions, kick off the year with a SWOT analysis.
Modern Barn Raising
Who’s Doing It? In 2018 the pioneering CMG Mortgage rolled out HomeFundMe. The name was quickly changed to HomeFundit to avoid confusion with popular crowdfunding platform GoFundMe. At that time the housing market was just glimpsing the rise in prices and interest rates that is today’s stark reality. Nowadays first-time homebuyers are having an increasingly tougher time saving for a down payment, just to see prices inch up yet again.
Don’t Hate, Renovate
House Hunters First, we need to take a look at the current inventory of homes, for sale and otherwise. According to data from the St. Louis Fed, there are only about 500,000 homes for sale in the U.S. right now. The National Association of Home Builders (NAHB) also has recently reported that the median age of owner-occupied homes was 40. And, to add to all of this, the Census Bureau reported that new housing starts are down from where they were just a year ago.
Guts And Glory | NMP Magazine
Nexa’s Mike Kortas is flying high in the mortgage business (literally, with his own private jet). Yet, he fights each day as if he’s still sleeping on a barn floor to afford his next meal. Read about his flight plan for success. Also in this month’s issue, as an originator you’re only as good as your network — and we show you unique ways to build referrals as well as become a masterful schmoozer and so much more.
What Makes a First-Time Homebuyer?
These buyers are still an opportunity. You can and should take the initiative to help them become ready to buy. First-time homebuyer resources can help them learn how to budget, build credit, and do whatever else is needed to get in a secure financial position to buy a home. Not every buyer will know where to start, but you can help them figure it out. They will remember how you took the time to help them and more than likely come back to you once they are ready to buy.
Guild Doesn't Fold, It Doubles Down
Garth Graham of STRATMOR Group, a data-driven mortgage advisor and consultant that provides strategies for independent and bank-owned mortgage lenders, also respects Guild’s growth-by-acquisition strategy and agrees the industry is ripe for mergers and acquisitions. Graham, a senior partner, manages M&A strategies for STRATMOR.
Stress Management In The Mortgage Process
Buying a home is stressful. Sure, the job of getting people into homes is stressful for you, but it also is a huge stressor for your customers. In fact, a 2022 study by Zillow reports that 50% of homebuyers say the process left them in tears! Further, Bloomberg reported that, due to inflation and inventory challenges, Americans say buying a house is just as stressful as getting fired from a job.
Tips For Success With Self-Employed Borrowers
It’s imperative that when the borrower’s income is coming from a self-employed source, their business is considered viable, and that’s why it’s so critical that all relevant documents are reviewed. Ensuring you get all the information you need to determine the viability helps you make accurate calculations and get comfortable with the adjustments to the reported income. Making accurate calculations also reduces delays and other errors down the road.
NMP’s 40 Under 40, 2021
In every profession, the future is written by the young. They bring fresh perspectives, new energy, innovative approaches and fiery passion that are critical to keeping business thriving. While those with more years on them may bring wisdom borne of experience, the young bring perspective unhindered by dogma, unconstrained by convention. That’s why features such as this one, that peek at the promise of so many, are important.
Inspirational Women In Mortgage
Inspirational Women In Mortgage NMP unveils the 2021 roster of Women of Inspiration in the mortgage industry. Plus, just how aggressive are regulators planning to get? Why Tik Tok is a possible time bomb for marketers, how better forecasting leads to better mortgage brokerages and an appreciation of the producing branch manager.
Face It: Prepping For Live Events
There’s still a national crisis. But mortgage conferences are returning. Here’s how to prepare. Insider Erica LaCentra In the mortgage industry, the summer usually signals the start of tradeshow season, an insanely busy time from June through mid-November where every major conference, expo, and event in this space happens in rapid succession.
Time, And Time Again
Recruiters say time is their worst enemy. Here’s how to change that. Insider Dave Hershman Where are you going to find the time to recruit? Do you have a full-time job without recruiting? Do you already work plenty of hours each week? Where is the extra time going to come from? From the week(s) you lose when you have an opening and have no idea where to look. That is the worst vantage point to be recruiting from. We will call that the desperation approach.
Hablar Espanol: Your Next Client Is Likely To Be Hispanic
According to the State of Hispanic Ownership Report, some 8.3 million Latinos under age 45 are now “mortgage ready.” But that’s not to say they don’t face considerable barriers to ownership. One, obviously, is a lack of affordable houses. But that’s something faced by all-ilk of would-be buyers, not just Hispanics. Facile Finances But because they are younger, they tend to have lower incomes and less wealth.
What's Involved In Starting A Partnership?
Limited partners may leave the company or be replaced, and the LP may continue to exist. If a general partner leaves, some states require that the other partners dissolve the LP unless the business’s partnership agreement states otherwise. Possible Ongoing Compliance Tasks for LPs File an annual report with the state. Assign and maintain a registered agent in the state. Report and pay income and self-employment taxes. Register for a sales tax ID (seller’s permit).
Balancing The Busy
Getty Images I got another call today asking me to speak at an event, but – I’ve been getting this caveat more and more lately – no one wants me to talk about origination tips. Why? They “have enough business” already. It’s great that everyone is busy now, but I’m worried no one is planning for the future. Things can change at the drop of a hat. Don’t get so caught up in being busy right now that you don’t make any plans to stay busy in the future.
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