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Articles by Vanessa Bodnar
AI Can Revolutionize Mortgage Licensing
Artificial Intelligence (AI) has become a huge topic of conversation and at times, although controversial, a driving force behind transformative changes and the mortgage industry is no exception. Mortgage licensing has evolved over the years but remains a rather manual process. This is why I have the career that I love. But, in this article we explore how AI could potentially help streamline the licensing process.
The Road To Becoming Licensed
Despite a turbulent mortgage market, it is my opinion that now is the time to get licensed. Often the process of becoming licensed seems elusive and you have no idea where to start. I will give you a roadmap to help you get licensed and as quickly as possible. For those of us who have worked in the mortgage industry for a while we have proven that the industry always bounces back and when it does it’s good to be prepared to participate in this exciting space.
Mortgage Licensing vs. The Economy
The SAFE Act, enacted in 2008, was designed to enhance consumer protection and stop fraud by encouraging states to develop licensing standards for state-licensed loan originators. It also established a database, Nationwide Mortgage Licensing System (NMLS), providing a streamlined process as well as a way for consumers to easily verify licensing. Mortgage licensing, which varies by state, sets strict standards for those working in the industry.
Beauty And The Basis Point
Alexandra Rivera Berrios, Beauty Pageant Contestant And MLO Keeps On Selling, Even Backstage; Andrea Lightfoot Is A 'Force To Be Reckoned With'; Be Brave! Acting on a whim can have satisfying results (honest); Curiosity Gets Results; Pros, Cons Of The Three Ways Mortgage Companies Get Paid; AI: A Great Tool (With Limitations); A License Renewal Program That Works; Practice Self-Care So You Don't End Up Running On Empty; and Mortgage Women Magazine celebrates success of women in the mortgage...
Taking The Lead
Join Mortgage Women Magazine in celebrating the diversity and success of women in the mortgage industry. They were the top-producing female loan originators and brokers in 2022. In a tough year for the mortgage industry, these Leading LOs found success in 2022 and stayed at the top of their fields. The following pages highlight 11 women who exceed $50 million in total origination volume between purchase and refinance volume.
Health & Wellness, Confused Yet?
When you think of health and wellness, things such as diet, exercise, and self-care come rushing to your mind, am I right? Then you add in how to apply health and wellness to your children’s lives, and your mind explodes (for some of us). I mean I can’t get my 15-year-old to put his phone down and eat three balanced meals a day to save my life … can’t imagine how you get the tiny ones (i.e., the toddler who only wants mac and cheese and will not try broccoli).
A License Renewal Program That Works
The Mortgage License renewal season starts Nov. 1 in the Nationwide Mortgage Licensing System (NMLS) and ends Jan. 31. Let’s talk about what your renewal program needs to include to ensure a successful season. According to a press release by The Conference of State Bank Supervisors (CSBS) on Oct. 20, 2022, “More than 261,000 mortgage loan originators (MLOs) and companies are licensed to conduct business, accounting for nearly 1.1 million state licenses to be renewed.
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.
Becoming The Interest Rate Expert
Building a rate sheet is a pretty simple mathematical equation. How much does the company get paid for that particular loan and how much does the company have to pay out. Five main variable components go into rate-sheet pricing and interest rates. The bond price, servicing value, lenders’ cost to manufacture, loan originator compensation, and the borrowers’ risk profile. For this segment we will focus on the bond price. We don’t have much control over the bond price and that’s why we hedge.
Staying Positive & Never Giving Up Hope
We have an extra-special Mortgage Mom’s interview for this edition. An industry friend faced what all mothers fear the worst, their baby being sick. I got to ask Jen Peachman, manager of strategic partnerships at Capacity, a few questions that will touch all of your hearts and give you hope for any challenges that you face! Moms (and dads) are superheroes with such strength! What’s helped to keep you positive dealing with your daughter’s lifelong health issues?
Leading Authentically
If you were to ask Kristy Fercho during her college years where she pictured herself working, her answer would have been Wall Street. The former finance major dreamed of leaving her West Coast roots and working amidst New York’s bustling stock exchange. However, Fercho has taken a path different from her original Wall Street aspirations.
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