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Starting the Year Off Right W elcome to a new year of MReport. We're glad you're giving us your time and allowing us to share insights and experiences of the industry's best and brightest, and that's a commitment we'll maintain as we head into 2020. In that spirit, MReport is proud to begin the year with an exclusive interview with The Hon. Brian D. Montgomery, Assistant Secretary for Housing—Federal Housing Commissioner, United States Department of Housing and Urban Development. Commissioner Montgomery was also recently nominated to be HUD's Deputy Secretary, and at the time of this writing, he is awaiting a full vote in the Senate. During our conversation, Commissioner Montgomery discussed his top priorities for HUD in the new year, how the organization is working to assist the needs of minority homebuyers and protect taxpayers from risk exposure, and how FHA and HUD are working to upgrade their technological infrastructure. Next up, in "Lending in the Era of Non-QM," John R. Lynch, CEO and Founder of PCMA, explores how regulations from the Dodd-Frank legislation have redefined the housing and residential credit markets in the years since, and what changes he suggests still need to be made to ensure a strong market in the years to come. Tom Hutchens, EVP of Production at Angel Oak Mortgage Solutions, then brings us "Leveraging the Millennial Rental Market." In this piece, Hutchens discusses why a thriving market, optimistic projections, and investor cash flow loans can help close more deals for investor clients. In "Understanding the Capture 2.0 Revolution," Brenda B. Clem, Chief Product Strategist at LoanLogics, walks us through this new technology, a meeting ground between traditional OCR and machine learning, and explains why it has to potential to transform the mortgage industry. You'll also want to check out "Renovated Properties, Renewed Potential" by Bruce W. Schultz, CRA Officer for Gateway First Bank. In this piece, Schultz is your guide into how renovation loans offer another critical way for lenders and investors to leverage the potential for Opportunity Zones. Finally, be sure to check out our Best in Property Valuations guide, featuring insightful profiles into some of the top companies working in this space, and all the ways they can help ensure accurate and timely valuations—a critical step in asset management. Welcome to the January 2020 edition of MReport. David Wharton Managing Editor 2 | M R EP O RT MNOTES © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. EDITOR-IN-CHIEF Rachel Williams MANAGING EDITOR David Wharton REPORTERS Mike Albanese, Seth Wellborn COPY EDITOR Brandy Scott ONLINE CONTRIBUTORS Krista Franks Brock Andy Beth Miller CONTRIBUTORS Brenda B. Clem Tom Hutchens John R. Lynch Bruce W. Schultz CREATIVE DIRECTOR Jason Stone ART DIRECTOR Jonathon Won DESIGN DIRECTOR Sean Walker ADVERTISING Kevin McCrea (214.525.6756) 2019-2020 EDITORIAL ADVISORY BOARD Danielle Hale, Chief Economist, Realtor.com ® ; Ken Markison, Of Counsel, Weiner Brodsky Kider PC; Alex McGillis, Director of Product Development, Quicken Loans Erik Schmitt, Managing Director of Origination Division, Chase Home Lending; Rocky Stubbs, SVP, Head of Direct Lending, Flagstar Bank Corporate Officers CHAIRMAN & CHIEF CREATIVE OFFICER Mark Hulme PRESIDENT & CHIEF EXECUTIVE OFFICER Ed Delgado ART DIRECTION Jordan Funderburk, Jason Stone, Sean Walker, Jonathon Won PROFESSIONAL ASSOCIATIONS FORCE: Annie Collier (214.525.6740) Legal League 100: Lindsay Wolf (214.525.6786) American Mortgage Diversity Council, National Mortgage Servicing Association, Non-Prime Lending Council, Property Preservation Executive Forum: Rachel Williams (214.525.6748) No part of this publication may be reproduced without written permission from the publisher. © 2020 REO Publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.