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Navigating Uncertain Times C OVID-19 has disrupted the economy, the mortgage market, and everyday life. Businesses are adapting to remote workers, industry leaders are introducing mortgage forbearance plans, suspension of foreclosures and evictions, and providing support to households. The April issue of MReport includes a special section dedicated to insight, analysis, and commentary on the industry's response, COVID- 19's impact on the housing market, and what the future holds. Our cover story, Trying Times, includes input from Carrington Mortgage Holdings, Flagstar Bank, Quicken Loans, RoundPoint Mortgage Servicing Corporation, and more discuss what the industry is doing to combat the virus and what the ramifications of the coronavirus have been. The feature, "Creating an Atmosphere of Positive Disruption," by Rich Tucker discusses how mortgage lenders can stay ahead of the curve of innovation and lead motivated teams. Richard Ferguson, President of CBC Mortgage Agency, gives insight on how down-payment assistance programs can help first- time homebuyers in his article, "Closing the Homeownership Gap." MReport also spoke with Kristy Fercho, EVP and President of Mortgage for Flagstar Bank, on the industry's need to move digital and keep a focus on the homeowners. The current climate is unlike anything many have ever seen. MReport brings you all the best insight, information, and analysis to keep you informed during these uncertain times. Welcome to the April issue 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 Rich ard Ferguson Rich Tucker EXECUTIVE CREATIVE DIRECTOR Jonathon Won CREATIVE DIRECTOR Jason Stone 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 American Mortgage Diversity Council Marcela Bruner (214.525.6769) FORCE: Annie Collier (214.525.6740) Legal League 100: Lindsay Wolf (214.525.6786) National Mortgage Servicing Association: Non-Prime Lending Council, Property Preservation Executive Forum: Rachel Williams (214.525.6748) Saundra Dillinger (214.525.6700) No part of this publication may be reproduced without written permission from the publisher. © 2020 Five Star Global, 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.