TheMReport — News and strategies for the evolving mortgage marketplace.
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In Search of Financing for All T raditional mortgage lending involves conformity. Buyers have guidelines they must adhere to in order to be placed within certain lending parameters to qualify for the lowest rate possible based upon their credit score. But what about those non-conformists? Those who are deserving of a mortgage, have the finances to qualify for a mortgage, yet do not necessarily fit into the parameters set forth by mortgage lenders to obtain a loan? The industry saw that these borrowers existed and crafted the non-QM loan to cater to this new generation of borrower. This month, we examine the state of the non-QM landscape as the industry braces itself for the comeback of this offering in a post- pandemic world. We spoke with five of those on the forefront of the non-QM space to find out how they are adapting to this type of borrower, and what lies ahead for the product and its customer base. Steve Comer, AVP of Financial Services and Insurance Sales at Hyland, this month shares his perspective on the industry's latest tech advancements in his article, "Technology Lends a Hand." And while the latest digital offerings have been found to speed up the mortgage loan process, Comer notes to never lose sight of the human touch along the way, despite these advances. Also this month, Chris Garagusi, Regional VP at Enact (formerly Genworth Mortgage Insurance), discusses the responsibility that the industry has to educate first-time buyers in his article, "Navigating the Mortgage Market." As these buyers wade through an ocean of new terms and financial jargon, mortgage professionals can gain become that trusted advisor needed for the journey to homeownership, and in turn, a client for life. And as prospective buyers continue to face a multitude of hurdles in their home search, new options such as condominiums and co-ops can become an alternative as they continue the battle of affordability. Orest Tomaselli, President of the Condominium and Cooperative Review Division at CondoTek and Owner of Strategic Inspections, discusses a number of new changes in this space set forth in light of the collapse of the Champlain Towers complex in Miami. In "The Dawn of a New Reality in Condo and Co-op Lending," Tomaselli discusses changes in lender requirements set forth by the GSEs (government-sponsored enterprises) as a result of a tragic situation in order to prevent future occurrences. All this and much more can be found within the pages of this month's issue of MReport. We thank you for your continued support of our publication as we bring you the latest from the frontlines of the mortgage finance space. David Wharton Editor-in-Chief 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 David Wharton EXECUTIVE CREATIVE DIRECTOR Jonathon Won CREATIVE DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTER Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS Steve Comer Chris Garagusi Orest Tomaselli COPY EDITOR Brandy Scott ADVERTISING 214.525.6700 EDITORIAL ADVISORY BOARD John Dunnery, VP, Government Loan Servicing, Community Loan Servicing, LLC Benjamin Gottheim, Director, Mortgage Servicing Policy, Freddie Mac Michele Kryczkowski, SVP Operations, Distributed Retail, Planet Home Lending Alex McGillis, Senior Director, Product Development, The Answer, Quicken Loans Erik Schmitt, Managing Director, Origination Division, Chase Home Lending Douglas Whittemore, Head of Default Servicing, US Bank Jacob Williamson, VP Single-Family Collateral Risk Management, Fannie Mae Kim Yowell, EVP of Servicing, Fairway Independent Mortgage Servicing Corporate Officers PRESIDENT & CFO Jonathan Hughes ART DIRECTION Jordan Funderburk, Jason Stone, Jonathon Won No part of this publication may be reproduced without written permission from the publisher. © 2022 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.