TheMReport — News and strategies for the evolving mortgage marketplace.
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Finding Opportunity in Uncertainty A s we went to press with this month's issue of MReport, the Federal Reserve, in an attempt to further curb the nation's inflationary con- cerns, raised rates by an additional 75 basis points. This latest rate hike marked the sixth increase in the nominal interest rate to date in 2022. So far this year, the FOMC has raised rates in March (+25 points), May (+50 points), June (+75 points), August (+75 points), and September (+75 points). The ripple effect on the housing finance space has been passed onto potential buyers, who have been already burdened by higher prices at the gas pumps and grocery stores, but now are experiencing mortgage rates in the 7% range. This month, MReport spoke to a cross-section of mortgage industry executives about the uncertainties facing the market and why current headwinds also present opportunities for innovation and improved efficiencies in the article, "Moments of Transition." Nathan Bossers, President, Boston National Title; Katie Brewer, COO, Selene Finance; Tom Clerici, CTO, Freedom Mortgage; and Brian Gould, COO, Enact discuss the aftereffects of the pandemic, current headwinds facing the industry, and the prospect of a nationwide recession, among other key topics. George Reichert, CIO of Chief Enact Mortgage Insurance, explains how lenders can maintain optimal levels of IT service, integrate effectively with their partners, and innovate while also managing expenses in his article "Juggling Priorities to Maximize Tech Spend." In the article, "Planning for Sustainable Success in the LEP Market," George Baker, Founder and CEO of Talk'uments, discusses how non-English-speaking borrowers remain an underserved market and potential revenue source and the factors that lenders must consider before entering this space. Also this month, Michele M. Evans, Fannie Mae's EVP and Head of the Multifamily Division, discusses the GSE's new Positive Rent Payment Reporting pilot program and how renters on the path to homeownership can build their credit history to improve their credit score in the feature, "Bringing Credit Invisibles Into the Light." All this and many more informative articles are on tap for this month's issue of MReport. Wishing you and your family a happy and healthy holiday season! 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 ART DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTERS Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS George Baker George Reichert 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, 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.