TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1490083
Welcome to 2023, and a new year of MReport magazine! A s 2022 ended, the mortgage rate market saw its ups and downs so far, as buyers have taken a wait and see approach to housing. As the market has dictated, when rates have dropped, an increase in sales has taken place, and as rates swing higher, prospective buyers return to the sidelines. Between purchase apps and refis, the appraiser space has seen a steady flow of opportunities as the new year begins. A segment that came under fire by the mainstream media for valuation bias over the past 24 months, appraisers have trudged onward and continued their vital role in the housing ecosystem. MReport had a chance to speak with Jake Williamson, SVP, Single-Family Collateral Risk Management for Fannie Mae, and Appraisal Institute President Craig Steinley about the topics of appraisal bias, the state of the appraisal industry, and what lies ahead in 2023, in our cover feature "When Appraisals Don't Add Up." Each shared their insight on the state of the appraisal space, and the strides made in the diversity arena through programs like the Appraiser Diversity Initiative. Spearheaded by the Appraisal Institute, Fannie Mae, Freddie Mac, and the National Urban League, the Initiative was established to attract new entrants to the appraisal field while promoting diversity in the appraisal profession. This issue also brings Louis Zitting, Founder and CEO of MonitorBase, who discusses the lessons learned from the last industry downturn in his feature, "Better Days Ahead?" Zitting stresses that today's advancements in technology, combined with an existing database of clients, can help lead any mortgage professional back onto the path of success. Also this month, Alayna Gardner, Director of Sales and Marketing at LodeStar, explains how to properly implement content marketing into your business plan in her article, "A Unique Market Calls for an Innovative Approach." Gardner details this new era of relationship building and how relationship building and consultative techniques in sales strategies can yield long-term customers in today's competitive marketplace. With a new year comes time to reset your business plan and strategy, and this month's issue of MReport was assembled to equip you with the knowledge and tools to tackle any challenges 2023 may throw your way. Sincerely, 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 Alayna Gardner Louis Zitting COPY EDITOR Brandy Scott ADVERTISING 214.525.6700 EDITORIAL ADVISORY BOARD Benjamin Gottheim, Director, Mortgage Servicing Policy, Freddie Mac 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.