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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 2 June 2023 F R O M T H E E D I T O R CELEBRATING THE BENEFITS OF HOMEOWNERSHIP T he month of June is being celebrated as "National Homeownership Month" as mandated by President Joe Biden, and MortgagePoint is bringing you yet another issue jam-packed with the top industry news, latest products, and tips on how to take your business to the next level. "I call upon the people of this Nation to safeguard the American Dream by ensuring that everyone has access to an affordable home in a community of their choice," said President Biden in a press briefing while delivering the proclamation that June is National Homeownership Month. And as the nation prepares to celebrate homeownership in June, one topic the industry has keyed in on the past few years is that of diversity and inclusion and the promotion of diversity in the housing finance industry. Studies from the U.S. Bureau of Labor Statistics (BLS) found that less than 20% of professionals working in financial services space identify as non-white. In real estate, the percentage of women occupying the space is below the 50%-mark, and both Blacks and Asian Americans account for less than 10% of the industry's workforce. In this month's cover feature by Demetria C. Lester, MortgagePoint profiles those driving growth in the nation's homeownership rate, as they grow and foster their own workforce in all aspects of the housing industry. Advancing racial equality and economic opportunity work is cyclical in nature with the advancement of homeownership. Groups like the American Mortgage Diversity Council (AMDC) are making great strides in fostering DEI initiatives industrywide, serving as a platform for the collaboration of mortgage industry leaders to advance diversity and inclusion dialogue. A collective like AMDC develops and provides tools and strategies to create an understanding and appreciation of individual differences in thought, experience, race, ethnicity, culture, religion, style, sexual orientation, and gender identity, by moving business practices forward and embracing diversity and inclusion as essential to innovation and optimal business results. Also this month, Joe Camerieri of Mortgage Cadence discusses how mortgage professionals are adding another tool to their toolkit in his submission, "Rethinking Reverse Mortgage Lending." Instead of looking at the reverse mortgage lending business as a completely new line of business, Camerieri urges lenders to look at reverse mortgages as another loan product to add to their existing menu. In "Navigating the Wild, Wild West of Digital Closing Providers," Aaron Davis of AMD Enterprises sheds some light on the digital revolution in the mortgage marketplace and cautions lenders to proceed at a slow pace in order to adapt to these changing technologies. Finally, we take look at the recent Legal League Spring Servicer Summit held in Dallas, Texas, a two-day event that included a servicer certification class, an assortment of networking opportunities, and speakers and panel discussions featuring the top minds in the industry, all under one roof. Events like the Legal League's Summit gather the industry's top minds for an open exchange of ideas on how to improve upon current industry standards, while serving as a forum for the sharing of new ideas and processes to better the industry. We offer all of this and much more in this month's issue of MortgagePoint magazine. We appreciate you taking the time to read our publication and for making us your one-stop destination for all the latest in the mortgage finance space. Sincerely, David Wharton Editor-in-Chief © 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. 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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. Magazine EDITOR-IN-CHIEF David Wharton ART DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTERS Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS Joe Camerieri Aaron Davis 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 EXECUTIVE ADVISOR Michael S. Waldron 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. © 2023 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. MortgagePoint strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MortgagePoint 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.