A Peek Inside Successful Lending Shops

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take 5 Chasing Origination Solutions As the refinance boom peters out and the purchase market picks up steam, organizations are finding ways to revitalize their business through both innovation and a return to tried and true practices—such as solid customer service. That's why Eric Schuppenhauer's recent move to head of originations for JPMorgan Chase is a good bet for the company. M // We're used to hearing a lot of bad news in the housing industry. What inspires you about housing today? Schuppenhauer // I actually think it's the best time in housing. After what we've gone through in the Great Recession, housing is poised to have one of its strongest recoveries ever. It's obviously going to be different, community-by-community, but I think on the whole, if you look at the latest home price reports out by Case-Shiller or by Moody's, it's very, very encouraging as to what's going on in the housing market. I also believe that a lot of people put their lives on hold waiting for better economic times with employment looking up. And when I say employment, it's not just the employment number, it's also about people finding better employment. People are deciding to start families and have kids, and with that, you end up 6 | The M Report "The downturn in the economy exposed all the faults and greed of companies trying to maximize profits by ignoring loan quality." buying a home because you want to be in a community. I'm very encouraged by what we're seeing in the housing market. M // What are you anticipating at JPMorgan Chase in terms of refinancing versus purchasing, and the overall strategy of the company going forward? Schuppenhauer // We had a strong second quarter both from an origination standpoint and in mortgage overall. Although refinance volumes have dissipated somewhat with rates going up, I will take rising rates and a great economy any day of the week versus low rates and a bad economy. What's important is overall consumer optimism around housing. We did a survey recently and found that 83 percent of Americans want to own a home. We thought that the recent recession might change people's attitudes toward home buying, but the survey concludes just the opposite. M // Mortgage originations are growing at a rapid clip at JPMorgan Chase. To what do you attribute that growth? Schuppenhauer // First, I think we were really proactive about the refinance market. We offered Streamline Refinances that required little work from homeowners and saved them hundreds of dollars. We focused on customer service. If you look at our J.D. Power Ratings, we're No. 4—the highest rated large originator in the country. And that focus on customer service brings people back for their next mortgage. They tell family and friends, and we find those recommendations go a long way. You can compete on price; you can compete on a number of things, but people really want excellent service. And once you get the mortgage, our focus is on taking care of those customers through the life of the loan. And, we're also one of the highest rated large servicers in the country so people know that we're not going to forget about them after we get their business. M // How will you use your particular brand of leadership to move originations into success? Schuppenhauer // I ran servicing for the last several years so I've only been on the job about six weeks. What I'm focused on is inspiring our mortgage bankers to continue to focus on customer service and get that purchase business. In the markets across the U.S., we have 4,000 bankers that work in our Chase branches across the country. I really want them to be a face in their community. When you think of Chase, I want people to think of them for their real estate expertise,

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