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local edition SERVICING The Georgia-based company launched correspondent channel and recruits VPs. High-level executives gathered together to discuss ways to best move the industry forward. california // When it comes to this year's regulatory obstacles, CEOs and senior executives from the mortgage industry's biggest players agree on one thing: Education will be key to keeping business going smoothly. In a panel at the 2013 Realtors Conference and Expo, high-level names from Quicken Loans, Wells Fargo Home Mortgage, JPMorgan Chase, and Bank of America (BofA) discussed the qualified mortgage (QM) guidelines, which go into effect this month. While the initial The M Report | 49 se c on da r y m a r k e t while supporting the company's marketing and investor efforts. His previous experience also includes marketing and recruiting positions with AmeriFirst Home Mortgage, leader of East Coast operations for Ownit Mortgage Solutions Wholesale, and a stint as regional VP for First Franklin Financial. "We are confident that Brian and Greg's deep knowledge and expertise of the wholesale and correspondent industry will successfully support our expansion, and we are looking forward to having them join the Equity Education Key to Industry Success implementation of these rules is expected to restrict lending to some buyers in the short-term, panelists agreed that business should even out over time. Because the QM rule lays out specific criteria for accepted loans, it's going to be more important than ever for lenders to retain significant documentation to back up their underwriting decisions— something that professionals and consumers alike need to keep in mind, says Matt Vernon, home loan sales executive for BofA. "It's important for Realtors to be educated about the new documentation requirements so they can work with buyers and meet lender expectations," Vernon said. With a shortage of home inventory lifting competition in markets across the United States, one of the biggest concerns is the impact that more stringent standards will have on approval timelines. While timelines can vary depending on many factors, Vernon says the process is quicker and smoother when borrowers are educated about their lender's application requirements. Bill Emerson, CEO of Quicken Loans, agreed: "Our mission is to get someone approved. With clarity and transparency, buyers will know exactly what is needed of them. We want to do this in a manner that is as stress free as possible for consumers and Realtors." Despite the complications ahead, the leaders on the panel agreed that they expect a healthy improvement in the market during 2014, with purchase originations dominating the scene as interest rates rise and refinancing continues to trend downward. "In spite of the economic crisis, Americans still want to be homeowners. That hasn't changed one bit," said Mike Heid, president of Wells Fargo Home Mortgage. "Homeownership is at the heart of what we do, and that is worth preserving." a na ly t ic s Loans, LLC, made two announcements: the launch of its correspondent lending channel and the hiring of two new executives to support the division. By expanding into the correspondent business, Equity Loans says it can provide mortgage bankers with correspondent lines greater flexibility in terms of interest rates offered to borrowers—a critical advantage as the environment shifts back to a purchase-driven market. The expansion follows Equity Loans' earlier entry into the wholesale market. "As other wholesalers exit the market due to increasing expenses, growing compliance costs, and looming regulations, Equity Loans will continue to support the broker market and provide a higher level of service and attention to detail that the larger players cannot offer," the company said in a release. Furthermore, Equity Loans says it has established a partnership with a warehouse lender that enables brokers to convert to bankers with only a $250,000 net worth. Supporting the expansion are industry veterans Brian Gillespie and Greg Nolte, who are welcomed to the company as VPs for the Third Party Originator Production Channel. Gillespie has more than 22 years' industry experience, spending the last 18 working specifically in the wholesale and correspondent mortgage industry. Prior to joining Equity Loans, he served as VP and Northeast regional sales manager for Freedom Mortgage, where he was responsible for wholesale and mini-correspondent production in the region, as well as recruitment, training, and Loans team," said Kunjan Patel, CEO of Equity Loans. s e r v ic i ng GEORGIA // In Georgia, Equity supervision of the firm's wholesale account executives. For his part, Nolte brings more than 15 years' experience to support the new channels. Previously, he was the national retail branch recruiter for MCS Mortgage Bankers, where he recruited, trained, and maintained talent for a 14-state region Or ig i nat ion Equity Loans Increases Recruitment Efforts