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MNOTES Finding a Place to Call Home H omeownership has continued to fall, nearing its lowest rate in history. The U.S. Census Bureau reported that homeownership fell by more than 63 percent in the first quarter of this year, even though home starts were on the rise. And it also reflects a growing number of renter households. This month's cover story, "A Common Vision" takes a look at how Chase is driving industry progress through the bank's new business initiatives, product innovation, and a focus on customer experience. With assets totaling $2.6 trillion and operations worldwide, Chase serves almost half of American households with a variety of financial services. In the article, Xhevrije West takes an inside look at what Mike Weinbach, the new head of Chase's mortgage banking division, is doing to grow operations and how he's making it easier for Chase customers to get a mortgage. Brian Lee takes a look at how industry stakeholders are "Owning Up" when it comes to giving the country a happy ending to what seems like Dorothy's "we're-not-in-Kansas-anymore" home - ownership trend. As Lee says, the path to homeownership is not as simple as merely following the yellow brick road. Some would rather face an army of flying monkeys than dealing with rising home prices, student loan debt, and other financial obstacles. Still, though, there's an urgent need to restore and strengthen the affordable lending ecosystem that connects aspiring homebuyers with the institutions and non-profits created to help them realize their full potential as successful homeowners. With the rise of homeownership starts, originators are looking to deploy technol - ogy to improve the customer experi- ence—and that means cutting down on paper. In "Paper, Rock, Scissors," Chris Strammiello talks about the inefficiencies paper trails present. Part and parcel with growth comes the ability to navigate regulatory changes, and also streamline costs and compliance issues as they arise. In "Inside HMDA," Fiserv's Harvey Foster tells lenders how they can remain profitable and compliant in the face of the latest HMDA reporting requirements that were announced in late 2015. The majority of Americans now expect a faster, simpler buying process. To meet those needs, solutions that make purchasing a home a more seamless, user- friendly experience are a hot commodity. Hopefully the industry will make major strides in the origination process so that the pendulum on homeownership starts to swing upward. With a favorable fi - nancial environment and historically low interest rates, not serving this millennial renter generation would be a missed op- portunity for us all. Let's give them a place to call home, Rachel Williams Editor-in-Chief 2 | TH E M R EP O RT EDITOR-IN-CHIEF Rachel Williams ONLINE EDITOR Xhevrije West ONLINE CONTRIBUTORS Brian Honea Scott Morgan Ryan Schuette Aly Yale COPY EDITORS Krista Franks Brock Jacqueline Gilbert Alison Rich Aly Yale CONTRIBUTORS Harvey Foster Brian Lee Chris Strammiello CREATIVE DIRECTOR Jason Stone ART DIRECTOR Jonathon Won DESIGN DIRECTOR Sean Walker PHOTOGRAPHY Karl Ault Tatiana Gulenkina ADVERTISING Suzanne Andresen (207.443.3314) Robyn Clayton (214.525.6716) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Lindsay Wolf (214.525.6713) CORPORATE OFFICERS CHAIRMAN & CHIEF CREATIVE OFFICER Mark Hulme PRESIDENT & CHIEF EXECUTIVE OFFICER Ed Delgado CHIEF FINANCIAL OFFICER John Harrison DIRECTOR OF HR/ACCOUNTING Ernest Gillespie ART DIRECTION Jason Stone Sean Walker Jonathon Won No part of this publication may be reproduced without written permission from the publisher. ©2016 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. © 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.