TheMReport — News and strategies for the evolving mortgage marketplace.
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MNOTES Reaching a New Generation of Buyers, Lenders and Homeowners W ith boomers looking to downsize and homeownership levels hovering at the status quo, many of the industry's highest-ranking executives are choosing to focus on the younger generation—the so-called millennials. Though they're poised to make quite the impact on the industry once they buy in, most millennials are satisfied with renting—at least for the time being—and lenders and servicers alike are left struggling on how to reach them, satisfy them, and even manage them on their front lines. In "Class is in Session," we talk to Bank of America executive Kathy Cummings about how consumer education is the missing link in today's industry. She dives into how mortgage lenders can better prepare potential buyers for homeownership—especially millennials—with the right tools, education, and guidance. She also talks about the differing values of millennials and how we as an industry need to embrace those in order to reach this much-sought-after market. We cover another great way to reach the millennial buyer in "Is the eMortage Inevitable"—an in-depth look at the industry's shift toward completely digital, online mortgage applications and loan transactions. As author Ryan Schuette explains, though not specifically aimed at millennials, eMortgages are yet another way lenders can reach the younger market, while still remaining compliant and efficient on the back end. In "Turning the Corner," Mark Fleming, Chief Economist for First American Financial Corporation, examines the changing demographics and trends that are influencing homeownership rates today. Though these rates are at historic lows for our country, it seems like millennials and the Hispanic demographic are poised to change all that—it's just a matter of how and when that will happen. Finally, Rick Glass, CEO of Rick Glass Executive Search, looks at the millennial's place in our industry, not just as a buyer, but on the front lines of lending as well. In "Managing Millennials," Glass covers the keys to properly inspiring, encouraging, and working with the millennial generation—and how the right executives can tap into their unique potential to really change the game for their buyers. Only time will tell how the millennial demographic will change the state of homeownership in our country, but one thing's for certain: They're already making their mark on the mortgage industry in big ways. All the best, Rachel Williams Editor-in-Chief 2 | TH E M R EP O RT EDITOR-IN-CHIEF Rachel Williams ONLINE EDITOR Brian Honea ONLINE CONTRIBUTORS Brian Honea Scott Morgan Ryan Schuette Aly Yale COPY EDITORS Krista Franks Brock Alison Rich Aly Yale CONTRIBUTORS Mark Fleming Rick Glass Ryan Schuette CREATIVE DIRECTOR Jason Stone ART DIRECTOR Jonathon Won DESIGN DIRECTOR Sean Walker PHOTOGRAPHY Jay Galloway, Jayway Photography ADVERTISING Suzanne Andresen (207.443.3314) Robyn Clayton (214.525.6716) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) 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.