TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/933792
MNOTES Is the Mortgage Product in Need of a Shake-Up? L et's face it—the 30-year fixed-rate mortgage is the most popular mortgage option for a reason. Homeowners love the long re- payment time and consistent payment amounts, while lenders enjoy the stability of this borrower class. However, in today's more sophisticated mortgage market, different doesn't have to mean risky—a lesson lenders who have ventured into other mortgage niches are finding. In "A Mortgage Best Fit," writer Aly Yale speaks with lenders who are considering borrower demographics to find mortgages that fit individual buyers, even if they're not the trusty 30-year fixed ones. "I think mortgages are not one size fits all, and if you are a millen- nial homeowner or a first-time homebuyer and you're looking to get a starter home…then an ARM might be just as good, if not better," Taylor Salditch from Better Mortgage shared with Yale. A specific buyer demographic that lenders should pay greater at- tention to is the growing power of single females. In "Pushing Past Limitations," Ann Thompson of Bank of America urges lenders to step outside their comfort zones to leverage technology and collabo- ration, and to channel the energy from female empowerment. Jim McQuaig of Churchill Mortgage further explores the ways lenders can support their customers in "Taking the Plunge." While many Americans share the dream of homeownership, the chang- ing mortgage landscape can make it hard for consumers to take the leap from renting to buying. McQuaig shares his tips on becoming a "mortgage mentor" to your clients. No matter what type of loan they specialize in, maintaining com- pliance with regulator standards is front-of-mind for all lenders. Josh Friend of InSellerate outlines how today's CRM technology is taking the risk out of high-speed sales. Since the status quos of business environments such as the mortgage market and the needs of clients like homebuyers change, mortgage professionals aiming to prosper should consider aligning mortgages to fit individual homebuyers' needs, leveraging technology and collabora- tion plus empowering women, and counseling their clients. All my best, Rachel Williams 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. 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. 2 | TH E M R EP O RT EDITOR-IN-CHIEF Rachel Williams ASSOCIATE EDITOR Nicole Casperson ONLINE EDITOR Radhika Ojha ONLINE CONTRIBUTOR David Wharton COPY EDITOR Dru Murray CONTRIBUTORS Jim McQuaig Ann Thompson Aly Yale CREATIVE DIRECTOR Jason Stone ART DIRECTOR Jonathon Won DESIGN DIRECTOR Sean Walker ADVERTISING Suzanne Andresen (207.443.3314) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Robert Rakowski (214.525.6783) 2018 EDITORIAL ADVISORY BOARD Tim Anderson, Director of eServices at DocMagic; Kathy Cummings, SVP of Homeownership Solutions and Affordable Housing Programs at Bank of America; Maureen Davenport, SVP and Chief Communications Officer at Fannie Mae; David Gansberg, President and CEO at Arch Mortgage Insurance Company; Sharon McHale, VP of Corporate Communications & Marketing at Freddie Mac; Marion McDougall, EVP of Operations at Caliber Home Loans, Inc.; David Schroeder, VP of Claims at Mortgage Guaranty Insurance Corporation; Landon Smith, SVP- Strategic Sales and Enterprise Lender Relations, ServiceLink; Kevin Wall, President at First American Mortgage Solutions 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 PROFESSIONAL ASSOCIATIONS American Mortgage Diversity Council John Rieger (214.525.6769) Legal League 100, National Mortgage Servicing Association, Property Preservation Executive Forum: Derek Templeton (214.525.6757) FORCE: Annie Collier (214.525.6740) No part of this publication may be reproduced without written permission from the publisher. ©2018 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.