 Having served as The Mortgage Collaborative’s Director of Business Development since 2016, we’re thrilled to announce the promotion of Tom Gallucci to Vice President, Business Development!
Since joining TMC two years ago, Tom has been the primary liaison to TMC’s network of 67 best-in-class preferred partner companies. Under Tom’s leadership, the benefits provided to our lender members have increased dramatically, and through the feedback of an advisory panel, the lender members have been given formal input into the formation of TMC’s preferred partner network. Tom will continue to manage relationships with our partners, and work individually with each on joint initiatives that can provide unique value to TMC’s quickly growing national network of lender members. In his new role at TMC, we know that Tom will continue to create a supportive environment for our best-in-class partners and build upon the Power of the Network. Please join The Mortgage Collaborative in congratulating Tom on this promotion and wishing him continued success in his new role as Vice President at TMC!
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 The new board for the Ohio Mortgage Bankers Association was sworn in at their annual conference last week in Dublin and we're pleased to share that five of the new board members are from The Mortgage Collaborative's network. We're always excited to see the exceptional leadership of our members in action across the industry. Congratulations from the entire TMC team to:
We look forward to seeing your leadership in action as you continue to move the industry forward through the OMBA.  Congratulations to the team at Dovenmuehle on the addition of Michael Wilkinson as Vice President of Business Development. We look forward to working with Michael and our continued collaboration.
In efforts to support continued strong growth in their subservicing program nationwide, Dovenmuehle welcomes Mike Wilkinson as Vice President of Business Development. Mike was previously employed at Stephens, Inc. in Chicago and Raymond James in St. Petersburg, FL. Mike has extensive experience in financial services and financial software sales. Mike earned a Bachelor of Science Degree from the University of Illinois at Urbana-Champaign and a Masters of Business Administration from the Kellogg School of Management at Northwestern University. Mike and his family live in Lake Forest, IL. Be sure to stop by Dovenmuehle's exhibit booth at any of the upcoming mortgage industry conferences that Dovenmuehle will be attending to meet Mike in person! May 15-16 Fannie Mae HFA Summit 2018 Washington, DC May 20-23 Mortgage Bankers Association National Secondary Market Conference New York, NY June 19-22 National Association of Federally Insured Credit Unions 51st Annual Conference & Solutions Expo Seattle, WA August 19-21 The Mortgage Collaborative 2018 Summer Conference Chicago, IL September 23-26 American Credit Union Mortgage Association Fall Conference 2018 Las Vegas, NV October 14-17 Mortgage Bankers Association 2018 Annual Convention Washington, DC October 21-23 American Bankers Association Annual Convention 2018 New York, NY October 28-31 Credit Union National Association National Lending Conference 2018 Anaheim, CA Find out where Dovenmuehle will be in 2018 here. To learn more about Dovenmuehle's Subervicing Division, contact Dave Allison: allisod1@DMICorp.com  Frank Fiore, President at TMC preferred partner matchbox & Ignite shares his thoughts on the digital mortgage "revolution", where he sees the industry on its journey and areas that lenders should be looking at as they develop their digital mortgage strategies. Digital Mortgage Revolution…Really??? As we settle back into our desks this week, fresh back from the MBA Technology conference, companies are managing the balance between shrinking profits, reduced margins, and implementing a digital mortgage strategy. After meeting with multiple clients last week and over the past month, companies are starting to (or struggling to) implement their Digital Mortgage strategy. We have heard for a few years now that this Digital Mortgage process is real and coming and, in some cases, has been termed a Revolution and a new age of Mortgage Lending. This innovation that has infiltrated the Mortgage Market in the past few years has been exciting and will appeal to those elusive millennials when they decide to become homeowners. To call this a revolution is a stretch and, for me, we have a way to go before I would say it is here to stay. If you have doubts, I will attempt to lay out my case for more needed work on the Digital Mortgage front. Here are some views that have been compiled over the first quarter: Where is your Digital Mortgage Help Desk? Many feel these Digital Offerings are set and forget, however they are anything but systematized. Between assisting Clients, Loan Originators, and possibly Processors; you need a team of people to support your digital technology offering. Depending on the choice of platforms, there are user names, potentially multiple passwords, and just explaining basic functionality for these systems. If your objective is to capture those millennials, there is another harsh reality: 1) they are only going to give you one shot to get this right and 2) they are going to access your platform while out to dinner on Saturday night with a friend, who tells them about this great new app, and when it does not work your chances of getting them back will drop dramatically without a good technical support process. Are your Digital Mortgage loans closing any quicker? There has been no pure evidence that has proven in a busy market this is true. Yes, there has been some data that points to a shorter life-cycle in February, but where are those loans going to be in June and July in the height of the season. If your process slots a digital loan in the same Underwriting bin as your other loans, how are your Digital Mortgage loans going to perform better? The Digital Mortgage process does not end when the application is complete and docs are received. It begins then and many are missing this. Your Digital Mortgage workflow is one that must start with the application and end at the closing table. What happens in between should be a streamlined, efficient, validation and confirmation process. Has your Processing Strategy changed? Some feel that the Digital Mortgage strategy should ease the Loan Originators role in the process. I tend to disagree and feel that when implemented correctly, the Processing role should experience the biggest change with a Digital Mortgage implementation. If your offering, can access and possibly verify the majority of your borrower's documentation, then the Processor's responsibilities are dramatically reduced. If you have your Order Desk as part of the Processing department, then the point is even more convincing. The Processing role is one of the most varied within companies. It is often inconsistent and the execution of tasks come in varying levels. A good Digital Mortgage strategy should allow companies to improve their Processing workflow, turn times, and overall cost. Has your Secondary Execution improved? Part of the Digital Mortgage vision is to have Digital loans that are cleaner, close faster, and cost less to produce. In terms of decreasing cost, Secondary should be looked to as a main player in reducing the cost at the loan level. A good digital loan should come in with most of the information validated and locked without need to extend or re-locked. Once items are validated, your Secondary hedge cost should be locked-in and reliable for the estimated execution period. We have not encountered a company that is looking at Secondary as part of their Digital Mortgage strategy. If these loans are to perform as advertised, Secondary profits should be increasing or Digital Mortgage loans monitored at a minimum. Have you incorporated you DM strategy into Training and Marketing? Like most topics these days, when you dig -own into your staff and discuss your company's Digital Mortgage strategy, you will get varying opinions. Some will love, some will hate, and most will not care or see a difference. A good Digital Mortgage strategy must include an internal marketing strategy. You team must understand why it is being implemented and what the anticipated benefits are for them and the company. A memo or e-mail is not adequate to gain understanding on your Digital Mortgage strategy and its implementation. The investment of time to demonstrate the vision behind your strategy and positive impact will affect its success. The Digital Mortgage "revolution" is exciting and has potential for greatness within the industry. A true revolution does not start and end on the front lines. It is an end to end strategy in which the whole team understands the mission and provides a beneficial improvement to the company for years to come. We continue to see an unbalanced level of attention being placed on the front-end process, with no attention being paid to the other key parts needed to make your Digital Mortgage strategy successful. Our team at matchbox is skilled at helping you set up your other areas to match your front-end process. As the weather turns, and volumes start to grow, your Digital Mortgage strategy needs to keep pace to make your investment pay off. The matchbox & Ignite teams are in the development lab improving their current tools for 2018. To learn more, contact Frank Fiore.
 If you or your organization are starting to think about your digital mortgage strategy and looking to start from a great foundation, our friends at MERS are offering an eMortgage Boot Camp. Why should you attend, “Our MERS® System Members had been asking us to provide in-depth education about eMortgages and eNotes, and this one-day course provides the details needed to help them determine how to move forward with implementation,” shares Amy Moses, MERSCORP Holdings’ Director of Marketing and Media. Register to join them and learn how to help save your organization time and money.
eMORTGAGE BOOT CAMP Wednesday, June 20 | 10:00 a.m. - 4:30 p.m. | Hyatt Regency, Reston, VA | Fee: $195 Learn what an eNote is, how implementing an electronic process will create efficiencies and provide cost savings, and how MERSCORP Holdings and other industry partners can help! Sessions include: LET’S GET FIRED UP! An eNote Exercise Class to Stretch Your Mind Create E-fficiencies! Start your day with a pep talk from MERSCORP Holdings Chief Operating Officer Brendon Weiss. After this warmup, you’ll launch into an energetic session where you’ll play eNote trivia, engage with your tablemates, dissect a case study, and quiz the MERS® eRegistry experts! Warning: the session may or may not include calisthenics. SUCCESS! Stories from Members Who’ve Elevated Their Business With eNotes Industry pros who have “been there, done that” will explain how and why they are taking their organization to the next level with eNotes. The discussion will explain the role of each party (originator, warehouse lender, servicing agent, and investor) and the benefits each of them realizes. Be prepared to pepper the panel with questions! GUEST SPEAKER: Gain insight from a digital transaction expert. THE PAYOFF: Save Time and Money with eNotes You’ll determine the investment needed to implement eNotes, as well as identify potential cost savings and operational efficiencies - and how to present those savings to your board. Be sure to bring your laptop to experiment with Fannie Mae’s eMortgage Calculator and walk away with a model you can use to gain executive buy-in. BUILDING A FOUNDATION OF KNOWLEDGE: Communicating the Viability of eNotes to Your Legal Team Breathe easy … eNotes have been enforced by the courts! Quiz Margo Tank and David Whitaker of DLA Piper on some of the most important points in the white paper they co-authored about this very topic, and gain the background knowledge needed to discuss eNotes with your legal team. LIVE ACTION! Engage with System Demos and Create Your eNote Launch Plan It’s time to see technology in action. You’ll view a demo of the MERS® eRegistry and an eVault and gain an understanding of how the systems interact! But what good is knowledge without action? Develop a specific and time-oriented plan for launching eNotes at your organization. A TIME FOR COMRADERY: Engage with eNote Professionals Still have questions or want to bounce ideas around? Now’s your time to seek out the experts with experience. Please contact training@mersinc.org to learn more about the Boot Camp.  The Wall Street Journal recently reported that there is a significant overcapacity in the mortgage lending industry. Why does this matter to you? Well, there are a few reasons. If you are buying a home, it is a good time to be able to get a mortgage – and to perhaps negotiate slightly lower fees. However, if you are considering a refinance – caveat emptor (buyer beware).
One of the first things that lenders do when their volume of loans declines and they have excess capacity, is to ramp up advertising. So, you may be hearing ads that offer “no fees”, “no appraisal fee”, or “no closing costs”. Some of these may be bona fide offers – but some may just be hype that ends up in these charges being added to your loan amount or to your new interest rate. One of the next things that lenders may do is to advertise suggestions for what you might do with the equity in your home that may have grown due to the recent increases in home values and the continuing investment you have made in it by making your mortgage payments or home improvements. Your home equity is the current market value of the property minus the mortgage owed and minus sales commissions and other costs that you would incur in a sale. Your home is an investment that offers the opportunity to accrue wealth as the value increases and you pay down the amount owed on the mortgage. For the sake of discussion, your home is not your new RV, motorcycle, boat or next vacation. Your home is not your bank. There is no question that borrowing against your home equity to cover a major medical expense or other major emergency may make sense – and it may make sense to use home equity to facilitate another long-term investment – like a college education for children or grandchildren. But just consider this: taking out a 15 to 30 year term mortgage to finance a short term purchase or event is rarely a smart choice. By the same token, using home equity to pay off accumulated credit card or other short-term debt to get a lower interest rate on it generally only makes sense if you have a budget and a commitment to a plan to avoid incurring new debt – and you can afford the potentially higher payment on your mortgage. Just a quick word on reverse mortgages: These complex financial instruments can provide real value and benefit to older homeowners and their family when home equity can help to cover expenses and allow the borrowers to remain in their home. However, again, your home is not your bank. The reverse mortgage is not for everyone and requires consultation with trusted family members and/or financial professionals. How to make a good decision about borrowing using your home equity? First, be sure to understand whether the person or entity providing advice to you has a vested-interest in making a loan to you. If s/he will earn a commission or other incentive from making a loan to you, sadly, your best interest may not be their first priority. Second, ask your loan officer or the lender to provide a net tangible benefit analysis. This will show you how much the costs of the transaction and the increased loan amount, if applicable, will cost you and how long it will take you to “break even”. Many states require this when you are doing a refinance – and many lenders routinely provide it even if it is not required. If your lender does not offer it – or cannot provide it upon request – it might be in your best interest to find another lender. Finally, remember that for most of us, our home is our largest asset and is our best investment for accumulating wealth. So, use extreme caution when you hear the enticing ads offering you a new loan. The lender who has excess lending capacity or the loan officer working desperately for another commission may not have your financial interest as their priority. Your home is your home. Consider and protect it as such – listen carefully to ads and take steps to ensure that undertaking a major borrowing against your home will be beneficial to you and your family. You may also want to seek pre-purchase or financial counseling from a non-profit organization that specializes in giving homeowners this type of advice. You can look for resources in your area at HUD Approved Housing Counselors. TMC members can sign up today and start experiencing the benefits of AHA membership. Register here and use code tmc2017. For more information on the benefits of AHA membership, contact Rod Luckhart. 66 Originators from 21 TMC Lender Members Make the Scotsman Guide 2017 Top Originators List!4/23/2018  There's no denying that 2017 was a tough year for originations, so making a list of top originators is no small task. That's what makes it all the more impressive that 66 originators from 21 of our lender members made the Scotsman Guide 2017 Top Originators list with top dollar volumes! Kudos to everyone in our network who made the list:
Congratulations on a job well done! View the entire list here.  TMC is pleased to share some recent industry insights from preferred partner NAHREP Consulting on lending disparity in today's mortgage market:
"Mortgage and real estate professionals should always keep top of mind that owning a home remains the most reliable way for American families to build wealth and is often financially better than renting,” said Maria Vergara, the President of NAHREP Consulting Services. “But access to homeownership is not equal. Hispanic and black households still have lower homeownership rates than non-Hispanic white households. The gap is getting narrower, but still needs to be addressed. Many factors contribute to this disparity and understanding their impacts can be difficult. There is new research from the Urban Institute and Sloan Foundation's Administrative Data Research Facility that shows a considerable gap in homeownership rates between neighborhoods with low levels of limited English proficient (LEP) residents and those with higher levels of LEP residents.” "The report said, among other things, 'If we control for other factors that influence homeownership (e.g., income, age, and race), neighborhoods with the highest concentrations of LEP residents have homeownership rates 5 percentage points lower than rates in neighborhoods with the median concentration of LEP residents. Limited English proficiency has a considerable impact on homeownership rates.' This research establishes that it is a barrier on top of other, more researched barriers. This finding suggests that we might expand homeownership by better serving the LEP community.” NAHREP Consulting Services can assist in bridging the gap to reach the LEP community with such services including, Translation and Cultural Adaptation, Translation Services, Cultural Competency Training and Hispanic Marketing Fundamentals For more information on NAHREP Consulting and the effective tools they are empowering lenders across America with to best serve the Hispanic housing marketplace, contact Maria Vergara at 619.922.7553.  COMPLIANCE HOT TOPIC Question:
I understand the CFPB revised the servicing requirements for borrowers in bankruptcy. What do I need to know about these changes? Answer: The CFPB revised the rule for Bankruptcy Periodic Statements, effective April 19, 2018. It applies to all entities that own and/or service consumer first lien mortgage loans, except for small servicers of 5,000 or fewer consumer mortgages. Unless an exemption applies, a servicer must provide periodic statements or coupon books to a borrower when the borrower is in bankruptcy. Servicers must modify these periodic statements or coupon books for the bankruptcy. Modifications depend on the type of bankruptcy filed. In certain circumstances, once the borrower exits bankruptcy or the bankruptcy no longer applies to the borrower, a servicer can then transition back to providing an unmodified periodic statement or coupon book. A servicer may be exempt from providing coupon books if a borrower is a debtor in bankruptcy or has discharged or discharged personal liability for the mortgage loan through bankruptcy. Further, servicers are not required to send periodic statements or coupon books to borrowers in bankruptcy when the following two requirements are satisfied:
With some exceptions, periodic statements or coupon books for borrowers in bankruptcy must contain the same categories of disclosures as are provided to borrowers who are not in bankruptcy. Variations exist in regard to how “amount due” must be displayed, as well as how delinquency information and other account information must be disclosed. The periodic statement must include the discharged status of the loan or the borrower’s status as a debtor in bankruptcy, and a statement that the periodic statement is being provided to the borrower for informational purposes only. To learn more about how MQMR is bridging the gap between Risk & Compliance:
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Rich Swerbinsky
TMC - Chief Operating Officer 
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