TMC's lender members are proving once again that they're some of the best of the best in the mortgage industry! We're excited to share that 10 of our members have been named to SocialSurvey's Top 10 Mortgage Companies in Customer Satisfaction across small, medium and large lenders. Congratulations to all of our members on your outstanding efforts - keep up the great work!
Click here to see the full list.
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!
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!
HFA Summit 2018
Mortgage Bankers Association
National Secondary Market Conference
New York, NY
National Association of Federally Insured Credit Unions
51st Annual Conference & Solutions Expo
The Mortgage Collaborative
2018 Summer Conference
American Credit Union Mortgage Association
Fall Conference 2018
Las Vegas, NV
Mortgage Bankers Association
2018 Annual Convention
American Bankers Association
Annual Convention 2018
New York, NY
Credit Union National Association
National Lending Conference 2018
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 firstname.lastname@example.org to learn more about the Boot Camp.
TMC - Chief Operating Officer