By KIMBERLEY HAAS
The CEO of Land Gorilla says advancements in technology are creating opportunities for more profitable construction lending.
Sean Faries said since the California-based technology service provider for banks, credit unions, and mortgage bankers started in 2010, there has been a move from spreadsheets to digitization.
Land Gorilla is now taking things a step further, allowing lenders to build their own workflows with automation to complement them.
“We are creating efficiencies for the financial institution that’s utilizing the software, where they’re able to reduce headcount or they’re able to improve processing times at such a magnificent return that the software far pays for itself,” Faries said.
Faries said that they use machine learning combined with “a lot of…
By KIMBERLEY HAAS
The president of Cornerstone Servicing says they are prepared for both ups and downs in 2024.
Toby Wells said in a recent interview with The Mortgage Note that although industry leaders hope for improvements after a tough year in 2023, people are worried about how much financial pressure American homeowners are under.
Inflation, the rising costs associated with ownership, as well as increases in taxes and insurance are at play.
“All of that kind of resonates in the potential for higher delinquencies and defaults leading into the latter part of ‘24. There’s concern about how to manage that,” Wells said.
Although there has been historically low foreclosure activity in recent years, lenders started the process on 22,575…
The CEO of Dark Matter Technologies says they remain focused on streamlining processes for their clients as they work to revolutionize the mortgage industry.
Leaders at the company, formerly Black Knight Origination Technologies, announced in September that they had rebranded after being acquired by the Perseus Operating Group of Constellation Software.
Since that time, they have announced a collaboration with Argyle to simplify the income and employment verification process and an integration that allows lenders to instantly leverage income and employment information through Experian Verify.
They have also implemented an automated workflow in the Empower loan origination system that makes it easier for lenders to identify and qualify loan applicants who could benefit from an evaluation of their rent payment…
By KIMBERLEY HAAS
Female mortgage professionals are breaking barriers and making strides. As Women’s History Month is celebrated this March, The Mortgage Note asked leaders in the industry and related fields to share their advice with others.
Here’s what they said:
Be kind.
“Always be kind. This is a small pond. You never know who you will work with or for,” said Erica Giorgiantonio, senior director of field services at SingleSource Property Solutions in Canonsburg, Pennsylvania.
Have confidence.
Julia Curran, senior director of product design at SitusAMC in New York City, said, “Don’t be afraid to speak up and assert yourself in meetings and negotiations. Confidence and assertiveness are key qualities for success in our field.”
Gaining that confidence can…
By KIMBERLEY HAAS
The CEO of Rapid Home Loans says to succeed in the current landscape, mortgage professionals need to know how to make the most of every opportunity.
Abe Miri cofounded the company, located in Dearborn, Michigan, with Alex Abazid in March of 2022. Licensed in 24 states, they use a call center style to conduct business.
For Miri, who says he has always worked in an outbound environment, that’s his bread and butter.
“If somebody gives me a lead, I’ll work it to the bone. And that’s kind of the mindset you have to have,” Miri said. “It’s always a hustle. That’s what I always say, it’s a nonstop hustle.”
That drive has helped push Rapid Home Loans…
By KIMBERLEY HAAS
The chairman and CEO of United Wholesale Mortgage says they will continue to assert market dominance in 2024 as the company remains 100% committed to the success of the broker channel.
Mat Ishbia spoke during an earnings call on Wednesday after leaders at UWM reported a net loss in 2023 of $69.8 million – inclusive of a $854.1 million decline in fair value of MSRs – and a diluted loss per share of $0.14. In 2022, the company’s net income was $931.9 million.
Total loan originations for 2023 were $108.3 billion, of which $93.9 billion was purchase volume. In comparison, originations were at $127.3 billion in 2022.
Ishbia started his comments by saying 2023 wasn’t one of…
By KIMBERLEY HAAS
The chief operating officer at Blue Sage Solutions says they have more prospects in their pipeline than ever before as lenders turn to technology.
Leaders at the New Jersey-based company recently announced the launch of the Blue Sage Digital Servicing Platform. The initial version of the system includes all the necessary functions to perform interim servicing, with full-scale servicing functionality to follow.
Lenders can use the platform to automate closed loan transfers, process individual and batch payments, onboard loans, and collect payments, according to a press release.
“We are thrilled to introduce a truly innovative, digital, cloud-built servicing platform that we expect will transform mortgage servicing operations as we know it,” Carmine Cacciavillani, founder and chairman of…
By KIMBERLEY HAAS
The CEO of Rocket Companies says they will achieve scaled growth and profitability through their AI-fueled homeownership strategy.
Varun Krishna spoke during an earnings call Thursday after leaders at Rocket reported that their total net revenue for 2023 was $3.8 billion. In comparison, total net revenue was reported at $5.8 billion for 2022.
Krishna started his comments by saying they delivered strong fourth-quarter and full-year results despite market challenges as the industry faced persistent strains in affordability and inventory.
He pointed out that their purchase market share grew by 14% and their refinance market share grew by 10%.
Krishna said by continuing to leverage artificial intelligence, they will transform an industry that is ripe for innovation.
“With…
Having a team of motivated mortgage professionals has helped Agave Home Loans grow since it was founded at the beginning of 2020.
Co-owners Marshall Gottlieb and Douglas Wang conducted business that year from two bedrooms at Wang’s house during a time when the Covid pandemic disrupted the traditional work from an office model. They had a list for cold calls and if they connected with a potential client on the phone, they would have to sprint to a quiet place to talk to them.
Today, Agave has 70 team members and was listed as a 2023 top performing partner for wholesale and correspondent lending by Rocket Pro TPO.
Gottlieb recently sat down with Editor Kimberley Haas to talk about their…
The senior vice president and chief marketing officer at Guild Mortgage has a message for loan officers: You are your brand.
Adam O’Daniel joined Guild Mortgage at the end of last year and has 15 years of experience in the mortgage and financial services industries. He has served in leadership roles at Open Mortgage and Movement Mortgage, where his high-performing marketing teams focused on brand storytelling, borrower education, social media, and innovation, according to a press release.
Terry Schmidt, CEO of Guild Mortgage, said in a statement that they are growing and are ready to connect with clients in new and innovative ways. Headquartered in San Diego, the company has more than 4,000 employees and over 250 retail branches in…
