NMP - November 2017 - 82
heard on the street Motto Mortgage Franchise Opportunities Now Available Nationwide NOVEMBER 2017 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 82 Motto Mortgage, the mortgage brokerage franchise member of the RE/MAX Holdings Inc. family of brands, has announced that it is selling mortgage brokerage franchises in all 50 states. The brand has already sold more than 40 franchises across the country, including more than 20 that have already opened their doors, since launching in October of 2016. "Now that Motto Mortgage franchises are open, we've witnessed the extraordinarily high level of customer service our loan originators provide," said Motto Franchising President Ward Morrison. "We want customers to have access to the Motto Mortgage experience in every marketplace. Potential owners from across the country have been patiently waiting for us to open this opportunity up to them so they can improve the overall experience associated with buying a home." RE/MAX franchisee and Motto Mortgage Plus Broker/Owner Freddy Rodriguez said, "The best thing about Motto Mortgage is that our loan originators can look for great loans for borrowers with several different wholesale lenders. We provide borrowers with competitive rates, close loans quickly, keep closing costs low and, generally, give consumers a better deal. I'm a true believer in the American Dream and my hope is that the addition of a Motto Mortgage franchise in the area will help more people become homeowners." Princeton Mortgage Debuts Wholesale Division Princeton Mortgage, a residential mortgage banker headquartered in Pennington, N.J., has launched a Wholesale Division, Princeton Mortgage Wholesale. The new Division will be based in Pittsburgh and focus initially on the Pennsylvania, New Jersey and Colorado markets. The company expects to expand into Delaware, Florida, Georgia, Maryland and Virginia markets in the coming months. continued from page 45 Matthew Joy, Director of National Wholesale Lending at Princeton Mortgage Wholesale, stated that his company is ready to take on wellestablished competitors. "A lot of companies focus on exceeding customer expectations or 'delighting' the customer," Joy said. "We are students of the theory that customer loyalty comes from the ease in which it is to do business with us. For example, if a customer has to call customer service and has a 'wonky' interaction, it's going to be pretty hard to win back that customer, ever. We'd rather create an environment where the customer never should make that call. That's what we call the 'effortless experience.'" Redfin Mortgage Begins Lending in Illinois Redfin Mortgage, a subsidiary of the real estate brokerage Redfin has expanded operations into a second state with the establishment of lending operations in Illinois. Redfin Mortgage began in January 2017 by offering home loans to Redfin customers in Texas. The company is planning to expand into Virginia before the end of the year and is seeking to become a presence in additional states during 2018. According to the company, its focus are homebuyers who with a Redfin agent. Redfin also operates Title Forward, a title and settlement company. "In the current competitive real estate market, a fully underwritten pre-approval gives the homebuyer an edge by earning the seller's confidence that the loan will be approved quickly and the sale will close on time," said Jason Bateman, head of Redfin Mortgage. "In a bidding war, a buyer with a fully underwritten pre-approval can consider waiving the financing contingency to make their offer nearly as appealing to a seller as an all-cash offer." Embrace Home Loans Partners With Spillane Consulting Associates Embrace Home Loans has announced that it has partnered with Spillane Consulting continued on page 90 mba 2017 convention survey range was from $250-$3,000, with the median being $1,500. Question 32 wanted to know if the executives thought production costs were beginning to stabilize (after years of rising expenses). Good news indeed ... they are said 23 of the 28 executives. Question 33 asked if regulations were (still) adversely affecting both loan production and consumer credit availability. They still are, said 23 of the 27 executives who weighed in on the question. Are slower closing times resulting (occasionally) as a result of TRID, inquired Question 34. Oh yes, the new rules are still impeding normal closing times on occasion, reported 22 executives, compared to six who thought not. Questions 35 and 36 dealt with HMDA's effect on compliance and if the new postDodd Frank rules have made the mortgage finance process safer for consumers. The executives' responses left no doubt that HMDA's expansion will make compliance more difficult, by a vote of 26 to two. As for whether the process is safer, 15 respondents said the new regulations did increase consumer safety, while 13 saw no difference. Don't hold your breath for GSE reform in 2018, indicated the responses to Question 37. By a tally of better than eightfold, the executives discounted any hope for Congressional action for the GSEs. How about house prices, are they heading higher in 2018, Question 38 asked. Yes, they are expected to rise next year, especially on the lower end of the housing price spectrum, agreed 27 of the executives. Question 39 wondered what the executives thought refi share would total in 2018. The group average was 26.6 percent, within a range of 10 percent to 50 percent. The median for the 28 firms was 30. And how much origination volume has your firm funded year-to-date through September, asked Question 40? The average origination volume for the 28 firms was $4.8 billion, within a range of $50 million to $150 billion. The median production volume through 2017's first nine months was $2.5 billion. Will we find more mortgage brokers and wholesalers in the next two or three years, wondered Question continued from page 35 41. In something of a surprise to this observer, more than twice as many expect more of each ahead. That's a change from last May when 13 said more and nine said not. How worried are the executives about a downturn in originations in 2018, Question 42 inquired. Based on a one through 10 scale, the group average was 6.5, and the range of responses was from three to 10, with three 10s, three nines, but 10 of five or under. Question 43 asked if continued solid growth in online originations was expected. Surely it is, with 25 affirmatives of the 28 responses. Are digital automation programs like "Rocket Mortgage" adversely affecting your firm's production volume, queried Question 44? Not really reported 17 compared to 10 others who report digital programs are hurting their volume. Is technology fundamentally changing the way mortgages are done, wondered Question 45. Sure is, said 24 of 28 executives. Is the CFPB's relatively new servicing rule proving good for both servicers and consumers, asked Question 46? Yes, reported eight executives, 13 said no, and seven others report the jury is still out. Question 47 wanted to know if it was easier to get a mortgage today than at any time since 2007. Three times more said "yes it is" than said no. Question 48 sought to learn if the executives were proponents for automating the mortgage appraisal process. We do, reported 23 compared to five who begged to differ. Expect better supply in the form of higher inventories of "for sale" listings in 2018, asked Question 49. No we don't expect more homes to go to market, said 23 versus five sporting the opposite view. How concerned should the mortgage banking industry be about the multiple year increase in home prices, Question 50 probed. On a scale to 10, the executives' average for all 28 was 6.6, ranking it a concern but not a bother. Have borrowers' credit characteristics improved in recent years, Question 51 wondered. They are, said 22 of 28 executives. How about the low downpayment market, what are the prospects for good growth in mortgages with LTVs
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