tag:blogger.com,1999:blog-77372244943485162762024-02-19T13:45:50.087-08:00Michael Detwiler's BlogThought Leadership from Mortgage Cadence CEO Michael DetwilerAnonymoushttp://www.blogger.com/profile/08494059909447170580noreply@blogger.comBlogger99125tag:blogger.com,1999:blog-7737224494348516276.post-52246680011167067802013-08-02T10:13:00.000-07:002013-08-02T10:13:25.442-07:00The Big Project<div class="MsoNormal" style="mso-outline-level: 1;">
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">In my July 9 post, I mentioned business was going well, keeping me
very busy and that I had several large projects underway. All were
occupying most of my time.<o:p></o:p></span></span></span></span></span></div>
<div class="MsoNormal">
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">One of the big projects culminated yesterday with the announcement
that Mortgage Cadence has become part of Accenture. I can honestly say I
had very high hopes for this little company when we opened the doors 15 years
ago. I think I can speak for the founding Prime Alliance team when I say
they, too, had great aspirations for our shared idea: mortgage lending is a
manufacturing process, that it could be made more compliant, efficient and
cost-effective and that the financing experience could also be greatly improved
for the borrower. None of us, it's also safe to say, imagined our company
and these ideas would be recognized by a global consulting, technology services
and outsourcing organization the magnitude of Accenture.<o:p></o:p></span></span></span></span></span></div>
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">What happens next? Plenty. I've joined Accenture as
Managing Director of Accenture Credit Services. I remain as intrigued by
the mortgage industry as I was at my first encounter. Certainly it has
changed and definitely it has become more complex, yet to a large extent, the
structural issues and the fundamentals are the same. We simply have to
make it adapt to today's possibilities. This is one of the opportunities
I look forward to.<o:p></o:p></span></span></span></span></span></div>
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">My team - the entire Mortgage Cadence Team - joins Accenture and
will continue to provide our solutions to our customers and to all mortgage
lenders as part of Accenture Software Services. <span style="mso-spacerun: yes;"> </span>They are a committed group of driven
professionals.<span style="mso-spacerun: yes;"> </span>As a team their
accomplishments over the years have been remarkable.<span style="mso-spacerun: yes;"> </span>And, if you've been following us, you know we
have been growing rapidly since last summer. Demand has never been higher,
driven by all the new dynamics of this ever-changing business. We thought
business was brisk before. Now it accelerates. Greatly. <o:p></o:p></span></span></span></span></span></div>
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">After reading this, you might be thinking it is business as usual,
albeit on a bigger stage. While there is some truth in it, another aspect
of this project is very exciting for us. Our technologies will also be
used to power Accenture Credit Services’ mortgage business process outsourcing
(BPO) capabilities. Outsourcing is one of Accenture's main businesses;
mortgage outsourcing is a relatively new focus. Mortgage Cadence's
technologies will shape the mortgage manufacturing process of the future,
exactly what we set out to accomplish in 1999!<o:p></o:p></span></span></span></span></span></div>
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<span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="color: black; font-family: Arial; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman";">I say the project culminated yesterday with the announcement,
though it's far from complete. We've come a very long way, and there's
further to go. Mortgage lending became efficient, once, before the bubble
burst. It's gotten inefficient again. Compliance, too, was easier
in the early 2000s but has now become one of the biggest concerns most lenders
have. And there is plenty of room for improvement in the financing
experience. The team and I, all now part of Accenture, have a great deal
of opportunity in front of us. The project continues, then, until closing
a mortgage is just as easy - and fast - as closing a car loan. I'd say we
have our work cut out for us.<o:p></o:p></span></span></span></span></span></div>
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Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com1tag:blogger.com,1999:blog-7737224494348516276.post-45994996640973519812013-07-12T11:43:00.000-07:002013-07-12T11:43:40.334-07:00It's Been Awhile<div class="p1">
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Hard to believe it's full-on summer. Harder to believe the last time I posted snow was flying in all parts of the country. Everyone was wearing parkas and boots. We're definitely into shorts and sandals weather now.</div>
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Time has flown by because the pace of our business has increased exponentially just since the first of the year. Our growth has been remarkable. The many and varied changes taking place in the mortgage industry have led to interesting, productive conversations with lenders. Not only have I been busy, I've been having a lot of fun as well.</div>
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Business at the current pace would be enough to keep me occupied. I like to be really busy, however, so I've taken on a number of big projects as well. While I am not ready to talk about what they are or how they might further improve on the mortgage process it won't be long before I can. I will say this, though, the new customers who have joined us combined with the projects underway make for exciting times and opportunities for our business.</div>
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You know I like to read. While traveling this last week I finished Susan Cain's book Quiet. Cain is a corporate attorney and an introvert. Quiet is about thriving, and helping introverts thrive, in our extroverted American culture. When she began practicing law she thought she might struggle because she tended to listen intently rather than talk frequently. When she did talk she tended to ask questions - lots of them - rather than make statements. She also knew she preferred, or even required, very quiet spaces in which to work.</div>
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What she found was her introverted nature served her well. Turns out listening carefully and asking many thoughtful questions are qualities of a good negotiator, and a good lawyer. Also turns out the detailed study of law and legal cases is often best done in quiet places. Being an introvert not only worked, it made her very successful. History, too, is full of successful introverts. Vincent van Gogh, Bill Gates, Meryl Streep, Clint Eastwood, Albert Einstein. Cain is in good company. </div>
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That got her thinking about how, as a culture, we came to celebrate extroverts while dismissing introverts. I wondered that, too because I work with a lot of introverts. As I was building the company I was careful, and adamant, about having quiet spaces where our developers could create. I suppose I knew intuitively they would have a hard time thriving in noisy, open office environments. It also seemed pretty obvious we could not or would not attract the creative software and other artists we needed to be successful if we didn't have the right environment. There wasn't any hard evidence at the time that supported these ideas. For that reason Cain's book was a revelation, and one of my best reads this year. If you're an introvert, celebrate it. I am and I do.</div>
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It won't be six months between posts. Not this time. Might not even be six days. Check back next weekend. One or two of those big projects I mentioned might just be ready for bright, summer sunlight.</div>
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Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-57124326108437154082013-01-02T10:42:00.001-08:002013-01-02T10:43:04.336-08:00Confident Leadership<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Arial, Helvetica, sans-serif;">Welcome to 2013! One thing I have learned and will be keeping top of mind this year is Confident Leadership. I have never had all of the answers, but I have always had the confidence to know that I could find them or find people who had them. Confident leadership is a must in today's business world. Teams of competent individuals need a leader to rally them with vision and with cause. A leader to help them navigate the course when it isn't clear. The secret behind confident leadership is helping your team find confidence in themselves. Asking them the right questions that allow them to see they knew what to do all along. Elite CXOs can help you and your team put these unique perspectives to work in your organization. </span><span style="font-family: Arial, Helvetica, sans-serif;">What have you learned from years past that will be top of mind for you this year?</span></div>
Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-23067004806148445152012-08-17T15:12:00.002-07:002012-08-17T15:13:08.551-07:0022nd Wedding Anniversary<iframe allowfullscreen="" frameborder="0" height="295" src="http://www.youtube.com/embed/FcE9O2otHxs" style="background-color: white;" width="480"></iframe><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Marriage is as much about commitment as it is about love,
and I am proud to say that I will have been married to my wife 22 years next
month. The song I am listening to, Morning Parade's "Headlights" is
the song I will sing my wife on our 22nd anniversary. Our marriage, like many,
has been one with great joys and great challenges. I can truly say that I love
my wife as much today as I did when we first met. It has been said that a
successful marriage requires falling in love many times, always with the same
person, and I am fortunate enough to say this has been the case for my wife and
I. Happy anniversary Christine!</span><o:p></o:p></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com1tag:blogger.com,1999:blog-7737224494348516276.post-90821048973741146272012-08-14T08:08:00.001-07:002012-08-14T09:03:22.525-07:00The Future of Lending: Mortgage Manufacturing<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Arial, Helvetica, sans-serif;">Over the years, I have promoted the manufacturing of mortgages mindset. The need for consistent, repeatable processes has only been amplified with the strict regulations directly impacting lenders today. I invite you to read my <a href="http://mortgagecadence.com/getattachment/dc9df305-dd2e-49d5-8e50-99c5c0a6a291/475.aspx" target="_blank">article from August's issue of Mortgage Banking Magazine</a>, and let me know your thoughts on this paradigm. What do lenders think of this mindset? What will it take for the industry to focus in on this trend and take steps towards this goal? Or are we already there? </span></div>
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<b><span style="color: #e69138; font-family: Arial, Helvetica, sans-serif;">Adopting a New Paradigm for the Mortgage Lending Process</span></b></div>
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<i><span style="font-family: Arial, Helvetica, sans-serif;">Mortgage Banking Magazine</span></i></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In the beginning, the process involved in acquiring home financing was much simpler than it is today. There was a great deal of time and paper involved back then, but the deal hinged on a committee’s decision, usually based on personal knowledge of the borrower. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Today, our process is far more complex--so much so that our business has for some time compared more favorably with that of a product manufacturer than a seller of financial instruments.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Technologists began viewing the lending process under a manufacturing paradigm over a decade ago when developing software. It was necessary to see the entire process as one contiguous whole in order to create tools that would integrate and connect processes quickly to move the deal through to the closing table. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The rise of a multitude of loan products during the subprime lending boom weakened the manufacturing paradigm as each deal became a “story loan” and the enterprise was managed by exception instead of any fixed rule.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">As the industry works to recover in the wake of the resulting bust, it is clear that the rigor imposed by a manufacturer’s view of the industry would have served everyone better.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Those that continue to resist a shift to that paradigm are receiving frequent and often harsh reminders of the potential repercussions. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The recent bump in originations, for instance, showcased a potential risk to the lender enterprise--at least to those who view the enterprise through the lens of an industrialist. Capacity is the problem or, as a manufacturer would put it, there is a lack of transparency in the supply chain.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">There are at least three good reasons for mortgage lenders to begin thinking about their operations in ways similar to manufacturers, and supply-chain management issues are first on the list. The others deal with customer relationship management (CRM) and regulatory compliance.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">As long as bankers have been risk managers, they have had to deal with third parties to supply them with the information and data they use to make decisions. Because much of the risk in the deals mortgage lenders originated in the past was sold off, supply-chain management was largely a matter of getting all of the vendors together and letting them decide who would offer the lowest bid for meeting appropriate service-level agreements. Those days are over.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The Consumer Financial Protection Bureau (CFPB) has made it clear that lenders are ultimately responsible for every aspect of their third-party vendors’ businesses, right down to the methods they use to train their people. While all of the rules have not yet been written, the CFPB has already established fines for non-compliance--some as high as $1 million per day.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Lenders can no longer focus on the low-cost bidder if they hope to remain compliant. Add that to the fact that obtaining talent is now more expensive as there are fewer experienced workers to fill more demanding jobs, and supply-chain management becomes nearly as important in the banking enterprise as risk management.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The tools required to effectively recruit, vet, manage and score vendors in the mortgage space are very similar to those that manufacturers use to run their operations. The Quality Assurance/Quality Control (QA/QC) processes required are also nearly identical.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In the past, many have claimed that there is no true customer relationship management in the mortgage industry. In truth, there is precious little loyalty here, either on the part of borrowers or the loan officers that serve them. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">There is “a churn and burn” business mentality where borrowers matter when they’re in the buy zone and then disappear completely when they do not qualify for our programs. CRM tools that have been offered to lenders have largely been ignored.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Consumers also have had little interest in hearing from mortgage lenders when not in the market for a new loan--but that may be changing. As part of its mandate to serve and protect American consumers, the CFPB has launched an Office of Financial Education and hired an executive in charge of “financial empowerment.” With a better understanding of the process, borrowers might learn from the government a new set of standards that they may one day apply to all lenders. As it is, CFPB has already made it very simple for a consumer to file a complaint against a mortgage lender for any reason.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">To mitigate the potential risk of borrower ill will and the resulting and as yet undefined penalties the CFPB may apply to it, lenders must approach CRM in a new manner--a methodical manner in which the borrower experience is treated as one more quality of the finished product (the loan), subject to the same quality controls applied to the rest of the lending process. The ultimate outcome will be significantly higher levels of customer service, resulting in increased consumer satisfaction.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">But borrower sentiment is only one of many factors that CFPB will monitor in an effort to bring to life the letter of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In fact, there are so many rules that will come out of this law that lenders will have no choice but to consider compliance with each of them as one more discrete unit of resource that must be built into every loan that comes off the line. Managing the lending process by exception no longer makes any sense.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">On the other hand, leveraging the mature tools our industry has developed to ensure quality, such as enterprise resource planning (ERP) and Six Sigma, can be an invaluable source of previously unknown benefit to lenders. Even as American manufacturers have made great strides in creating enterprises capable of zero-defect value creation, so will lenders learn to use the same tools to create mortgages that are fully compliant.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">There are those looking to revolutionize the industry and who wholeheartedly believe in the concept of manufacturing mortgages. Dan Green, previous executive vice president of Prime Alliance Solutions Inc., Edina, Minnesota who assumed the position of executive vice president of marketing for Mortgage Cadence post-acquisition, said at the time of the acquisition, “I expect to quickly combine our already strong companies together and create one brand and extensive product suite that continues to revolutionize the lending landscape by taking a manufacturing approach to the process and creating zero-defect mortgages.” A strong statement, if I do say so myself.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Today, our industry finds itself in a position to start over. By learning from other industries and adopting a new paradigm for mortgage lending and servicing, we can guarantee success for consumers, regulators and our own industry.</span></div>
Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com6tag:blogger.com,1999:blog-7737224494348516276.post-48121706513110686022012-08-03T16:16:00.003-07:002012-08-03T16:17:11.679-07:00Weekend Getaway: Sturgis Annual Rally<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Arial, Helvetica, sans-serif;">The weekend is upon us! As I have shared in previous posts, riding and my motorcycles are a huge passion of mine and my family’s. This weekend, I am headed up to Sturgis in South Dakota for a few days for the 72nd Annual Rally. Despite what people may associate with this event, it is not the drunken debacle everyone says it is. When we are there, we fill our time with going out to nice dinners, taking beautiful rides in the scenic Black Hills and surrounding Badlands, and attending several art openings, galleries, and book signings. My family and I go up there many times throughout the year as it is just a 350 mile ride from our home in Colorado. Between the open road and the unique landscape of Wyoming and South Dakota, there is no shortage of beautiful scenery; whether the day brings ominous clouds, wildlife, or the perfect riding weather, the serenity of this ride is hard to explain without experiencing firsthand.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">I would highly recommend the journey up I-85 to the Black Hills if you ever get the chance. The Black Hills can be more beautiful than even the Rocky Mountains under the right circumstances. After a brief rain shower, everything seems to radiate an inner glow of deep, yet vibrant greens. There are so many great places to stop from antique shops to restaurants in the small towns sprinkled throughout the Hills on your way to Sturgis, and the people are extremely welcoming and always friendly. I can’t wait to get this weekend started, and I encourage you all to do something this weekend that really fulfills you and helps bring you back to the simple things in life!</span></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-92144420696816380202012-07-24T13:40:00.003-07:002012-07-24T13:43:19.266-07:00Is Your Chair-Based Lifestyle Affecting Your Memory?<div class="separator" style="clear: both; text-align: center;">
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-align: justify;">Working in the Software Development industry, it’s common to see developers reclining in their "souped-up” office chairs writing code that ultimately shapes the direction of our technology. Even our other departments are seen spending numerous hours sitting at their desks taking phone calls and typing up emails. However, with </span><a href="http://www.inc.com/jessica-stillman/be-smarter-get-up-and-walk-around.html" style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-align: justify;" target="_blank">more research</a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-align: justify;"> coming out about the negative impacts of living a “chair-based lifestyle”, it is time to consider making changes within the workplace. The impacts of sitting all day go deeper than the well-known physical damages that result from reduced metabolic rates. New research has shown that in addition to reduced energy levels, being sedentary for extended periods of time also reduces overall mental activity and memory. As a result, more companies are taking the first steps towards creating wellness programs for their employees.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">I understand that there will always be some individuals that prefer sitting at their desk all day, and that is a choice they can make. However, others feel the negative impacts of sitting and, I believe this creates the potential for depression and unhappiness. I often hold “walk and talk” meetings with individuals from my team while walking outside whether with a destination in mind or just as a means of getting out of the office. In addition, as part of Mortgage Cadence’s new wellness program, we are currently testing out a treadmill desk that will allow employees to make phone calls via a headset while utilizing the desk to set their laptops on. If this proves to be successful, more will be phased in. My hope is that those who test the treadmills out will experience increased focus and a feeling of improved productivity, which will ultimately lead to a happier and healthier work environment. What do you think of these new treadmill desk, and what other changes do you think would help get people up and moving while at work?</span></div>
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<br /></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com4tag:blogger.com,1999:blog-7737224494348516276.post-62979103594427129412012-07-20T10:52:00.000-07:002012-07-20T14:03:44.104-07:00What I'm Listening To Now<span style="background-color: white;"><span style="font-family: Calibri, sans-serif;"><span style="font-size: 11pt;"><b>The Temper Trap - <i>Trembling Hands</i></b></span></span></span><br />
<span style="background-color: white;"><span style="font-family: Calibri, sans-serif;"><span style="font-size: 11pt;">I was already planning on sharing the below song, but with the recent Aurora, Colorado shooting, it seems all the more </span><span style="font-size: 15px;">relevant</span><span style="font-size: 11pt;">. My
most heartfelt thoughts and prayers go out to all those impacted by the shooting. There is something to be gained in all of this darkness. When someone
calls out for help, listen. Do what it takes to get them the help they need.</span></span></span><br />
<iframe allowfullscreen="" frameborder="0" height="295" src="http://www.youtube.com/embed/iW0uYfq3VLU" style="background-color: white;" width="480"></iframe><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgATFIHJOBDxdr08lFYOvaZEIKgKYDkoR35jm4hALmP1ZcT7P5OF4j1a4CjKVRhf_GEQ8EQEsXmH4hy9jZKc_K0sV2FqWGc9usENqcQ2Li2I00B-drbXXBrEpGad3oPhcvJo-BiUtLKY44/s1600/TheTemperTrap.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><br /></a><a href="http://www.thetempertrap.com/shows/" target="_blank"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgATFIHJOBDxdr08lFYOvaZEIKgKYDkoR35jm4hALmP1ZcT7P5OF4j1a4CjKVRhf_GEQ8EQEsXmH4hy9jZKc_K0sV2FqWGc9usENqcQ2Li2I00B-drbXXBrEpGad3oPhcvJo-BiUtLKY44/s200/TheTemperTrap.jpg" width="200" /></a><br />
<span style="background-color: white;"><span style="background-color: white; font-family: Calibri, sans-serif; font-size: 15px;">Currently touring the US. Check them out!</span></span><br />
<br />Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-71409045909001096802012-07-19T08:06:00.003-07:002012-07-19T08:07:05.282-07:00Good News on Homes: Negative Equity Declining<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIvJV7rcYoVrriZvvgDuixIHcl0GNdmhGAD6_FAjxOWN-m57XJaFT3NpOhxvQVCJzmQKb1As7ArS9ZGF7Tsd9Gq8T4Ubca1pWJ9ubNgnXMG_Vd3DPYdpV9mBRCisFbM9nMEExzmvoldOk/s1600/Housing.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIvJV7rcYoVrriZvvgDuixIHcl0GNdmhGAD6_FAjxOWN-m57XJaFT3NpOhxvQVCJzmQKb1As7ArS9ZGF7Tsd9Gq8T4Ubca1pWJ9ubNgnXMG_Vd3DPYdpV9mBRCisFbM9nMEExzmvoldOk/s320/Housing.jpg" width="320" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The below was sent to me by <a href="http://www.linkedin.com/pub/donald-m-miller/28/4a7/b48" target="_blank">Donald M. Miller</a> with W.J. Bradley Mortgage Capital, LLC regarding the housing marketing. These new stats are definitely a positive sign of hopefully things to come.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">According to a new report by Core logic, 11.4 million (or 23.7%) of all U.S. mortgaged residential properties are in “Negative Equity” (when a borrower owes more on their mortgage than their property is worth). </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">These figures are down from 25.2% in Q4, 2011. The Negative Equity share is at its lowest in nearly three years. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Here are some details from the report. This is good news, slight as it may be, but good news! </span></div>
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<li><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;">Negative Equity declined to $691 billion in Q1, 2012, down from $742 billion in Q4, 2011. </span></li>
<li><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;">More than 700,000 households returned to positive equity in Q1, 2012. </span></li>
<li><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;">2.3 million borrowers had less than 5% equity, i.e. near Negative Equity in the Q1, 2012. </span></li>
<li><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;">Negative Equity and near Negative Equity mortgages accounted for 28.5% of all residential properties in Q1, 2012. This is down from 30.1% in Q4, 2011. </span></li>
<li><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;">Nevada had the highest Negative Equity percentage with 61% of all mortgaged properties underwater.</span></li>
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<span style="font-family: Arial, Helvetica, sans-serif;">Decline in home values or an increase in mortgage debt is the cause of increase in Negative Equity. Negative Equity improved, in large part, due to improvements in home price levels. Additionally, sell through of existing inventory is fast and furious as we enter mid-summer. </span></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-53732400834820306312012-07-17T06:57:00.005-07:002012-07-17T06:57:50.804-07:00Conclusion: The LOS vs ELS Debate<br />
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">Over the past few months, I have addressed the long-standing debate between the LOS vs ELS. Is there a difference? Does a true ELS really exist? Does the LOS still have a place? The answer to all of these questions is yes. The LOS of today is not trying to be an ELS. It is a standard pre-configuration of the Enterprise Lending Solution and is generally geared for small to mid-size regional banks and credit unions looking to get up-and-running quickly with little configuration or customization. The ELS, on the other hand, is highly customizable and is designed for larger lenders with internal IT staff and development resources looking to create customized platforms that mirror their internal processes while leveraging extremely advanced technology. Both platforms are meant to increase throughput, decrease costs, and mitigate risk while maintaining compliance. </span></div>
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<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhADbG02Siyn2Imh-Z2Fg2JXHcocuvQssZA0d04U7-Uqt_9zVraglVTWD96vNGRnPLoxKSQnINmHGBizagRbYgODltXhRq3Fnb8Nj0nkFQVexqsrENIEz3V67eCsF1fCEKWMoNWJq25tdU/s1600/small-vs-large.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhADbG02Siyn2Imh-Z2Fg2JXHcocuvQssZA0d04U7-Uqt_9zVraglVTWD96vNGRnPLoxKSQnINmHGBizagRbYgODltXhRq3Fnb8Nj0nkFQVexqsrENIEz3V67eCsF1fCEKWMoNWJq25tdU/s320/small-vs-large.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;">Bigger is not always better. <br />Start off with technology that fits your current needs.</span></td></tr>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">As we enter the halfway point of the year, it is more important for lenders to recognize their pain points and what is holding them back from success in this “Borrower’s Market”. By recognizing whether you have the internal resources to manage and customize an ELS or whether you want your vendor to take 100% of this on so you can focus on your business, you can begin to decide what is right for you – a loan origination solution or an enterprise lending solution. The line gets blurrier as the customization goes up, but it is crucial to know that you can choose to implement an LOS's best lending pre-configuration with plans to move up to an ELS. Getting live on a system is crucial in order to establish a foundation on which to build upon. In addition, setting expectations upfront with your new vendor and having a well-defined process led by an Internal Project Manager can help reduce the risk of over-customization that can hold back go-live. By knowing what is crucial to your business can help establish a strong system, leading to happier customers and the beginning of a long and prosperous partnership. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">So are you ready to make the switch? How long will you let the inefficiencies of antiquated systems play a detrimental role in your business? It’s amazing to me how many prospects come up to me complaining about how incredibly unhappy they are with the performance of their current platforms. I’ve been listening to what lenders have been saying in an effort to meet those needs unlike any other vendor in the mortgage technology space. It’s no secret that Mortgage Cadence’s ELS is second-to-none in the industry, and now, <a href="http://mortgagecadence.com/Content/News-and-Media/Press-Releases/Breaking-News!-Mortgage-Cadence-Acquires-Prime-All.aspx" target="_blank">with our recent acquisition</a>, we will now be able to offer more options to the credit unions and regional banks looking for an LOS. </span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: x-small;">The process of switching to the LOS or ELS of today is easier than you may think, and it’s worth it to get rid of a system that is handcuffing you with inefficiencies. Why do you think so many lenders are willing to sacrifice performance and stay in an unhappy partnership with their current vendor? What’s holding people back?</span></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-34172952306403645682012-06-29T11:21:00.002-07:002012-06-29T11:28:39.309-07:00Hot Rods and Car Shows<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgdW25T8s1VuWjDM8rEKOUpe4FSLuFWG3EQCJhuA_acZHOy_5aV-iiIIixnYMc_CMZp1Vb1RQMLJj7iFWyjO0XZtQQlXWUBBCSVdQAiWmznHZRkwZHY_gYIp1Fv3bBKa3Rp6j7cAyG6JQ/s1600/1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgdW25T8s1VuWjDM8rEKOUpe4FSLuFWG3EQCJhuA_acZHOy_5aV-iiIIixnYMc_CMZp1Vb1RQMLJj7iFWyjO0XZtQQlXWUBBCSVdQAiWmznHZRkwZHY_gYIp1Fv3bBKa3Rp6j7cAyG6JQ/s320/1.jpg" width="320" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white;">Recently, I have been
able to take some time to travel for pleasure and digest everything that has
taken place since the beginning of Spring. In taking some time to clear my mind
and focus on one of my personal hobbies, I attended the 15</span><sup style="background-color: white;">th</sup><span style="background-color: white;">
Colorado Nationals Good Guys Hot Rod and Custom Show in Loveland, Colorado
earlier this month, which I have been a member of for many years now.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uXSndEpgW7YEzCB2HVT9ZgXA1Gv0vP1C14FQCuFZgRlDikYN157XMH9abEEfQnCUXiA2N7CfGsXJvtEAmNj3tjsHYmItnnpRd6p9LaaVXGqx4125luUrZmSBQl2BInRw8MOW7CLZO_M/s1600/2.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"></a><span style="font-family: Arial, Helvetica, sans-serif;"></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Along with my family, I brought along my ‘32 Highboy
Roadster (see top photo), and even though it was not submitted for any awards,
I was flagged down and given the Staff Choice Award. I have put a lot of heart
into restoring this Roadster and was pleasantly surprised to win! <o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">In addition to the Colorado show, my father and I packed up
the trailer with my car and our motorcycles and headed out to Los Angeles for
the 48<sup>th</sup> Annual L.A. Roadster Show.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiD9jXD0j2q6OWvd98xwnKoTGiE16VW2Vhcyn1tQ_KfqMwpRRRDhtVOeaKk0l_m9Dv6paMrv3HkT4SAcUMQ1h3NUKDkKEuPfWhcBroVZKHiOHgTvYD9Ir7v4v1-9cTuGX9AuCN5rNnv7E/s1600/3.jpg" imageanchor="1" style="background-color: white; clear: right; display: inline !important; float: right; margin-bottom: 1em; margin-left: 1em; text-align: center;"><span style="font-family: Arial, Helvetica, sans-serif;"></span></a><span style="background-color: white; font-family: Arial, Helvetica, sans-serif;"></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Interestingly, the LA Roadster Show was formed in the early
50s when guys would stop at the original Big Boy drive-in restaurant located in
Hollywood, ready to drag race. The club became official in 1957 and has now
turned into a world-class swap meet. Over the course of 2 full days, we walked
the several acres’ worth of motorcycles and hot rods. If you know what you’re
looking for, you will find some absolutely amazing treasures for both motorcycle
and hot rod enthusiasts alike.</span></div>
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-align: justify;">At the end of it all, the time spent with friends and family allows me to recharge my batteries and get in a state of mind ready to tackle the coming weeks. What is your outlet when you want to take a break from work?</span></div>
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<a href="http://www.laroadsters.com/" target="_blank"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiD9jXD0j2q6OWvd98xwnKoTGiE16VW2Vhcyn1tQ_KfqMwpRRRDhtVOeaKk0l_m9Dv6paMrv3HkT4SAcUMQ1h3NUKDkKEuPfWhcBroVZKHiOHgTvYD9Ir7v4v1-9cTuGX9AuCN5rNnv7E/s200/3.jpg" width="186" /></a><a href="https://www.good-guys.com/" target="_blank"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3uXSndEpgW7YEzCB2HVT9ZgXA1Gv0vP1C14FQCuFZgRlDikYN157XMH9abEEfQnCUXiA2N7CfGsXJvtEAmNj3tjsHYmItnnpRd6p9LaaVXGqx4125luUrZmSBQl2BInRw8MOW7CLZO_M/s200/2.jpg" width="200" /></a><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span><o:p></o:p></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-60569858806254867952012-06-22T10:51:00.001-07:002012-06-22T10:51:34.760-07:00End of the Week Thoughts | Positive Forward Momentum<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg68epNkoztGZNYPukibCX0SujoDDMvWvs96KufBZ724wEyyPML-WMfG1_EIdeXvcFyqH1XWMdnG5PuQvJp4SRoUr8TqWNWKQJdXRiKIibzdJ0txgV4jMYrKdL4FBiP8uyxJtconQKVWE8/s1600/calendar.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg68epNkoztGZNYPukibCX0SujoDDMvWvs96KufBZ724wEyyPML-WMfG1_EIdeXvcFyqH1XWMdnG5PuQvJp4SRoUr8TqWNWKQJdXRiKIibzdJ0txgV4jMYrKdL4FBiP8uyxJtconQKVWE8/s200/calendar.jpg" width="200" /></a></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">As I close out one of the busiest and most exciting weeks at Mortgage Cadence, I am very pleased at the reception we have received. The positive reaction from not only the media but also our customers has been overwhelming, and I am so glad they were able to see the ultimate vision of the acquisition. Continuing to travel down the path of a customer-centric approach to mortgage technology, this was a natural decision but was not without much consideration and due-diligence. Austin Kilgore wrote a <a href="http://www.nationalmortgagenews.com/blogs/bytes/mortgage-vendors-square-off-1031052-1.html?zkPrintable=1&nopagination=1" target="_blank">well-written post</a> discussing the distinct differences in approach between being privately-held like Mortgage Cadence and publicly-held like other entities doing business in the markets we serve. He really captured the essence of what I have been conveying all along; the decision was based largely on Mortgage Cadence and Monitor Clipper Partners’ belief in a customer-centric approach to lending. Ultimately, lenders appreciate technology providers geared towards customer service rather than forcing change through acquisition. I believe we have done just that through this transaction, and the decision to focus on the customer will ultimately lead to our continued profitability and success. </span></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-45899244213237774492012-06-21T07:22:00.003-07:002012-06-21T07:22:59.841-07:00The Five R's of Superior Service<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLAbyHIOgai86dEM0bibYSgsdkAeHz4rQCnUuvDwttpsy5pHQF40PFKjnyuL1he-jxuWU2YDdumW3i3cwcRP6X36OKg3laGIm5wW2NTA5PQRn54PkixnQ6wnCXvPoe8_FB4PdneU1GADc/s1600/middle-finger-censor_pan_17846.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLAbyHIOgai86dEM0bibYSgsdkAeHz4rQCnUuvDwttpsy5pHQF40PFKjnyuL1he-jxuWU2YDdumW3i3cwcRP6X36OKg3laGIm5wW2NTA5PQRn54PkixnQ6wnCXvPoe8_FB4PdneU1GADc/s320/middle-finger-censor_pan_17846.jpg" width="320" /></a></div>
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<span style="background-color: white;">As I have grown Mortgage Cadence over the years and established our reputation as the leader in the mortgage technology industry, we have also worked hard to be the only company to offer a customer experience that is unmatched. Recently, I read an </span><a href="http://www.inc.com/chris-mittelstaedt/build-customer-service-culture-5-tips.html" style="background-color: white;" target="_blank">article on Inc.com</a><span style="background-color: white;"> that highlights the five core values to an exceptional customer service experience. CEO of a fresh fruit delivery company, Chris Mittelstaedt, summed up the Five R's of Superior Customer Service well. Below are his five R's and my thoughts on each as they related to the mortgage technology business:</span></div>
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<span style="background-color: white; font-family: Verdana, sans-serif; font-size: x-small;"><b>1. Be Respectful</b></span></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">There are times when customers may be upset and come off disrespectful, but no matter what, we must treat everyone equally and be receptive to their concerns and what they are trying to convey.</span></div>
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<b>2. Be Responsive</b></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">Observe, listen, and understand your customer's problems before creating solutions. This has been key to our success and has allowed us to take our technology to the next level time and time again. </span></div>
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<b>3. Be Realistic</b></div>
</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">Set realistic expectations! This is crucial to a successful implementation and fundamental to any successful technology business. </span></div>
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<b>4. Be Responsible</b></div>
</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">When everyone takes ownership of their responsibilities and the way tasks are delegated and handed off, the doors to greater communication are inherently opened.</span></div>
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<b>5. Be Remembered Positively</b></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">Be able to walk away from an interaction with your head held high. If you aren't able to do this, something went wrong in the above 4 R's. I strive to create a work environment that offers a positive culture to ensure that everything we do, and the interactions we have with customers, are left on a positive note.</span></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;"><br /></span></div>
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<span style="font-family: Verdana, sans-serif; font-size: x-small;">Are there any other R's you think are crucial to not only a positive work environment but a positive customer experience that are not listed above? Post your thoughts in the comments!</span></div>
</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com4tag:blogger.com,1999:blog-7737224494348516276.post-5077420914856874552012-06-20T08:23:00.003-07:002012-06-20T08:25:26.110-07:00Breaking News! Mortgage Cadence Acquires Prime Alliance<br />
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<a href="http://www.mortgagecadence.com/" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" height="87" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYobolgBCzO1YEEd8iu4cyy7hAVF_PTtPVOEGhRJxx_F3oa2zj0NdrfuAMRAFLQ-AalhyphenhyphennruNhkxrBfqXqmZXdne_6BGMYDqvm7afamAHqu78O13yw9YsCvrvz5WBUInABd1Nqg8Z5-iA/s200/MC_Logo_Flagship.png" width="200" /> </a><a href="http://www.primealliancesolutions.com/" style="background-color: white; display: inline !important; margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" height="73" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFPnk_ULCedRF7x5FzRO0Y4i5EW3F7OWZDvSP77Rajoo4Xfuf9GFplHw8ELFN165dL9mx6RGAltMhn432QW1AHvno96XZS5CvhQ1qfYbN-OpRbhnHKVh2b2atVWc56YPutmf2FMIyGbrs/s200/pa_logo_ms.jpg" width="200" /></a></div>
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<span style="background-color: white;"><br /></span></div>
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<span style="background-color: white;">Recently, my blog posts have been few and far between, and
you may be wondering where I've been. Over the past few months, I have been
extremely busy travelling all over the country, meeting with customers and prospects,
and working through potential acquisitions. We are in the midst of some very
exciting times at Mortgage Cadence, and I’m excited to share with you the
announcement of Mortgage Cadence acquiring Prime Alliance!</span></div>
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To give you a bit of background, in late 2010 Mortgage
Cadence announced its relationship with Monitor Clipper Partners in an effort
to support our growth plans and progress our offerings with the end goal of
exceeding customer expectations. I believe our relationship with Monitor
Clipper has produced many tangible advancements in our overall business
operations and in the solutions we provide our customers as we continue to
strive to be the single best partner our clients work with. <o:p></o:p></div>
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The reasons for the acquisition of Prime Alliance are very
simple, I see the Prime Alliance team as very talented and their technology
advanced. We also share a vision and manufacturing mindset that will
continue to automate the mortgage process resulting in our customers’ ability
to confidently deliver 100% compliant products. I believe that combining
our organizations will greatly benefit our customers in the form of
leading-edge solutions and providing world-class customer service; supported by
the best and most experienced individuals in the mortgage lending space.<o:p></o:p></div>
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There are more exciting updates to come, but for now know
that our commitment to the mortgage industry is as strong as ever, and I look
forward to all the doors this will open!<i><span style="font-size: 9pt;"><o:p></o:p></span></i></div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com3tag:blogger.com,1999:blog-7737224494348516276.post-22432979430908460212012-01-05T08:08:00.000-08:002012-01-05T08:11:13.448-08:00Totally ridiculous!!<div style="text-align: justify;"><b><span style="font-size: large;"><a href="http://news.investors.com/Article/596657/201201041546/doj-orders-boa-to-fund-community-groups.htm?src=HPLNews" target="_blank">BofA Must Pay Excess Settlement Funds To Acorn Clones</a></span></b></div><div style="text-align: justify;"><b>By PAUL SPERRY, FOR INVESTOR'S BUSINESS DAILY </b></div><div style="text-align: justify;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpVDhJ2csV9XnoJOAc5rhgBiOS2hNSc2wIWcL0EMbquyV69wjXmgE6QMdK6AfZN3zG_JH55KJIPReq_tC4eMTt1W8yRc5iqQBrazA2KVXgmC5DUkrdy8TcM7Dah2PxwqOdxFfsaBxwJlc/s1600/Untitled.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em; text-align: justify;"><img border="0" height="197" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpVDhJ2csV9XnoJOAc5rhgBiOS2hNSc2wIWcL0EMbquyV69wjXmgE6QMdK6AfZN3zG_JH55KJIPReq_tC4eMTt1W8yRc5iqQBrazA2KVXgmC5DUkrdy8TcM7Dah2PxwqOdxFfsaBxwJlc/s320/Untitled.jpg" width="320" /></a></div><div style="text-align: justify;">Bank of America (BAC) must turn over excess funds from a record $335 million discrimination fine to community organizing groups. Critics say it's a "political backdoor" to subsidize Democrat-tied Acorn "clones."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The unusual mandate is buried in a Justice Department filing last month detailing settlement terms with the nation's largest bank. Prosecutors had alleged BofA's Countrywide Financial mortgage unit discriminated against minority homebuyers in the years leading up to the financial crisis.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Funds not passed out to alleged victims after two years will be handed out to "qualified" groups unconnected to the case that provide credit and housing counseling and similar services to blacks and Hispanics in areas where the discrimination allegedly occurred.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Prosecutors say the more than 200,000 alleged victims of Countrywide subprime loans reside chiefly in Chicago, Detroit, Los Angeles, Phoenix, Las Vegas, Denver, Houston, Dallas, Atlanta and Washington, D.C. Community organizing groups have large operations in these cities.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The order further states that recipients of such funds can't be tied to Bank of America. But they can include nonprofits that offer financial education, counseling and other aid related to mortgage programs to which BofA has "furnished substantial support."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">In 2008, BofA donated $2 million to Acorn Housing Corp. of Chicago. It also gave $500,000 to the National Community Reinvestment Coalition of Washington and $300,000 to the National Urban League of New York.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The government must OK the selection of nonprofit groups benefiting from money left over from the $335 million interest-bearing escrow fund ‹ the largest U.S. residential fair-lending settlement ever.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Millions of dollars could end up at housing-rights groups that pressure banks to lower underwriting standards for uncreditworthy borrowers, critics say.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Justice is improperly using banks to subsidize Democratic-aligned groups, Heritage Foundation fellow Ernest Istook says.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"It's a shakedown," the former GOP Oklahoma congressman told IBD. "This is another political backdoor to use the government to channel money to your friends."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Under the settlement, BofA can not discuss details of the case. But in court papers, it denied all the discrimination charges and argued that it had pledged "substantial" sums to such community organizers before the crisis.<br />
<br />
</div><div style="text-align: justify;"><b>Countrywide's Other Bill</b></div><div style="text-align: justify;">When BofA bought Countrywide in 2008, it committed a record $1.5 trillion to minority lending and urban reinvestment. The 10-year accord replaced the bank's half-finished $750 billion goal set in 2004, when it acquired Fleet Bank.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">A key recipient of that earlier deal was Boston-based Neighborhood Assistance Corporation of America, certified by HUD to counsel delinquent borrowers.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">NACA founder Bruce Marks has called mortgage standards requiring down payments and good credit "patronizing and racist." He has also demanded banks stop foreclosures on subprime homes.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">In 2004, Marks threatened to blow up the BofA-Fleet deal by complaining to regulators that the banks were not making enough loans to minorities under the Community Reinvestment Act. The banks, in turn, pledged to make $6 billion in mortgages for borrowers with weak credit, along with other funding.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">That year, U.S. banks promised a record $1.6 trillion in loan commitments to CRA lobbyists ‹ who, all told, have wrung $6.1 trillion in CRA agreements and commitments since the anti-redlining law was enacted in 1977.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Such accords also often include pledges to provide flexible terms, including lower down payments with a waiver of higher interest rates and fees to cover the added default risk. Also, banks typically agree to a second review of minority applicants with marginal credit scores.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Bank mergers had become "a major point of leverage ‹ and source of funding ‹ for community activist groups," said Competitive Enterprise Institute analyst Michelle Minton.<br />
<br />
</div><div style="text-align: justify;"><b>Nonprofits Exact Bank M&A Fees</b></div><div style="text-align: justify;">Federal regulators must consider complaints from such groups in issuing CRA ratings and ruling on merger deals, giving banks a strong incentive to bow to their demands.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">In the 1990s and early 2000s, one in five financial institutions were acquired in a merger or acquisition. But banking M&A has slowed, and so have banks' loan pledges to these nonprofits, from 2004's peak $1.6 trillion to just $12 billion in 2007. (Analysts say BofA-Countrywide's 2008 commitment of $1.5 trillion was an exception.)</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">BofA and Wells Fargo (WFC) are close to the 10% deposit cap. Each owns about 10% of U.S. deposits, which means they can't legally acquire other banks without divesting branches.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">CRA lobbyists have expressed frustration with the lack of opportunities to hold banks "accountable."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"A dwindling number of mergers and acquisitions deflates the opportunity for consumers to comment on CRA ratings ," Greenlining Institute executive director Orson Aguilar recently testified.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Istook believes Attorney General Eric Holder is stepping in on their behalf to "extort" money from banks.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"They are creating a grant program, unsupervised by Congress, unconstrained by any government safeguards or accountability and with no guidelines to control or restrict the Department of Justice in giving or withholding approval of who gets the money," he said.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Last year, Justice ordered two AIG bank subsidiaries to finance such organizations as part of their punishment for allegedly discriminating against black borrowers. Under a March 2010 consent decree, Federal Savings Bank of Delaware and Wilmington Finance of Pennsylvania must pay a minimum of $1 million to "qualified organizations" that help "African-American borrowers."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">While Justice would not provide a complete list of approved nonprofits, a spokeswoman told IBD that the National Urban League and Operation Hope are eligible for AIG settlement funding.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The National Urban League has aggressively opposed stricter credit standards. It argues that requiring 20% down payments "stifles homeownership for communities of color."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Operation Hope's founder, John Bryant, is a CRA activist and major Democratic donor who serves on President Obama's financial advisory council.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">At least some of the Obama administration's record number of bank discrimination cases seem to be coming from the same types of community activists that Justice is ordering banks to financially support.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Justice last year sued Midwest BankCentre of St. Louis for failing to offer enough credit to the city's poor and African-American residents after the St. Louis Equal Housing and Community Reinvestment Alliance began writing complaints to federal regulators.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">© 2012 Investor's Business Daily, Inc. All rights reserved. Investor's Business Daily, IBD and CAN SLIM and their corresponding logos are registered trademarks of Data Analysis Inc. </div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com1tag:blogger.com,1999:blog-7737224494348516276.post-35305640505516930982011-12-22T13:56:00.000-08:002011-12-22T13:56:26.867-08:00Happy Holidays!<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw-IkVrfPmFjI2xECPO-vosBoBuX4FwW49RozCubEX8-Lcl4_HyaZD6otzEN_B0NccmTWeXTJ-TjiXOs6TrWVBo03aExw3AqlcR-o4dXptIpLHAVP22wwcka-0TsXlYq0HEn6SQzvcJj0/s1600/happy-holidays_1890_1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="225" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhw-IkVrfPmFjI2xECPO-vosBoBuX4FwW49RozCubEX8-Lcl4_HyaZD6otzEN_B0NccmTWeXTJ-TjiXOs6TrWVBo03aExw3AqlcR-o4dXptIpLHAVP22wwcka-0TsXlYq0HEn6SQzvcJj0/s320/happy-holidays_1890_1.jpg" width="320" /></a></div><br />
<div style="text-align: justify;">It’s hard to believe we are in the midst of the holiday season. As you begin travelling in the coming days, I would like to wish you all a safe and very happy holidays! I hope this season is filled with all that brings you joy and makes this such a wonderful time of year. More than anything, I am looking forward to focusing on what bring me the most joy: family. Here’s to you and yours; may you have a great holiday season and a prosperous new year!</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-47219087036480818872011-12-09T11:55:00.000-08:002011-12-09T12:25:43.910-08:00Part 2: The Enterprise Lending Solution (ELS)<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FxrGIAIhIVTOqQnAN_n_u-Mj1-PXMV4f6GkqQ6G7Qadktq_puV511u5mdiaP9kX34EvJGQCl7XXYCrXKj-lIFdqfhbZZIFifhbVbx3FbpDdPINYwk5gPlGU1AsyUwGnIaHAEBJ37xQo/s1600/computerhero.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="243" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-FxrGIAIhIVTOqQnAN_n_u-Mj1-PXMV4f6GkqQ6G7Qadktq_puV511u5mdiaP9kX34EvJGQCl7XXYCrXKj-lIFdqfhbZZIFifhbVbx3FbpDdPINYwk5gPlGU1AsyUwGnIaHAEBJ37xQo/s320/computerhero.jpg" width="207" /></a></div><div style="text-align: justify;">To recap Part 1 of the LOS vs ELS series, I took a look at what has historically been recognized as the LOS. Overpromises of an end-to-end solution offering the flexibility lenders needed, while under-delivering technology that was mediocre at best – that is – if the implementation even got the client off the ground.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">With lenders catching on to the false promises of LOS providers, it was clear they needed to look for something different. Enter the ELS, a term coined by Mortgage Cadence in 2005. The Enterprise Lending Solution was created through not only hearing, but understanding, the cries for help within the industry. Lenders didn't need a system to simply store their loans - they needed a system that allowed each person involved in the lifecycle of a loan to immediately access that loan at the appropriate time, in a manner that was efficient, and in a way that reduced the risk of manual errors.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">What did all of this mean for the ELS? The ELS needed to replace the disparate systems and create one, consolidated solution. It also meant that a workflow engine needed to be put in place allowing the creation of rules to drive tasks and manage the loan process with as little human intervention as possible. No longer would users have to re-input data between systems and risk manual data-entry errors. The efficiency gains and return on investment were enough to convince many forward-thinking lenders to take a chance, since what they were doing was not working. The results speak for itself:<a href="http://mortgagecadence.com/MortgageCadence/media/MortgageCadenceImages/Documents/Combined-Case-Study.pdf?ext=.pdf" target="_blank">case studies </a>showing 30% efficiency gains and cost savings in the millions over the first few years.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">However, you will notice I have been speaking in the past tense. The ELS was introduced to the marketplace in 2005 with great success. The buzz word caught on and became almost synonymous with "LOS" as technology providers sought to ride the "ELS Wave", diluting the term. Where are we today and what does the future look like as the mortgage industry rebuilds? Stay tuned to find out.</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-44359457521547931492011-11-29T12:34:00.000-08:002011-11-29T12:34:55.366-08:00Economic Outlook: Nearly 90 Bank Failures This Year<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikXcVPVYazTFOqQUPsel3RjhIsphH0g5zpYF_EHp1d2N2Dn4Rt3SWGAlvi4Rc08Gy0pUrP0FwkXK3Xxf8LOzNB-Fp4JsLlDsbXF7FRRzhI5gIlTdbFcXDLfGs0BkxtbSURz08k33osBL0/s1600/bank-collapse1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikXcVPVYazTFOqQUPsel3RjhIsphH0g5zpYF_EHp1d2N2Dn4Rt3SWGAlvi4Rc08Gy0pUrP0FwkXK3Xxf8LOzNB-Fp4JsLlDsbXF7FRRzhI5gIlTdbFcXDLfGs0BkxtbSURz08k33osBL0/s320/bank-collapse1.jpg" width="320" /></a></div><div style="text-align: justify;">At first glance, the list below speaks for itself; if you were to tally up the total number of bank failures in 2011 alone, you would end up with a whopping 87 failed banks. But this is not the full story. Take a closer look at the list. Note that the majority of these are small, community banks. These are the ones hurting most and being forced to shut their doors. What gives? For one, the sheer volume of underwater loans has skyrocketed over the past few years. Add to this the lack of assistance from the FED, and you’ve created a recipe for disaster for these smaller players. However, if the past few years have taught us anything, it’s that many things have been swept under the rug and left for the critics to piece back together, so I’d like to open the floor and ask you: <b style="text-align: justify;">what do you believe is the cause for the bank failures this year?</b></div><br />
<b><span class="Apple-style-span" style="color: #660000;">November</span></b><br />
1. Central Progressive Bank, Lacombe, LA <br />
2. Polk County Bank, Johnston, IA <br />
3. Community Bank of Rockmart, Rockmart, GA <br />
4. SunFirst Bank, Saint George, UT <br />
5. Mid City Bank, Inc., Omaha, NE <br />
<br />
<span class="Apple-style-span" style="color: #660000;"><b>October</b></span><br />
6. All American Bank, Des Plaines, IL<br />
7. Community Banks of Colorado, Greenwood Village, CO <br />
8. Community Capital Bank, Jonesboro, GA<br />
9. Decatur First Bank, Decatur, GA<br />
10. Old Harbor Bank, Clearwater, FL <br />
11. Country Bank, Aledo, IL <br />
12. First State Bank, Cranford, NJ <br />
13. Blue Ridge Savings Bank, Inc., Asheville, NC <br />
14. Piedmont Community Bank, Gray, GA <br />
15. Sun Security Bank, Ellington, MO <br />
16. The RiverBank, Wyoming, MN <br />
<br />
<span class="Apple-style-span" style="color: #660000;"><b>September</b></span><br />
17. First International Bank, Plano, TX <br />
18. Citizens Bank of Northern California, Nevada City, CA<br />
19. Bank of the Commonwealth, Norfolk, VA<br />
20. The First National Bank Of Florida, Milton, FL<br />
21. CreekSide Bank, Woodstock, GA <br />
22. Patriot Bank of Georgia, Cumming, GA <br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">August</span></b><br />
23. First Choice Bank, Geneva, IL <br />
24. First Southern National Bank, Statesboro, GA <br />
25. Lydian Private Bank, Palm Beach, FL, including its division Virtual Bank<br />
26. Public Savings Bank, Huntingdon Valley, PA<br />
27. The First National Bank of Olathe, Olathe, KS <br />
28. Bank of Whitman, Colfax, WA <br />
29. Bank of Shorewood, Shorewood, IL<br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">July</span></b><br />
30. Integra Bank National Association, Evansville, IN <br />
31. BankMeridian, N.A., Columbia, SC <br />
32. Virginia Business Bank, Richmond, VA <br />
33. Bank of Choice, Greeley, CO <br />
34. LandMark Bank of Florida, Sarasota, FL <br />
35. Southshore Community Bank, Apollo Beach, FL <br />
36. Summit Bank, Prescott, AZ <br />
37. First Peoples Bank, Port St. Lucie, FL <br />
38. High Trust Bank, Stockbridge, GA <br />
39. One Georgia Bank, Atlanta, GA <br />
40. Signature Bank, Windsor, CO <br />
41. Colorado Capital Bank, Castle Rock, CO <br />
42. First Chicago Bank & Trust, Chicago, IL <br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">June</span></b><br />
43. Mountain Heritage Bank, Clayton, GA <br />
44. First Commercial Bank of Tampa Bay, Tampa, FL <br />
45. McIntosh State Bank, Jackson, GA <br />
46. Atlantic Bank and Trust, Charleston, SC <br />
<br />
<span class="Apple-style-span" style="color: #660000;"><b>May</b></span><br />
47. First Heritage Bank, Snohomish, WA <br />
48. Summit Banking Company, Burlington, WA <br />
49. First Georgia Banking Company, Franklin, GA <br />
50. Atlantic Southern Bank, Macon, GA <br />
51. Coastal Bank, Cocoa Beach, FL<br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">April</span></b><br />
52. Community Central Bank, Mount Clemens, MI <br />
53. The Park Avenue Bank, Valdosta, GA <br />
54. First Choice Community Bank, Dallas, GA <br />
55. Cortez Community Bank, Brooksville, FL <br />
56. First National Bank of Central Florida, Winter Park, FL<br />
57. Heritage Banking Group, Carthage, MS <br />
58. Rosemount National Bank, Rosemount, MN<br />
59. Superior Bank, Birmingham, AL <br />
60. Nexity Bank, Birmingham, AL <br />
61. New Horizons Bank, East Ellijay, GA <br />
62. Bartow County Bank, Cartersville, GA <br />
63. Nevada Commerce Bank, Las Vegas, NV <br />
64. Western Springs National Bank and Trust, Western Springs, IL <br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">March</span></b><br />
65. The Bank of Commerce, Wood Dale, IL <br />
66. Legacy Bank, Milwaukee, WI The First National Bank of Davis, Davis, OK <br />
<br />
<b><span class="Apple-style-span" style="color: #660000;">February</span></b><br />
67. Valley Community Bank, St. Charles, IL <br />
68. San Luis Trust Bank, FSB, San Luis Obispo, CA <br />
69. Charter Oak Bank, Napa, CA <br />
70. Citizens Bank of Effingham, Springfield, GA<br />
71. Habersham Bank, Clarkesville, GA <br />
72. Canyon National Bank, Palm Springs, CA <br />
73. Badger State Bank, Cassville, WI Peoples State Bank, Hamtramck, MI <br />
74. Sunshine State Community Bank, Port Orange, FL <br />
75. Community First Bank Chicago, Chicago, IL<br />
76. North Georgia Bank, Watkinsville, GA<br />
77. American Trust Bank, Roswell, GA<br />
<br />
<span class="Apple-style-span" style="color: #660000;"><b>January</b></span><br />
78. First Community Bank, Taos, NM<br />
79. FirsTier Bank, Louisville, CO Evergreen State Bank, Stoughton, WI <br />
80. The First State Bank, Camargo, OK<br />
81. United Western Bank, Denver, CO <br />
82. The Bank of Asheville, Asheville, NC<br />
83. CommunitySouth Bank & Trust, Easley, SC <br />
84. Enterprise Banking Company, McDonough, GA<br />
85. Oglethorpe Bank, Brunswick, GA <br />
86. Legacy Bank, Scottsdale, AZ <br />
87. First Commercial Bank of Florida, Orlando, FL <br />
<br />
<i><span class="Apple-style-span" style="font-size: x-small;">*List obtained from the FDIC: http://www.fdic.gov/bank/historical/bank/index.html</span></i>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-57659394328370184572011-11-23T09:41:00.000-08:002011-11-23T09:42:13.737-08:00Happy Thanksgiving!<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpmGFpClPBf3DdXSE4jpyG4_oDot6Sialp0Siw4QlFizkcBPzjJIMy-IEK8uGHkONGelm6ZrALafoKhRKc0o7ZtUj-iYbD_3qJ4DGvWde-Tyy7AprxqnSAPZnGQQLsp0-f7QCPIQ5DTBU/s1600/Happy+Thanksgiving+Words.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpmGFpClPBf3DdXSE4jpyG4_oDot6Sialp0Siw4QlFizkcBPzjJIMy-IEK8uGHkONGelm6ZrALafoKhRKc0o7ZtUj-iYbD_3qJ4DGvWde-Tyy7AprxqnSAPZnGQQLsp0-f7QCPIQ5DTBU/s320/Happy+Thanksgiving+Words.png" width="320" /></a></div><div style="text-align: justify;">As we enter this holiday season, I have never been more thankful for my family and close friends. Over the years, I have had an incredible support system, and I cannot think of any greater gift than to have those I love unwaveringly by my side. I am also thankful for my freedom and the veterans that have made that possible. However, we must not forget that we still need to be critical of the system running our country and not stand idly by as our country’s stability continues to waver. I invite you to express what you are most thankful for in the comments below and what Thanksgiving means to you.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Warm Wishes!</div><div style="text-align: justify;"><br />
</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-52516577981968526902011-11-21T13:01:00.000-08:002011-11-21T13:03:53.835-08:00Paul Sperry on the Government's Tie to the Housing Crisis<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYhXUkYxn93lx-gHyb3k3I2A1EjaI-3mCQMqVwDIo_wZx5IZqLmeomE6xjgsoZ9vpM1ogD8hyphenhyphenMm4yMw37EZky_QXj0FGnime1GwAkVO_hx26MoXzdFj8pBbAQzrehD-m2DEJACSSjqZGg/s1600/sperry.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYhXUkYxn93lx-gHyb3k3I2A1EjaI-3mCQMqVwDIo_wZx5IZqLmeomE6xjgsoZ9vpM1ogD8hyphenhyphenMm4yMw37EZky_QXj0FGnime1GwAkVO_hx26MoXzdFj8pBbAQzrehD-m2DEJACSSjqZGg/s320/sperry.png" width="320" /></a></div><div style="text-align: justify;">Below is a recent story from <i>Investor’s Business Daily</i> written by investigative journalist and my friend, Paul Sperry. As you may remember, he was the keynote speaker at the Mortgage Cadence Ascent user conference this past April and is always willing to share his unwavering opinions on governmental interference within the financial industry and our country as a whole. In this article, Sperry argues that the government fabricated the notion of abusive lending practices related to minority discrimination. As a result, the banks were forced to abide by the new laws or risk being shut down. Ultimately, I believe that excessive government intervention is the biggest problem facing our country today. What is your opinion on the source of the housing crisis? Share your thoughts in the comments below.</div><div style="text-align: justify;"><br />
</div><br />
<div style="text-align: justify;"><b><a href="http://news.investors.com/Article/589858/201110310805/Housing-Crisis-Obama-Clinton-Subprime.htm?src=HPLNews" target="_blank">Smoking-Gun Document Ties Policy To Housing Crisis</a></b><br />
<i>By Paul Sperry</i></div><br />
<div style="text-align: justify;">President Obama says the Occupy Wall Street protests show a "broad-based frustration" among Americans with the financial sector, which continues to kick against regulatory reforms three years after the financial crisis.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"You're seeing some of the same folks who acted irresponsibly trying to fight efforts to crack down on the abusive practices that got us into this in the first place," he complained earlier this month.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">But what if government encouraged, even invented, those "abusive practices"?</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Rewind to 1994. That year, the federal government declared war on an enemy — the racist lender — who officials claimed was to blame for differences in homeownership rate, and launched what would prove the costliest social crusade in U.S. history.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Bubble? Regulators Blew It</div><div style="text-align: justify;">The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"The agencies will not tolerate lending discrimination in any form," the document warned financial institutions.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Ludwig at the time stated the ruling would be used by the agen cies as a fair-lending enforcement "tool," and would apply to "all lenders" — including banks and thrifts, credit unions, mortgage brokers and finance companies.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The unusual full-court press was predicated on a Boston Fed study showing mortgage lenders rejecting blacks and Hispanics in greater proportion than whites. The author of the 1992 study, hired by the Clinton White House, claimed it was racial "discrimination." But it was simply good underwriting.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">It took private analysts, as well as at least one FDIC economist, little time to determine the Boston Fed study was terminally flawed. In addition to finding embarrassing mistakes in the data, they concluded that more relevant measures of a borrower's credit history — such as past delinquencies and whether the borrower met lenders credit standards — explained the gap in lending between whites and blacks, who on average had poorer credit and higher defaults.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The study did not take into account a host of other relevant data factoring into denials, including applicants' net worth, debt burden and employment record. Other variables, such as the size of down payments and the amount of the loans sought to the value of the property being bought, also were left out of the analysis. It also failed to consider whether the borrower submitted information that could not be verified, the presence of a cosigner and even the loan amount.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">When these missing data were factored in, it became clear that the rejection rates were based on legitimate business decisions, not racism.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Still, the study was used to support a wholesale abandonment of traditional underwriting standards — the root cause of the mortgage crisis.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">For the first time, Washington's bank regulators put racial lending at the top of their checklist. Banks that failed to throw open their lending windows to credit-poor minorities were denied expansion plans by the Fed in an era of frenzied financial mergers and acquisitions. HUD threatened to deny them access to Fannie Mae and Freddie Mac, which it controlled. And the Justice Department sued them for lending discrimination and branded them as racists in the press.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"HUD is authorized to direct Fannie Mae and Freddie Mac to undertake various remedial actions, including suspension, probation, reprimand or settlement, against lenders found to have engaged in discriminatory lending practices," the official policy statement warned.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The regulatory missive, which had the effect of law, advised lenders to bend "customary" underwriting standards for minority homebuyers with poor credit.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"Applying different lending standards to applicants who are members of a protected class is permissible," it said. "In addition, providing different treatment to applicants to address past discrimination would be permissible."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">To that end, lenders were directed to "make changes in marketing strategy or loan products to better serve minority segments of the market." They were also advised to "change commission structures" to encourage brokers and loan officers to "lend in minority and low-income neighborhoods" — a practice Countrywide Financial, the poster boy of the subprime scandal, perfected. The government now condemns the practice it once encouraged as "predatory."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">FDIC warned banks that even unintentional discrimination was against the law, and that they should be proactive in making "multicultural" loans. "An ounce of prevention is worth a pound of cure," the agency said in a separate advisory.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Confronted with the combined force of 10 federal regulators, lenders naturally toed the line, and were soon aggressively marketing subprime mortgages in urban areas. The marching orders threw such a scare into the industry that the American Bankers Association issued a "fair-lending tool kit" to every member. The Mortgage Bankers Association of America signed a "fair-lending" contract with HUD. So did Countrywide.</div><div style="text-align: justify;">HUD also pushed Fannie and Freddie, which in effect set industry underwriting standards, to buy subprime mortgages, freeing lenders to originate even more high-risk loans.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"Lenders should ensure that their loan processors and underwriters are aware of the provisions of the secondary market guidelines that provide various alternative and flexible means by which applicants may demonstrate their ability and willingness to repay their loans," the policy statement decreed.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"Fannie Mae and Freddie Mac not infrequently purchase mortgages exceeding the suggested ratios" of monthly housing expense to income (28%) and total obligations to income (36%).</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">It warned lenders who rejected minority applicants with high debt ratios and low credit scores to "be prepared" to prove to federal regulators and prosecutors they weren't racist. "The Department of Justice is authorized to use the full range of its enforcement authority."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">It took a little more than a decade for the negative effects of the assault on prudent lending to be felt. By 2006, the shaky subprime mortgages began to default. In 2008, the bubble exploded.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Clinton's task force survived the Bush administration, during which it produced fair-lending brochures in Spanish for immigrant home-loan applicants.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">And it's still alive today. Obama is building on the fair-lending infrastructure Clinton put in place.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">As IBD first reported in July, Attorney General Eric Holder has launched a witch hunt vs. "racist" banks.</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">"It's a more aggressive fair-lending enforcement approach now," said Washington lawyer Andrew Sandler of Buckley Sandler LLP in a recent interview. "It is well beyond anything we saw during the Clinton administration."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">Tom Perez, assistant attorney general for civil rights, recently testified that his division "continues to participate in the federal Interagency Fair Lending Task Force." And he and the task force are working with the newly created Consumer Financial Protection Bureau to "enhance fair-lending enforcement."</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">The fair-lending task force's original policy paper undercuts the notion the financial crisis was all about banker "greed," though it certainly played a role after the fact. Rather, it offers compelling evidence that the crisis evolved chiefly from government mandates and threats to increase lending to applicants who could not afford them.</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-29422206755509644602011-11-18T07:33:00.000-08:002011-11-18T07:33:51.673-08:00Part 1: The Traditional LOS<div class="separator" style="clear: both; text-align: justify;">Back in September, I brought up the topic of the traditional Loan Origination System versus the Enterprise Lending System. The first installment of this series will focus on what has been conventionally known as the LOS. </div><div class="separator" style="clear: both; text-align: justify;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimFLVSe8-QsIoLXNL6d8dDfM3y53DIHsg2vhNy57cPgYx21VRKgl-QtF-O8B2WOEZHUELCBRCLRmVFwpSppopgjlVNb5ZhwajO3OKBVn-VufQQCv3wpKPiWjtlnPMLoCYwluinE4XIEhg/s1600/los.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="267" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimFLVSe8-QsIoLXNL6d8dDfM3y53DIHsg2vhNy57cPgYx21VRKgl-QtF-O8B2WOEZHUELCBRCLRmVFwpSppopgjlVNb5ZhwajO3OKBVn-VufQQCv3wpKPiWjtlnPMLoCYwluinE4XIEhg/s320/los.jpg" width="320" /></a></div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">When I first entered the space in the 90s and began talking to lenders, it was clear that there were large gaps in the mortgage technology space. Not only was I seeing massive inefficiencies, but the amount of failed implementations was astounding. Loan origination systems were more of a central repository database catered to manual process than they were offering technological innovations. The manual data entry loads created huge risk of human error and significantly slowed the origination process down. Buzz words like “paperless” and “web-based” were running rampant, and what did it really mean? At best it meant an online form that could be filled out and pushed into a database where the manual processes began. I get it; 1999, and even 2006, were different times. The industry jargon was ahead of the times. But what happened when the false promises began catching up to the bulk of loan origination providers? Stay tuned…</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-6307670921177950362011-11-14T07:21:00.000-08:002011-11-14T07:23:29.819-08:00What I'm Listening To Now<iframe allowfullscreen="" frameborder="0" height="295" src="http://www.youtube.com/embed/AOBs8dU4Pb8?rel=0" width="480"></iframe>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com0tag:blogger.com,1999:blog-7737224494348516276.post-61298685609044867742011-11-11T12:16:00.000-08:002011-11-11T12:17:49.938-08:00Veteran’s Day 2011<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfIj_70vaeF10OsDfEBI2QQzVpI50mSZxdD26xhTdmdxlBcE3Lf56nJNX4FqogiPD2565wCStltnwvMahx_QBuIqJrLTDtXPa23m938Z-sw35BMk134oyrhy0Kt-RaeJFRK9eZkm5EI7Q/s1600/Marine.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfIj_70vaeF10OsDfEBI2QQzVpI50mSZxdD26xhTdmdxlBcE3Lf56nJNX4FqogiPD2565wCStltnwvMahx_QBuIqJrLTDtXPa23m938Z-sw35BMk134oyrhy0Kt-RaeJFRK9eZkm5EI7Q/s320/Marine.png" width="194" /></a></div><br />
Something to consider as we honor those who have, and continue to, serve our country: it doesn’t matter where you’re from, somebody died so you could enjoy the freedoms that this great democracy is founded upon. I would like to take a moment from my day and from yours to thank our armed forces and all veterans of foreign wars. The picture to the left is of my father who served in the Marine Corps in the 1st Division, Recon from 1967-1969 at a time when not many had a choice but to offer themselves upon the alter of freedom. At a time when the Vietnam conflict was unraveling, we know that all gave some and some gave all. Join me in making every day Veteran’s Day; hold our veterans in your thoughts and in your prayers every day of the year. We must recognize that Freedom is not free. One way to get involved: <a href="http://www.patriotguard.org/">The Patriot Guard</a>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com1tag:blogger.com,1999:blog-7737224494348516276.post-39762244550586015402011-11-11T07:59:00.000-08:002011-11-11T08:00:06.371-08:00Reverse Mortgages – Don’t Be Deceived!<div class="separator" style="clear: both; text-align: center;"><iframe allowfullscreen='allowfullscreen' webkitallowfullscreen='webkitallowfullscreen' mozallowfullscreen='mozallowfullscreen' width='320' height='266' src='https://www.blogger.com/video.g?token=AD6v5dx0RoAtfl2dfRF-7-DmC0G1piyzMSw6Lt4aX-uiyc71P1yZvzWy1nSWpTt2G14AAjvoCzuww1g-rIR3N0qJNw' class='b-hbp-video b-uploaded' frameborder='0'></iframe></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div style="text-align: justify;">The video posted above as well as the title of this post likely led you to think I am going to talk about how costly reverse mortgages are and how there are better options out there. However, you thought wrong.<br />
<br />
The above video was the opening to the “Reverse Mortgages vs Traditional Products” NRMLA Annual panel featuring our very own Jeff Birdsell and Joe DeMarkey of MetLife and, in a light-hearted way, shows just how misunderstood reverse mortgages really are. This was a wildly successful session at the conference as Jeff charted fee comparisons, disposable income comparisons and APR comparisons between reverse mortgages and traditional products on a dynamic Excel document. Not only did this tool allow lenders to better understand the differences and similarities between these various products and scenarios, but it provided confirmation that the overall cost of a reverse mortgage is similar to traditional mortgages and, under certain circumstances, can actually be less expensive. In addition, since many large institutions have exited the reverse space, there was a lot of buzz at the show surrounding the smaller players being able to expand their reach and increase their business.<br />
<br />
In the end, it’s safe to say that the reverse industry is not to be counted out as a viable industry as we roll into 2012. As long as the smaller lenders capitalize on the void left by the large institutions, success is just around the corner.</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com1tag:blogger.com,1999:blog-7737224494348516276.post-81535821452152766112011-11-04T12:34:00.000-07:002011-11-04T12:34:10.598-07:00Fast Forward: A Sneak Peak into 2012<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcpp3NmUjtn_QvKzwZjzpNSErRxg_HNu5kUX0ZUvXHSzc5Zbm-MUmi8jkRRkeE851K8wpU2m18RigLnANW_09k4rZmVSYopZeQoLQZTwCJXL-T-pIIPWvH2375I44LWKCwPUMOoy3UXiA/s1600/2011-10-11_10-49-45_753.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcpp3NmUjtn_QvKzwZjzpNSErRxg_HNu5kUX0ZUvXHSzc5Zbm-MUmi8jkRRkeE851K8wpU2m18RigLnANW_09k4rZmVSYopZeQoLQZTwCJXL-T-pIIPWvH2375I44LWKCwPUMOoy3UXiA/s320/2011-10-11_10-49-45_753.jpg" width="320" /></a></div><div style="text-align: justify;">Tradeshow season has come to a close, and I, for one, am walking into 2012 with an insider look at the direction of the mortgage industry. The MBA Annual hosted in Chicago offered great insight into the trends going into the New Year and particularly what I will be watching. For starters, I noticed a lack of clear direction in the industry as a whole. As everyone slowly digs themselves out from under the collapse, overlooked issues are resurfacing and taking new precedence. Many financial institutions are walking on very thin ice due to their lack of business continuity, and the immense regulations continuously being put in place are still being brushed off. Instead of waiting until you are held accountable, take the competitive advantage and streamline your business processes for increased compliance and reduced risk. This, of course, should not come as a revelation to anyone. It is, however, meant to be taken as a warning. Proceed with caution; do not permit complacency or there will be consequences!</div><div style="text-align: justify;"><br />
</div><div style="text-align: justify;">On a more positive note, many other trends leading into the New Year are hopeful signs of things to come. More depository institutions are forming relationships with mortgage companies, forging new business opportunities and ensuring greater strength and growth. In addition, despite signs that correspondent lending is losing steam, the companies that approached me about leveraging the Mortgage Cadence platform for just this purpose at the MBA Annual point in the opposite direction. With many large companies exiting the space, the smaller players are taking advantage of this great opportunity to get in the door and have put correspondent lending back on their radar. Finally, Wall Street is on its way back – with some trepidation, of course. The collapse, coupled with the present media concerns stimulated by the Occupy Wall Street movement, is influencing Wall Street to proceed with caution as they work toward re-establishing mortgage origination channels and relationships. In the end, all of these new developments lead me to believe that we are headed in the right direction going into 2012 and there is great opportunity around the corner. Even if the recession is not over, the mortgage industry is continuing to move more assuredly forward than we have seen in years. Make sure you are on the front of this wave and gain the momentum that will lead to success.</div>Michael Detwilerhttp://www.blogger.com/profile/13189019980555819232noreply@blogger.com2