Uncategorized

The 2024 countdown of the National Mortgage News Top Producers list continues by featuring the loan officers ranked 51 to 100.Even with a drop in overall annual volume in 2023 to the lowest level in recent memory, the originators in our Top Producers rankings found ways to keep their personal activity robust.They did so as interest rates rose and stayed high throughout the year, reducing refinance activity. Purchase volume was affected by the inventory shortage, as well as higher home prices keeping buyers out of the market.The listing of loan officers ranked 201 to 300 can be found here and those ranked 101 to 200 here.This year marks the 26th anniversary of the Top Producers program, the successor to the listings which first appeared in Broker magazine, as well as Mortgage Originator Magazine, which Arizent owns the content rights to.The rankings are open to mortgage originators who work at depository, nonbank and mortgage brokerage firms in the United States.Information submitted about 2023 loan production was used to compile this year's Top Producer Rankings. Loan officers who submitted data for the survey represent the entire spectrum of the origination business, from banks and credit unions to mortgage bankers and mortgage brokerages, and their titles range from loan officer all the way to company president.Submissions were made by the participants or their representatives. The information was verified to the best of our ability but we don't claim the veracity of the data. Some entries might have been removed at our discretion for submission errors.The 2024 Top Producer rankings countdown will continue until the top 50 loan officers are revealed on April 12. Rank Name Company Dollar volume Number of loans 100 Kevin Serrano Rojas Ent Credit Union $42,090,079 84 99 Justin Padron Neo Home Loans $43,375,332 91 98 Chris Bufis RW Towne Mortgage $43,588,545 100 97 Jaclyn Litton Origin Bank $43,943,321 178 96 Sean Wohland Waterstone Mortgage $44,027,186 105 95 Trevor Roberge Capstone Home Loans $44,077,035 102 94 Michael Regan Axia Home Loans $44,132,784 144 93 Jacky Meacham CMG Home Loans $44,133,369 116 92 Jason Solowsky CMG Home Loans $44,295,446 114 91 Shashank Shekhar InstaMortgage $44,609,142 101 90 Richard Holsman Bay Equity Home Loans $44,635,018 103 89 Katie Andy Akpan InterLinc Mortgage $45,053,734 103 88 Katherine McClintic Jet Home Loans $45,328,460 155 87 Melanie Boyajian Academy Mortgage $45,980,558 91 86 Ravi Patel UMortgage $46,293,880 164 85 John Aragon Highlands Residential Mortgage $46,427,763 89 84 Gwen Swain Waterstone Mortgage $46,572,265 140 83 Kurt McClearen Nova Home Loans $46,908,832 138 82 Eric Bibel Neo Home Loans $46,941,322 60 81 Amie Edmondson Bay Equity Home Loans $47,373,704 92 80 Chad Loube George Mason Mortgage - United Bank $47,736,984 73 79 Vick Bedi American Preffered Mortgage $47,850,000 87 78 Shirley Stange Ent Credit Union $48,291,888 127 77 Amanda Sessa SWBC Mortgage $49,583,786 89 76 Adam West UMortgage $50,050,826 104 75 Annie Lemon Bay Equity Home Loans $50,202,437 105 74 Tyler Slesk Bay Equity Home Loans $50,435,229 114 73 Vicky Brietzke SWBC Mortgage $50,499,303 56 72 Michael Smalley Waterstone Mortgage $50,903,638 162 71 Donald Maita NJ Lenders $51,588,659 92 70 Anthony Marone NJ Lenders $51,685,642 128 69 Robert Melone Radius Financial Group $51,834,720 116 68 Jindra Faulkner Bay Equity Home $51,877,296 173 67 Mark Robertson Neo Home Loans $52,156,777 76 66 Blake Hyatt Direct Mortgage Loans $52,265,881 146 65 Robert "Skip" Templeton RW Towne Mortgage $52,880,693 112 64 Travis Evans Bay Equity $53,000,000 155 63 Timothy Gentry Loan Velocity $53,258,455 164 62 Ashley Davidson CMG Home Loans $53,806,826 125 61 Anwer Mangrio UIF Corp. $54,221,795 106 60 Adam Cornacchio WSFS Mortgage $54,559,928 150 59 Alexander Jaffe First Home Mortgage  $54,973,820 125 58 John Gabaldon Waterstone Mortgage $56,000,000 227 57 Mike Richardson Bay Equity Home Loans $56,294,445 128 56 David Hosterman Citywide Home Loans $56,356,566 181 55 Rory Lithgow Interlinc Mortgage Services $56,630,478 193 54 Michelle Jacinto Direct Mortgage Loans $57,454,203 253 53 Mark Johnson CMG Home Loans $57,733,375 94 52 Jori Stern Loanpeople $58,448,331 127 51 Mark Veech NJ Lenders $59,169,355 170

Better Home & Finance appears on track to cure its fading stock price, potentially averting a $500 million bill.Nasdaq staff granted the lender an additional 180-day period, through Oct. 7, to come into compliance with a $1.00 per share requirement for listing. The company's stock has hovered under $1.00 per share since its Wall Street debut last August, and it received a delisting notice last October. Shareholders with the majority of voting power are on track to approve a reverse stock split at Better's June investor conference, the firm said in a Securities and Exchange Commission filing this week. A post-reverse stock split price over $1.00 per share would relieve Better of the requirement to redeem $528.6 million in convertible notes under a delisting scenario, a sum due to corporate sponsor SoftBank. At the end of 2023, Better had cash and cash equivalents of $554 million, according to its 10-K annual filing. Redeeming the sizable convertible note prior to its August 2028 maturity could have compromised the entire business, the lender disclosed. "If the Company is required to redeem the Convertible Note prior to maturity, the Company may not have sufficient available cash and cash equivalents or be able to obtain additional liquidity, on acceptable terms or at all, to enable the Company to redeem or refinance the Convertible Note and continue operating its business," the filing said. A representative for Better Wednesday morning shared news of the Nasdaq extension, while a spokesperson for Nasdaq referred to the company for comment. The maneuvering is the latest growing pain for the lender which went public last August, the most recent mortgage player to do so amid a difficult stretch for the industry. Better's merger with a special purpose acquisition company last year represented an arduous, two-year journey and delivered a significant capital infusion to the digital lender. It's also not the only mortgage firm to face delisting notices. Finance of America in February said it received a second notice from the New York Stock Exchange in the prior three months, while Altisource Asset Management Corp. received one in December. Impac Mortgage meanwhile was delisted from the NYSE American exchange last spring.Other notable hurdles for Better remain. The business said the New York State Department of Financial Services has yet to approve its merger and could suspend or revoke its origination license, or impose penalties. New York doesn't represent more than 8% of its funded loan volume, however: California, Florida and Texas combined account for a third of its loan volume, according to its 10-K. A spokesperson for Better didn't respond to a question about the New York approval. Better reported a fourth quarter loss but has trimmed that figure down from massive, prior deficits and in March announced a new business model to hire experienced loan officers.

The Department of Veterans Affairs on Wednesday officially established a successor to the discontinued pandemic-era foreclosure program that's been a challenge for tens of thousands of borrowers.Mortgage companies can submit requests on behalf of more than 40,000 borrowers who need the new VA Servicing Purchase program starting at the end of next month, according to a department press release. Servicers are charged with identifying qualified borrowers.Confirmation of the successor program fulfills a promise the VA made when it called upon servicers to put foreclosures on hold until May 31 in response to reports of borrowers affected by the partial claim's cessation but came without a comment period the industry had requested.VASP, while different in structure and implementation from the Federal Housing Administration's new payment-supplement partial claim, has a similar goal to address difficulty modifying loans with differences in current and originated interest rates."This program will help ensure that when a veteran goes into default, there is an additional affordable payment option that will work in a higher interest rate environment," said Josh Jacobs, the department's undersecretary of benefits, in a press release.Trade groups generally welcomed VASP's confirmation but expressed a continuing interest in seeing its predecessor reinstated; and warned implementation could take time."CHLA continues to believe that the best long-term action would be the implementation of a comprehensive, partial claims program," said Scott Olson, executive director at the Community Home Lenders of America in an emailed statement. "However, in the short run, it is critical that actions are taken to make sure distressed VA borrowers are protected." Bob Broeksmit, president and CEO of the Mortgage Bankers Association, expressed a similar interest in reviving the department's partial claim, and also asked borrowers to be patient given that servicers may need beyond the end of next month to fully implement the new program."While the VA has announced a May 31 effective date, it is important for veterans to understand that the VA has assured servicers that additional time will be provided to implement this complex and novel program," Broeksmit said.In a separate notice posted in the VA's servicing portal, the department said VASP would need to be implemented by Oct. 1, noting that mortgage companies facing challenges in meeting deadlines due to technology issues or otherwise could reach out for assistance."Veterans who are having difficulty reaching a resolution with their mortgage servicer can contact VA at 877-827-3702, option 4," the department said in its press release.The VA cited budgetary concerns in discontinuing the partial claim back in October 2022. Complications related to the nature of the partial VA backing for loans and the agency's structure may have played roles as well.The department said in its press release that VASP "will result in a government subsidy reduction of approximately $1.5 billion from 2024 to 2033" because it'll cost less to purchase homes through the program than it would be to go through with foreclosures on them.The mechanism the department will use to lower rates to 2.5% through VASP involves buying them from servicers, and modifying them. It will hold the mortgages in a VA-owned portfolio as direct loans, something that's only been done through smaller scale transfers in the past.In contrast to VASP, the department's partial claim involved setting some borrower obligations aside in a second lien that generally comes due when the first mortgage is refinanced or the home gets sold.VASP will be only a "last resort," according to the department, which instructed servicers to consider all other available options first. The department helped prevent a total of 145,000 foreclosures through other programs in 2023.

Federal Reserve Gov. Michelle Bowman said American regulators should be willing to adapt the Basel Committee's standards to meet the specific needs of the U.S. banking system. Zach Gibson/Bloomberg Bank regulators need not adhere strictly to internationally agreed-upon standards as they rethink their controversial capital reform package from last year, one Federal Reserve official says.During a forum hosted by the French bank BNP Paribas on Wednesday, Fed Gov. Michelle Bowman said the U.S. central bank — along with the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency — should be willing to "deviate" from the risk capital rules laid out by the Basel Committee on Banking Supervision as they adjust their so-called Basel III endgame proposal.Bowman noted that the Fed's regulatory counterparts, such as the European Central Bank and the Bank of England, have adjusted their Basel-related policies to suit the risks and activities in their banking sectors. "Just like in the U.K. and in the EU, the U.S. proposal may need to deviate from the Basel standards to address unique characteristics of the U.S. banking system," she said, "which is entirely appropriate based on these differences."Bowman's comments come as the Fed, FDIC and OCC consider a rash of broadly negative comments about the capital reforms they proposed last summer, which would implement policy changes called for by the Basel Committee in 2017.The Basel Committee was formed with the goal of creating a more uniform set of standards for the regulation of big banks around the world. At the time, some jurisdictions, such as Japan, were significantly less stringent in their oversight of risks in their banking sectors. But, policies agreed upon by the committee are nonbinding and subject to national discretion from the participating countries. The European Union and United Kingdom have used this discretion to adjust their implementations of the most recent Basel framework. The Bank of England, for example, has adjusted its calculation of operational risks to exclude past operational losses, whereas the U.S. proposal uses prior losses to multiply the amount of capital associated with certain risks.The ECB and Bank of England project that their Basel III endgame implementations would come with significantly lighter new capital requirements for their largest banks than in the United States, with the European agencies projecting increases of 10% and 3.2%, respectively. U.S. regulators, meanwhile, expected their framework to drive up capital requirements by more than 16% for the biggest American banks.Bowman, who voted against issuing the proposal last year, said Wednesday that "over calibration" was one of several issues with the framework, adding that it goes "beyond the Basel agreement."The disparity in new capital requirements is not solely driven by matters of national discretion. Some parts of the Basel standards target business models that are more common in the U.S. than other jurisdictions — such as fee-based business models employed by custody banks.Still, banking industry groups have lamented U.S. regulators' decision to "gold-plate" capital requirements while other regulators have opted to water down policies from Basel. Meanwhile, proponents of stronger regulation say American banks have long faced higher capital requirements than their European counterparts but have remained consistently more profitable. Fed Chair Jerome Powell and Vice Chair for Supervision Michael Barr — the agency's chief regulator — have both said that significant changes will be made to the Basel III endgame. In congressional testimony last month, Powell said the concept of a full reproposal of the rule was on the table. The proposal was issued last summer despite dissenting votes from Bowman and Fed Gov. Christopher Waller, as well as strong reservations from Powell and Fed Vice Chair Philip Jefferson. To ensure the new rule is "durable," Bowman said changes should be made to elicit support from as many members of the central bank's board of governors as possible."Our goal in the U.S. should be a revised rulemaking that can achieve broad consensus," she said. "I've engaged with my colleagues and shared my views about the specific elements of the Basel proposal that I would like to see."

News that the Consumer Financial Protection Bureau is considering making lenders pay for their portion of an origination's title insurance policy was met with skepticism from analysts and pushback from industry insiders.Bloomberg first reported that CFPB is considering this in an April 10 article.The CFPB declined to comment specifically on a specific proposal or plan. However, in a statement, a spokesperson added, "The CFPB is looking carefully at closing costs and fees consumers may encounter throughout the mortgage process. We are working with agencies across the government to foster greater competition in the mortgage market and help Americans save money when purchasing or refinancing a home."The Bureau previously published a blog posting on mortgage junk fees that mentioned title insurance charges, particularly for owners' policies, which are optional.Some form of lender protection, whether through title insurance or attorney opinion letter, is required by the secondary market, although one existing proposal to reduce costs, the Federal Housing Finance Agency's title waiver pilot, would cover a small portion of refinance transactions.Such a move might result in lenders pricing these premiums directly into the mortgage, decreasing the transparency into loan closing costs that the Bureau desires, said Soham Bonsle, an analyst at BTIG.The result would likely be similar to lender-paid mortgage insurance, a product for which the borrower ends up with a higher rate because the premium is rolled in. Most other cases, private mortgage insurance is paid directly by the borrower, either through the servicer every month or at the closing table for the life of the loan.Furthermore, "if lenders are in fact going to carry the cost of title in the future for both purchase and refi loans (as per the article), this would stand in contrast to the FHFA's recent stance on waiving title on certain low-risk refi loans."If anything, making the lender pay the premium "only further embeds title into the mortgage process," Bonsle saidFitch Ratings "expects that any changes made to the ultimate payers of lender's title policy premiums would have little impact on title insurers but could put pressure on lender earnings if the costs can't be passed on to borrowers," said Christopher Grimes, senior director, insurance in an email.From the perspective of investors in title underwriter stocks, "there is a concern that lenders could potentially negotiate down title premiums in a way that buyers currently do not," Bose George of Keefe, Bruyette & Woods wrote in his flash note on the article.American Land Title Association CEO Diane Tomb says that while title insurance is among the most essential part of buying a home, it is also the least expensive.The typical price of a title insurance premium is less than 0.5% of the total life-of-loan costs, the ALTA previously told National Mortgage News."We have real concerns about how this proposed framework would undermine the critical protections provided by title insurance," Tomb said in a statement. "We will continue our efforts to educate the CFPB as to how the title insurance market works and collaborate with policymakers on thoughtful approaches to housing affordability."Even the Community Home Lenders of America, which has supported the CFPB in its look at junk fees as well as the use of AOLs and the FHFA title waiver pilot, is urging caution because of the issues Bonsle and George touched upon in their commentary."It is important that any proposal does not reduce transparency and protects smaller lenders and their borrowers against the emergence of exclusive deals between title companies and large lenders that results in even less competition," said Scott Olson, CHLA executive director, in a statement.The Mortgage Bankers Association is seeing this possible proposal as part of a broader condemnation of the loan process."The CFPB's attack on the costs for the services required to successfully underwrite a home loan — title insurance, appraisals, credit reports, and flood hazard mapping — reveals a fundamental misunderstanding of how the mortgage market works and a disturbing lack of awareness of existing regulations, which the Bureau itself has promulgated and lauded, that provide full fee transparency and give consumers the ability to shop," Bob Broeksmit, president and CEO said in statement, harkening back to recent comments the trade group has made about the post-financial crisis regulations."Our members spent hundreds of millions of dollars complying with those rules when they were established less than a decade ago, and another massive and costly revamp is not an effective solution and only increases costs while creating a false appearance of addressing housing affordability," said Broeksmit.The National Association of Insurance Commissioners, representing the state insurance regulators, said it does not have a comment at this time.

Mortgage borrowing moved sideways again last week, struggling to gain momentum, with rates volatile after stronger-than-expected economic reports.The Mortgage Bankers Association's Market Composite Index, a measure of loan application volume based on surveys of the trade group's members, still managed to eke out a seasonally adjusted 0.1% uptick compared to the prior survey, posting a gain for the first time in four weeks. The increase comes after declines of 0.6% and 0.7% in the two previous reports, but compared to the same week 12 months ago, activity was still 14.7% lower. The conforming 30-year mortgage rate among lender members headed to its highest in over a month, contributing to subdued borrowing, according to Joel Kan, MBA vice president and deputy chief economist. Persistent inflation has helped keep rates elevated, and Wednesday's release of March's Consumer Price Index is unlikely to provide any downward pressure in the immediate future. CPI rose 3.5% year over year and 0.4% on a monthly basis, surpassing economists' consensus expectations. The higher than expected inflation further lowers the chances the Federal Reserve will decide to cut its funds rate at its next meeting."Inflation remains stubbornly above the Fed's target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates," Kan said in a press release.The 30-year rate for mortgages with balances below $766,550 in most markets jumped 10 basis points to 7.01% from 6.91% a week earlier. Points used to help buy down the rate remained at 0.59 for 80% loan-to-value ratio applications. The latest rate levels helped bring the Purchase Index down by a seasonally adjusted 4.7% from the prior survey. Purchases also clocked in 22.8% below activity from a year ago and are now running at their slowest pace since late February, Kan said.  The mean purchase-loan size, though, declined from an almost two-year high a week earlier, falling back 0.8% to $449,400 from $453,000.While rates are dampening activity, recent data also shows the potential of consumer demand rising with both higher buyer credit scores and greater mortgage product availability in March.  But limited inventory due to the lock-in effect continues to place a cap on how far purchase activity can currently grow, economists have noted. Meanwhile, the Refinance Index helped carry the overall market to its gain with a 9.9% weekly surge, driven by a significant uptick in loans coming through the Department of Veterans Affairs. The portion of refinances relative to total volume also increased to 33.3%, up from 30.3%. Federally backed activity also grew almost entirely thanks to refinance volume, with the seasonally adjusted Government Index rising 9.8% week over week. The share of applications guaranteed through federal programs, likewise, increased. Mortgages backed by the Federal Housing Administration nabbed a 12.1% share compared to 11.7% seven days earlier, while VA-sponsored loans made up 14%, surging from 12.1%. Applications coming through the U.S. Department of Agriculture inched downward, however, to 0.4% from 0.5%. Interest rates tracked by the MBA increased across the board alongside the conforming average last week. The 30-year jumbo rate climbed up to 7.13% from 7.06%. Points decreased to 0.56 from 0.57.The FHA-backed 30-year fixed contract rate increased to 6.8% from 6.74% week over week, while points rose to 0.93 from 0.9 for 80% LTV-ratio loans.The 15-year fixed mortgage rate averaged 6.46%, jumping 11 basis points from 6.35%. Borrowers typically used 0.6 points to bring down the rate compared to 0.56 seven days earlier.The 5/1 adjustable-rate mortgage, which starts with a 60-month fixed term, climbed to 6.41% from 6.37%, while points decreased to 0.67 from 0.68. While a rise in fixed rates frequently brings about increased ARM activity, volumes fell 0.8% from the prior week, according to the MBA. The ARM share relative to overall activity also slipped to 6.9% from 7% seven days earlier. 

Mortgage Q&A: “Do mortgage payments increase?”While this sounds like a no-brainer question, it’s actually a little more complicated than it appears.You see, there a number of different reasons why a mortgage payment can increase, aside from the obvious interest rate change. But let’s start with that one and go from there.And yes, even if you have a fixed-rate mortgage your monthly payment can increase.While that might sound like bad news, it’s good to know what’s coming so you can prepare accordingly.Mortgage Payments Can Increase with Interest Rate AdjustmentsIf you have an ARM your monthly payment can go up or downThis is possible each time it adjusts, whether every six months or annuallyTo avoid this payment surprise, simply choose a fixed-rate mortgage insteadFRMs are actually pricing very close to ARMs anyway so it could be in your best interest just to stick with a 15- or 30-year fixedHere’s the easy one. If you happen to have an adjustable-rate mortgage, your mortgage rate has the ability to adjust both up or down, as determined by the interest rate caps.It can move up or down once it becomes adjustable, which takes place after the initial teaser rate period comes to an end.This rate change can also happen periodically (every year or two times a year), and throughout the life of the loan (by a certain maximum number, such as 5% up or down).For example, if you take out a 5/1 ARM, it’s very first adjustment will take place after 60 months.At that time, it could rise fairly significantly depending on the caps in place, which might be 1-2% higher than the start rate.So if your ARM started at 3%, it might jump to 5% at its first adjustment.On a $300,000 loan amount, we’re talking about a monthly payment increase of nearly $350. Ouch!Simply put, when the interest rate on your mortgage goes up, your monthly mortgage payments increase. Pretty standard stuff here.To avoid this potential pitfall, simply go with a fixed-rate mortgage instead of an ARM and you won’t ever have to worry about it. You can also refinance your home loan before your first interest rate adjustment to another ARM. Or go with a fixed-rate mortgage instead.Or simply sell your home before the adjustable period begins. Plenty of options really.Mortgage Payments Increase When the Interest-Only Period EndsYour payment can also surge higher if you have an interest-only loanAt that time it becomes fully-amortizing, meaning both principal and interest payments must be madeIt’s doubly-expensive because you’ve been deferring interest for years prior to thatThis explains why these loans are a lot less popular today and considered non-QM loansAnother common reason for mortgage payments increasing is when the interest-only period ends. This was a common issue during the housing crisis in the early 2000s.Typically, an interest-only home loan becomes fully amortized after 10 years.In other words, after a decade you won’t be able to make just the interest-only payment.You will have to make principal and interest payments to ensure the loan balance is actually paid down.And guess what – the fully amortized payment will be significantly higher than the interest-only payment, especially if you deferred principal payments for a full 10 years.Simply put, you pay the entire beginning loan balance in 20 years instead of 30 since nothing was paid down during the IO period.This assumes the loan term was for 30 years, because making interest-only payments mean the original loan amount remains untouched.It can result in a big monthly mortgage payment increase, forcing many borrowers to refinance their mortgages.Just hope interest rates are favorable when this time comes or you could be in for a rude awakening.Mortgage Payments Increase When Taxes or Insurance Go UpIf your mortgage has an impound account your total housing payment could go upAn impound account requires homeowners insurance and property taxes to be paid monthlyIf those costs rise from year to year your total payment due could also increaseYou’ll receive an escrow analysis annually letting you know if/when this may happenThen there’s the issue of property taxes and homeowners insurance, assuming you have an impound account.Lately, both have surged thanks to rapidly rising property values and inflation.Even if you’ve got a fixed-rate mortgage, your mortgage payment can increase if the cost of property taxes and insurance rise, and they’re included in your monthly housing payment.And guess what, these costs do tend to go up year after year, just like everything else.A mortgage payment is often expressed using the acronym PITI, which stands for principal, interest, taxes, and insurance.With a fixed-rate mortgage, the principal and interest amounts won’t change throughout the life of the loan. That’s the good news.However, there are cases when both the homeowners insurance and property taxes can increase, though this only affects your mortgage payments if they are escrowed in an impound account.Keep an eye out for an annual escrow analysis which breaks down how much money you’ve got in your account, along with the projected cost of your taxes and insurance for the upcoming year.It may say something like “escrow account has a shortage,” and as such, your new payment will be X to cover that deficit.Tip: You can typically elect to begin making the higher mortgage payment to cover the shortfall, or pay a lump sum to boost your escrow account reserves so your monthly payment won’t change.Be Prepared for a Higher Mortgage PaymentThe takeaway here is to consider all housing costs before determining if you should buy a home. And make sure you know how much you can afford well before beginning your property search.You’d be surprised at how the costs can pile up once you factor in the insurance, taxes, and everyday maintenance, along with the unexpected.Fortunately, annual payment fluctuations related to escrows will probably be minor relative to an ARM’s interest rate resetting or an interest-only period ending.It’s typically nominal because the difference is spread out over 12 months and not all that large to begin with.Though recently there have been reports of big increases in property taxes and homeowners insurance premiums thanks to surging inflation.So it’s still key to be prepared and budget accordingly as your housing payments will likely rise over time.At the same time, mortgage payments have the ability to go down for a number of reasons as well, so it’s not all bad news.And remember, thanks to our friend inflation, your monthly mortgage payment might seem like a drop in the bucket a decade from now, while renters may not experience such payment relief.Read more: When do mortgage payments start?

The Federal Housing Finance Agency and the Conference of State Bank Supervisors have established a voluntary path to sharing information about nonbank mortgage companies.Under the terms of a memorandum of understanding that representatives of both signed amid a CSBS government relations gathering in Washington, the two aim to establish a way to efficiently work together in comparing notes on lenders and servicers in their jurisdictions.The memorandum furthers FHFA's work monitoring the counterparty risk of the government-related mortgage investors it oversees and the states' regulation of nonbanks. Those investors, Fannie Mae and Freddie Mac, work with many servicers and lenders."The development of an information sharing framework is an important milestone that will better equip both FHFA and state regulators to oversee our respective regulated entities," FHFA Director Sandra Thompson said in a press release.The development suggests the FHFA and state regulators will continue a trend in which they have worked more closely together over time."Establishing information sharing opens the door to a more collaborative oversight process," said CSBS Board Chair Lise Kruse, who also serves as North Dakota's commissioner of financial institutions.Information sharing may revolve around financial concerns like liquidity but also could extend to other regulatory matters both entities have an interest in keeping an eye on such as data security.Such concerns have increasingly led the state regulators group and the FHFA to find they have coordinated interests.While the regulatory role of the states and the federal agency are distinct, broad mortgage industry discussions with the former resulted in prudential standards for nonbanks that have some parallels with the FHFA's requirements.Several agencies and regulatory bodies have signed similar agreements for information sharing. The state regulators group has nonbank MOUs with the Consumer Financial Protection Bureau and the Department of Housing and Urban Development. The Federal Housing Finance Agency also has an MOU with the department, and engages in information sharing with the CFPB.

The 2024 countdown of the National Mortgage News Top Producers list continues by featuring the loan officers ranked 101 to 200.Even with a drop in overall annual volume in 2023 to the lowest level in recent memory, the originators in our Top Producers rankings found ways to keep their personal activity robust.They did so as interest rates rose and stayed high throughout the year, reducing refinance activity. Purchase volume was affected by the inventory shortage, as well as higher home prices keeping buyers out of the market.The listing of loan officers ranked 201 to 300 can be found here.This year marks the 26th anniversary of the Top Producers program, the successor to the listings which first appeared in Broker magazine, as well as Mortgage Originator Magazine, which Arizent owns the content rights to. The rankings are open to mortgage originators who work at depository, nonbank and mortgage brokerage firms in the United States.Information submitted about 2023 loan production was used to compile this year's Top Producer Rankings. Loan officers who submitted data for the survey represent the entire spectrum of the origination business, from banks and credit unions to mortgage bankers and mortgage brokerages, and their titles range from loan officer all the way to company president.Submissions were made by the participants or their representatives. The information was verified to the best of our ability but we don't claim the veracity of the data. Some entries might have been removed at our discretion for submission errors.The 2024 Top Producer rankings countdown will continue until the top 50 loan officers are revealed on April 12. Rank Name Company Dollar volume Number of loans 200 Clarissa Hernandez Waterstone Mortgage $27,528,322 113 199 Janine Iuliano Bay Equity Home Loans $27,626,636 105 198 Michael Picore Bay Equity Home Loans $27,771,913 65 197 Jake Schoemann Bank of England Mortgage $27,827,321 97 196 Molly Meeker Bay Equity Home Loans $27,866,024 76 195 Rick Scherer OnTo Mortgage $27,886,740 65 194 Scott Haney FitzGerald Financial $27,913,617 81 193 Jo Ann Theriault-Fazio Proper Rate/Guaranteed Rate  $27,936,658 89 192 Amanda McShane Bay Equity Home Loans $27,967,181 74 191 Sarah Pichardo CMG Home Loans $28,010,347 74 190 Matthew Mieras Direct Mortgage Loans $28,063,767 81 189 Abby Allen Towne First Mortgage $28,103,415 67 188 Greg Cross Gem Mortgage/NW Lending Group $28,211,232 74 187 Trish Luchini Bay Equity Home Loans $28,309,881 67 186 Amber Page Evergreen Home Loans Silverdale $28,425,435 71 185 Ryan Parker Bay Equity Home Loans $28,469,315 68 184 Vladimir Duque George Mason Mortgage $28,606,848 82 183 Eric Putt Waterstone Mortgage  $28,625,776 19 182 Kristin Hawkins FBC Mortgage $28,672,951 106 181 Suzi Gradisar Ent Credit Union $28,722,682 101 180 Chris Wolf Waterstone Mortgage $28,751,720 109 179 Ann Fisher Towne Bank/Fitzgerald Financial $28,835,211 65 178 Jeremiah Good CMG Home Loans $28,964,787 133 177 Tyler Hodgson UMortgage $29,223,054 84 176 Robert Camras SWBC Mortgage $29,249,441 129 175 Jason Knobbe Waterstone Mortgage $29,380,579 85 174 Michael McDermott Bay Equity Home Loans $29,436,263 81 173 Tanner Oman CMG Mortgage $29,465,078 102 172 Ed Quinby Bay Equity $29,675,843 35 171 Matt Dorsey CMG Home Loans $29,846,386 78 170 Gerald Boudreaux Texas Capital Lending $30,000,000 89 169 Mike Molina Highlands Residential Mortgage $30,145,768 128 168 Dwayne Smith George Mason Mortgage $30,164,868 96 167 Julie Radloff Certainty Home Lending/Guaranteed Rate $30,847,427 91 166 Daniel Schneider Certainty Home Lending/Guaranteed Rate $31,005,584 83 165 Richard Sciarrone NJ Lenders $31,008,484 64 164 Pamela Vroman Stanley Direct Mortgage Loans $31,150,262 103 163 Justin Allen UMortgage $31,194,077 125 162 Rodney Jones Castle & Cooke Mortgage $31,207,518 92 161 Joe Massey Castle & Cooke Mortgage $31,239,614 80 160 Jennifer Gordon CMG Home Loans $31,273,204 121 159 Ben Bell UMortgage $31,290,000 105 158 Krista Ellis George Mason Mortgage $31,372,151 57 157 Jill Sheldon CMG Mortgage $31,421,691 74 156 Shawn Hunt CMG Home Loans $31,696,007 120 155 Kevin Phillips Bay Equity Home Loans $31,708,296 62 154 Marty Padilla Waterstone Mortgage $31,755,803 111 153 JJ Mack American Pacific Mortgage $31,840,172 75 152 Rene Zamora-Melgoza Gem Mortgage $32,373,106 127 151 Candy Buzan Loanpeople $32,469,130 97 150 Jill Thacker CMG Financial $32,519,426 92 149 Sandy Davis NJ Lenders $32,535,882 N/A 148 Jordan Kingsbury Vellum Mortgage $32,767,284 83 147 Michael Belfor American Pacific Mortgage $33,267,400 60 146 Matt Gouge UMortgage $33,515,828 67 145 Andy Harris Vantage Mortgage Brokers $33,575,492 75 144 Crista Lowrie First Citizens Community Bank $33,679,868 126 143 Kimberly Pedersen Bay Equity $33,836,043 51 142 Travis Howard Waterstone Mortgage  $34,090,592 69 141 Dan Lourenco UMortgage $34,174,803 70 140 Patrick Stoy UMortgage Carolinas $34,354,843 115 139 Jeffrey Novotny George Mason Mortgage $34,541,894 80 138 Brie Fisher Bay Equity Home Loans $34,647,137 77 137 Erica Paradise NJ Lenders/SilverBay Lending $34,775,566 134 136 Rob Novak Bay Equity Home Loans $34,973,627 49 135 Kelly Zitlow Cornerstone Home Lending $35,179,329 96 134 Maura Crowley NJ Lenders $35,350,428 62 133 Amanda Stewart Loanpeople $35,577,908 89 132 Frank Brandt Planet Home Lending $35,783,580 106 131 Jeffery Brooks Highlands Residential Mortgage $35,799,381 67 130 Scott Grau Bay Equity Home Loans $35,963,314 85 129 Richard Alashaian NJ Lenders $35,978,030 70 128 Angela Kakos Guaranteed Rate $36,063,113 133 127 Lisa Shaull Umortgage $36,543,006 67 126 Lea Frye George Mason Mortgage $37,002,393 82 125 Laura Tetrault Bay Equity Home Loans $37,351,126 135 124 Todd Gydesen Vantage Mortgage Brokers $37,565,975 75 123 Jeff Nicola Bay Equity Home Loans $37,710,169 68 122 Brian Gross Bay Equity Home Loans $37,716,215 97 121 Victoria Avila Coastal Loans $37,738,710 115 120 Tarek Shalaby Coastal Loans $38,239,642 129 119 Roy Hartwell FBC Mortgage $38,383,114 93 118 Kit Bate Academy Mortgage $38,383,762 119 117 Michael Trejo Bridgepoint Funding $38,497,083 59 116 Katrinka Condie Luminate Home Loans/Neo Home Loans $38,522,105 84 115 Alyssa Caliendo Bay Equity Home Loans $38,644,244 102 114 Shari Rothman Bay Equity Home Loans $38,933,964 100 113 Carol O'Connell CMG Home Loans $39,419,792 71 112 Will Patterson Academy Mortgage $39,615,215 131 111 Paul Addison Bay Equity Home Loans $39,889,544 104 110 Robert Bowker Interlinc Mortgage Services $40,118,010 110 109 Leonard Wright Atlantic Union Bank $40,124,385 237 108 Amy Wolff Direct Mortgage Loans $40,204,156 136 107 Adam Boles Bay Equity Home Loans - Boles Group $40,216,859 106 106 Ian Twaddle Umortgage $40,404,911 145 105 Dean Riddell SWBC Mortgage $41,012,189 161 104 Marc Demetriou Guaranteed Rate $41,230,830 89 103 Gina Allman Ent Credit Union $41,601,669 104 102 Samuel Fulton UMortgage $41,880,000 55 101 Jill Thompson Interlinc $42,003,556 132

Rocket Mortgage is flexing its tech muscle with the launch of a platform that uses machine learning to pull important information from borrower documents during the underwriting process.According to Rocket, the new technology dubbed Rocket Logic will be used to scan and identify files uploaded by the borrower to "ensure clients are providing the correct documentation." Afterwards, the system's computer models extract pertinent information and process the documents instantly.The platform is designed to make "homeownership simpler and quicker" and has thus far decreased closing times by 25% from August 2022 to February 2024, the lender claims. The product currently identifies close to 70% of the 1.5 million documents received monthly, which they say has led to savings of more than 5,000 hours of manual work for underwriters in the month of February. Third-party vendors such as ArmorDoc, Ocrolus, Prudent AI offer similar products to the financial services space. However, few mortgage lenders, if any, have this technology in-house. "By leveraging data and advanced AI, we are streamlining the loan origination process from application to closing, helping our clients home with speed and certainty," said Josh Zook, chief technology officer for Rocket Mortgage, in a written statement Tuesday. "We are constantly enhancing this system with new AI capabilities to make our mortgage bankers and partners significantly more efficient while also getting our clients to the closing table faster."Rocket will be building out its Rocket Logic platform throughout 2024 and has promised significant additional AI integrations to come. Further developments to its product will automate tasks for mortgage bankers, underwriters and partner brokers, it said.The mortgage lender has been beefing up its use of AI as it pushes to be a technology-first company.In November, Rocket announced it was testing an AI chat interface in the search engine used by its loan officers, brokers and underwriters to find answers to questions that arise during the loan origination process.Two months later, in January, Rocket Mortgage's TPO channel launched an AI tool that will help mortgage brokers update approval letters on the go."AI is something that you have to have a right to win and a right to win means you have to have the assets," said CEO Varun Krishna during the company's fourth quarter earnings call. "Because of those ingredients that we have at scale, it's why we expect to be a benefactor."