Rocket Pro TPO redesigns pricing calculator for brokers

Rocket Pro TPO redesigns pricing calculator for brokers
In the face of a serious housing shortage, exceptional service from brokers is more important than ever. With forced bidding becoming the new norm, top brokers understand the importance of providing loan pricing with speed and certainty. 

Purchase originations demand more of brokers’ resources than a refinance. There are many more moving pieces and loan originators spend a great deal of time communicating with clients and their real estate agents. Rocket Pro TPO helps accelerate the entire mortgage process with underwriting speed and by offering brokers’ clients the information they need in a concise and clear format. 

TPO Pricing Calculator Provides Fast Access to Loan Information

Rocket Pro TPO recently redesigned its pricing calculator to make it easier than ever to use. Brokers can get a pricing scenario simply by identifying the loan type, property information and loan amount. Even with a limited amount of information about the client and the loan, a broker can compare multiple products and share their findings with their clients.

“It allows our partners to sell with speed,” said Mike Fawaz, senior vice president at Rocket Pro TPO. “They can save and share multiple loan options faster with less work and fewer client details. That’s exactly what a broker needs to get their client to certainty faster.”

The updated pricing calculator is more powerful and provides faster results with fewer inputs. Built using Rocket technology, the pricing calculator helps LOs see loan scenarios side-by-side so they can deliver better options to their clients. 

Speed Sets Mortgage Brokers Apart From Competition

Rocket Pro TPO supports broker partners in a number of ways by giving them tools, training, leads and referrals and industry knowledge that may be otherwise difficult for a small brokerage to access. 

Brokers using Rocket Pro TPO’s redesigned pricing calculator, and its faster access to information, helps differentiate them from other loan officers who may need to dig into a client’s financial life for pricing scenarios. They can share up to three loan options with clients on one screen to present the best options. Brokers even use Rocket Pro TPO’s pricing calculator to get a clear explanation for why a product may be ineligible. 

For a broker, the ability to be able to instantly display the costs associated with various mortgage options even with limited access to information upfront is crucial. Rocket Mortage built the technology behind the TPO Pricing Calculator from the ground up using feedback from their broker partners. 

Rocket Pro TPO understands what a broker faces during a typical day. Providing a pricing tool that a broker can use when they are on the go, speaking to multiple clients, and when using their phone as their primary tool makes a difference for Rocket’s broker partners. The Rocket Pro TPO Pricing Calculator tech stack also allows the company to move quickly in response to further broker feedback.

Accurate Market Pricing In One Minute

In this competitive environment, a home buyer may be speaking to several other brokers during the vetting process while they are trying to decide who should handle their mortgage. A broker that can provide pricing quotes in less than 60 seconds will undoubtedly have the upper hand in a competitive scenario. 

in this quickly changing market, it’s also important to be able to provide updated quotes. Brokers using Rocket Pro TPO’s Pricing Calculator can click “update” in a saved loan scenario and get a current price, including fees, in less than one minute. The tool even links to a rate sheet which provides further certainty that the numbers Rocket Pro TPO’s broker partners deliver to their clients match the numbers they’ll see on the loan estimate. 

Rocket Pro TPO Pricing Calculator Helps Brokers Grow

Rocket Pro TPO aims to help its broker partners grow their businesses. The new Pricing Calculator provides brokers with fast, reliable and accessible information that can help differentiate them from competitors. In the midst of this serious housing shortage, brokers need tools to help them provide top-notch service to homebuyers. 

“When have committed to brokers that we will invest more than 100 million in technology,” Fawaz said. “This is just the very first portal enhancement of many to come for our partners.”

Rocket Pro TPO’s broker partners have the ability to tap into the marketing expertise and technological power of the entire Rocket Pro TPO team. The pricing calculator is the result of feedback from mortgage brokers, based on their feedback, brokers consider it a highly valuable tool to help them build their businesses. 
The post Rocket Pro TPO redesigns pricing calculator for brokers appeared first on HousingWire.
Source: https://www.housingwire.com/rss

HW+ Member Spotlight: Karen Mayfield

HW+ Member Spotlight: Karen Mayfield

This week’s HW+ spotlight features Karen Mayfield, head of National Retail Sales at Wyndham Capital Mortgage. In her role, Mayfield is tasked with expanding on the company’s digital roots into the retail mortgage environment. With more than two decades in the industry, Mayfield most recently served as a division lending executive at Citi, where she oversaw up to four of Citi’s six markets.

Below, Mayfield answers questions about the industry:

HousingWire: To start off, what is your current favorite HW+ article?

Karen Mayfield: There may not be just one article but part of my favorite thing about HW is how it’s a true advocate for the industry — from covering market moves to closing the housing gap and the latest in tech.

HousingWire: What is the weirdest job you’ve ever had?

Karen Mayfield: My weirdest job was also one that may have taught me the best life lesson. I worked as a telephone operator (remember those??) one summer during my late teens. The vast majority of my calls were from the local male prison since prisoners had to call collect. I had been forewarned this would be the case and as a young female with little life experience, I was nervous about taking these calls. My imagination ran wild about what crimes they had committed, how they would sound or treat me. When I think back, I wasn’t just nervous, I was freaking out, as teenagers tend to do.

But those nerves subsided quickly. It was a great example of why we shouldn’t judge a book by its cover, because the prisoners became my favorite customers. They were happy to hear a different human voice than what encapsulated their every day and excited to be able to connect to the person they were calling. The “mean, scary prisoners” were the only customers who asked how I was doing, or wished me well before connecting their call. 

It was an odd job for a teenager to have, but it was a great life lesson to always be open minded. Let people show you who they are before you decide it for them.

HousingWire: What is the best piece of advice you’ve ever received?

Karen Mayfield: If you really want to help your team, don’t let them — or more likely the situation — rile you up. 

When there are issues that need to be addressed, or decisions to counter, it’s important to remain rational and maintain productive communication. As you ascend in your career, you realize that how you say something can be more important than what you say. Some of the most effective communicators I’ve seen have incredibly calm demeanors. It’s ironic because often those individuals don’t get enough credit from their team for being their advocate because their team doesn’t see them get upset or passionate and assumes they’re not being “loud enough” to make an impact.

And for those who tend to be more passionate, like myself, it’s OK to “get mad,” just not when you are making a case!

HousingWire: What’s one thing that people aren’t paying attention to that you think they should be paying attention to?

Karen Mayfield: Loan officers. They are the soul of our industry and I’m concerned we’re taking them for granted.

I’ve heard peers at other mortgage lenders say “I have a digital customer experience and educational content on-line. So why do I need an expensive loan officer?” It’s not so different from what we thought would happen to the real estate industry 20 years ago. 

Having an online portal or sharing the advantages of a fixed rate mortgage on your site is helpful to customers. But just like people still go to the doctor after self-diagnosing on WebMD, people want to talk to an expert about their specific financial situation.

I recently left the banking world after 20 years to join a fintech mortgage lender because I’m passionate about using technology to help make loan officers more efficient and effective for a better customer experience. Homebuyers still want to work with people. They may start online, but typically a loan officer gets involved along the way.

To attract top young talent, we need to endorse innovation and leverage automation so loan officers can do what they do best — sell. But it’s also just as important to help our industry veterans get on the social media bandwagon, use automated marketing tools and appreciate the digital age vs. competing against it. 

To become an HW+ member, click here.

For more information on HW+ benefits, click here.
The post HW+ Member Spotlight: Karen Mayfield appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Charlie Oppler: DOJ needs to honor agreement with NAR

Charlie Oppler: DOJ needs to honor agreement with NAR
You should be able to count on the Department of Justice (DOJ) to honor an agreement. And yet, in a complete breach of commitment and legal precedent, the DOJ backed out of an agreement with the National Association of Realtors (NAR) that would more explicitly state the spirit and intent of NAR’s Code of Ethics and MLS guidelines in some key areas.

NAR has forged ahead. At our Annual Conference in November, NAR’s Board of Directors will consider motions by the Technology and Emerging Issues Advisory Board that reinforce greater transparency and disclosure of compensation offered to buyer agents, ensure listings aren’t excluded from search results based on the amount of compensation offered to buyer agents, and reinforce that local MLS market participants do not represent brokerage services as free.

Yet, the DOJ filed a response last week balking again at any commitment to honor the agreement in response to our petition saying they should.

This same agreement also spoke volumes about what didn’t need fixing — the pro-consumer, pro-competitive local broker organizations that make fulfilling the American dream of homeownership efficient, transparent and fair for millions of people every year.

Why is this important?

This is about defending a fair and competitive market.

Because of multiple listing services (MLSs), we’re seeing unprecedented competition among brokers, especially when it comes to service and commissions. Many new and small businesses are competing specifically on commission with varied commission models and flat fees. These local real estate databases serve as a central hub for the vast majority of homes for sale in a given market, so buyers can work with one broker (instead of many) and have access to virtually all of the properties for sale in their area.

In turn, sellers get access to the largest possible pool of buyers working with brokers within a market. In the process, these local broker organizations level the playing field, allowing small brokerages to compete with large ones. Every home sale by one of those brokers generates roughly $88,000 in local economic activity, and every two home sales supports one American job. Overall, real estate accounts for nearly 18% of the nation’s GDP.

This is about promoting a fair opportunity to own a home.

The approach of the listing broker paying the buyer broker’s commission ensures greater access for first-time, low-income and many other homebuyers who otherwise couldn’t afford to purchase a home and hire professional representation. In fact, 24% of potential homebuyers in 2020 delayed purchasing a home by more than five years because of the potential debt. 

For many, saving for a down payment is difficult enough. Paying a broker’s commission out of pocket at closing could put homeownership out of reach or force people to go through the home-buying process alone and without professional representation. This has been magnified in the highly competitive sellers’ market we’re experiencing right now.

This is about giving small businesses a fair chance to earn a living.

Realtors, 88% of whom are single offices, typically with two full-time real estate licensees, are working hard every day to best serve their clients and make a living. Despite one-off claims of online omniscience, the reality is the vast majority of people — especially those fighting for a fair chance to own their first home — need help navigating the complex real estate, regulatory market and legal facets of buying and selling a home.

Real estate agents serve a critical role in providing equitable opportunities for those consumers. And agents are competing every day on compensation and customer service. In fact, because of the rise in competition, RealTrends cited that the average commission slid to the lowest ever in 2020.

This is about a fair expectation that a government agency will stick to an agreement.

This is particularly true when it’s an agreement that advances pro-consumer, pro-competitive local real estate markets. NAR worked in good faith with DOJ to come to an agreement and expects the same from them in return. Case law supports the fact that they are required to live up to their contractual obligation. The courts also have repeatedly upheld the value of consumer-friendly MLSs as early as 1966 during the Johnson administration, in 1995 during the Clinton administration and as recently as 2018 during the Trump administration.

We’re asking the DOJ to step up and own what it agreed to. That would be the fair, just and right thing to do. Fair for a diversity of consumers trying to achieve the American dream of owning a home. Fair for real estate agents trying to earn an honest living. Fair to small businesses trying to compete in a market enabled by the local broker organizations.

Charlie Oppler is President of the National Association of Realtors.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the author of this story:Charlie Oppler at NARPresident@nar.realtor. 

To contact the editor responsible for this story:Sarah Wheeler at swheeler@housingwire.com
The post Charlie Oppler: DOJ needs to honor agreement with NAR appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Recruiting the next generation of appraisers

Recruiting the next generation of appraisers

The appraisal industry’s lack of diversity — in terms of age, gender and ethnicity — and the growing number of appraisers exiting the profession as they reach retirement age have been well-documented issues. But now that the industry is keenly aware of these problems, what can be done to turn awareness into action to effect positive change for the next generation of appraisers? Before we dissect this question, let’s revisit the numbers.

The current state

Data from the Appraisal Institute reveals there are around 78,000 active real estate appraisers in the U.S. On the surface, this may seem like a robust number, but when you take into consideration that this number has been dwindling at a rate of 2.6% for the last five years, the reality of the issue sets in deeper.

In terms of age and ethnic diversity, there is also room for improvement. Since 50% of active appraisers are between the ages of 51-65, most are nearing retirement. Most appraisers are also white males (77% male, 85% white).

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post Recruiting the next generation of appraisers appeared first on HousingWire.
Source: https://www.housingwire.com/rss

Endpoint secures $150 million from First American

Endpoint secures 0 million from First American
Endpoint secured an additional $150 million in funding from its parent company, First American Financial Corp. The latest investment will allow Endpoint to augment its technology team, further invest in title and settlement automation, and expand its capabilities, according to the company. Read on for more.
Source: thetitlereport.com

DOJ, OCC, CFPB pledge to combat “modern-day redlining”

DOJ, OCC, CFPB pledge to combat “modern-day redlining”
Attorney General Merrick Garland

The Department of Justice, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are teaming up in a new initiative to combat redlining.

The Civil Division of the DOJ will partner with U.S. Attorneys offices in its “most aggressive and coordinated effort” yet, Attorney General Merrick Garland said.

“Much has changed since the federal government engaged in Depression-era redlining, but discriminatory lending practices by financial institutions still exist,” Garland said. “Unfortunately, redlining remains a persistent form of discrimination that harms minority communities.”

The initiative will “seek to address fair lending concerns on a broader geographic scale than the DOJ has ever before,” Garland said. The DOJ will also draw on and strengthen its partnership with CFPB, and with financial regulatory agencies like the OCC.

The all-hands-on-deck effort has already resulted in a settlement with a bank for alleged redlining — the second in two months’ time — and Garland said more are on the way.

This content is exclusively for HW+ members.
Start an HW+ Membership now for less than $1 a day.
Your HW+ Membership includes:
Unlimited access to HW+ articles and analysis
Exclusive access to the HW+ Slack community and virtual events
HousingWire Magazine delivered to your home or office
Become a member today
Already a member? log in

The post DOJ, OCC, CFPB pledge to combat “modern-day redlining” appeared first on HousingWire.
Source: https://www.housingwire.com/rss

TitleEase adds new franchisee

TitleEase adds new franchisee
Title and settlement services franchise business TitleEase added a new franchisee, a collaboration between Northwind Financial, a lender for private commercial real estate transactions and residential loans, and CFSI Loan Management, a provider of construction loan risk management services.

Read on for more.

Source: thetitlereport.com

National Title & Escrow opens fifth location

National Title & Escrow opens fifth location
National Title & Escrow, based in Dexter, Mo., is opening a new office in nearby Sikeston, the company’s fifth location. The Sikeston location is the second new National Title location in the last 12 months. Read on for more.
Source: thetitlereport.com

Alliant names Southwest agency representative

Alliant names Southwest agency representative
Alliant National Title Insurance Co. named a Southwest agency representative. She will split her time between agency responsibilities and providing continuing education materials to Realtors. Read on for more.
Source: thetitlereport.com

ChainLogix names vice president, operations

ChainLogix names vice president, operations
ChainLogix Mortgage Solutions named a vice president, operations. She will be responsible for expanding the company’s title and mortgage services. Read on for more.
Source: thetitlereport.com