CMB Connect

In this episode of CMB Connect, I interview Lynn Crutchfield, Director of Sales Operations at Essent. We discuss the critical role of Private Mortgage Insurance (PMI) in facilitating home ownership and supporting lenders. Our conversation covers the definition of PMI, its regulatory landscape, types of PMI, how premiums are calculated, strategic uses of PMI in lending, career opportunities in the PMI sector, and emerging trends in technology affecting the industry. Chapters 00:00 Introduction to Private Mortgage Insurance 03:10 Lyn Crutchfield's Journey in Mortgage Banking 05:35 Understanding Private Mortgage Insurance (PMI) 08:09 Regulations Governing Private Mortgage Insurance 11:15 Impact of PMI Regulations on Lenders 12:48 Types of Private Mortgage Insurance Premiums 15:31 Cancellation of Private Mortgage Insurance 17:54 Factors Influencing PMI Coverage Decisions 18:36 Calculating PMI Premiums 20:41 Understanding Risk-Based Pricing in PMI 22:31 Borrower-Paid vs. Lender-Paid PMI Options 25:02 PMI as a Sales Tool in High-Interest Environments 29:52 Navigating Regulatory Changes in PMI 32:53 Career Opportunities in Private Mortgage Insurance 36:37 Emerging Trends and Technologies in PMI 41:06 Outro/End Note: The best source of specific information about PMI is the PMI account executive. Here are some sources of industry wide information about PMI. Fannie Mae's PMIERS: https://singlefamily.fanniemae.com/media/39791/display Freddie Mac's PMIERS: https://sf.freddiemac.com/general/private-mortgage-insurer-eligibility-requirements-pmiers CFPB on PMI Cancellation: https://files.consumerfinance.gov/f/documents/102012_cfpb_homeowners-protection-act-hpa-pmi-cancellation-act_procedures.pdf More About Essent: https://www.essent.us/about-essent

Val Buresch, Founder and CEO of Polygon Research, explores FHA lending with MBA's Teresa Ferman, unpacking critical industry misconceptions. Discover how FHA programs drive homeownership access, meet compliance standards, and serve underserved communities. Teresa shares expert guidance on CMB designation, mortgage banking career advancement and building client relationships in today's mortgage market. Link to HUD's Single-Family FHA Handbook 4000.1: https://www.hud.gov/program_offices/housing/sfh/handbook_4000-1 Chapters 00:00 Introduction and Background 06:22 The Role of the Associate Director of Career Programming 09:38 The Value and Evolution of the CNB Designation 13:58 Teresa's Connection to FHA Lending 17:05 Opportunities and Challenges in FHA Lending 20:58 The Future of FHA Loans 24:16 Advice for Those Interested in FHA Lending 27:46 The Importance of Personal Contact in the Mortgage Industry 32:05 Closing Remarks

In this episode of CMB Connect, host Val Buresch interviews Suchitra Varma, a senior technology leader in mortgage banking. They discuss Suchitra's career journey from software engineering to becoming a certified mortgage banker, her insights on the evolving role of IT in the mortgage industry, and the importance of delivering high-quality services. Suchitra shares her thoughts on the impact of AI and machine learning on mortgage processes, the significance of a frictionless consumer experience, and the need for inclusivity and innovation in the industry. The books recommended by Suchitra: #1The Friction Project: How Smart Leaders Make the Right Things Easier and the Wrong Things Harder by Robert Sutton and Huggy Rao #2 The Singularity Is Near by Ray Kurzweil Chapters 00:00 Introduction and Career Journey 06:28 Role of IT in Mortgage Banking 11:41 Consumer Pain Points in the Application Process 14:04 Collaboration and Communication in Mortgage Banking 17:41 AI and ML in the Mortgage Application Process 21:48 Staying Current with Industry Trends 24:30 Implementing New Technologies in Mortgage Banking 25:54 The Future of Innovation in Mortgage Banking 28:54 Respect and Inclusivity in the Industry

In this episode of CMBConnect, I interview Bob Niemi, the CMB Society vice chair. We explore the traditional business model in the mortgage industry, how lenders make money, and the challenges they face. We delve into the topic of innovation in the industry, including the use of AI and technology to streamline processes and improve the customer experience. Chapters 00:00 Introduction 01:34 Earning the CMB Designation and Its Value 06:06 Understanding the Traditional Business Model in the Mortgage Industry 12:00 The Role of Innovation and AI in Streamlining Processes and Improving Customer Experience 18:25 The Need for Education and Regulation in Adopting New Technologies 26:54 The Role of the CMB Society in Leading Innovation and Advocating for the Industry The book that I mention in the episode is How Innovation Works: And Why It Flourishes in Freedom: Ridley, Matt: 9780062916600: Amazon.com: Books

Meg Bennett, CMB, and a Client Executive at TransUnion, shares her journey in the mortgage industry and the impact of becoming a CMB. She discusses her role as an advisor to her clients. In addition, Meg talks about the industry trends she's seeing, including fraud and delinquencies. Meg emphasizes the importance of listening, learning, and finding a mentor for young professionals in the industry. She also highlights the need for proactive planning and streamlining processes in the mortgage industry.

Yolanda Estrada, a Certified Mortgage Banker and 20-year veteran of mortgage processing and underwriting, shares her career journey and expertise. She discusses the importance of clear communication with borrowers and setting realistic expectations throughout the mortgage process. Yolanda also highlights the role of technology in streamlining the application process and reducing the likelihood of incomplete applications. She emphasizes the need for adaptability and continuous learning in the mortgage industry. Yolanda encourages individuals to consider a career in mortgage processing and underwriting, especially with the current opportunities for training and growth. Chapters 00:00 Career Journey 08:26 Challenges and Growth in Mortgage Processing and Underwriting 11:47 Reducing Application Withdrawals 16:39 Closing Applications for Incompleteness 18:17 Streamlining the Application Process with Technology 21:40 Balancing Automation and the Human Element 23:28 Skills and Knowledge for Mortgage Professionals 25:51 Opportunities in the Mortgage Industry

I talk with Suha Zehl, CMB, about the evolution of mortgage technology in the last two decades. Suha emphasizes the importance of data maturity and the need for a solid foundation in technology. She also highlights the exciting emerging technologies, such as augmented reality, virtual reality, open banking, and regtech. Lastly, we discuss the value of mentorship in the mortgage industry and the qualities of a great mentor. Chapters 00:00 Introduction to Suha Zehl and her experience in the mortgage industry 02:05 The evolution of mortgage technology and its challenges and opportunities 08:32 Key milestones in mortgage technology: Rise of fintechs and automation 18:27 Understanding AI, machine learning, data analytics, and business intelligence 32:07 The value of mentorship in the mortgage industry 36:04 Building transparency and engagement in the mortgage process

Bob Mansur, the Lending Development Manager at 3Rivers Federal Credit Union, shares his passion for elevating professionalism and performance in the mortgage industry. Bob discusses the six critical elements that impact performance: expectations and feedback, tools and resources, rewards and sanctions, values and principles, capacity and traits, and skills and knowledge. He emphasizes the importance of setting clear expectations and providing feedback to improve performance. Bob also highlights the need for continuous learning in the mortgage industry. Chapters 00:00 Introduction 03:04 The Six Critical Elements that Impact Performance in the Mortgage Industry 08:35 Customizing the Performance Enhancement Framework for Mortgage Lending Organizations 11:28 Challenges in Educating Borrowers about Mortgage Credit 13:26 The Importance of Financial Wellness and Caring for Customers 23:26 The Value of the Certified Mortgage Banker (CMB) Designation Bob Mansur | (17) Bob Mansur, CMB, AMP | LinkedIn Val Buresch | (17) Lyubomira "Val" Buresch | LinkedIn www.polygonresearch.com

In this episode, Danielle Swerczek, a senior account manager with MGIC and a newly minted certified mortgage banker (CMB), shares her journey to achieving the CMB certification and the value it has brought to her career. Danielle provides insights into her role as a PMI account manager, including building relationships, delivering training, and staying updated on industry trends. She emphasizes understanding market needs and tailoring sales strategies to maximize customer value. Danielle also discusses the impact of technology like AI on the PMI industry and the importance of adaptability. She highlights the need for financial literacy and education to make the industry more inclusive and client-centric. 00:00 Introduction and Motivation for Pursuing CMB Certification 02:43 Specializing in Private Mortgage Insurance 04:30 The Role of a PMI Account Manager 06:01 Skills and Qualities for Success in the PMI Industry 07:17 Building Relationships and Providing Value 07:55 Approaches to Building Trust and Connecting with Clients 09:38 Balancing Trust and Driving Sales 11:04 Targeting Different Roles and Teams in Lenders' Organizations 12:00 Sales Process and Identifying Opportunities 13:45 Common Misconceptions about PMI 14:03 Understanding the Unique Needs and Challenges in Regional Markets 17:52 Evolving PMI Landscape and Staying Ahead of the Curve 20:09 The Importance of Financial Literacy in the Mortgage Industry 21:43 Gaining Competitor Insight and Best Practices 22:17 Tailoring Sales Approach to Provide Value to Customers 24:18 Advice for Young Professionals Entering the PMI Industry 28:04 The Impact of Technology on the PMI Industry 31:12 Promoting Financial Literacy for Inclusivity and Efficiency You can learn more about Danielle here: (6) Danielle Swerczek, CMB® AMP | LinkedIn You can learn more about Val here: (6) Lyubomira "Val" Buresch | LinkedIn www.polygonresearch.com

Val Buresch talks to Tony Turner, a Certified Mortgage Banker (CMB), SVP at Gulf Coast Bank and Trust, Baton Rouge, LA. Tony discusses the challenges of balancing efficiency and personalized service in mortgage banking and highlights the significance of financial literacy in improving home affordability. He also touches on the role of technology, particularly AI, in the industry and the need for a diverse workforce. 00:00 Introduction and Background 02:56 The CMB Experience and Collaboration 04:58 The Importance of Home Affordability 12:51 The Need for Change and Collaboration in Process Improvement 27:17 The Impact of AI on the Mortgage Industry 33:34 Skills and Advice for Young Professionals 37:11 The Importance of Diversity in the Industry

In this episode of CMB Connect, Val Buresch interviews Diane Jenkins, Attorney and Director of Legal at Asurity. They discuss the benefits of earning a CMB designation and how it enhances one's perspective on compliance challenges in the mortgage industry. They also discuss the compliance issues that lenders struggle with, such as understanding state-specific laws and implementing new programs. Diane highlights the importance of collaboration and networking in the industry. They also touch on the implementation of the loan estimate and closing disclosure, the challenges faced, and the need for ongoing compliance. Diane emphasizes the need for simplifying the mortgage process and making it more borrower-friendly. Chapters 00:00 Introduction 03:13 Types of Clients and Compliance Challenges 06:22 Explaining Loss Mitigation 09:39 Implementing the Loan Estimate and Closing Disclosure 12:23 Lenders' Compliance and Mistakes 14:50 Disclosing Interest Rates and Changes 22:09 Career in the Mortgage Industry 24:22 Improving the Mortgage Industry You can email Diane at djenkins@asurity.com. You can reach Val at lburesch@polygonresearch.com www.polygonresearch.com

Paul Viguerie, Vice President of National Business Development at Altisource, discusses with Val Buresch, CEO of Polygon Research, the various products and services offered by Altisource, including LendersOne, Trellix, Spring House, Premium Title, Castle Line, Granite, and Hubzu. He highlights the success of LendersOne during the pandemic and the innovative solutions developed by Hubzu, such as the Signature Seller portal and the off-market wholesale program. Paul also shares his career journey from Wall Street to the mortgage industry and emphasizes the importance of collaboration, mentorship, and giving back. He believes that a career in the mortgage industry is a great opportunity due to the constant evolution and financial potential of real estate. Paul discusses the role of technology in transforming the housing finance industry and how Altisource utilizes technology to enhance the human experience. He emphasizes the need for a healthy balance between technology and human interaction. Paul also shares his vision for making the real estate industry more inclusive, borrower-centric, and efficient by considering a return to gold as a currency for real estate transactions, combined with blockchain technology.

In this episode, Jennifer Fortier, a seasoned mortgage banking professional, discusses the operational challenges faced by lenders of different sizes and the need to adapt to changing environments. Jennifer emphasizes the value of strategic planning in achieving long-term goals and the importance of aligning strategies with the overall vision. She also explores the role of data, automation, and AI in the mortgage industry and offers advice for those starting their careers in mortgage banking. Jennifer Fortier's contact information: jennifer@jenniferfortier.com https://www.linkedin.com/in/jenniferfortier/ Val Buresch: www.polygonresearch.com

Ella Harris, CMB shares her background and experiences that led her to start her own company focused on educating and empowering consumers in home ownership. Ella emphasizes the need for more diversity and inclusion in the industry and highlights the misconceptions and barriers that young adults from underserved communities face when considering careers in housing finance. She calls for alternative compensation plans and increased support for high school programs that provide training for careers in the industry. Ella's mission is to bridge the gap between high school and responsible, contributing adulthood. Ella Harris, CMB ECH Consulting, LLC ecrafton51@me.com Val Buresch, CMB, CMCP Polygon Research www.polygonresearch.com

In this episode of CMBConnect, host Val Buresch speaks with Ryan Black, CMB, a partner at Black, Mann and Graham, about his journey from congressional staffer to mortgage industry expert. They discuss the future of Fannie Mae and Freddie Mac, the implications of new mortgage proposals, and the importance of advocacy in the mortgage industry. Ryan emphasizes the need for Congress to play a role in the future of GSEs and shares insights on credit score changes and their impact on the market.Chapters00:00 Introduction to Ryan Black and His Journey02:44 The Role of CMB and Industry Involvement05:25 Conservatorship and the Future of Fannie and Freddie10:42 Proposals for Assumable Mortgages and Affordability14:35 Exploring the 50-Year Fixed Mortgage Proposal16:13 Impact of Lowering Minimum Credit Scores19:15 Adoption of Vantage Score and Its Implications20:42 Advocacy and Staying Ahead in the Industry25:19 EndConnect and follow Val Buresch on LinkedIn: https://www.linkedin.com/in/buresch/Connect and follow Ryan Black on LinkedIn:https://www.linkedin.com/in/ryan-black-10632072/Learn more about the CMB Designation:https://www.mba.org/conferences-and-education/certificates-and-designations/certified-mortgage-banker

Val Buresch delves into the inspiring journey of Jennifer Whip, CMB, a leader who embodies courage and reinvention. From a distinguished career at Fannie Mae to founding her own consulting firm, Jennifer shares her story of taking calculated risks, the importance of networking, and the personal wake-up calls that shaped her path. Discover how mentorship and continuous learning play pivotal roles in her success, and gain insights into the evolving mortgage industry. Tune in for a conversation filled with wisdom, personal anecdotes, and a look at the future of entrepreneurship.

Ever wonder what the mortgage industry was like with 17% interest rates, paper files, and no internet? Rates were locked by phone, deals were made with a handshake, and entire loan files were shipped in cardboard boxes.In this episode, we step into a time machine with Mike Hyman, Certified Mortgage Banker (CMB), a 43-year industry veteran celebrating his 30th year with the designation. He shares incredible stories and lessons learned from his unique global perspective, having managed mortgage operations in the UK. Connect with Mike: LinkedIn https://www.linkedin.com/in/michaelahyman/Chapters00:00 The Evolution of the Mortgage Industry20:08 Fannie Mae and Freddie Mac: The Innovators26:05 The Rise of Subservicing31:40 The Birth of Reverse Mortgages37:52 International Perspectives: A Global Mortgage Experience46:01 The Aftermath of 2008: Industry Reflection48:27 What is Offshoring in the Mortgage Industry?01:04:23 The Future of Mortgage Banking: AI and Customer Focus01:08:44 The Role of Education in Mortgage Banking

What does it really take to master financial reporting in one of the world's most complex industries? In this episode, host Val Buresch sits down with Nancy Zhu, SVP and Director of Financial Reporting and Analysis at Cornerstone Home Lending, to get the inside story. Nancy shares her fascinating journey into mortgage banking, revealing why a deep understanding of the loan lifecycle is crucial. She shares how her global experiences have shaped a unique leadership style and explains why data and automation are no longer optional. Get ready to learn about the key performance indicators (KPIs) every mortgage lender must monitor and hear game-changing advice for aspiring Certified Mortgage Bankers on the power of mentorship, technology, and genuine understanding over memorization.

What happens when three Certified Mortgage Bankers (CMBs) meet in one of the world's most historic cities?I'm joined by SuSheila Dhillon, Alan Fowler, and Brian Handal to revisit their international project in Cairo. Between 2005 and 2010, they were tasked with helping build a modern housing finance system from the ground up. But right in the middle of their mission, the 2008 global financial crisis presented an entirely new set of challenges.They share their story of navigating the fallout, managing cross-cultural teams under pressure, and the practical lessons learned from pioneering a market during a period of global instability.

Creighton Oswald, a Certified Mortgage Banker (CMB), is a mortgage banking industry veteran with experience at major banks like JP Morgan Chase, Texas Capital, and BBVA. Most recently, Creighton was the Chief Lending Officer at First United Bank where he oversaw $16 Billion mortgage and consumer portfolio. He talks about operational risk management, and the intersection of change management, leadership, and the future of lending. Find Creighton on LinkedIn: (13) Creighton Oswald, CMB® | LinkedIn Chapters 00:00 Introduction 07:40 Pressing Risks and Importance of Risk and Compliance in Mortgage Lending 14:48 Leveraging Microdata for Efficiency and Profitability in Mortgage Lending 27:54 Leadership, Mentoring, and the Future of the Mortgage Industry 35:15 The Role of Technology and Leveling the Playing Field in the Mortgage Industry