In Partnership with
How brokers can win
This year has been a challenging one for brokers and their clients, but there is still room for optimism, as four industry veterans share how they are able to win in this difficult market
Chelsea Balak
Wemlo
Industry experts
Darius James
Porch Point Mortgage
Jon Tallinger
Class Valuation
Kevin DeLory
EPM
Balak is vice president of operations for wemlo and leads the processing division of the organization. From wemlo’s inception, Chelsea has been instrumental in building a strong operation that’s revolutionizing the mortgage processing industry. She’s a key contributor in providing a fresh perspective on processing workflows, allowing wemlo to lead innovation in the wholesale channel. Before joining wemlo as the first employee in 2019, Chelsea spent five years in the financial industry, concentrating on the mortgage sector. Prior to that, she honed hospitality talents that can only be learned by working in the largest vacation destination in central Florida.
vice president of operations, Wemlo
Chelsea Balak
Darius James is a highly accomplished mortgage professional who has spent over a decade in the mortgage industry. He has been involved with some of the largest and most successful lenders in the country, including Quicken Loans, Loan Depot, Caliber Home Loans, and Home Point Financial. Darius began as a mortgage loan originator for the largest lender in the country. He then took on the role of director of business development at Home Point Financial, where he played a pivotal role in acquiring new business and nurturing essential relationships. As president and CEO of Porch Point Mortgage, Darius leverages his wealth of knowledge to assist home buyers in securing mortgages that align with their unique financial needs.
president & CEO,
Porch Point Mortgage
Darius James
Since helping to start Class as its first employee in 2009, Jon has played several key roles throughout the company. Now his primary focus is planning and leading the company’s growth initiatives. Under Jon’s direction, Class’s sales and marketing team has helped the company grow by over 250 percent since the start of 2016. Jon and his team are planning for even bigger growth and success in the years to come.
chief growth officer,
Class Valuation
Jon Tallinger
Kevin DeLory has over 20 years of experience in the TPO space. Kevin has a leadership style that always puts him in the trenches working through any problem with his team. Kevin believes in the bottom-up philosophy that the leadership team at EPM has created. He has several internal core values, but the most important are accountability, relationships over transaction, and integrity. Today, Kevin is the chief lending officer and partner at EPM (Equity Prime Mortgage). More than anything, Kevin’s experience has left him an eager mentor, and he proves that on and off the field every day.
chief lending officer and partner,
EPM
Kevin DeLory
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Vault Plus Mortgage and Finance Consultancy
David Merison
“You don’t have to know every pricing scenario, but answer your phone, respond. Make sure your client has that trust, that you’re going to take care of them”
Jon Tallinger,
Class Valuation
TIMES ARE TOUGH, but as the timid exit the mortgage market, that frees up room for those committed brokers who are in it for the long haul.
And among the hard news, there is room for optimism.
Those were some of the insights provided by four mortgage industry leaders during a recent roundtable hosted by MPA TV.
“We’ve seen a lot of new products being added to the market. It’s a great thing that different borrowers from different backgrounds are now having an opportunity to get loans, and so adding in that diversity is always a great thing”
Chelsea Balak, wemlo
“I expect that when these rates come back down, you’ll see a lot of them [‘Gary Goodtimes’ types] running back to the business. When the going got tough, they got going. We don’t need them to be back in our business”
Kevin DeLory,
EPM
The uptake of technology was accelerated during the pandemic period, both out of necessity when people were mandated to work from home, but also as a chance to seize the moment. Since then, ChatGPT and other AI tools have been bringing what was once science fiction to your office. With the lockdowns behind us, what technological advances await the industry in 2024?
“I think technology is changing the entire world,” said James. “AI is really sweeping the mortgage industry.” The question now becomes how AI can be used to benefit the customer and also communicate better with consumers.
“Everybody’s on the move, everybody’s on the go, especially in a market like this,” DeLory said. He recognizes that technology can be expensive: “We realize that, so we’re creating it to give it to them. Of course, in return, the loan comes back to us. We’ve got to get on the tech train, quick, and we’ve got to make it easy to use,” he said. “We’re doubling down. You’ve got to keep up, make it easier to use for the broker, or you’re going to get left behind.”
Tallinger’s firm works in the appraisal evaluation side of the industry, and works with every possible channel, making the process as seamless as possible. “There are so many good use cases where we can leverage AI and technology to help,” Tallinger said.
When Tallinger himself was out in the field appraising 15 years ago, he wanted to go through the house itself, taking pictures
strong to get stronger.… It’s up to the people who didn’t run when the market got rough.”
“We’ve seen a lot of new products being added to the market. It’s a great thing that different borrowers from different backgrounds are now having an opportunity to get loans, and so adding in that diversity is always a great thing,” said Chelsea Balak, vice president of operations with wemlo.
“Most people think it’s a tough market, it’s not normal,” said Darius James, president and CEO of Porch Point Mortgage. “But I think that’s just perspective. What I’m seeing is a lot of wins in this market, not just for my company but for loan officers nationwide.”
James added that if you, as a broker, target your business to make sure that customers have the right product linked with the right service and the right people, “to help those subsets, you can win in any market.”
Kevin DeLory, chief lending officer and partner at Equity Prime Mortgage (EPM), noted that it was a better market for borrowers.
“There’s more opportunity to do what’s best for the borrower,” said DeLory, as they can shop several vendors to find the best program with the best rates. “I’ve seen a huge opportunity for the smaller brokers, as they continue to grow, because they’re attracting that top talent away from retail, where there’s one option.” When it comes to rates, for example, a broker can negotiate that. “At EPM, we’ve doubled down on wholesale.”
An appraiser, using the right technology, can work from home and get as many as five appraisals done in a day, as opposed to doing two in-person appraisals a day.
For Balak, with wemlo being a processing and technology company, “we are leaning very hard into the technology sector of what we do. We want to make sure that our processors can manage larger pipelines, and we’re doing that through technology.”
Advice for new brokers
For Jon Tallinger, chief growth officer, Class Valuation, a lot of people in the mortgage industry had to adjust to the market shift in 2021, when rates were low.
“Refinances were falling out of the sky,” said Tallinger. “We’re not back to normal yet, but there’s going to be a new normal eventually.” He agreed with his fellow panellists that it was important to get the emphasis back on what is best for borrowers.
But this has also become a time to separate the wheat from the chaff – to determine “who the winners are and who the losers are,” Tallinger said. “The truly driven originators are going to rise to the top,” thanks to a “thinning of the herd.”
The way James looks at it, “I’m a consumer-first guy. I think that these things can help improve communication with the consumer and enhance the overall experience.”
His own team is working on AI internally and “it’s game-changing,” he said, in terms of how it can touch and help so many people.
EPM has just tripled its IT staff, according to DeLory, and the firm is working on creating a site where the broker can upload their loan and get approvals, and notify their account, as well as borrowers and realtors, all through a simple iPhone app.
Read on
Recent data has suggested that the number of loan originators may have been cut in half between 2022 and 2023, so this may be an opportunity for brokers to gain market share in the future.
“A lot of the order-takers are leaving the business,” said DeLory of these “Gary Goodtimes” types. When rates were low, they were busy with a steady stream of refinances. “I expect that when these rates come back down, you’ll see a lot of them running back to the business. When the going got tough, they got going. We don’t need them to be back in our business.”
His advice to the people he calls the real “heroes” in all of this – the mortgage advisors who are sticking it out?
“Don’t give them [the returnees] the opportunity to get back,” he said. “I think this is a good opportunity for the
Balak sees a lot of loan officers coming from the retail side, who were “handed deals over the table, and they’re not used to having to fight for things. Our wholesale brokers, they’re already implanted inside of our communities. They’ve built their relationships, they’re really built for this market and we’re going to continue to see them grow,” at the end of 2023 and into early 2024.
James recalled a mentor who taught him that when markets get compressed, that is when market share can be gained.
“How can you grow in a tough market? [It happens] because people leave,” James said.
Based in Atlanta, Georgia, EPM Wholesale is a world-class global team of mortgage experts with diverse backgrounds who share a passion for leading EPM. Our team features an integrated range of knowledgeable people who guide us in fulfilling our commitments to our community and those who serve. EPM’s management team has more than 50 years’ experience in the mortgage industry, providing exceptional pricing without compromising follow through, and customer service for thousands of clients annually. The organization has 23 fundamentals that EPM promotes, with “4CORE” principles at the top.
Find out more
Class Valuation is the most advanced appraisal management company, with over 500 employees, world-class technology, and over two million appraisals completed to date. In a competitive purchase market, we consistently provide brokers with the best turn times and on-time rates to close with certainty. Our Platinum Client Service team handles all the day-to-day needs of brokers with exceptional response times and support. With SMS-enabled communication, we provide enhanced customer support and are an industry leader. Brokers will also have direct access to our internal appraisers to help answer questions and find solutions.
Find out more
Porch Point Mortgage, recognized as the 2023 New Broker of the Year, stands at the forefront of the mortgage industry, redefining the home financing experience. We were founded on the principles of integrity, innovation, and personalized service. We are committed to empowering individuals and families to achieve their homeownership dreams. Our mission is to provide accessible, transparent, and tailored mortgage solutions that transcend expectations. We strive to be the catalyst for turning aspirations into reality, creating a pathway to secure, sustainable homeownership. Committed to giving back, we are a proud community partner.
Find out more
In Partnership with
How brokers can win
This year has been a challenging one for brokers and their clients, but there is still room for optimism, as four industry veterans share how they are able to win in this difficult market
Read on
Kevin DeLory
EPM
Jon Tallinger
Class Valuation
Darius James
Porch Point Mortgage
Chelsea Balak
Wemlo
Industry experts
Balak is vice president of operations for wemlo and leads the processing division of the organization. From wemlo’s inception, Chelsea has been instrumental in building a strong operation that’s revolutionizing the mortgage processing industry. She’s a key contributor in providing a fresh perspective on processing workflows, allowing wemlo to lead innovation in the wholesale channel. Before joining wemlo as the first employee in 2019, Chelsea spent five years in the financial industry, concentrating on the mortgage sector. Prior to that, she honed hospitality talents that can only be learned by working in the largest vacation destination in central Florida.
vice president of operations, Wemlo
Chelsea Balak
Darius James is a highly accomplished mortgage professional who has spent over a decade in the mortgage industry. He has been involved with some of the largest and most successful lenders in the country, including Quicken Loans, Loan Depot, Caliber Home Loans, and Home Point Financial. Darius began as a mortgage loan originator for the largest lender in the country. He then took on the role of director of business development at Home Point Financial, where he played a pivotal role in acquiring new business and nurturing essential relationships. As president and CEO of Porch Point Mortgage, Darius leverages his wealth of knowledge to assist home buyers in securing mortgages that align with their unique financial needs.
president & CEO,
Porch Point Mortgage
Darius James
Since helping to start Class as its first employee in 2009, Jon has played several key roles throughout the company. Now his primary focus is planning and leading the company’s growth initiatives. Under Jon’s direction, Class’s sales and marketing team has helped the company grow by over 250 percent since the start of 2016. Jon and his team are planning for even bigger growth and success in the years to come.
chief growth officer,
Class Valuation
Jon Tallinger
Kevin DeLory has over 20 years of experience in the TPO space. Kevin has a leadership style that always puts him in the trenches working through any problem with his team. Kevin believes in the bottom-up philosophy that the leadership team at EPM has created. He has several internal core values, but the most important are accountability, relationships over transaction, and integrity. Today, Kevin is the chief lending officer and partner at EPM (Equity Prime Mortgage). More than anything, Kevin’s experience has left him an eager mentor, and he proves that on and off the field every day.
chief lending officer and partner, EPM
Kevin DeLory
In Partnership with
How brokers can win
This year has been a challenging one for brokers and their clients, but there is still room for optimism, as four industry veterans share how they are able to win in this difficult market
Read on
Kevin DeLory
EPM
Jon Tallinger
Class Valuation
Darius James
Porch Point Mortgage
Chelsea Balak
Wemlo
Industry experts
Kevin DeLory has over 20 years of experience in the TPO space. Kevin has a leadership style that always puts him in the trenches working through any problem with his team. Kevin believes in the bottom-up philosophy that the leadership team at EPM has created. He has several internal core values, but the most important are accountability, relationships over transaction, and integrity. Today, Kevin is the chief lending officer and partner at EPM (Equity Prime Mortgage). More than anything, Kevin’s experience has left him an eager mentor, and he proves that on and off the field every day.
chief lending officer and partner, EPM
Kevin DeLory
Since helping to start Class as its first employee in 2009, Jon has played several key roles throughout the company. Now his primary focus is planning and leading the company’s growth initiatives. Under Jon’s direction, Class’s sales and marketing team has helped the company grow by over 250 percent since the start of 2016. Jon and his team are planning for even bigger growth and success in the years to come.
chief growth officer,
Class Valuation
Jon Tallinger
Darius James is a highly accomplished mortgage professional who has spent over a decade in the mortgage industry. He has been involved with some of the largest and most successful lenders in the country, including Quicken Loans, Loan Depot, Caliber Home Loans, and Home Point Financial. Darius began as a mortgage loan originator for the largest lender in the country. He then took on the role of director of business development at Home Point Financial, where he played a pivotal role in acquiring new business and nurturing essential relationships. As president and CEO of Porch Point Mortgage, Darius leverages his wealth of knowledge to assist home buyers in securing mortgages that align with their unique financial needs.
president & CEO,
Porch Point Mortgage
Darius James
Balak is vice president of operations for wemlo and leads the processing division of the organization. From wemlo’s inception, Chelsea has been instrumental in building a strong operation that’s revolutionizing the mortgage processing industry. She’s a key contributor in providing a fresh perspective on processing workflows, allowing wemlo to lead innovation in the wholesale channel. Before joining wemlo as the first employee in 2019, Chelsea spent five years in the financial industry, concentrating on the mortgage sector. Prior to that, she honed hospitality talents that can only be learned by working in the largest vacation destination in central Florida.
vice president of operations, Wemlo
Chelsea Balak
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The expanding role of technology
Published 27 November 2023
“I think technology is changing the entire world. AI is really sweeping the mortgage industry”
Darius James,
Porch Point Mortgage
wemlo® NMLS #1853218 is a technology-focused mortgage loan processing company that is reshaping the mortgage broker channel. It developed the first service for mortgage brokers, combining third-party loan processing with an all-in-one digital platform. Its product is marketed and sold to mortgage brokerages and loan originators across the country. wemlo is a subsidiary of RE/MAX Holdings, Inc., which includes RE/MAX®, one of the world’s leading franchisors of real estate brokerage services, and Motto Mortgage®, the first-and-only national mortgage brokerage franchise brand in the U.S.
Find out more
“Get deeply rooted in your community. You have to support your community. You add value in your community, and you give without expectation of anything in return”
Darius James
president & CEO,
Porch Point Mortgage
Entering a new field of work can be daunting, but entering the mortgage market now is an especially challenging time. Our four experts offer some useful tips for new brokers.
“There is massive opportunity, but don’t expect things to fall into your lap. Success is not an accident. It’s a conscious choice, and it’s created by your work ethic and the habits you create. That’s going to dictate your success. You’re far more in control of your success than you realize”
Jon Tallinger
chief growth officer,
Class Valuation
“Communication is key,” as is “staying top of mind with realtors and borrowers, advising as much as you can, and education.” For Balak, it’s also important to stay on top of market trends, making sure you are making yourself an important resource for your partners.
Chelsea Balak
vice president of operations, wemlo
“Don’t be afraid to work hard, because if you work hard, the money will come. You don’t need to close 40 loans a month if you’re doing the right thing by 20 people,” he said. “Find the right group of people to surround yourself with. Find a partner and a teammate and a wholesale lender who are willing to invest in you … [and] if you chase success, money will follow.”
Kevin DeLory
chief lending officer
and partner,
EPM
Affordability and interest rates
Affordability and interest rates are some of the chief concerns of people looking to get a mortgage. What can brokers do to help? Our panel offers this advice:
“There’s so much that you can do for a borrower right now,” like DPA loans, seller concessions, rate buy downs, etc. “The opportunity is out there. Make sure you have the grit to get the deal done”
Chelsea Balak
vice president of operations, wemlo
“Looking at it from a loan officer-lender point of view, it’s all about catering to the consumer need, being tuned in to their needs in a changing market. Financial literacy will open up the floodgates for borrowers to know what’s out there”
Darius James
president & CEO,
Porch Point Mortgage
Tallinger urges frankness when talking with clients, and making sure that they know what they are getting themselves into. “Education, I can’t stress it enough”
Jon Tallinger
chief growth officer,
Class Valuation
“As a loan officer, don’t over promise and under-deliver. You have to be honest … [and] the relationship starts at the closing table. When you close, hopefully, you’re my customer for life.”
Kevin DeLory
chief lending officer and partner,
EPM
She agreed with Tallinger that delegating tasks was a good habit to get into, partially by using technology, so that more time can be spent communicating with brokers, loan officers, and borrowers.
Technology, however, cannot yet handle “building better relationships or explaining confusing things about loan processes to a borrower,” she said.
The place of loan originators in the market
Tallinger agreed with DeLory that “winners win and the strong are going to survive.” Reputations are built in real time, they are “based on performance,” Tallinger said. His own advice for success? “Answer the damn phone. Honestly … are you available?”
In this current market, there is plenty of competition out there. “You don’t have to be talented. You don’t have to be good at a lot of things. That’s what your team is there is support you with. You don’t have to know every pricing scenario, but answer your phone, respond. Make sure your client has that trust, that you’re going to take care of them.”
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and seeing it all for himself. Now, technology exists through which far more information can be captured than ever before, and an appraiser does not need to be on-site to do that.
“We’ve seen a lot of new products being added to the market. It’s a great thing that different borrowers from different backgrounds are now having an opportunity to get loans, and so adding in that diversity is always a great thing”
Chelsea Balak,
wemlo
Copyright © 1996-2023 KM Business Information US, Inc.
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US
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Newsletter
About us
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Terms & Conditions
Contact Us
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Copyright © 1996-2023 KM Business Information US, Inc.
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BEST IN MORTGAGE
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