eMortgage Management

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eMortgage Management

  1. 1. February 25, 2011 Your Lender. Your Loan. The Right Choice 1
  2. 2. WELCOME to EMM EMM Commitments • Value employees as well as customers – critical in today‟s uncertain climate • Provide the tools employees need to succeed – EMM is technology and communication forward • Aggressive and continuous growth – started in 2002 as a „mom and pop” shop • Manage with strong relationships – with both our branches and investors/vendors • Welcome diversity in all forms - we embrace our differences and uniqueness What We Offer • Open door policy - All employees speak with members of the executive and management teams • Corporate and Retail Branch events - such as celebrations for performance or particular personal and departmental achievements, and the celebration of professional days. • Healthy work/life balance for all employeesFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 2
  3. 3. About EMM Retail Lender founded in 2002 75 years of combined experience National company • Conducting business in 23 states • Over 15 offices across the country Government approved • FHA DE lender • VA Automatic lender • USDA approved lender • Fannie Mae and Freddie Mac eligible productsFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 3
  4. 4. EMM Executive Overview President, Greg Englesbe • Seasoned mortgage executive for 22+yrs • Experience - sales, marketing, capital investment and management Managing Director, Dan Williams • Mortgage Banker and Industry Executive working in Residential Mortgage Banking for 17yrs • Experience - hedging, pricing, product, delivery, accounting, hr, treasury, risk management, compliance ,warehouse financing and sales Managing Director , Steve Springer • Mortgage Banker and Industry Executive in Residential Mortgage Banking for 41+yrs • Experience - underwriting, loss mitigation, risk management, post closing, closing, salesFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 4
  5. 5. EMM Fulfillment In house processing • Over 10 years experience (corporate processor requirement) • Dedicated processor to build relationship In house underwriting • FHA,VA,USDA and Conventional • 20+ years experience each • 24 – 48 hour turn time • Express purchase money process In house closing • Same day closings w/CTC by 10am • 20 Day Average Closing Full service accounting • Assistance in P&L management • Billing supportFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 5
  6. 6. Who’s Who at EMM Regional Sales Manager Chris Stanton Regional Sales Manager Ron Felpel Regional Business Development Scott Johnson Regional Business Development Eric Gore Regional Business Development Mike Joyner Chief Underwriter Janet Schumacher Director Of Compliance Jeff Lewis Director of Customer Support Chris Lacey Director of IT Jeff Ross Secondary Marketing Manager Mark Gerber Product Development Manager Matt Thoman Accounting, CFO Don Haberle Human Resources John Miriello Licensing Coordinator Marie VespaFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 6
  7. 7. EMM Fulfillment Desks Lock Desk – pricing and locking • Email: lockdesk@emmloans.com • Pricing and pre-qualification engine: www.emmprice.nylx.com IT Support Desk – software and hardware issues • Email: support@emmloans.com • Faster access by calling: 800-793-1400 x108 Transition Desk – pipeline transition support • Email: mgerber@emmloans.com • Also, for referring out of state loans to a licensed MLO License Desk • Transition and application of all licenses • Email: licensing@emmloans.com Marketing Desk • Approval of mailers, flyers, advertisements, etc. • Email: marketing@emmloans.comFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 7
  8. 8. EMM Product Desk Scenario Helpdesk • Email or call for assistance with loan scenarios • Group collaboration for most complete answers • Help searching for guidelines • Once the loan is in underwriting contact the underwriter through EMM Loan Tracker EMM Products, Policies and Procedures • EMM procedures for originating and processing • Workflows for all types of loans • Information Portal: www.emminfo.com Contacts • Matt Thoman – 856-581-2068 • Jeff Lewis – 856-581-2049 • Email: products@emmloans.comFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 8
  9. 9. EMM Banked Products Conventional • DU/DO conventional products • LP available with prior investor approval • All mortgage insurance eligible loans allowed FHA • Loans to 640 credit score ( DOWN TO 600 COMING SOON) • FHA Streamline without an appraisal • 203k Streamline (coming soon) VA USDA Jumbo • Prior approval from the investor • Up to $2 million with Senior Management approvalFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 9
  10. 10. EMM Investor Menu EMM Banks 98% of Loans Banking Relationships Broker Relationships • Bank of America • Freedom - 203k • Chase • US Bank - Jumbo, niche product • Wells Fargo • ING - Jumbo • GMAC (prior approval only) • AFR - FHA < 640 Fico, Restrictions • BB&T (transitioning in) • Provident – Restrictions Apply • PHH (transitioning in) • Hudson City Saving- Jumbo (NJ, PA, CT) • Flag Star (Coming Soon) • Plaza Home Mortgage (203k ,Reverse) • US Bank (Coming Soon) • Genworth - Reverse Mortgages (Coming • Provident Funding(Coming Soon) SoonFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 10
  11. 11. EMM Warehouse/Back Office Diversity with 3 warehouse Banks Capacity $100 million ($40 million Average Monthly Volume) Average time loans spend on the line – < 6 days 100% MIC insuring of FHA loans Excellent record of getting loans funded (contact referrals) CHECK OUT OUR HUD COMPARE RATIO ON NEIGHBORHOOD WATCHFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 11
  12. 12. EMM Referrals BofA Warehouse Lou Politi 856-701-1108 BB&T Warehouse Steve Kliendiest 301-873-9033 Southwest Securities Steve Wojnar Bank of America Chris Flanagan 813-373-8000 Chase Correspondent Dan Sheehy 410-751-9451 Wells Fargo Tom Juliano 609-306-1169February 25, 2011 Your Lender. Your Loan. The Right Choice 12
  13. 13. EMM Human Resources Benefits • Direct deposit available • Medical - Blue Cross (National) • Dental - Guardian • 401k - Paychex Online • Life Insurance - North American Benefits Co • Supplemental Insurance - Aflac Employee Management • Paychex HR Online Portal (Coming Soon) • Online Time and Labor Management (Coming Soon) • Employee Background ChecksFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 13
  14. 14. EMM Compliance and Legal Dedicated Compliance Team • Marketing Approval Desk • Dedicated License Desk • Full Licensing & Renewal Support • Compliance Updates • Quality Control and Quality Assurance • Borrower Issues • Regulatory Monitoring • Centralized Opening Department Dedicated Legal Counsel • Reviews & approves contracts • Audits handled by CorporateFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 14
  15. 15. EMM StatesFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 15
  16. 16. EMM Marketing EMM Branch and MLO Websites • ARG Interactive website • CRM included • Free Realtor Web Sites provided • Email Campaigns • Realtor Tools and much more • Fully integrated social media capabilities • Search engine marketing Multiple lead generation sources (if needed) • LendingTree • LowerMyBills.com, • Tiger Leads (Purchase Money) • Mailers Marketing approval desk • Approval of mailers, flyers, advertisements, etc. • Email: marketing@emmloans.com • 48 hour turn timeFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 16
  17. 17. EMM Technology Calyx Point • Used for point of sale system • Point Data Server for connectivity with EMM Corporate EMM Loan Tracker • Web portal to DataTrac LOS system • Real time pipeline management and tracking • Communicate directly with the processor and underwriter • Full paperless origination and delivery Remote Connectivity • Citrix access and VPN Client and VPN Tunnel access, - originate anywhere • Enterprise smart phone capability • Web based email Security • Redundant data center for 100% uptime • Firewall • Secure email and electronic deliveryFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 17
  18. 18. EMM Accounting Branch Operating Statements provided semi-monthly Loan-level accounting Branch Operating Reserve calculation provided as part of Operating Statements Expense detail provided from General Ledger source Expense invoice support available upon request Automatic MLO commissions calculation • Taken from MLO commission agreements • Review & approval process prior to payroll submissionFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 18
  19. 19. EMM Standard Fees $895 EMM underwriting Fee $75 -2x Annually Branch Inspection $150 Per Seat per yr Calyx $75 1x Fee New hire, boarding, background check, credit check, etc. $60 Per Seat –monthly www.emmprice.nylx.com $3 Initial and Redisclosures per occurrence $300 per loan Corporate processing fee (Branch encourage to use) 25 bps - No less than $500 Referral desk loans (Corporate processing required) 37.5 bps - No less than $1200 Brokered loans 10% Accounting/Admin Charge Actual Cost Credit Report $13 4506_T $13 Flood Certs $75-$90 Tax Service Fee- Varies by StateFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 19
  20. 20. EMM Payroll Policy If a loans closes between the 1st and 15th of any month full commissions will be paid on the 2nd payroll or the last business day of that month. If a loans closes between the 16th and the last day of the month full commissions will be paid on the 1st payroll of the following month.February 25, 2011 Your Lender. Your Loan. The Right Choice 20
  21. 21. Non-Producing Branch Manager Comp Salary of $455 per week • Taken against operating statement (once branch is licensed/open) Paid the branch Operating Statement profits No loan originations (No exceptions) • Referrals sent to Referral Desk or Branch MLOs. BM makes pricing concessions/underage with no EMM approval if: • Requested through EMM Lock Desk • Concession is less than 50% of branch margin • MLO commission is covered by remaining margin Many more details providing ability to recruit and retain Fed Rule (Reg Z) compliantFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 21
  22. 22. Producing Branch Manager Comp Salary of $455 per week • Against operating statement (once branch is licensed/open) PBM Receives Branch Margin Minus Branch Expenses • From branch Operating Statement • Set branch MLO commission schedule, creates override • EMM sets branch margin, which is equal to PBM Commission • Adjusted Quarterly EMM approves pricing concessions/underage • Requested through EMM Lock Desk only • Concession is less than 50% of branch margin • MLO commission is covered by remaining margin • No concession for self-produced production, but may be referred Eligible for semi-annual discretionary bonus (Ask for details) Periodic bonus rewards loan performance • Paid monthly, quarterly, and annually at EMM‟s discretionFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 22
  23. 23. EMM Margin Management Branch Manager determines “Branch Margin” • Corporate sets branch margin for producing BM branch Branch margin set in Loan Decisions www.emprice.nylx.com BM can adjust margin monthly only Pre-set margin choices are: • Minimum required • Maximum required (EMM follows FNMA HOPEA) Branch margin + fees = branch revenue Impacts branch P&LFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 23
  24. 24. EMM Margin Management BM makes pricing concessions/underage with no EMM approval if: • Requested through EMM Lock Desk • Concession is less than 50% of Branch Margin • MLO Commission is Covered by Remaining Margin • Concessions to MLO run by Producing BM managed by EMM directly • No Concession for Producing BM Production EMM utilizes a “Best-Execution” or “Best-Ex” model for pricing loans • Site: www.emmprice.nylx.com • Searches all investors for best-execution • Displays results of all potential investorsFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 24
  25. 25. MLO Minimum Wage/Overtime Inside MLO • Sales activity - mail, telephone or Internet lead sources • Sales activity - within the branch/corporate office • Determined by EMM • Requires minimum wage/overtime and hours tracking • Approved by management prior to hire • MW/OT payments - recoverable draw against commissions Outside MLO • Outside Sales - not by mail, telephone or the Internet (contact utilized as an adjunct to in- person calls) • Outside MLO - “cold calling”, meeting - taking an application in the consumer‟s home and/or a third-party location • Is exempt - not subject to minimum wage/overtime • Gets paid commission onlyFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 25
  26. 26. EMM Loan Originator Comp Base commission pays % of loan amount “Banked or Brokered” Monthly volume incentives • Graduated % Plan – high unit volume or $$ Volume • Flat % Plan – high average loan size • Broker loans excluded from unit count and volume incentives Periodic bonus rewards loan performance • Paid on 120 day holdback -BM‟s must elect option for Holdback and complete scorecard EMM supports branch concessions • Compensation stays the same Flexibility for company leads Rewarded for unit or $$ volume and loan quality, not term or conditions Fed Rule (Reg Z) compliantFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 26
  27. 27. EMM Loan Originator Comp Examples only. All plans will be derived under NBM direction . EMM Graduated Bracket Plan EMM Flat Bps Plan Units Bps Units Bps 1 Base Commission 1 Base Commission 2 +5 bps 2 +20 bps 3 +10 bps 3 +20 bps 4 +15 bps 4 +20 bps 5 +20 bps 5 +20 bps 6+ +35 bps 6+ +20 bpsFebruary 25, 2011 Your Lender. Your Loan. The Right Choice 27

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