Articles by Jacob Gaffney

Movement Mortgage CEO to Loan Officers: Why we don’t buy refi leads

Free read for the next 24 hours
It’s the beginning of a new month and that means the latest issue of HousingWire Magazine is out. As Loan Officers, I know that there is an entire cottage industry looking to nickel and dime you to death. But, not HousingWire. While the magazine represents a large portion of editorial work each month, for our readers, we’re giving you free access for 24 hours to read the cover story: a profile of Movement Mortgage CEO Casey Crawford.
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From HW Magazine

Larger than life: Casey Crawford at Movement Mortgage

Crawford's vision is bigger than just making money
He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.
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Quicken Loans in the Winner’s Circle: There are 3 types of mortgage customers

How to get them to close quickly and efficiently
In the Winner’s Circle is a one-on-one podcast with Jacob Gaffney, the Editor-in-Chief of HousingWire and a top player in the mortgage community who is crushing it, from a business perspective. In this newest episode, Jacob speaks to David Schroeder, SVP of Quicken Loans Mortgage Services. Here, David breaks down potential homeowners into three different types of buckets and describes the methods to get them to close, quickly and efficiently. 
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Here's where to find some good news for mortgage lenders

Refis down, mortgage profits down, true, but desire to buy homes is still growing
Looking for some good lending news during a downturn? LendingLife has your back. Yes, it is true that rates are rising, per loan profits are down, credit feels tight and refinances are dipping. But, the good news is that the perception of homeownership as a good investment is on the rise. And that's not the only good news for lenders right now.
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Bank of America’s problem with loan officers (and vice versa)

Toxic work culture is not the bank's only mortgage troubles
So BofA is still doing mortgages, just the way in which they’re now categorized is “immaterial”? Such language comes as no surprise to loan officers. It didn’t take me long to find one who has a problem with Bank of America. In a message on LinkedIn, the LO tells me that, as a loan officer who has been on both sides — wholesale and retail — she’s never had a good experience with Bank of America. Here's why.
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Freddie Mac Multifamily promotes two key leaders

Both support vision of helping house low-to-moderate income families
“As our business continues to grow, we are developing new ways to meet the needs of the market—and new leaders to address these opportunities,” said David Brickman, executive vice president and head of Freddie Mac Multifamily, about the promotions.
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Should borrowers be charged AMC fees and appraiser fees separately?

There are two sides to mortgage lending valuations at play here
The appraisers I speak to paint the AMCs as part of some large conspiracy to nickel-and-dime their way to big profits. The AMCs I speak to believe they are vital to maintaining the arms-length regulatory requirements set forth by Dodd-Frank. Are the AMCs hiding something? Maybe, maybe not. But, there is certainly something missing.
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AMCs respond to FHFA report they bring little value to appraisals

Just as likely to make mistakes
When commissioning an appraisal, do AMCs provide a better valuation to mortgage lenders? The FHFA says no and AMCs are not happy: "Our review of the research has uncovered real concerns about the methodology, measures of quality, errors and the insertion of staff opinion that seems to indicate bias."
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