Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage

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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
Q&A WITH BARRY SLATT MORTGAGE’S
                                    DAN FRIEDEBERG
                                          SEE PAGE 19

MORTGAGE FINANCE
Spring 2018                                 NEWS

 Technology and Today’s
 Mortgage Employee
 SEE PAGE 12

                                           IN FOCUS:
                                       Mortgage
                                     Technology

                                               cmba.com
                                          www.
                                        t
                                     usa
                                 sit
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
1st Annual | Members-Only

Chairman's
Conference

       April 8-10, 2018
       The Lodge at Torrey Pines
       11480 N. Torrey Pines Rd.
          La Jolla, CA 92037
           Featured Speakers Include:
              U.S. Rep. Ed Royce
First American’s Chief Economist Mark Fleming
        Major Brian Shul, USAF (Ret.)
                  Jen Shirkani
Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
In This Issue…
                                         SPRING 2018

                                           CHAIRMAN’S CORNER………………………………………… 6

                                           EXECUTIVE DIRECTOR’S LETTER………………………… 7

                                           LEGISLATIVE REPORT………………………………………… 8

                                           MEDIA & MARKETING………………………………………… 11

                                           COVER STORY……………………………………………………… 12

                                           ROUNDTABLE……………………………………………………… 15

                                           WHO’S WHO………………………………………………………… 16

                                           FEATURED RESIDENTIAL……………………………………… 18

                                           FEATURED COMMERCIAL…………………………………… 19

                                           LATEST COMMERCIAL DEALS……………………………… 20

                                           RESIDENTIAL……………………………………………………… 23
California Mortgage Finance News is
published by the California MBA four       COMMERCIAL……………………………………………………… 25
times each year: Spring, Summer, Fall,
and Winter.                                2018 CONFERENCES & EVENTS…………………………… 26
EDITOR:

Dustin Hobbs                               NEW MEMBERS…………………………………………………… 27
PUBLISHER/LAYOUT:

Wolfe Design Marketing                     PHOTO GALLERIES……………………………………………… 41

California MBA                             ROAD TRIP………………………………………………………… 44
520 Capitol Mall, Suite 440
Sacramento, CA 95814
PHONE:    (916) 446-7100
FAX:   (916) 446-7105
EMAIL:   info@cmba.com
www.CMBA.com

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                                                           CALIFORNIA MORTGAGE FINANCE NEWS                 5
Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
CHAIRMAN’S CORNER

        New Year, New Challenges for
        California MBA
                                  A
        by                                 s the new begins, American business        least from the new leadership at the Consumer
        CHARLES W.                         has quite a bit to be optimistic           Financial Protection Bureau (CFPB). On the
        HALLADAY,                          about. Overall economic indicators         commercial/multi-family side of the business
        Chairman,                 from unemployment to stock market value to          increasing rates will be a challenge for lenders;
        California MBA            wage growth seem to be trending in the right        however, strong employment and economic
        Senior Managing           direction. Housing and real estate are more         expansion should help industry weather the
        Director, HFF, LP         of a mixed bag right now – if you’re looking to     challenges.
                                  sell a home, ATTOM Data Solutions reports               One issue that will continue to be felt in
                                  that home seller profits are at a 10-year           the residential industry this year is ongoing
                                  high; however, buyers are facing affordability      consolidation, as companies take advantage of
                                  challenges, particularly in California (see below   their market position, or simply have reached a
                                  for more), and MBA forecasts a significant          point where the cost of doing business, or the
                                  decrease in residential originations in 2018.       regulatory burdens lead them to the inevitable
                                  Additionally, MBA (and virtually every leading      conclusion that finding a partner makes the
                                  economist) expects interest rates (and              most sense for their businesses, employees,
                                  mortgage rates) to rise this year. MBA expects      and customers.
                                  mortgage rates to edge near 5% by the end of
                                  the year, and cross over that psychologically
                                  important barrier mid-way through 2019.
                                      And that’s before President Donald
                                  Trump’s much debated and discussed tax
                                                                                               1st Annual | Members-Only
                                  reform has a chance to go into effect. While          Chairman's Conference
                                  much of the dialogue surrounding the issue
                                  focused on the decrease in the individual
                                  tax rate, the real impact will be felt by the
                                  drop in the corporate tax rate – from a high
                                  of 35% to 21%. As for the results, not only
                                  have we seen a number of large corporations
                                  promising wage increases, bonuses and more,
                                                                                       April 8-10, 2018
                                                                                       The Lodge at Torrey Pines
                                  but consumers will also see a big difference
                                                                                       11480 N. Torrey Pines Rd.
                                  when the lower tax rate is combined with             La Jolla, CA 92037
SP                                regulatory relief, which we’ve begun to see, at
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6                  CALIFORNIA MORTGAGE FINANCE NEWS
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
EXECUTIVE DIRECTOR’S LETTER

What’s New in 2018?
                      W
by                                  e’re kicking off 2018 with a        reason that you should not be clearing your
SUSAN MILAZZO,                      renewed focus on creating           calendar to attend! Member companies will be
Executive Director,                 value for your California           receiving their personal invitations via email.
California MBA        MBA membership. The support from our                  Our next addition for 2018 is something
                      membership allows us, among other things,         we’ve been working on for quite some time!
                      to maintain the strong advocacy presence          The California MBA has formed a program
                      we have in our State Capitol, host cutting-       to allow member companies to apply for
                      edge education conferences with speakers          discounted employee medical benefits. In
                      recognized nationally for their industry          today’s healthcare market, this expense has
                      expertise and a cadre of networking               risen dramatically in the past several years
                      opportunities to keep us all connected! We        and its tough for small to mid-size companies
                      want to enhance the list of reasons our           to receive competitive quotes for employee
                      member companies continue to provide this         medical benefits. This program allows us to
                      support with these two opportunities in 2018.     pool our resources and compete at levels that
                          This Spring we will host our Inaugural        have previously only been available to large
                      Chairman’s Conference (April 8 – 10 at The        companies. We’re seeing that this program
                      Lodge at Torrey Pines). This is an exclusive      can typically provide a 15-25% annual savings
                      opportunity for the members of the California     for our members, while significantly improving
                      MBA to network at the highest levels in an        the benefit plan options and features.
                      intimate setting! This annual event is designed       This is an exciting opportunity for our
                      with the CEO/Company President in mind.           association and our members. Our goal is
                      You’ll be networking with and learning from       to help you manage operating expenses and
                      colleagues in the mortgage industry who face      offer high quality employee benefits. If your
                      the same challenges you face! Additionally,       company is interested in learning more about
                      only one registration (plus one guest) is         this program, please contact me (susan@cmba.
                      permitted per company, ensuring an intimate       com) and we’ll get you all the information you
                      atmosphere.                                       need!
                          Participants will be invited to golf with         Lastly, we are proud to announce that
                      industry colleagues at one of the most amazing    we have plans underway to be a part of a
                      courses in the world as well as enjoy site        California based fundraiser for the MBA Opens
                      seeing in this exquisite part of our beautiful    Doors Foundation. This charity founded by
                      state! The focus is on building industry          the national MBA uses 100% of monies raised
                      relationships so there will be no exhibit hall,   to help families with critically ill children.
                      no calendar of back-to-back meetings, and no
                                                                        …Executive Director’s Letter continued on page 27
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                                                                          CALIFORNIA MORTGAGE FINANCE NEWS                             7
Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
LEGISLATIVE REPORT

        Session Resumes with
        Several Mortgage-Related Bills
        Under Consideration
                                  T
        by                                he beginning of the second year of the     on additional entitlements like expanded
        PAT ZENZOLA,                      two-year California legislative session    healthcare, childcare and poverty reduction
        California MBA                    in January also ushers in one of the       programs. In contrast, Republicans who are
        Legislative Counsel,      Capitol’s longest-running rituals. Early every     a minority in both houses of the Legislature,
        KP Public Affairs         January the governor presents a proposed           are already taking the position that the budget
                                  state budget for the fiscal year that will begin   surplus is proof that California taxes are too
                                  in six months. This year’s budget proposal         high.
                                  was special in that it was Governor Brown’s            A second reason cited for the Governor’s
                                  16th and final of his gubernatorial career,        cautious budget proposal is the uncertainty
                                  spanning two eight-year terms separated            California faces about the fiscal impact of the
                                  by 28 years. His first budget for the 1975-        new federal tax law. It caps mortgage interest
                                  76 fiscal year was $11.5 billion. His current      deductions to interest on mortgage debt up
                                  budget proposal is $190.3 billion, a little more   to $750,000 and imposes a $10,000 limit on
                                  than 16 times his first. This budget proposal is   federal tax deductions for state and local tax
                                  also unique in that the governor wants to add      payments. State policymakers are concerned
                                  an additional $3.5 billion to the state’s rainy-   that these changes will entice many high-
                                  day fund, raising the fund to $13.5 billion and    earning Californians to leave the state. This
                                  for the first time totaling 10 percent of the      would have a dramatically negative impact
                                  state general-fund revenue. Brown’s primary        on state revenue because state taxes heavily
                                  reasoning for the historically high rainy day      depend on income taxes paid by the wealthiest
                                  fund is that it is necessary to weather the next   residents.
                                  recession.                                             The federal tax overhaul has also had an
                                      This budget proposal, however, is just         impact on the legislative front in that two
                                  the starting point for what is expected to         state lawmakers have introduced Assembly
                                  be months of negotiations with legislative         Constitutional Amendment 22 (ACA 22) to
                                  leadership before a final budget is passed         claw back what they describe as a tax windfall
                                  into law. And there is little doubt that           benefiting corporations at the expense of
                                  the Legislature, dominated by progressive          working class families. The federal tax plan
                                  Democrats, will negotiate to spend more
SP                                                                                           …Legislative Report continued on page 28
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
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Technology and Today's Mortgage Employee - IN FOCUS: Mortgage Technology - Barry Slatt Mortgage
Did you
   miss something?

Log in to the California MBA ‘Members-Only’
   portal for our archived presentations!
MEDIA & MARKETING

Media Malpractice ‘Reveal’ed in
Recent News Stories
                 I
by                    f you watch news of any kind these days,     can lead a reader to a wrong conclusion. The
DUSTIN HOBBS,         or surf the wild swells of social media,     story purposefully excludes FHA lending
Communications        one phrase seems to crop up again            statistics and data from its analysis (FHA
Director,        and again—“fake news.” While it began as a        lending accounts for nearly half of mortgage
California MBA   pejorative aimed by then-candidate Donald         lending to African-Americans and Hispanics),
                 Trump at what he determined to be less than       and then notes major racial/ethnic gaps in
                 accurate reporting, it has now become a catch-    lending numbers by examining data submitted
                 all for people on both sides of the political     to the government per the Home Mortgage
                 and cultural spectrum to dismiss news that        Disclosure Act (HMDA). As many reading this
                 they disagree with, regardless of the facts. In   know, that data is missing several key factors
                 a sense, “fake news” has been used so much        that determine a borrower’s creditworthiness,
                 it seems to have lost any meaning at all. That    including credit score, DTI, and LTV – which
                 said, I wanted to draw your attention to a        are the predominant reason lenders deny
                 recent report that is truly an example of media   mortgage applications. It’s not until paragraph
                 malpractice.                                      15 that the authors even cite those factors
                     Mid-February brought us the release of an     as important, and then only in alleging that
                 inaccurate, biased, and shamefully slanderous     lenders are somehow keeping that information
                 “report” by Reveal (from the Center for           “secret” from the public.
                 Investigative Reporting) and the Associated           Nonetheless, the authors allege despicable
                 Press. The report purports to examine             motives to lenders for those racial/ethnic
                 instances of legal “redlining” in conventional    disparities. All of that despite evidence
                 loans in many cities across the country,          that minority homebuyers are no longer an
                 including several in California. The “legal”      ‘emerging’ market, but are the backbone of
                 aspect refers to how mortgage companies           today and tomorrow’s lending landscape.
                 have applied the Community Reinvestment               According to the 2016 State of Hispanic
                 Act (CRA). The report cites lower mortgage        Homeownership Report, authored by the
                 approval rates for Hispanic and African-          National Association of Hispanic Real Estate
                 American borrowers, despite a 99% rate of         Professionals (NAHREP), Hispanic households
                 CRA conformity.                                   accounted for nearly three-quarters (74.5%)
                     However, despite the wide circulation         of net growth in U.S. homeownership in 2016.
                 of the story, it is misleading at best, and is
                 a good example of how cherry-picked facts               …Media & Marketing continued on page 29
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                                                                     CALIFORNIA MORTGAGE FINANCE NEWS                        11
COVER STORY

        Technology                                                                                   and

             Employees
        Today’s Mortgage

                                                 T
        by                                               here is a lot of talk these days about technology disrupting the residential
        STACY MOHR,                                      mortgage industry. It is impossible to go to a conference without there being
        SVP Capital Markets,                             at least one session about technology. In fact, there are entire conferences
        Mountain West Financial, Inc.            with this as the main subject. There is no denying that our industry is undergoing an
                                                 exciting technology revolution.
                                                      This revolution touches all facets of our companies. One facet that may often be
                                                 overlooked is the human side of technology. More precisely, how is your company
                                                 using technology to connect with your employees and to support your company’s
                                                 culture? Just as a one-size-fits-all approach does not work with all customers, the
                                                 same can be said for employees. Is your internal technology strategy attracting
                                                 employees? Distracting them? Or maybe even driving them away? This area deserves
                                                 significant attention because it can result in high costs if not done well.
                                                      A company’s internal technology strategy includes topics such as email, texting,
                                                 video conferencing, telecommuting, instant messaging, and use of the internet. Let’s
                                                 take a look at a few of these in more detail.

                                                 EMAIL
                                                      Email is a necessity. However, in some instances, this piece of technology can
                                                 turn ugly. Have you ever been part of a seemingly unending chain of emails? Have
                                                 you ever zoned out of an email conversation because you were cc’d on a battle
                                                 between other parties? Have you ever experienced a misunderstanding because
                                                 typed communication lacks tone of voice and visual cues? (When is someone going
                                                 to invent a sarcasm font?)
                                                      Senior management should set the standards for when email use is appropriate
                                                 and when other forms of communication would be better. A written policy is best,
                                                 but keep in mind that such policies can vary among companies and should be suited
                                                 to your company’s culture. In addition, this is a learned skill and employees will
                                                 benefit greatly from coaching on how to use email effectively.

SP                                                                                                   …Cover Story continued on page 13
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Cover Story continued from page 13…
TELECOMMUTING                                messaging a major distraction and area            some of the consequences of it. In those
    The use of telecommuting as a work       of frustration. Another company may               instances, consider how you can balance
option has mixed support. Some major         place a high value on collaboration and           any negatives by increasing other non-
companies have moved in this direction,      communication. The benefits of using              technological aspects of your business.
only to reverse course a few years           instant messaging may far outweigh                    We’ve touched on a few areas
later. Telecommuting has the benefit of      the social distraction component for              of technology that call for careful
increasing your pool of job candidates.      that company.                                     consideration. The fact is that the
However, companies must carefully                                                              technological aspect is not the only
consider whether this arrangement fits       WEB-BASED LENDING                                 piece that needs to be considered.
well with the company’s culture.                 While the topics covered so far are           The human factor, as it relates to an
    Telecommuting’s success varies           generic and not exactly “new”, a newer            individual company’s culture, should
widely across both job duties and            technology is currently being discussed           be addressed before any technology
individual employees. Some employees         at many of our organizations. There is a          is added to the mix. Giving careful
thrive in an environment where they have     huge focus on offering new technology             attention to this aspect will go a long
more control and autonomy over things        to borrowers in our industry. It seems            way towards ensuring the success of
like temperature, sounds, and workspace.     that employee acceptance of such                  your technology implementation.
Others find out that working from home       technologies is often taken for granted.
is distracting or that they miss the human   However, these changes can be drastic
interactions that occur in the office.       and can have an impact on employee
Consider, too, how your company handles      engagement. For example, you may
staff meetings and other activities. How     have an employee who thrives on verbal
important is it that staff members attend    interaction with borrowers. How will                     MAKE A
such events in-person? One other item        this employee feel when all interaction               DIFFERENCE!
to consider: how does the authorization      now takes place through a computer
of telecommuting for certain employees       screen? By having a discussion with staff
                                                                                                                JOIN
affect the morale of those who remain        regarding upcoming changes well in
in the office? Such arrangement may fit      advance, decision makers can factor in
your company’s culture perfectly, or may     any concerns prior to implementation.
contradict some company values.                  Often times it is impossible to know
                                             exactly how a new technology will fit
INSTANT MESSAGING                            in with a company’s culture prior to                      The LARGER the group.
                                                                                                       The LOUDER the voice.℠
    Another area of mixed success is         implementing it. It’s important to take
the use of instant messaging among           a look at this on a regular basis. If your                  mba.org/maa
employees. Is instant messaging a            company has already implemented
useful tool that increases productivity?     technologies such as instant messaging,
Or, is it merely another social              take a step back and consider how
distraction? The reality is that both of     this is fitting with your company’s
these are likely to be true for a portion    culture. Then, take a step forward and
of employees. The important piece is         get feedback from those who use the
how such uses align with or diverge          technology. If you don’t like what you
from your company’s culture. One             see or hear, it’s never too late to make
company may be quite structured,             some changes.
where output is priority #1. Such                In some cases, a technology (such as
a company is likely to find instant          email) is necessary, even if we don’t like
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                                                                                          CALIFORNIA MORTGAGE FINANCE NEWS                        13
ROUNDTABLE

Tech and the Mortgage Industry
             EDITOR’S NOTE—This is the latest in a series dealing with the issues facing the real estate finance
             industry. Each issue we touch on a different topic, asking CMBA’s experts for their thoughts on the
             issue at hand. In this issue of CMFN, we talk to three execs neck-deep in the tech revolution sweeping
             the industry. Linn Cook, is Director of Sales & Marketing at LendingQB, a SaaS provider of mortgage
             origination solutions, headquartered in Costa Mesa; Brian Kneafsey is Head of Client Operations for
             Blend, a San Francisco-based technology firm; and Paul Gigliotti is VP of Operations for West Coast
             Mortgage, located in Sacramento.
             The views and opinions expressed are solely those of the authors.

             CALIFORNIA MBA: HOW ARE APIS ARE                       would have to build custom integrations for
             MAKING IT SIMPLER TO DESIGN AND                        each tool they wanted to use—a costly and
             UTILIZE SOLUTIONS FOR A SHORTCUT TO                    time-consuming process.
             A GENUINELY ‘DIGITAL’ MORTGAGE?                            The spread of APIs across industries has
                 Cook: The nature of an API is that it              led to software created to be pieced into larger
             provides a more flexible and powerful method           products. Today we have an “API economy”
             for systems to work seamlessly with each               of programs that do one action or process
             other. This is key because the cost to build           extremely well and integrate easily. This has
             and maintain an integration largely determines         helped lenders streamline complex processes—
             the feasibility of any integration. The less           such as mortgage applications—with platforms
             expensive it is to integrate, the more likely          like Blend. By making it easier for lenders to
             innovative services will be available for lenders      adopt powerful point solutions and create
             to utilize. It terms of the integration itself, APIs   tech stacks customized to their needs, APIs
             enable vendors to do more than just exchange           have helped make borrower-centric digital
             data. Unique functionality can be invoked              mortgages a reality.
             or accessed through an API, creating more                  Gigliotti: API’s have allowed the mortgage
             value from an integration and delivering more          industry to automate the communication of
             ‘digital’ capabilities to the end user.                data in a more consistent, secure, and timely
                 Kneafsey: APIs—tools for building                  manner. Anyone who has been through
             and defining software interactions—have                a mortgage transaction knows that the
             empowered lenders to leverage the best tools           paperwork can feel endless at times. API is
             right out of the box. Without APIs, lenders
                                                                                 …Roundtable continued on page 30
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                                                                      CALIFORNIA MORTGAGE FINANCE NEWS                      15
WHO’S WHO
        JOSEPH SCHMITT & SKYLER NASRALLAH                                                    DINOS IORDANOU
                         Alight is pleased to     Alight’s mortgage solutions business                        Dinos Iordanou,
                            announce the          are Skyler Nasrallah and Joseph                               Chairman and Chief
                             continuation of      Schmitt, both of whom are working                              Executive Officer of
                             its partnership      on Alight’s professional services                              Arch Capital Group
                            with Northeastern     team, implementing Alight Mortgage                            Ltd. [NASDAQ:
                          University              Lending at some of the country’s top                       ACGL], will be
        (Boston) and its world-renowned           independent mortgage banking firms.        recognized as the St. John’s University
        Educational Cooperative and Career             Skyler majors in economics and        School of Risk Management 2017
        Development (Co-op) program. The          previously held a Co-op position at        Insurance Leader of the Year at the
        latest Northeastern students to join      State Street Bank in Boston. Joseph        organization’s 23rd Annual Insurance
                                                  is pursuing a bachelor of business         Leader of the Year Award Dinner on
                                                  administration with a concentration        January 17 in New York City.
             Congratulations to our               in finance. Prior to Alight, he held           The award, traditionally awarded
                   Future Leaders                 a finance analyst Co-op position           to an insurance industry leader for
                   Class of 2018!                 at The Boston Consulting Group.            distinguished achievement over a
                     Jason Alderton,              “We’re thrilled to welcome the next        long career or special achievement,
                          MQMR
                                                  generation of professionals to Alight      recognizes Iordanou’s career
                   Jennifer Armstrong,
                 One Reverse Mortgage             and, as a graduate of Northeastern         contributions to the insurance
                        Matt Clegg,               myself, I can vouch for how utterly        industry, his philanthropic efforts and
                    Catalyst Mortgage             invaluable the Co-op experience is—it      his work in helping build Arch Capital
                     Amanda Coffrini,             set me on a path of success that my        Group into a $13 billion company.
                 Sierra Pacific Mortgage
                                                  career has continued to follow right up        “I’m truly honored to be receiving
                        Phil Garcia,
                        loanDepot                 until today,” said Michele McGovern,       this award,” said Mr. Iordanou. “I’ve
                      Philip George,              CEO, Alight, Inc. “And, it’s part of our   been fortunate to be connected
                      CMG Financial               commitment as a company—ensuring           to phenomenal people over the
                       Josh Gibson,               that we bring new talent into the          course of my life and could not have
               American Pacific Mortgage
                                                  industries we serve. Best of all, we       achieved this level of success without
                    Michael Gonzales,
            McCalla Raymer Leibert Pierce, LLC    learn as much from our Co-op students      their help. I feel that this award is a
                     Jennifer Khouri,             and interns as they learn from us!”        reflection of what the team at Arch
                        AAA-AMC                        In addition, Alight is pleased to     has been able to build, and I accept
                Erica Connors-Newberry,           announce the promotion of Smit Banker      this award on behalf of our 3,500
                    Catalyst Mortgage
                                                  to the role of Product Manager for         employees around the world.”
                      Theo Newson,
                        CBRE, Inc.                Alight Mortgage Lending. A two-year
                     Kimberly Shipp,              veteran of Alight, Banker most recently
               American Pacific Mortgage          was a professional services consultant
                      Rekha Siddani,              responsible for some of Alight’s most
             AmeriHome Mortgage Company
                                                  prominent and sophisticated mortgage
                       Taylor Sims,
                   RWM Home Loans                 banking customers.
                        July White,
             AmeriHome Mortgage Company
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16                  CALIFORNIA MORTGAGE FINANCE NEWS
              18
WHO’S WHO
DEBRA JOHNSON                              JOE MCKONE                                   TODD MCKENNA
                 Evergreen Home                            Land Home Financial                            Redwood Mortgage
                   Loans, a full-                             Services, Inc. (Land                         Corp. is pleased
                   service direct                             Home), a national                             to announce Todd
                   home loan lender                           mortgage banker,                              McKenna has
                   offering origination,                      introduced Joe                               joined the firm as an
               funding and home                           McKone as its new                             Account
loan servicing with offices in six         Area Manager for the Bay Area,                   Executive. Todd started in
Western states, announced that             Southern California, and Nevada.             December and will be covering San
Debra “Debbie” Johnson joined                  Mr. McKone, a 20-year veteran in         Francisco and Marin Counties.
the company’s executive team as            the mortgage industry is charged with            McKenna has an M.A. in
chief financial officer, executive vice    continuing the company’s successful          Economics from University of San
president reporting to President Don       growth pattern with an emphasis              Francisco and a B.A. in Applied
Burton.                                    in supporting our loan officers with         Mathematics from UCLA. Todd holds
    Johnson brings a strong financial      building strong relationships within         Series 7, 63 and 65 Licenses and just
services background to Evergreen,          our communities.                             recently passed
having served in executive positions           “Joe has a history of being a                the Cal BRE Salesperson license
at Opus Bank, Cascade Bank, and            strong leader and has the character          exam. Prior to joining RMC he was
Homestreet Bank. She most recently         to retain solid relationships with both      V.P. of Corporate Sales at IPREO.
served as Chief Financial Officer          our sales people and our customers”,             He has worked for Oppenheimer
at Northwest Bank. With over 25            says Brad Waite, President & CEO             & Company as well as JMP Securities
years’ experience in the financial         at Land Home. He has an excellent            in Institutional Equity Sales.
services industry, her expertise           track record of driving production and           Prior to that Todd was at Coast
includes strategic planning, financial     yielding positive results – something        Federal Bank and Shearson Lehman
management, cost analysis, and             we are very excited to put to use in         Mortgage Corp. in San Francisco.
productivity improvements.                 the Bay Area, Southern California and
    “I’ve known Debbie for over 20         Nevada regions.”
years and I’m pleased to announce              Mr. McKone comes to Land
that she will join our Evergreen family    Home from First California Mortgage
as chief financial officer,” said Don      Company (First CAL) where he
Burton. “Debbie is a well-known local      was the Executive Vice President
leader in the mortgage and banking         responsible for Wholesale, Retail,
community. I believe her contributions     Consumer Direct, Affinity Sales and
will strengthen our unique culture at      their Operation’s teams. He has over
Evergreen and our commitment to            15 years of executive level production
providing affordable lending solutions     and operations team management
for our customers.”                        experience.

                                                                                        If you would like to submit an employee to
                                                                                        be recognized in an upcoming issue, email
                                                                                        dustin@cmba.com for more information.
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                                                                                   CALIFORNIA MORTGAGE FINANCE NEWS                      17
FEATURED RESIDENTIAL

        Technology in the
        Mortgage Industry
        Resolve to Evolve

                                  T
        by                                here’s a gap in the mortgage industry     transactions. An apartment complex in Dubai
        JOE WELU,                         that’s growing wider all the time: It’s   is offering first-choice units to people who
        CEO, Total Expert, Inc.           the difference between companies          want to pay in bitcoin. Once a buyer decides
                                  who are embracing and mastering the use           to go ahead with the purchase, they get a
                                  of technology in their businesses and those       15-minute price guarantee. Last fall, a flat
                                  who are struggling to deal with it. There’s no    in Ukraine became the first property to be
                                  shortage of excuses for failure to incorporate    sold using a blockchain. What will happen to
                                  technology, including lack of leadership          mortgage companies and originators who have
                                  commitment and resistance; but the perceived      had trouble adopting technology to address
                                  difficulties of today will seem miniscule and     marketing, compliance and other pain points
                                  insignificant in the not-too-distant future.      within a known process when the process
                                  The words of a Greek philosopher who lived        itself begins taking place in a completely
                                  2500 years ago are oddly appropriate now:         new dimension? Realizing that the industry
                                  “The only thing that is constant is change.”      is moving toward transacting in an intangible
                                  Companies and producers who want to               realm can help adjust your perspective on
                                  succeed today and going forward should take       adopting technology to manage traditional
                                  Heraclitis’ famous words to heart and replace     business activities that are still familiar at this
                                  the concept of change with evolution. Change      point in time.
                                  isn’t coming—it’s here.                               Change—or rather, evolution—is no
                                      Companies and practitioners in mortgage       longer a choice in the mortgage industry;
                                  and real estate who are grappling with            but companies have the ability to determine
                                  technology implementation, usage and              their level of success in dealing with it. At the
                                  return on investment need to realize that         most basic level, companies and producers
                                  cyber-sophistication is accelerating as fast      need to get control of their systems, tools
                                  as technology itself. For example, the terms      and practices that manage known, tangible
                                  “bitcoin” and “blockchain” are still relatively   business activities. Do you have that control
                                  new to the public; but even as some people        now or are you somewhere along the path
                                  are still looking up the words, cyber-currency    in pursuit of it? Are you proactive, reactive or
                                  and decentralized databases are already           inactive?
                                  seeping into mortgage and real estate
SP                                                                                       …Featured Residential continued on page 33
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18                 CALIFORNIA MORTGAGE FINANCE NEWS
              18
FEATURED COMMERCIAL

Dan Friedeberg on
Life Insurance Lending
                       B
by                              arry Slatt Mortgage Vice President,        which product types they sell on the insurance
DAN FRIEDEBERG,                 Behzad Boroumand, recently sat down        side of their platform.
CEO,                            and interviewed CEO Dan Friedeberg
Barry Slatt Mortgage   to discuss frequently asked questions about         Q: Boroumand: Are Life Insurance Companies
                       Life Insurance Company lending.                     good multifamily lenders?
                           The following are excerpts from the             A: Friedeberg: Yes. Life Insurance Companies
                       2/27/18 interview:                                  do like to lend on multifamily properties.
                                                                           They compete well with agency lenders,
                       Q: Boroumand: Are Life Insurance Companies          CMBS lenders, and banks in this space. It is
                       portfolio lenders?                                  uncommon for agency lenders, CMBS lenders,
                       A: Friedeberg: Yes. Most Life Insurance             or banks to compete with Life Companies
                       Companies lend money from their balance             when it comes to securing fixed rate loans
                       sheet and treat the loans as a long term            longer than 10 years in duration.
                       invested assets. Life Insurance Company
                       lenders generally hold between 5-20% of their       Q: Boroumand: Do Life Insurance Companies
                       assets in commercial mortgages. They may            only make low leverage loans?
                       move this allocation up or down depending           A: Friedeberg: No. Every Life Insurance
                       on factors such as: A) the relative yield that      Company has its own profile of risk that it is
                       they are receiving on commercial real estate        willing to take on its invested assets. Some Life
                       loans versus other investments. B) Perception       Companies are only competitive in making low
                       of exposure to the asset class. C) Perception/      leverage loans, while others are willing to make
                       opinion of the Chief Investment Officer.            loans up to 75% of value.

                       Q: Boroumand: Can Life Insurance Companies          Q: Boroumand: Do all Life Insurance Company
                       offer fixed rate loans for longer durations than    loans have restrictive or long-term prepayment
                       other types of lenders such as banks?               penalties?
                       A: Friedeberg: Yes. Every Life Insurance            A: Friedeberg: No. Although yield-
                       Company has different investment needs,             maintenance prepayment penalties are
                       but it is common for Life Companies to offer        preferred to retain the long-term investment,
                       3,5,7,10,15,20, 25 and sometimes even 30-           many Life Insurance Companies can structure
                       year fixed rate loans. An Insurance Company’s
                       ability to provide different terms is dictated by       …Featured Commercial continued on page 34
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                                                                             CALIFORNIA MORTGAGE FINANCE NEWS                        19
Latest Commercial Deals
        CBRE Arranges $6.395M for Multifamily Project
                                                                                                The mortgage banker for this
                                                                                            transaction is a leading crowd-funded
                                                                                            real estate investment firm based in
                                                                                            San Francisco.
                                                 Freddie Mac’s Small Balance Loan               “Not all multifamily projects
                                                 (SBL) program.                             in college towns have a high
                                                      Adam Dosskey of CBRE’s                concentration of undergraduate
                                                 Wholesale Lending team, utilized           students; in this case, the borrower
                                                 the SBL program’s five-year hybrid         was looking to diversify his lender
                                                 (fixed-to-float) rate to secure the        relationships beyond his bank, and
                                                 non-recourse loan that provided            with the undergrad density less than
                                                 substantial cash out, a five-year fixed    50 percent at this property, this was a
        CBRE Capital Markets has arranged        rate, 30-year amortization and one         great fit for CBRE’s SBL program,” said
        $6,395,000 for the refinance of 1717     year of interest-only, at a rate near      Mr. Dosskey, vice president, CBRE
        Oxford Street, a 30-unit multifamily     four percent. To improve pricing, the      Wholesale Lending.
        project in the San Francisco Bay Area    borrower opted for the program’s
        submarket of Berkeley, CA, under         yield maintenance prepayment option.

        Greystone Announces $10.1M Deal for Century City Property
                                                 The stunning Class “A” property is         execution culminates a successful
                                                 comprised exclusively of one-bedroom       refinance process for several
                                                 / one-bath / office units detailed         investment properties,” said Mr.
                                                 with high-end appliances and interior      Salka. “We appreciate their guidance
                                                 finishes. The property also includes       throughout the financing cycle.”
        Greystone, a real estate lending,        charging stations for electric vehicles.
        investment and advisory company,              “Greystone’s multifamily financing                     …Continued on page 21
        today announced it has provided          platforms are an ideal solution
        $10,130,000 in Fannie Mae financing      for mid-sized properties, which
        for a multifamily property in Century    can also see additional benefits
        City, CA. The loan was originated        for characteristics such as green                 INDUSTRY NEWS
        by Matt Stevens of Greystone’s           certifications and other details                    MEMBERSHIP
        San Diego office with Don Salka          incorporated by owners,” said Mr.                CONFERENCE INFO
        of First Pacific Financial acting as     Stevens. “For a Fannie Mae small loan,
                                                                                                     RESOURCES
        correspondent on the transaction.        the terms are highly competitive on
                                                                                                       And Much More!
              The refinanced property, which     properties of this caliber.”
                                                                                                    Visit us on the web @
        contains 33 units, received a 10-year         “As a continuation of our valued
        fixed rate Fannie Mae small loan.                                                            www.cmba.com
                                                 relationship with Greystone, this
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20                 CALIFORNIA MORTGAGE FINANCE NEWS
              18
Latest Commercial Deals
Continued from page 20…

HFF Closes $288.8M Financing for MIRO Towers in San Jose
                                                                                           steps of the future downtown San
                                                                                           Jose BART station.
                                                                                               The HFF debt placement team
                                                                                           representing the borrower included
                                                                                           senior managing director Charles
                                          MIRO will have a mix of one-, two-               Halladay, director Brandon Roth, and
                                          and three-bedroom layouts, including             analyst Jason Carlos.
                                          16 penthouses. Residences will have                  “There was a tremendous amount of
                                          access to over 50,000 square feet                enthusiasm from the lending community
Holliday Fenoglio Fowler, L.P. (HFF)      of thoughtfully curated top-of-the-              for this project, which is a testament not
announces the $288.8 million              line amenities, including a rooftop              only to Bayview Development’s best-
construction financing for MIRO, a        pool, concierge services, fitness, spa           in-class team, but also to downtown
pair of 28-story luxury apartment         facilities, pet facilities, fire pits and        San Jose’s bright future as one of the
towers comprising more than 600           rooftop lounges boasting unparalleled            top real estate markets in Silicon Valley,”
residences and 20,000 square feet         views of the city’s skyline. The                 said Roth. “BSRECP III immediately
of retail and commercial space in San     property’s location at 167 E Santa               recognized these traits and performed
Jose, California.                         Clara Street in downtown San Jose                exceptionally-well throughout the
    Due for completion in 2020,           has a Walk Score® of 96 and is within            process.”

Newmark Announces $3.75M in Financing for Three Properties in
South Bay Area
                                                                                           to Highway 101 in Redwood City,
                                                                                           CA, Newmark arranged $1.5 MM
                                                                                           to refinance a remodeled 8,200 sf
                                          properties located in the South Bay              Class-B office building. Currently, the
                                          Area. Eric Von Berg, Principal, along            multitenant office building is 100%
                                          with Tom Dao and Cristian Streeter,              occupied, with the owner occupying
                                          Associates, worked on behalf of                  38% of the property. Newmark
                                          the two borrowers in arranging the               arranged a flexible prepayment,
                                          financing through a correspondent life           fixed-rate, 10-year term, 25-year
Newmark®, the largest independent
                                          company and a national bank.                     amortization non-recourse loan with a
commercial mortgage banking firm in
                                              555 Price Avenue, Redwood City,              national bank.
the U.S., has secured $3.75 million in
financing for three separate commercial   CA ($1.5 MM)—Located adjacent
                                                                                                            …Continued on page 22
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                                                                                      CALIFORNIA MORTGAGE FINANCE NEWS                       21
Latest Commercial Deals
        Continued from page 21…
                                                   NorthMarq Arranges $57M Deal on
              Two Industrial Flex Properties,
        San Jose, CA ($2.25 MM)—Newmark
                                                   San Diego Office Building
        arranged $2.25 MM in refinancing for
        two industrial flex properties located
        in San Jose, CA. Located in the heart
        of Silicon Valley, both properties are
        100% leased and total 26,000 sf.                                                       term, the first three of which are
        Newmark was able to lock rate at                                                       interest-only followed by a 25-year
        application and arrange two separate                                                   amortization schedule. NorthMarq
        25-year, fully amortizing loans with                                                   arranged the financing through its
        one of its correspondent insurance                                                     relationship with a regional bank.
                                                   Mike Dobbins, senior vice president of
        company relationships.                                                                     “The lender is a local regional bank
                                                   NorthMarq Capital’s San Diego office,
              “Eric and his team were                                                          and provided the most competitive
                                                   arranged a $57,120,000 construction
        instrumental in helping us navigate                                                    terms. The borrower is an owner-
                                                   loan for Watermark II, a Class-A office
        favorable market conditions to refinance                                               user which previously developed a
                                                   building comprising 158,000 sq. ft.
        our properties with a terrific lender at                                               neighboring Class-A office building
                                                   located in San Diego, California. The
        very attractive terms. Overall we were                                                 they also occupy,” noted Dobbins.
                                                   loan was structured with a 5-year
        happy with the entire loan process.”
        –Harry How, Fornine Investment, LLC.
                                                   Redwood Mortgage Announces $3.2M Deal

               Have you updated your
               Membership Directory                Redwood Mortgage recently                   properties to ready it for sale.
                                                   announced a completed deal for                  Redwood Mortgage funded this
                      listing?
                                                   $3.2M crossed to multiple parcels           $3,200,000 cash out loan based upon
                   One of the benefits of your
                                                   (cash-out). The borrower requested          the collateral, property’s income
               California MBA membership
                                                   a commercial bridge loan on their           and the borrower’s strong financial
                    is inclusion in our online
                                                   retail and office buildings, with cash      statement. The LTV was 54%.
                    Membership Directory!
                   Make sure your company’s        out to improve one of the commercial
                    info is up to date! Email
                     dustin@cmba.com for
                       more information!           If you would like to submit announce your latest commerical deal in an upcoming
SP                                                 issue, email dustin@cmba.com for more information.
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22                   CALIFORNIA MORTGAGE FINANCE NEWS
              18
RESIDENTIAL

Digital Mortgage Enters Phase II of
Its Digital Transformation
                         W
by                                    hen the mortgage industry began        format and the MERS® eRegistry as the
SIMON MOIR,                           its digital transformation, the        system of record for identifying the current
SVP & General Manager,                first phase largely focused on         location and controller of the eNote.
Digital Mortgage,        improving borrower experience and increasing            eClose: The parties involved in the
eOriginal                the quality of data captured during the front-      transaction come together at either a virtual or
                         end loan application process. However, as           physical closing table to sign loan documents.
                         mortgage continues its digital shift, phase         An eClose doesn’t necessarily mean all
                         two is clearly focused around the electronic        documents must be signed electronically. In
                         closings (eClosing), which provides originators     fact, for certain loan programs or geographical
                         with an expansion of the digital benefits seen      locations, a hybrid approach may be the only
                         in phase one, and additional value centered         option currently available.
                         around greater compliance, operational                  eVault: Once the eNote is created and
                         efficiency and accelerated execution of the         executed, it needs to be managed correctly.
                         asset into the secondary market.                    Using an electronic vault, authorized users can
                             As digital continues to transform mortgage      perform key actions against the eNote including
                         processes, participants in the ecosystem            registration, eDelivery, transfer and life of loan
                         need to develop a clear understanding of the        events. Additionally, the eVault is designated
                         key components, identify agents of change,          as the location for a given note holds the
                         evaluate the long-term value of technologies,       “authoritative copy”, or electronic original.
                         and embrace the importance of scale to drive
                         industry adoption of digital mortgage.              GOVERNMENT-SPONSORED ENTERPRISES
                                                                             CATALYZE CHANGE
                         THE COMPONENTS                                          The Government-sponsored Enterprises
                             It’s no secret that mortgage involves a         (GSEs) are key agents of change in the
                         variety of parties and steps that make the entire   mortgage industry’s shift to digital processes.
                         transaction complex. Fortunately, technology        Fannie Mae and Freddie Mac define an
                         has enabled a remarkable transformation in the      eMortgage as, “a mortgage loan where the
                         way homes are purchased. The key components         critical loan documentation – specifically the
                         for phase two of digital mortgage are:              promissory note (eNote) – is created, executed,
                             eNote: The electronic form of the paper-        registered, transferred and ultimately stored
                         based negotiable promissory note. The
                         mortgage industry utilizes the SMARTDoc™                    …Digital Mortgage continued on page 34
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                                                                               CALIFORNIA MORTGAGE FINANCE NEWS                           23
RESIDENTIAL

        Digitize or Decay
        The Future of Home Lending is Now

                                 P
        by                                  aperwork has long dominated the           the industry, but many lenders are still
        SARAH HODGES,                       mortgage lending process, with more       reluctant to incorporate new technology
        National Account                    than half of all loan applications        due to the perceived upheaval and high
        Executive, Axacore        containing in excess of 500 pages, and a            implementation costs. However, in reality
                                  further 20 percent including 1,000 to 2,000         the long term gains usually outweigh
                                  pages . That amount of paper is costly, not
                                        1
                                                                                      the short term pains - every step of the
                                  only from an environmental standpoint, but          mortgage process can be simplified and sped
                                  also because of labor costs, and its potential to   up if lenders are willing to embrace new
                                  deter would-be applicants.                          technologies.
                                      Attitudes to home buying have changed               During the loan application process, a
                                  in recent years and digital technology has          secure web portal or mobile application with
                                  been the catalyst. One report suggests that         online document storage makes it easier for
                                  50 percent of millennials now search for            both lenders and borrowers to manage the
                                  properties on their phones, and among those,        numerous documents required for a mortgage
                                  26 percent end up purchasing a home they            application. Lenders can also incorporate
                                  found that way . This may just be the first step
                                                   2
                                                                                      mobile image capture into their portals to
                                  in a long and complex home buying process,          allow borrowers to capture and transmit
                                  but it sets a standard for the steps that           photos of required paper documents, further
                                  follow; today’s homebuyers crave the speed,         decreasing the burden on borrowers while
                                  efficiency, and convenience that only digital       increasing lender efficiency.
                                  solutions can offer.                                    When it comes to loan approval, lenders
                                      The 2017 Borrower Insights Survey of            must balance speed with risk, and there is
                                  Homeowners and Renters report released              a growing body of technology that aims to
                                  by mortgage automation provider, Ellie Mae,         help lenders automate such processes in a
                                  revealed today’s homebuyers place a premium         way that increases efficiency and accuracy.
                                  on speed and simplicity when applying for a         Storing digital copies of client documents
                                  home loan . The research also revealed that
                                              3
                                                                                      allows lenders to easily share information with
                                  one-quarter of homeowners (28 percent)              their underwriters - these documents can
                                  applied for their most recent mortgage              also be processed through automated rules
                                  using a combination of online and in-person         engines that conduct risk analyses to provide
                                  interaction.
SP                                    Evidently, changes are happening within                    …Home Lending continued on page 37
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24                 CALIFORNIA MORTGAGE FINANCE NEWS
              18
COMMERCIAL

The Impact of Technology on
Commercial Real Estate Assets
                         I
by                            n commercial real estate development,          fundamentally affect what commercial real
JOE DERHAKE,                  obsolescence and new technology                estate assets perform well.
PE, CEO, Partner              drive consumer behavior and ensuing                Desirability of location is a direct
Engineering & Science,   demand. Return on investment for developers         derivative of transportation capabilities.
Inc.                     and property owners depends critically              The oldest eastern seaboard cities
                         on foreshadowing and adjusting to these             were established when ports and water
                         demographic changes through building design,        transportation were the only option. The
                         considering how location, layout and function       advent of rail systems expanded populations
                         itself is impacted by imminent revolutions such     to outer cities like Dallas and Denver. But the
                         as driverless cars, ubiquitous e-commerce           proliferation of automobile ownership after
                         delivery and commuting hubs. Lenders, in            the Second World War expanded accessibility
                         turn, will see an increase in opportunity to        to outer suburbs and exurbs of distant cities
                         finance these new assets while simultaneously       and towns. The driverless car will further
                         mitigating risk due to obsolescence.                revolutionize tolerance for a long daily
                             As commercial real estate stakeholders          commute. Being able to eat, sleep or work on
                         look to the future, their primary consideration     the way to the office changes the conventional
                         for asset valuation should be real estate layout,   wisdom of a desirable location, and may drive
                         design and location. The most successful            consumers to choose quality over proximity for
                         commercial buildings of the future will             the home or office! Interestingly, these forces
                         integrate technology seamlessly into optimized      may counter or slow the continued migration
                         function and be located conveniently for            to livable, walkable urban centers.
                         transportation, population shifts, delivery and         Driverless cars will also change the role
                         lifestyle.                                          that public transport plays in the design of our
                             Presented below are four technology             cities. In the future, autonomous Uber-like
                         considerations that will have the most impact       services will serve as (a far more convenient)
                         on building design in the coming decades.           alternative to trains and buses, which may
                                                                             diminish the appeal of clustered, public-
                         DRIVERLESS CARS                                     transport-oriented development.
                             No technology will have more impact on              Driverless cars will also create new
                         how we use our roadways, public transport,          opportunities for developers and governments
                         parking lots and gas stations than driverless
                         vehicles. This transportation evolution will                      …Technology continued on page 38
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                                                                               CALIFORNIA MORTGAGE FINANCE NEWS                        25
Save the Date for our
        2018 Conference and Events!
        1st Annual Chairman’s                         46th Annual Western Secondary
        Conference                                    Market Conference
        APRIL 8–10, 2018                              JULY 16–18, 2018
        The Lodge at Torrey Pines, La Jolla, CA       Westin St. Francis Hotel, San Francisco, CA
        Register now at www.CMBA.com                  Register now at www.CMBA.com!

        San Diego After Hours                         23rd Annual Western States
        APRIL 11, 2018                                Mortgage Technology & Servicing
        Offices of Klinedinst PC, San Diego, CA
        Register now at www.CMBA.com
                                                      Conference
                                                      AUGUST 5–7, 2018
        HOSTED BY
                                                      Hilton Bayfront Hotel, San Diego, CA
                                                      Register now at www.CMBA.com!
        SPONSORED BY

                                                      21st Annual Western States CREF
                                                      Conference
                                                      SEPTEMBER 5–7, 2018
                                                      Wynn Las Vegas, Las Vegas, NV
                                                      Register now at www.CMBA.com!

                                                              Find out how you can participate
                                                                in YOUR association in 2018!

                                           Get                Email Dustin@cmba.com and get

                                        Plugged in!          the most out of your membership!

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26                 CALIFORNIA MORTGAGE FINANCE NEWS
              18
Welcome to the California MBA family!

NEW MEMBERS
AKERMAN, LLP                                DOCPROBE                                      MORTGAGEPRO/WOOD GUTMANN
Industry Professional Advisor               Industry Technology Provider                  & BOGART INSURANCE BROKERS
Fort Lauderdale, FL                         Lakewood, NJ                                  Industry Product Provider
                                                                                          Tustin, CA
ALTISOURCE                                  GREATER NEVADA MORTGAGE
Industry Technology Provider                Broker                                        SHAPIRO, VAN ESS, SHERMAN &
Washington, DC                              Carson City, NV                               MARTH, LLP
                                                                                          Industry Professional Advisor
BENJAMIN MANAGEMENT GROUP,                  HOMEBRIDGE FINANCIAL SERVICES                 Costa Mesa, CA
INC.                                        Residential Mortgage Banker
Industry Professional Advisor               Iselin, NJ                                    WEST COAST MORTGAGE GROUP
Irvine, CA                                                                                Residential Mortgage Banker
                                            HOUSING TRUST SILICON VALLEY                  Sacramento, CA
BLEND                                       Broker
Industry Technology Provider                San Jose, CA
San Francisco, CA                                                                                  INDUSTRY NEWS
                                            MCGLINCHEY STAFFORD                                      MEMBERSHIP
CALIBER HOME LOANS                          Industry Professional Advisor                         CONFERENCE INFO
Residential Mortgage Banker                 Irvine, CA                                               RESOURCES
Coppell, TX                                                                                            And Much More!
                                                                                                   Visit us on the web @
                                                                                                   www.cmba.com

Executive Director’s Letter continued from page 27…

Through their home grant program,           will be leading the efforts on this           organize our educational webinars
this foundation provides mortgage           California fundraising effort. If you         or be a host for one of our regional
and rental assistance payment grants        are interested in participating in the        networking events in 2018.
to parents and guardians caring             organizational committee for this                 Remember that membership is
for a critically ill or injured child,      event, you are invited to contact Jered       by company so all employees of any
allowing them to take unpaid leave          (jede@hhlawyers.com) or Kerry (kwf@           member company are welcome to
from work without jeopardizing the          severson.com) directly.                       be an active part of our programs in
loss of their homes. Our fundraiser             Of course, I invite you to take           2018.
will take place in December 2018 in         advantage of all of the other benefits            Wishing you all the best for a
Orange County. I send a very special        of membership including participating         successful 2018!
thanks to Jered Ede of Hall Huguenin,       in any one of our organizational
LLP and Kerry Franich of Severson           committees for our annual
& Werson. These two individuals             conferences, our committees that
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