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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 2 May 2023 F R O M T H E E D I T O R WHEN HISTORY DOESN'T REPEAT ITSELF T his month, in the second edition of MortgagePoint magazine, we take a closer look at the recent collapse of several of the nation's banking institutions. American author and filmmaker Michael Crichton, known for the creation of the Jurassic Park world, once said, "If you don't know history, then you don't know anything. You are a leaf that doesn't know it is part of a tree." Fresh in the mind of many in the industry is the housing crisis of 2007- 2008. When the recent failures of Silicon Valley Bank (SVB) and Signature Bank became major headlines, many in the industry got the feeling of déjà vu as a pervasive feeling that the financial meltdown of 07-08 was again set to rear its ugly head. This month's cover story "Cracks in the Foundation?" takes a deeper look at the impact of these recent bank failures on the mortgage space, as we gathered a cross-section of experts to share their perspectives on how to avoid similar issues in the future and what lessons were learned from the demise of these institutions. If you are struggling to garner new business, Louis Amaya, Co-Founder and CEO of PEMCO Capital Management, shares his thoughts on non-performing loans and real estate owned (REO) assets as alternative asset anchors to generate new avenues of revenue in his article, "Debt as Diversification." Amaya discusses distressed real estate debt, and how investors are exploring alternative strategies such as increasing their exposure to non-traditional asset classes like real estate or commodities to provide more diversification benefits. Also on tap this issue, E. Thomas Booker III, Chief Strategy Officer for Candor Technology, takes a deep dive into repurchase risk and navigating market volatility in his article, "Brace for This Trifecta of Risk." Booker explains the human role of mitigating risk daily, and how to properly wade through changes in the 10-year price, the pricing benchmark of the mortgage finance space. Throughout its history, venture capital has often been associated with innovation, disruption, and technology. In our May 2023 issue, we hear from Chris Bixby, Managing Director of Venture Capital Strategies for Rice Park Capital Management, as he discusses the keys to accelerating proptech and real estate technology through venture capital in his submission, "Making Strides." As Bixby details, the mortgage and real estate sectors are benefiting from a new wave of best practices gleaned from other industries that underwent digital disruption which, in turn, is increasing competition and inspiring quicker innovation. In addition to these insightful features, MortgagePoint keeps its finger on the pulse of all involved in the mortgage finance space, leaving no stone unturned in our efforts to bring you all the industry has to offer for yet another jam-packed issue. Thank you again for your support of our publication. David Wharton Editor-in-Chief © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. Magazine EDITOR-IN-CHIEF David Wharton ART DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTERS Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS Louis Amaya Chris Bixby Tom Booker COPY EDITOR Brandy Scott ADVERTISING 214.525.6700 EDITORIAL ADVISORY BOARD Benjamin Gottheim, Director, Mortgage Servicing Policy, Freddie Mac Erik Schmitt, Managing Director, Origination Division, Chase Home Lending Douglas Whittemore, Head of Default Servicing, US Bank Jacob Williamson, VP Single-Family Collateral Risk Management, Fannie Mae Kim Yowell, EVP of Servicing, Fairway Independent Mortgage Servicing EXECUTIVE ADVISOR Michael S. Waldron Corporate Officers PRESIDENT & CFO Jonathan Hughes ART DIRECTION Jordan Funderburk, Jason Stone No part of this publication may be reproduced without written permission from the publisher. © 2023 Five Star Global, LLC. All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MortgagePoint strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MortgagePoint does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.