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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 2 March 2024 F R O M T H E E D I T O R WORKING TOWARDS EXPANDING RESPONSIBLE HOMEOWNERSHIP W elcome to the March 2024 issue of MortgagePoint. Can you believe we are already nearly at the end of the first quarter of 2024? Seems like just yesterday that we were turning the page on the calendar from December 31, 2023, to a new year! Time may continue to fly, but the path to homeownership for many continues to be an elusive trek, a journey filled with obstacles including the three greatest challenges to potential buyers in the current market: affordability, interest rates, and housing inventory. This month's cover story delves into paths that home buyers can take to get around these obstacles, as we move into other topics impacting homeownership, including diversity and inclusivity, generational disparities, and the changing face of today's home buyer. In addition to our cover story, the March 2024 issue brings an array of topics relevant to today's mortgage finance experts as they work their way through today's market. This month, Jim Clapp and Franco Terango of Certainty Home Lending explain how the convergence of a number of factors has set the stage for a spike in home renovation in their submission, "Building the Perfect Product Mix: Don't Forget About Renovation." Unique market conditions have led those in the industry to diversify their offerings, and home renovations in a tight market are growing in popularity. In the rapidly changing world of technology in the mortgage space, Dave Parker of LoanLogics details ways to take advantage of machine learning and other tech advances to streamline loan production, loan acquisition, and QC processes. In his article "How Business Automation Can Shield Lenders From Risk," Parker explains how implementing automation to balance staff resources can more effectively help navigate your firm through market fluctuation, bringing about transformative growth and increased operational efficiency. And finally, in "Navigating Hazard Insurance Proceeds: Lender Rights in Reverse Mortgage Foreclosures," Attorneys Jim Milano and Alyssa Szymczyk of the Law Firm of McGlinchey Stafford explain the relationship between property loss and foreclosure when unforeseen circumstances occur. Through examination of several real-life cases, Milano and Szymczyk detail the topic and delve further into the legal aspects of property loss and foreclosure. In addition to several informative articles, we bring you all of the top industry news, promotions, and new hires from across the mortgage finance space. Thank you again for choosing MortgagePoint as your source for the top industry news and perspectives, and please visit our revamped website, MortgagePoint.com for the latest news as it breaks. David Wharton Editor-in-Chief Magazine EDITOR-IN-CHIEF David Wharton ART DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTERS Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS Jim Clapp, Jim Milano, Dave Parker, Alyssa Szymczyk, Franco Terango COPY EDITOR Brandy Scott ADVERTISING 214.525.6700 EDITORIAL ADVISORY BOARD Daren Blomquist, VP of Market Economics, Auction.com Benjamin Gottheim, Director, Mortgage Servicing Policy, Freddie Mac Kevin Bowen, Head of Home Lending Product & Innovation, JPMorgan Chase & Co. Michael Keaton, SVP, Default Subservicing, Ocwen Jane Larkin, VP, Default Servicing, Colonial Savings Michael Merritt, SVP, Mortgage Default Servicing, BOK Financial Candace Russell, VP of Post-Sale Activities, Default Servicing, Carrington Mortgage Services, LLC Bryan Bolton, Chief Administrative Officer and SVP- Mortgage and Consumer Servicing, U.S. Bank Jacob Williamson, SVP 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. © 2024 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.