Dive into the fascinating world of Residential Transition Loans (commonly known as Fix and Flip Mortgage Loans) with Michael Zau in this episode of The MikedUp Show. Whether you're a seasoned real estate investor or an independent mortgage banker, this episode is your one-stop resource to understand these powerful financial tools that are reshaping the investment landscape.

Michael unpacks the fundamentals of fix-and-flip loans, highlighting their dual profitability for both lenders and real estate flippers when managed correctly. He discusses how these loans eliminate early payoff penalties, ensuring win-win scenarios for all parties involved. Learn about the flexibility they offer, from covering the down payment to providing funds for property renovations, making them an excellent choice for investors looking to capitalize on after-repair value (ARV).

This episode goes beyond the surface, touching on the intricacies of business-purpose mortgage loans—which don’t rely on income but instead leverage the property’s future value. Michael explains the critical factors investors must consider, like ensuring properties are not landlocked and avoiding common pitfalls like underestimating title issues or fraud risks.

Drawing on real-world examples and practical advice, Michael explores how fix-and-flip loans enable borrowers to purchase, renovate, and sell properties for profit. However, he also underscores the importance of careful research and emotional detachment in decision-making to avoid costly mistakes.

Whether you're curious about the nuances of flipping houses or want to deepen your understanding of these loans, Michael’s insights provide clarity and actionable takeaways. Stay informed and learn how to maximize the benefits of fix-and-flip loans in today’s competitive real estate market.

In this insightful episode of The MikedUp Show, we sit down with Leora Ruzin, CMB, AMP, an experienced lending executive and the Founder of Ruzin Creative, LLC. Leora’s 15-year journey in the mortgage industry has been characterized by a steadfast commitment to professionalism, personal growth, and advocacy for responsible lending practices. With her unparalleled expertise in mortgage production, secondary marketing, compliance, underwriting, and a rich background in managing end-to-end operations within the Credit Union space, Leora’s impact is felt across the mortgage sector.

Throughout the episode, Leora offers a deep dive into the true value of certifications within the industry, particularly the Certified Mortgage Banker (CMB) designation. She shares her insights on what the CMB title signifies, emphasizing that it’s more than just a credential—it’s a statement of dedication and integrity within a complex, ever-evolving field. Leora recounts her experience as a long-standing member of the Mortgage Bankers Association (MBA), highlighting the role that MBA plays in supporting mortgage professionals, addressing industry challenges, and upholding standards of excellence. Leora’s commitment to advocacy is palpable as she describes attending nine straight MBA Advocacy Conferences in Washington, D.C., where she championed initiatives to strengthen the industry for professionals and consumers alike.

The conversation extends beyond professional achievements. Leora brings a unique perspective, shaped by her experience as a U.S. Army veteran and a survivor of both cancer and personal trauma. These experiences have forged a resilience and empathy that drive her mission to help others achieve financial freedom and overcome life’s challenges. Her advocacy work is underpinned by a passion for housing finance reform, a commitment to common-sense credit policies, and an unrelenting belief in the potential of the American dream. Leora discusses the importance of creating inclusive environments within mortgage firms, encouraging firms to invest in employees as they would in a family, fostering both growth and mutual respect.

In this episode, we examine the impact of industry cycles on hiring practices and the inherent volatility in staffing within mortgage companies. Leora speaks candidly about the industry's tendency to hire and fire staff as the market fluctuates, urging leaders to take a more considered approach to recruitment. By advocating for employees’ long-term growth and viewing them as valued members of an organization’s ecosystem, Leora makes a case for stability and authentic relationships in the workplace.

Leora also sheds light on the barriers that prevent many from accessing Mortgage Bankers Association membership, especially within smaller firms or among entry-level professionals. She calls for broader access to MBA’s resources through programs like the Passport Membership, which can provide industry newcomers with invaluable exposure to industry knowledge, networking, and growth opportunities.

This conversation with Leora Ruzin is as much a call to action as it is a look into her own story. Whether you are a seasoned mortgage professional, a newcomer, or simply interested in the dynamics of the mortgage industry, this episode offers valuable insights into the need for purpose-driven leadership, a commitment to community, and the pursuit of financial freedom.

Join us on The MikedUp Show as we dive deep with John Toohig, Managing Director at Raymond James and head of the Whole Loan Trading Group. John brings years of expertise from the forefront of mortgage trading and portfolio management, sharing insights that blend historical analysis with forward-looking predictions. In this episode, John takes us behind the scenes at the 2024 Mortgage Bankers Association (MBA) Convention in Denver, discussing the industry’s shifting landscape and the impacts of inflation, economic change, and legislative outlooks on mortgages, credit cards, and auto lending.

John is renowned for his strategic approach to trading seasoned and new loan products, including residential mortgages (QM and non-QM), commercial loans, and nonperforming assets. This episode showcases how whole loan trading is evolving and the impact of emerging products like fintech lending. We explore how Raymond James stays ahead of the curve, adapting to new lending regulations and responding to market needs. John’s discussion about the CECL accounting standard and its lending implications is essential listening for those navigating compliance in a complex regulatory environment. His insights extend beyond residential lending to cover broader financial themes, including the influence of macroeconomic changes on consumer behavior and how lenders can best position themselves for what lies ahead.

As the MBA convention wrapped up with a tone of optimism, John provides valuable reflections on the forward-looking attitudes in Denver, a contrast to previous conventions. He discusses how Raymond James leverages both in-house strategies and community involvement, aiming to foster financial stability and accessibility across diverse demographics. John also sheds light on the importance of maintaining agility within the whole loan space, especially as market conditions shift and innovation remains constant.

Join us as we unravel how Raymond James approaches lending amidst economic uncertainty, changing regulations, and the ever-present drive for technological advancement. This episode is packed with takeaways for lenders, investors, and financial professionals keen to stay informed on lending trends and market innovations.

This week on The MikedUp Show, we sit down with Keith Canter, CEO of First Community Mortgage (FCM), a mortgage industry leader known for combining growth with a commitment to people. Keith shares invaluable insights into the journey of evolving from a small mortgage brokerage to one of the most respected mortgage lenders nationwide. With over 25 years of experience, Keith has steered FCM from its roots in the Southeast to a nationwide footprint, all while focusing on the development and potential of his team. He believes in building an environment where each person can thrive, nurturing a "community within a community" that drives the success of the company.

At FCM, Keith champions a culture that goes beyond transactions, seeing the company’s achievements as a testament to both vision and values. From their fully approved Fannie Mae, Freddie Mac, and Ginnie Mae lender status to their strong balance sheet as a bank-owned entity, FCM is positioned to lead and grow even in turbulent market conditions. In this episode, Keith describes how FCM’s leaders are given the freedom to innovate, expand, and contribute meaningfully, making FCM a place where autonomy and advancement are not just buzzwords but daily realities. He explains how FCM’s emphasis on autonomy and personal growth enables their retail, wholesale, and correspondent channels to flourish, adding that the company’s dedicated in-house marketing team amplifies each team member’s work.

Keith's approach to leadership is underscored by a focus on gratitude, a trait that has shaped FCM’s ethos. Reflecting on the challenging times of 2007 and the recent rate fluctuations, he notes that gratitude remains a cornerstone, carrying them through periods of hardship and growth. As Keith discusses on the podcast, the company’s core values aren’t just posters on the wall; they manifest in FCM’s recognition of team members who embody these values every day. For Keith, true leadership also involves proactively seeking “the absence of value”—identifying areas where values are lacking and addressing these challenges openly, which fosters a transparent, conflict-positive environment. Keith believes that transparent communication and constructive conflict are essential for creating a robust company culture that not only thrives internally but also extends its positive impact to the communities they serve.

The episode also touches on recent insights from Nick Saban's "Nothing Speech" on The Pat McAfee Show, which Keith connects to the discipline required in the mortgage industry. For Keith, past successes don’t entitle a loan officer to future achievements. Without consistent discipline and effort, "Nothing" is earned—a philosophy that resonates with the core mission at FCM. Keith believes in staying committed to the fundamentals, and FCM is designed to support loan officers with a lean, yet deeply supportive infrastructure that promotes meaningful growth and success.

As we journey through Keith’s career insights, you’ll learn how FCM’s dedication to values and personal growth led them to earn accolades like the "Best Place to Work" and "Top Workplace USA" awards, as well as recognition for ethics from the Better Business Bureau. FCM is also a two-time Mortgage Bankers Association DEI Leadership Award Winner, reflecting their commitment to diversity, equity, and inclusion. These recognitions reflect a workplace that’s not only high-achieving but also deeply values its people. Keith’s leadership shines through as he discusses FCM’s dedication to building a strong, value-centered mortgage company that grows alongside its community.

Tune in to learn from Keith’s wisdom and understand why First Community Mortgage is a beacon in the mortgage industry, setting a high standard in leadership, integrity, and service.

In this in-depth audio episode, Rudy Orman, Senior Vice President at NQM Funding, LLC, joins the show to explore one of the most crucial yet often overlooked segments of the mortgage industry: Non-QM lending. Rudy has a storied career in the mortgage industry, spanning over 35 years, during which he has worked with leading institutions like Goldman Sachs, HSBC, and Reliant Bank. His expertise in sales, product development, capital markets, and securitization gives him unparalleled insight into the Non-QM market and how mortgage professionals can leverage it to expand their business. Throughout this episode, Rudy explains why Non-QM loans are becoming increasingly essential in today's lending landscape. As agency loans from Fannie Mae and Freddie Mac dominate the market, Non-QM products provide a lucrative alternative for loan officers who want to cater to borrowers who don’t meet traditional lending requirements. Rudy covers everything from the basic structure of Non-QM loans to the profitability that comes with offering these products to the right clientele. One of the highlights of the episode is Rudy’s discussion on how Non-QM loans can help real estate investors, self-employed individuals, and high-net-worth borrowers. He emphasizes that the agency space is limited in its ability to serve these types of clients, which presents a significant opportunity for loan officers who are equipped with Non-QM products. Rudy believes that the profits in the Non-QM space are often much larger than those in the agency space, making this an attractive option for lenders looking to boost their bottom line. The episode also delves into the investment appetite on Wall Street for Non-QM loans. Rudy shares how understanding the demand from investors can help loan officers better align their offerings to what the market wants. Additionally, Rudy stresses the importance of not selling with your own wallet—a philosophy that encourages loan officers to offer products based on the needs and desires of their clients, not their own personal financial preferences. Listeners will also gain valuable insights into how Non-QM can be a transformational tool for loan officers and why it’s important to diversify your product lineup. Rudy believes that loan officers who are not thinking outside the box with offerings like Non-QM are likely to lose out on business in the long run. As the industry shifts and more borrowers fall outside the scope of agency lending, Non-QM loans will be essential in meeting the needs of a wider array of clients. Rudy also addresses the common concerns that loan officers may have when presenting Non-QM options to their clients. Higher interest rates often come up in discussions, but Rudy explains how loan officers can reposition the conversation by focusing on the purpose of the loan and its benefits. He advises loan officers to be curious, ask questions, and understand the borrower’s reasons for borrowing, which can help close more Non-QM deals. To round out the episode, Rudy provides actionable advice on how to get started with Non-QM loans, including where to find support, training, and resources. He encourages loan officers to partner with experts like NQM Funding to ensure they are offering the best possible solutions to their clients.

In this insightful episode of The MikedUp Show, Mike Kelleher and Michael Zau sit down with Nick Pabarcus, a powerhouse in the mortgage industry with over 25 years of experience in wholesale and correspondent lending. As the Director of Sales at Logan Finance, Nick brings a wealth of knowledge from his previous roles at loanDepot, Stearns Lending, and Countrywide. His expertise in leadership, risk management, and mortgage banking is unparalleled, and he shares an in-depth look at the evolving landscape of the Non-QM (Non-Qualified Mortgage) market.

This episode opens with a vivid analogy, comparing the mortgage industry to the world of Formula 1 racing, where the racetracks are challenging and require mastery to navigate. Nick draws parallels between mortgage professionals and F1 drivers like Verstappen, Hamilton, and Leclerc, emphasizing the importance of preparation, speed, and strategic thinking. He touches on how the mortgage tracks of today differ significantly from those 25 years ago, when the industry was simpler but lacked the technological advances that we now take for granted.

Nick takes listeners on a journey through time, revisiting the days when Countrywide and Stearns Lending dominated the TPO (Third-Party Origination) channel, and brokers relied heavily on technology and innovation to gain an edge in the market. He delves into the evolution of Non-QM loans, explaining how these once-niche products have become essential for loan officers looking to serve the self-employed and gig economy borrowers. With Non-QM loans offering higher profit margins due to their complexity, Nick provides valuable insights on how loan officers can leverage these products to stand out in a competitive market.

A key focus of the episode is the "Monaco" of racetracks in today's mortgage industry—Non-QM lending. Nick breaks down the current demand for Non-QM loans, highlighting the opportunity for loan officers to capitalize on the hundreds of basis points available in this space. He emphasizes the importance of understanding the credit boxes, pricing transparency, and securitization processes that make Non-QM loans so attractive to Wall Street investors. For those loan officers willing to invest the time and effort in mastering Non-QM, the rewards are significant.

Nick also touches on the technological advancements that have revolutionized the mortgage process, particularly in the realm of Non-QM. He introduces Logan Finance's AI-powered portal, which simplifies the task of reviewing bank statements for self-employed borrowers. This innovative tool saves loan officers time and minimizes the risk of errors, making the entire mortgage process smoother and more efficient.

Throughout the episode, Nick offers practical advice for loan officers on how to educate their clients about the benefits of Non-QM loans, especially when faced with objections about fees and interest rates. He emphasizes that it's not about what the borrower pays upfront, but rather what they keep in the long run. This mindset shift is crucial for helping investors and other high-net-worth clients make informed decisions that will benefit them in the long term.

As a passionate advocate for the mortgage industry, Nick also shares his thoughts on the future of lending, particularly for underserved markets like the self-employed and gig economy. He encourages loan officers to stay informed and take advantage of the educational opportunities available through industry organizations like the California Mortgage Bankers Association and the National MBA.

Whether you're a seasoned mortgage professional or just starting out, this episode is packed with valuable insights and actionable advice that can help you navigate the complexities of the modern mortgage market. Tune in to hear Nick's expert take on Non-QM lending, the future of the mortgage industry, and how technology is shaping the way we do business.

In this episode of The MikedUp Show, we sit down with John Hedlund, a distinguished leader in the mortgage industry with a career spanning over three decades. John has played a pivotal role in shaping the financial services landscape, leading some of the largest financial institutions and mortgage lenders in the United States. From his beginnings at the Royal Bank of Canada to founding AmeriHome Mortgage—one of the largest correspondent lenders in the country—John's journey is one of leadership, strategy, and innovation. Recently, John founded Adanac Advisory Group, a boutique consulting firm designed to help businesses optimize their vision and achieve sustainable growth.

John shares his personal experiences and lessons learned from guiding AmeriHome through its inception, its rapid rise to becoming the second-largest correspondent lender, and its successful acquisition by Western Alliance Bank in 2021. His insight into the importance of adaptability, strong leadership, and long-term vision in a cyclical industry offers invaluable lessons to mortgage professionals at every level.

In this episode, we dive into John's thoughts on the current mortgage landscape, the increasing role of fintech and automation, and how companies can not only survive but thrive in a highly competitive market. John stresses the importance of fostering a cohesive leadership team and shares strategies for balancing short-term objectives with long-term vision. Whether you're looking to scale a startup or lead an established business through challenging times, John’s advice will guide you toward becoming a more effective and innovative leader.

Additionally, John reflects on his leadership roles in industry organizations like the Mortgage Industry Standards Maintenance Organization (MISMO) and the California Mortgage Bankers Association (CMBA). He discusses how advocacy is critical in navigating regulatory changes and shaping the future of the housing market.

Through his deep understanding of origination, correspondent, and capital markets, John presents a holistic view of the industry and offers practical advice on how to lead a business to long-term success. He emphasizes the importance of technological innovation, particularly in AI and automation, in maintaining a competitive edge in today’s market. As a leader who has consistently driven both revenue growth and cost reduction, John’s insights are not only timely but essential for anyone looking to succeed in the mortgage space.

Whether you're a CEO, a startup founder, or someone aspiring to be a top leader, this episode is packed with actionable insights on leadership, strategy, and innovation. John Hedlund's unique perspective and wealth of experience make this one of the most informative episodes of The MikedUp Show yet.

In this insightful episode of The MikedUp Show, we sit down with James Hooper, Senior Vice President and Production Manager with extensive experience in the financial and mortgage banking industries. James brings decades of leadership, expertise, and wisdom to the table, having started his career as a retail loan officer and growing into executive roles at top-tier banks and mortgage companies. His journey, from building and rebuilding mortgage companies to managing large-scale sales operations, showcases a deep understanding of the evolving mortgage landscape.

As we dive into the episode, James unpacks the challenges, opportunities, and the core beliefs that have helped him drive success across various markets. We discuss the significance of keeping a pulse on market changes, nurturing customer relationships, and the importance of leadership in guiding organizations through good times and bad.

James offers valuable insights into the importance of understanding niche mortgage products and services in today’s competitive market. He emphasizes the necessity of learning and mastering unique offerings, like the ones provided by Quantic Bank, that enable originators to assist more borrowers, especially self-employed individuals who often face challenges with traditional loan products. His analogy of "icebergs" symbolizes the often unseen complexities beneath the surface of mortgage products, such as debt coverage ratio (DCR) loans and bank statement loans, that can make or break an originator's ability to help clients.

In this episode, James discusses how changes in the lending space, once thought outdated, are making a comeback, and how these developments are reshaping the mortgage industry's future. He stresses that originators who take the time to educate themselves on these products will not only stand out but also be better equipped to serve their clients, offering them tailored solutions in an increasingly competitive market.

Moreover, we explore the competitive landscape for mortgage products today. With James's vast experience in business development, we discuss the resurgence of certain loan products like bank statement loans, as more originators and borrowers turn to alternative methods of proving income. This is particularly relevant for self-employed borrowers, a market that continues to grow and present opportunities for originators who can master portfolio lending products.

One of the key takeaways James shares is the idea of building relationships within the community. Through consistent outreach—whether through podcasts, seminars, or partnerships with real estate agents—loan officers can differentiate themselves and bring real value to their local markets. He explains how, in many cases, real estate agents may not even be aware of the full spectrum of mortgage products available, which opens up a huge opportunity for informed originators to educate and provide unique solutions to their clients.

James also touches on the current state of the housing market. With inventory slowly increasing and interest rates starting to stabilize, more borrowers are poised to re-enter the market, creating new opportunities for both homeownership and refinancing. James emphasizes that these changes provide fertile ground for originators to connect with clients who have been waiting on the sidelines, highlighting cash-out refinance options as a key avenue for borrowers looking to tap into their home equity.

Throughout the episode, we also touch on the recent National Association of Realtors (NAR) settlement and what it means for the industry. As James discusses, there is significant disruption happening in the real estate space, and now more than ever, mortgage professionals must stay informed and adapt to new market conditions. His advice to originators is clear: take the time to learn about new and emerging products, leverage relationships within the community, and remain adaptable...