Midwest Top Producers said affordability issues need to be addressed

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Addressing housing affordability issues was the top unmet market need for several of the top mortgage producers in the Midwest, the 2020 National Mortgage News survey found.

While the questions were asked in January and February, before the coronavirus pandemic altered the path of the housing market, many of their answers are still relevant in the current market conditions.

The vice president of 1st Securities Mortgage in Sterling, Mich., Angela Kakos, was the second in the region by dollar volume; she was also the 23rd most prolific originator by number of loans nationwide.

"I believe we should have an option for longer terms, such as 40 years, to give consumers more buying power," she wrote in response to the question about needs that weren't being met by the mortgage market. "Also the self-employment programs should be less restricted. A W-2 paying job is not more secure than a client that's self-employed, so there should be some exceptions made for self-employed borrowers that have had their business less than two years."

The area sales manager for Bay Equity Home Loans in Rogers, Minn., Mona Edick, agreed that additional low down payment products were needed.

"With so many drowning in student loan debt, we need options to get them into a home with less down," Edick commented. "Underwriting guidelines would have to loosen up."

As for trends in tech usage, Matthew Adler, a mortgage loan officer at Lake Michigan Credit Union in Troy, Mich., said artificial intelligence is needed to keep customers happy.

"The use of any type of AI has become an expectation for the borrower experience," he said.

But Michelle Jacinto, branch manager for Direct Mortgage Loans' Highland, Ind., office had some concerns about the growth of AI's use in the loan process.

"The only concern with AI is taking the human interaction out of the transaction. A computer will not fully understand the actual needs of a client and therefore can't always make a great recommendation," she said.

It's human interaction that allows originators to move the discussion beyond rates, respondents said.

"I spend a few minutes asking quality questions to learn my clients hearts' desire,” said Molly Nadeau-Peterson, a senior loan officer for Waterstone Mortgage's Elk River, Minn., branch

"Often times, the financing solution may different than what the client had originally requested to be shown. I spend time educating on money principles and helping my clients to be informed decision makers," she said.

Here are the top 20 originators based in the Midwest:

Region Rank Overall Rank Name Company City, State Dollar volume Number of loans
1 56 Matthew Adler Lake Michigan Credit Union Troy, MI $122,309,708 506
2 57 Angela Kakos 1st Securities Mortgage Sterling Heights, MI $121,633,986 566
3 63 Tim Smith Chemical Bank-TCF Home Loans Troy, MI $114,169,561 270
4 67 Gregg Harris LenderCity Home Loans Chesterfield, MO $112,000,000 275
5 79 Shawn Huss Chemical Bank-TCF Home Loans Cincinnati, OH $102,299,369 873
6 95 Mona Edick Bay Equity Home Loans Rogers, MN $92,363,327 385
7 117 Joshua Rubin First Securities Financial Services Bingham Farms, MI $80,993,331 304
8 164 Nick Maddock Guild Mortgage Imperial, MO $67,544,713 340
9 167 Nicholas Utesch Progressive Financial Services Oklahoma City, OK $67,135,613 313
10 169 James Snyder Inlanta Mortgage Pewaukee, WI $66,808,799 247
11 195 Keena Maher Waterstone Mortgage Maple Grove, MN $60,523,786 157
12 199 Andy Burton Waterstone Mortgage Woodbury, MN $60,026,586 205
13 201 Molly Nadeau-Peterson Waterstone Mortgage Elk River, MN $59,925,038 239
14 247 Joshua Campbell CMG Financial Rapid City, SD $54,351,227 234
15 250 Ron Haddad Key Mortgage Services Schaumburg, IL $53,960,341 191
16 253 Mark Mayfield CrossCountry Mortgage St. Louis, MO $53,520,063 174
17 273 Joseph Pattee Guild Mortgage Boise, ID $50,062,086 191
18 275 Darin Clark Chemical Bank Grand Rapids, MI $49,901,417 137
19 276 Shawn Presnell Academy Mortgage Plymouth, MI $49,833,168 279
20 311 Michelle Jacinto Direct Mortgage Loans Highland, IN $46,762,653 263
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Top Producers Housing affordability Purchase Digital mortgages Mortgage technology Housing market Underwriting Marketing Affordable housing
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