Colorado

Jayne Bail is a mortgage loan originator at Denver-headquartered Platte River Mortgage & Investments Inc. and president of the Colorado Association of Mortgage Professionals (CoAMP)
Jayne Bail is a mortgage loan originator at Denver-headquartered Platte River Mortgage & Investments Inc. and president of the Colorado Association of Mortgage Professionals (CoAMP)Jayne Bail is a mortgage loan originator at Denver-headquartered Platte River Mortgage & Investments Inc. and president of the Colorado Association of Mortgage Professionals (CoAMP). National Mortgage Professional Magazine recently spoke with Jayne regarding her work with this trade group.
 
How and why did you get involved in the Colorado Association of Mortgage Professionals (CoAMP)? Can you share the track within the association that led to the leadership role?
I’ve been a member of the Colorado state association since 1998. In 2008-2009, I was inspired by the leadership at that time, Douglas Braden and Kay Cleland, and signed up for the Education Committee. After a year on the Education Committee, I was nominated and accepted a position on the Board of Directors in 2010. I’ve been on the Board ever since, except for a brief absence during my mother’s declining health. I’ve been serving next to Douglas Braden, CoAMP Past President, on the Government Affairs Committee for the past five years as well.
 
Here is why. In 2006-2007, I started to get very frustrated with the business. The rules were changing and I felt out of touch. I found CoAMP to be a foundation of information. It became my portal, so to speak, to learn from other industry partners, peers and community. My participation with CoAMP geared me up for what was to come and how to handle the obstacles of the new administration and rulemaking.
 
My participation with CoAMP has helped me to grow and learn what leadership is about, what teamwork is and that being a part of the group that makes the difference for others in our community is inspirational. I get up every morning with the intention of making a difference with everyone I have the privilege to engage. And I don’t mean just with CoAMP—this has allowed me to be a better Loan Officer to my clients. I care more, even more than before. There is a bigger picture now.
 
Why do you feel members of the mortgage profession in your state join CoAMP?
I believe other members are here to learn, network and to be advocated for on the legislative front.
 
What role does CoAMP play in the federal and state legislative and regulatory environments, and are there any items on the current agenda you would like to highlight?
Our GA Committee Co-Chairs are Douglas Braden and myself. I focus mostly on the state issues, while Doug focuses on the federal level. We have a committee of five members. On the state side, we are very involved and well-known with our state regulators. We are at each Board of Mortgage Loan Originator meeting, every other third Wednesday of the month. We monitor legislation and weigh in with the committees and members as issues arise. We sit on the Inter-Professional Committee and Colorado Housing Council. The Inter-Professional Committee consists of trade associations in the housing industry, such as CAR, LTAC, Appraiser Association, State Departments of Real Estate, of Insurance and Real Estate Attorneys. We meet monthly to discuss what’s happening in each association, any issues, rules or laws that might be coming up. The Colorado Housing Council meets once a month, and we usually have a speaker that addresses housing issues in our state.
 
Our state is currently going through our sunset review. We have met with the office that is conducting the review and have made some recommendations for changes and improvements to our current state law.
 
What do you see as your most significant accomplishments with the association?
Most significant is our presence and contribution at the table of the state legislators, regulators and trade association interaction/collaboration. We’ve also partnered with Mortgage Educators and Compliance (MEC) to provide all continuing education to our members. MEC’s involvement in our association has increased the awareness of our association in our state community and has had a direct connection to our increased membership. 
 
What is the synergy between CoAMP and NAMB?
Our connection with NAMB is most effective with the federal level of our government affairs efforts. Doug works closely with NAMB’s GA Committee to communicate with our representatives on Capitol Hill.
 
In your opinion, what can be done to bring more young people into mortgage careers?
This is a tough question. I started in the industry straight out of college and worked in secondary marketing, post-closing auditing/underwriting and processing before I even thought about originating. This was a great path of entering the industry. I just don’t think the current generation sees this as the great amazing profitable industry that it actually is.
 
How would you define the state of Colorado’s housing market?
Our housing market is crazy … not enough inventory and not enough entry-level/affordable housing to take care of the demand. This is driving up values at a high rate of appreciation and making it difficult for the first-time homebuyer to afford a home. 
Phil Hall is Managing Editor of National Mortgage Professional Magazine. He may be reached by e-mail at PhilH@MortgageNewsNetwork.com.

 
The 44th Annual Colorado Mortgage Lenders Association (CMLA) Vail Convention will be held August 9-11 at the Vail Marriott Mountain Resort, 715 West Lionshead Circle in Vail, Colo.
 
The CMLA Annual Vail Convention is a three-day event including a golf tournament, education, and networking opportunities for meeting top mortgage industry leaders. Who should attend? Mortgage company owners and managers, loan originators and sales managers, operations and compliance professionals, and mortgage industry vendors and service providers.
 
Click here for more information or call (303) 773-9565.

 
The Mortgagee Review Board within the Department of Housing and Urban Development (HUD) has issued a suspension at Seckel Capital LLC that prohibits the Newtown, Pa.-based lender from originating and underwriting new mortgages insured by the Federal Housi
Four ex-employees of Aurora, Colo.-based American Financial Corp. have filed a lawsuit claiming the company fired them after they sought to expose alleged evidence of mortgage fraud.
 
According to a Denver Post report, the lawsuit stated that American Financial allegedly submitted faked documents and consumer loan applications to least five financial institutions—
JP Morgan Chase, Wells Fargo, US Bank, Flagstar Bank and PennyMac—and other institutions including the Colorado Housing and Finance Authority. The employees—three mortgage consultants and a pre-qualification specialist—said they were suspended and later fired for sharing their concerns with company management.
 
The company issued a statement refuting the lawsuit’s claims. “We plan to file a motion to dismiss some of the claims in the lawsuit,” the company statement said. “We are in good standing with mortgage licensing authorities here in Colorado and across the United States.”

 
When it comes to bouncing back, the Denver metro area housing market has seen the greatest level of recovery
When it comes to bouncing back, the Denver metro area housing market has seen the greatest level of recovery, while the market in Bakersfield, Calif., has seen the weakest recovery.
 
According to new data from HSH.com that analyzes the Federal Housing Finance Agency's Home Price Index as a basis to determine which markets have fully recovered and which lag behind the housing recovery, Denver topped the chart for the first quarter with a 67.16 percent level above its boom-years’ peak value. The HSH.com top five is rounded out with four Texas markets that have recovered with vigor: Austin (55.66 percent above its peak value), Dallas (up 53.02 percent), Houston (up 48.36 percent) and Fort Worth-Arlington (a 43.46 percent spike).
 
At the other end of the spectrum, Bakersfield needs a 40.04 percent boost to regain its peak value. Other markets awaiting an overdue recovery are Las Vegas (38.15 percent below peak), California’s Stockton-Lodi (34.81 percent) and Fresno (30.44 percent), and Camden, N.J. (27.63 percent).
 
It is important to note that many markets—even the 10 that still remain the furthest from their boom-year price peaks—have seen significant price recoveries since hitting their bottom values,” said Keith Gumbinger, vice president at HSH.com. “However, home prices in areas like Las Vegas may have been inflated to such a degree that even when they return to a ‘normal’ value they may still be well below their previous price peak.”

 
Supreme Lending recently partnered with baseball Hall of Famer, Major League Baseball All-Star and former Texas Ranger Ivan “Pudge” Rodriguez
Supreme Lending has expanded its Southwest territory with an additional branch in the Denver market, to be led by industry veteran Carlos Ruiz who has been selected to manage the branch. The new Denver branch services borrowers throughout the state of Colorado, and https://www.supremelending.com/has plans to expand into California and New Jersey this year.
 
Ruiz has been in the mortgage industry for 25-plus years and has strong knowledge of the full range of government, conventional, non-conforming and jumbo mortgage products. Throughout his two and a half decades in the industry, Ruiz has built a reputation for easy accessibility and strong product knowledge.
 
“I love getting my clients the best deal possible,” said Ruiz. “My job is to help borrowers choose the best loan program based on their unique needs, goals and financial situations—that includes interest rates, but it also includes much more. If a loan officer is looking strictly at rates, he’s probably doing his borrower a huge disservice. I review each file weekly to stay on top of any changes, because even small changes can impact the rate or terms of a loan. After having closed over 10,000 loans, I’ve learned how to get my clients the best rate possible. Each of my clients benefits from the thousands of others that came before them.”

 
Paramount Residential Mortgage Group Inc. (PRMG) has named Cathy Modafferi Brogan as retail regional manager for the state of Colorado
Paramount Residential Mortgage Group Inc. (PRMG) has named Cathy Modafferi Brogan as retail regional manager for the state of Colorado, bringing more than 30 years of experience in mortgage Paramount Residential Mortgage Group Inc. (PRMG) has named Cathy Modafferi Brogan as retail regional manager for the state of Coloradobanking. Formerly, as chief executive officer at Northstar Alliance, she directed the mortgage banking, real estate and appraisal units, surpassing company expansion goals and working with the government to train and place candidates for banking positions in both the private and public sectors.
 
In her new position, Brogan will be focusing on providing continual guidance and support to existing branches residing within the state of Colorado, looking to recruit experienced and motivated individuals interested in branch opportunities, as well as originating opportunities while seeking to expand the production platform throughout the Rocky Mountain region and beyond.
 
“I want to give to those who have so freely given so much to me over the last 30 years”, Brogan said.
 
Brogan will report directly to PRMG’s SVP, Director of National Retail Production Chris Sorensen.
 
“We very are excited about the addition of Cathy Brogan to the PRMG Retail team,” said Sorensen. “Along with her experience, education and proven track record, we are confident that she will be successful in helping us grow the Colorado, Rocky Mountain Region as we continue to expand our national retail platform across the country.”

 
Denver’s vibrant housing market has run into a peculiar supply-and-demand imbalance
Denver’s vibrant housing market has run into a peculiar supply-and-demand imbalance: There is a surplus number of real estate agents and a growing scarcity of real estate listings.
 
According to a Denver Westworld report, the Colorado Department of Regulatory Agencies (DORA), which oversees the state's Division of Real Estate has determined there are approximately 21,000 active real estate agents in Denver, out of 35,000 for Colorado as a whole. However, the leading real estate brokerage websites report a low inventory in the Mile High metro: Zillow lists 1,880 homes for sale in Denver, while Realtor.com shows 2,478, Trulia has 2,218 and Redfin has 1,806. (These numbers do not take into account duplicate listings on multiple sites.)
 
Scott Grossman, board chairman for the Denver Metro Association of Realtors, stated that his organization saw about 118 new members a month over the last six months, and he added that “probably 15 percent of the licensees out there are driving in about 80 to 90 percent of the business.” But he also cautioned that the alleged glut in agents should be viewed in proper perspective.
 
“Not everybody getting their real estate license is necessarily going to be into selling real estate full-time,” he said. “You have your commercial people in there, you have people who are maybe into investing and just want to save on the commission—maybe for family. You see that a lot, since there are such low barriers to entering the field. It's fairly easy and relatively inexpensive to get started in this business.”

 
VIP Mortgage has announced its expansion in the state of Colorado with a new branch in Colorado Springs and a team of seven seasoned loan officers and processors. This move marks the third branch opening within the state for VIP, with their first Colorado brick and mortar in the Centennial-Denver area. The company has plans to open in the Northern Colorado territory with a Fort Collins location later this year.
 
VIP has appointed Loan Officer Tim Duvall to lead the team as branch manager in Colorado Springs. Duvall is a veteran of the mortgage industry and has over 14 years of residential mortgage lending experience.
 
“We are proud to add Tim Duvall and welcome his team to the VIP family”, said Jennifer Tulcan, executive vice president of National Sales for VIP Mortgage. “The addition of VIP Mortgage in Colorado Springs will offer homeowners, homebuyers and real estate agents alike a personalized, high-level client service and enhanced mortgage experience.”

 
Norcom Mortgage has continued its expansion, opening a new branch in the Western United States in Denver, and has appointed Andrew J. Hulko, who has worked in the mortgage industry since 2000, as branch manager of the new Denver office
Norcom Mortgage has continued its expansion, opening a new branch in the Western United States in Denver, and has appointed Andrew J. Hulko, who has worked in the mortgage industry since 2000, as branch manager of the new Denver office.
 
“I’m very excited to welcome Andrew Hulko to the Norcom Mortgage family,” said Greg Radding, Norcom’s vice president of Retail Lending. “Andrew possesses a great knowledge base, and has been successfully servicing the Denver Colorado marketplace for years. Andrew and his team will provide honest mortgage guidance and superior financing options for the clients and referral sources they service. We look forward to sharing in the growth and success that Andrew will experience here at Norcom.”
 
Hulko is excited to be a part of the Norcom family and looks forward to Norcom’s strength in communication, community lending practices, common-sense underwriting, and its commitment to excellence in all phases of the industry.

 
The lack of affordable housing the greatest economic problem facing Colorado residents
The lack of affordable housing the greatest economic problem facing Colorado residents, according to a new survey conducted by Colorado Mesa University in conjunction with the Center for Opinion Research at Franklin & Marshall College.
 
According to a report by The Denver Channel, 14 percent of survey respondents cited housing as the biggest issue facing their community, followed by 10 percent who said the economy is the most important problem, with nine percent of respondents pointing to crime/drugs/violence, seven percent raising a red flag over education and six percent complaining about government.
 
When asked if they agreed or disagreed that there was adequate access to affordable housing in their community, 62 percent of Coloradans said they disagreed. The problem of affordability was particularly acute in the Denver metro area, where 67 percent of respondents said they disagreed—compared to 65 percent in south-central and eastern Colorado and 48 percent on the Western Slope.
 
As for politics, 52 percent of respondents said President Donald Trump was doing a poor job, while 32 percent said he was doing a good or excellent job. In comparison, 49 percent of people said Governor John Hickenlooper was doing a good or excellent job, while 56 percent of people were pleased with the work of their city and county governments.