From the Editor
By Jim Davis
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or firstname.lastname@example.org.
Alternative loans offer a world of possibilities
Hello, readers. I’m the new editor of Scotman Guide’s Residential Edition. I’ll be taking over for Will McDermott,
who oversaw the publication for more than 30 editions.
Will is taking on the role of managing editor for Ask a Lender, a company launched by the founders of Scotsman Guide.
Ask a Lender operates an online consumer-facing platform focused on matching borrowers and lenders.
Will has moved just a few desks away in the Scotsman Guide newsroom and, fortunately for me and for
the publication, continues to serve as a sounding board and a source of institutional knowledge.
I come from the newspaper business. As a reporter, I wrote about a wide range of topics
and issues, from crime and courts to city hall and business. For every new beat,
I came in relatively fresh and used each story as a chance to learn a little more
about that coverage area.
Now, I’m doing a deep dive into the mortgage industry. I’ll learn a little more
every story from all of you, the experts in this business. So many of you
contribute your time and knowledge to write articles for the publication.
For some, writing is easy; for others, it’s like opening a vein. I can’t tell you how
much I appreciate the effort that all of you put into informing and educating
your colleagues and, in the process, me as well.
This month, we delve into alternative lending, an umbrella term that covers a
wide range of loan options outside of traditional lending. It can be used to describe
online lending, jumbo loans, reverse mortgages and more. It’s a new topic for the
magazine this year, but an important one as the refinance business begins to shrink.
In this edition, mortgage originators can learn about how non-qualified mortgages
can be both a good business and a way to help many borrowers achieve their dreams.
On Page 55, Raymond Eshaghian of Greenbox Loans writes that the key is to understand the worth of
these mortgages, which fall outside of the standards of qualified mortgages but are still quality loans.
With more and more baby boomers reaching retirement age, Steve Resch of Finance of America Reverse on
Page 127 writes about how many of these seniors should consider Home Equity Conversion Mortgages to
sustain their lifestyles in retirement. On Page 114, Nathan Rufty of Mortgage Marketing Pros challenges
originators to master one new niche loan program to grow their business.
On another front, Amy Tierce of Mortgage Equity Partners on Page 74 writes about the high turnover in the
mortgage industry and what can be done to attract employees. Dennis Black of Dennis Black and Associates also
offers sound advice on Page 152 on how to motivate and coach millennials.
On Page 146, Dick Lepre of RPM Mortgage notes that the 10th anniversary of the collapse of Lehman Brothers will
be coming later this year. He writes about what mortgage originators should watch for so they can help prevent
a similar financial crisis from taking root in the future. On Page 93, Alok Bansal of Visionet Systems describes how
the long-promised paperless office is edging closer to reality as reliance on digitized documents, smartphones,
tablets and robotic process automation in the mortgage-origination process becomes the norm.
Enjoy these articles and more in this edition. And please, reach out to me to talk about the magazine and how we
can all learn from each other.