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From The Garrett Watts Report

Originator Comp Debate: Minimum Wage Labor Laws

Running a Loan Shop: Preparation Leads to Performance

Managing Counterparty Risk: Multiple Warehouse Lines Needed

Mortgage Darwinism: Do You Have a Plan B for 2011?

Poor Pull-Through Ratios Hurt Entire Operation. Protect Your...

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The Garrett Watts Report shares stories and day to day experiences of veteran industry consultants Joe Garrett, Corky Watts and Mike McAuley. Writers observe and examine the micro-mortgage market from a viewpoint that helps lenders of all sizes increase revenues, control costs and better manage risks.

Learn more about the authors and their services:
Garrett, Watts & Company | http://www.garrettwatts.com

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Originator Comp Debate: Minimum Wage Labor Laws

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by C.M. "Corky" Watts, CMB on May 01 2011, 6:57 PM

As Dodd-Frank loan officer compensation regulations became a reality in early April, I started seeing new pay practices emerge in my reviews. Several large retail mortgage bankers are now offering a minimum wage to outside referral based loan officers...
Running a Loan Shop: Preparation Leads to Performance

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by C.M. "Corky" Watts, CMB on February 16 2011, 5:32 PM

I'm winding down a two week trip to the Mid-West where I've been performing warehouse lender audits. Something that's really stood out to me lately is the correlation between financial performance and the preparations taken before a scheduled audit. The...
Managing Counterparty Risk: Multiple Warehouse Lines Needed

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by C.M. "Corky" Watts, CMB on January 20 2011, 12:48 PM

A counterparty is a company that agrees to perform a transaction or service with or for another company. Counterparty risk is the fallout that would occur in the event one party fails to hold up their end of the deal. Mortgage bankers do business with...
Mortgage Darwinism: Do You Have a Plan B for 2011?

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by C.M. "Corky" Watts, CMB on January 13 2011, 9:52 AM

He who adapts to new market conditions will survive and thrive. Those that don’t will die. 2011 may be another year of Mortgage Darwinism....
Poor Pull-Through Ratios Hurt Entire Operation. Protect Your Pipeline from Fallout

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by C.M. "Corky" Watts, CMB on January 04 2011, 12:54 PM

One of the key metrics wholesaler and correspondent lenders monitor on a regular basis is their pull-through ratio. Pull-through references the number of loans that come into a lenders pipeline vs. the number of loans they actually close. ...
Do High Volume Loan Originators Cost Companies More in the Long Run?

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by C.M. "Corky" Watts, CMB on December 21 2010, 11:26 AM

Making money is not all about producing loans. It's about running the business efficiently. Don't get me wrong, loan production is a very very important part of the process, but that production needs to be profitable....
Multiple Strategies Exist When Battling Investor Repurchase Demands

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by C.M. "Corky" Watts, CMB on December 08 2010, 3:45 PM

Today, there are only a handful of investors buying loans from mortgage bankers. There’s even a smaller amount of investors that offer mandatory commitments. Think of the long term consequences when analyzing your repurchase demands with investors....
Industry Professionals Share Input on State of Mortgage Market

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by C.M. "Corky" Watts, CMB on November 29 2010, 2:34 PM

A little over a week ago Garrett, Watts & Co held its annual client appreciation dinner in San Francisco. The event took place at the Palace Hotel. A diverse group of industry professionals were in attendance including bankers, independent mortgage...
Using Scorecards to Protect Your Loan Origination Operation

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by C.M. "Corky" Watts, CMB on November 18 2010, 9:27 AM

A good way to fend off an unwelcome call from your warehouse lender is to review your scorecards often and address issues quickly. It is always better to be proactive than reactive. ...
Running Your Own Loan Shop: Timely Financial Controls Needed

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by C.M. "Corky" Watts, CMB on November 10 2010, 12:46 PM

Without accurate and timely financial reports, managing the affairs of the company can be extra challenging. Let’s take a look at a few examples of troubling practices....
Sell Direct to the GSEs. Avoid Additional LLPAs and Credit Overlays

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by C.M. "Corky" Watts, CMB on November 03 2010, 11:05 AM

We continue to see some of our clients still having loan purchase delays from investors. Part of the problem is the volume of refinances because of low rates. However, major conduits will always take longer to purchase than selling loans directly to...
A Road Map to Successful Loan Operation Management

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by C.M. "Corky" Watts, CMB on October 27 2010, 2:42 PM

One would not go on a long road trip without a map. Without a road map, one could get lost, waste time or maybe never find the place they set out to visit....
Reforms Aimed at Broker Business. Deploying Capital to the Right Origination Channel

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by C.M. "Corky" Watts, CMB on October 22 2010, 10:28 AM

What do Bank of America and Chase know that the rest of the industry doesn’t? Why have they decided to ditch wholesale and focus on the retail and correspondent channel? ...
Cutting Origination Costs by Staffing the Operations Center with Contractors

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by C.M. "Corky" Watts, CMB on October 19 2010, 2:01 PM

One shop I recently visited staffs their entire operations department with 100% independent contractors. After 3 years and about 150 shops, this is the first time I have ever seen the entire operations department staffed by independent contractors....
Plan B: How the Lending Environment Might Evolve if Mortgage Rates Rise

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by C.M. "Corky" Watts, CMB on October 15 2010, 8:36 AM

Our industry is cyclical and we need to be reminded of the need for a "Plan B" quite often. When things are really good, chances are they will turn ugly sooner than you think. Don't get complacent, be prepared and have a plan when rates...

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