On this episode of Lykken on Lending we have Beth Millstein, Fannie Mae’s Director of Business Development within Single Family Business and her team.
Topics that will be discussed in the interview:
- How does a merger or acquisition impact Fannie Mae status? Does it matter if one or both lenders are approved with Fannie Mae? What are the lender’s obligations regarding notification?
- What are the motivations for some lenders to apply for Seller Only or Servicer Only status rather than Seller/Servicer status? How does the process differ? Is this based on execution strategies?
- Misconceptions out in the market about execution options with Fannie Mae. Can lenders sell to Fannie Mae on a servicing released option?
- The biggest QC issues with applicants.
- More details on de novos.
- Is it still true that a lender must have a $2.5 million net worth to get approved? What about profitability?
Beth Millstein is Fannie Mae’s Director of Business Development within Single Family Business where her team is responsible for sourcing, evaluating and sponsoring new customer relationships. She and her team help lenders assess eligibility and readiness to sustain a relationship with Fannie Mae. Millstein also manages Fannie Mae’s national affinity and trade association business to business relationships.
Millstein has been with Fannie Mae for over 25 years and has held a variety of roles including managing hundreds of small lender relationships and developing business strategies to serve small lenders. As a certified Human Resources Professional, she managed recruiting, human resource management and employee business training for several of Fannie Mae’s divisions. Millstein came to Fannie Mae with more than a decade of experience in mortgage banking and capital markets, having worked for a variety of lenders in the mid-Atlantic region. She holds a bachelor of arts in music and philosophy from Wellesley College and has completed post-graduate work in Human Resources.
As usual, the first half of the program will feature Les Parker’s Market-Logics Live, a macroeconomic perspective on the economy with a music parody and then Joe Farr providing you a rate & market update. Next is Alice Alvey of Union Home providing a regulatory & legislative update followed by Allen Pollack giving us a Tech Report of the latest technology impacting our industry. Then we wrap up the first half the program with Andy Schell, a/k/a “Profit Doctor” sharing ideas on how to improve your bottom line.
Topics Covered in this Episode:
Listen: How Does a Merger or Acquisition Impact Fannie Mae Approval
Listen: An Investment Group Comes in and Starts a New Mortgage Company
Listen: Seller and Servicing Capacity
Listen: A Small Community Bank with a Sub Servicer Provider
Listen: What are some of the biggest QC issues you see with Applicants