This week we’ll have Ken Jones, President of resX, a division of United Bank – and we’re going to have a conversation on Annual Inspections!
In 2001, Ken was an entrepreneur; acquiring an independent mortgage business and successfully selling it to Atlantic Coast Bank in 2008. There, he continued as head of Atlantic Coast Bank’s mortgage finance division; leading the bank’s transition from a portfolio lender to secondary market lending, and launching its successful nationwide community bank warehouse lending business. Prior to United Bank, Ken was the EVP of ConsumerLending at First Guaranty Mortgage Corp (FGMC) where he led the company’s Retail lending, Marketing, and Warehouse lending organizations. He has also led national and regional branch office networks for Fortune 100 companies including Bank of America and ITT.Topics Covered in this Episode:
- Annual Inspection Timing
- Vendors involved with inspections
- Associated Fixed and Variable Costs
- The Critical Purpose and Importance
- The Benefits of Annual Inspections!
References Made in this Episode:
Breaking Banks Podcast: Jason Henrichs hosts Martin Häring, CMO of Finastra, discussing the evolving business models and challenges facing incumbent financial institutions.
Excerpts from this Interview:
Listen: Warehouse lines are the life-blood to an independent mortgage banker…
Listen: The annual review from a warehouse lender is a critical part to the success between warehouse lenders and mortgage bankers…
Listen: The value of Warehouse Lender annual reviews… comparing your operation to other mortgage bankers…
Listen: One of the many benefits of the annual review… how do you stack up against others…
Listen: Two approaches to annual reviews… qualitative and quantitative… the best approach is a blend of both…
Listen: Taking time to evaluate the various segments during a warehouse review… origination, compliance, IT… leads to a qualitative approach to understanding your business…
Listen: Selecting the right vendor for annual reviews stems from relationships with organizations with strong business acumen…
Listen: From a compliance perspective, how is management managing risk control for annual reviews…
Listen: It’s important to look at the annual reviews from warehouse lenders as a process to help you grow your business…
Listen: The relationship with your warehouse lender should be viewed as a partnership… draw on the power that it can have for your company…
Listen: A look at technology as it relates to annual reviews by warehouse lenders…
Listen: A look at costs associated with warehouse annual reviews…
Listen: The costs associated with annual reviews are minimal compared to running your operation… it’s an investment in your operation…
Listen: The purpose of annual reviews by warehouse lenders is to get an independent study on the quality of your business and its operations…
Listen: The benefits you will find for the warehouse lender annual inspection are to lead to a transparent conversation that will help everyone improve the operation…
Listen: Building a team is always about the foundation, and the foundation is always built on integrity…