Talk Data to Me: Mitigating the Impact of Undisclosed Liabilities & Repurchase Demands [Episode 23]

Talk Data to Me: Mitigating the Impact of Undisclosed Liabilities & Repurchase Demands

Evaluating a borrower’s ability to repay their mortgage is crucial for lenders to accurately assess the risk of each mortgage originated. But, this issue not only impacts the lender, but it also impacts Brokers and Non-Delegated Correspondents.

In this episode of Talk Data to Me, we are joined by Jillian Sorensen, Vice President, Account Executive at Flagstar Bank, Nate Clear, National Sales Manager at FirstFunding, Inc., and Paul Robinson, Vice President of Sales at Certified Credit. Throughout the episode we will discuss:

• Why undisclosed liabilities are one of the leading causes of repurchase and how they impact the borrowers, brokers, lenders, and all mortgage lending professionals.
• New Loan-Level Price Adjustment (LLPA) Grids from Fannie Mae and the changes you need to know about.
• Tips for addressing debt and undisclosed liabilities with borrowers before they impact closing.
• The importance of performing a Credit Refresh before closing.
• How undisclosed debt monitoring (UDM) helps reduce the risk of closing delays and/or repurchase demands.
• The impact of a verbal verification of employment; how and when to implement them in your process.
• Why credit refresh and UDM solutions are critical to the lending process, especially for Brokers and non-delegated correspondents that do not underwrite the loan.

Looking for additional resources? Learn more about undisclosed debt and its impacts:

• Quality Insider From Fannie Mae
• Fannie Mae New Loan-Level Price Adjustment Grids, effective May 1, 2023.
• Guidelines for a Verbal VOE that meets GSE requirements.

About Our Guests

Jillian Sorensen

Vice President, Account Executive - Flagstar Bank

Jillian started in the Mortgage industry by chance in 1998. After buying her first home, she befriended her Loan officer who brought her into the industry. She started as an LO assistant, moved through processing, office manager and then struck an agreement to buy the mortgage company.

She met Flagstar early on and began using their warehouse line and technology. Flagstar taught her to do more with less. Flagstar’s dedication to education and training inspired her and in 2003 her Mortgage company became delegated with Flagstar. Flagstar continued to grow and innovate with new products and services and eventually helped her to become a full-service mortgage bank. She sold my company in 2005 and went to work for a large mortgage company where she gained experience managing a large staff and full delegated operation, including secondary and sales.

When the mortgage crisis happened, she relocated to Houston Texas and moved from executive management to sales. She became a full time Account Executive in 2008 and joined the Flagstar Team in 2011.

Flagstar Bank is her home and family, there’s no place she’d rather represent!  Helping her clients start and grow their mortgage businesses is her greatest honor.

Nate Clear

National Sales Manager - FirstFunding, Inc.

Nate Clear is a seasoned professional and much more than just an expert in mortgage warehouse financing. 

Throughout most of his career, he has worked in the mortgage finance industry helping real estate agents and mortgage lending professionals achieve growth through innovation and adoption of beneficial disruptive technologies.  Nate is experienced in the demands of the primary market, secondary market, title services and warehouse lending.  Each of these touch/impact an individual transaction in a different manner.  Nate works with the real estate and mortgage financing professionals to improve the process for each and by extension, to improve the experience of their consumer customers. 

While sales and growth of the FirstFunding, Inc. customer base is his primary job function by day, Nate also enjoys spending time with his growing family, playing golf, and traveling.

Listen to the Episode Audio (only)