Join us on The MikedUp Show as we dive deep with John Toohig, Managing Director at Raymond James and head of the Whole Loan Trading Group. John brings years of expertise from the forefront of mortgage trading and portfolio management, sharing insights that blend historical analysis with forward-looking predictions. In this episode, John takes us behind the scenes at the 2024 Mortgage Bankers Association (MBA) Convention in Denver, discussing the industry’s shifting landscape and the impacts of inflation, economic change, and legislative outlooks on mortgages, credit cards, and auto lending.

John is renowned for his strategic approach to trading seasoned and new loan products, including residential mortgages (QM and non-QM), commercial loans, and nonperforming assets. This episode showcases how whole loan trading is evolving and the impact of emerging products like fintech lending. We explore how Raymond James stays ahead of the curve, adapting to new lending regulations and responding to market needs. John’s discussion about the CECL accounting standard and its lending implications is essential listening for those navigating compliance in a complex regulatory environment. His insights extend beyond residential lending to cover broader financial themes, including the influence of macroeconomic changes on consumer behavior and how lenders can best position themselves for what lies ahead.

As the MBA convention wrapped up with a tone of optimism, John provides valuable reflections on the forward-looking attitudes in Denver, a contrast to previous conventions. He discusses how Raymond James leverages both in-house strategies and community involvement, aiming to foster financial stability and accessibility across diverse demographics. John also sheds light on the importance of maintaining agility within the whole loan space, especially as market conditions shift and innovation remains constant.

Join us as we unravel how Raymond James approaches lending amidst economic uncertainty, changing regulations, and the ever-present drive for technological advancement. This episode is packed with takeaways for lenders, investors, and financial professionals keen to stay informed on lending trends and market innovations.

This week on The MikedUp Show, we sit down with Keith Canter, CEO of First Community Mortgage (FCM), a mortgage industry leader known for combining growth with a commitment to people. Keith shares invaluable insights into the journey of evolving from a small mortgage brokerage to one of the most respected mortgage lenders nationwide. With over 25 years of experience, Keith has steered FCM from its roots in the Southeast to a nationwide footprint, all while focusing on the development and potential of his team. He believes in building an environment where each person can thrive, nurturing a "community within a community" that drives the success of the company.

At FCM, Keith champions a culture that goes beyond transactions, seeing the company’s achievements as a testament to both vision and values. From their fully approved Fannie Mae, Freddie Mac, and Ginnie Mae lender status to their strong balance sheet as a bank-owned entity, FCM is positioned to lead and grow even in turbulent market conditions. In this episode, Keith describes how FCM’s leaders are given the freedom to innovate, expand, and contribute meaningfully, making FCM a place where autonomy and advancement are not just buzzwords but daily realities. He explains how FCM’s emphasis on autonomy and personal growth enables their retail, wholesale, and correspondent channels to flourish, adding that the company’s dedicated in-house marketing team amplifies each team member’s work.

Keith's approach to leadership is underscored by a focus on gratitude, a trait that has shaped FCM’s ethos. Reflecting on the challenging times of 2007 and the recent rate fluctuations, he notes that gratitude remains a cornerstone, carrying them through periods of hardship and growth. As Keith discusses on the podcast, the company’s core values aren’t just posters on the wall; they manifest in FCM’s recognition of team members who embody these values every day. For Keith, true leadership also involves proactively seeking “the absence of value”—identifying areas where values are lacking and addressing these challenges openly, which fosters a transparent, conflict-positive environment. Keith believes that transparent communication and constructive conflict are essential for creating a robust company culture that not only thrives internally but also extends its positive impact to the communities they serve.

The episode also touches on recent insights from Nick Saban's "Nothing Speech" on The Pat McAfee Show, which Keith connects to the discipline required in the mortgage industry. For Keith, past successes don’t entitle a loan officer to future achievements. Without consistent discipline and effort, "Nothing" is earned—a philosophy that resonates with the core mission at FCM. Keith believes in staying committed to the fundamentals, and FCM is designed to support loan officers with a lean, yet deeply supportive infrastructure that promotes meaningful growth and success.

As we journey through Keith’s career insights, you’ll learn how FCM’s dedication to values and personal growth led them to earn accolades like the "Best Place to Work" and "Top Workplace USA" awards, as well as recognition for ethics from the Better Business Bureau. FCM is also a two-time Mortgage Bankers Association DEI Leadership Award Winner, reflecting their commitment to diversity, equity, and inclusion. These recognitions reflect a workplace that’s not only high-achieving but also deeply values its people. Keith’s leadership shines through as he discusses FCM’s dedication to building a strong, value-centered mortgage company that grows alongside its community.

Tune in to learn from Keith’s wisdom and understand why First Community Mortgage is a beacon in the mortgage industry, setting a high standard in leadership, integrity, and service.

In this in-depth audio episode, Rudy Orman, Senior Vice President at NQM Funding, LLC, joins the show to explore one of the most crucial yet often overlooked segments of the mortgage industry: Non-QM lending. Rudy has a storied career in the mortgage industry, spanning over 35 years, during which he has worked with leading institutions like Goldman Sachs, HSBC, and Reliant Bank. His expertise in sales, product development, capital markets, and securitization gives him unparalleled insight into the Non-QM market and how mortgage professionals can leverage it to expand their business. Throughout this episode, Rudy explains why Non-QM loans are becoming increasingly essential in today's lending landscape. As agency loans from Fannie Mae and Freddie Mac dominate the market, Non-QM products provide a lucrative alternative for loan officers who want to cater to borrowers who don’t meet traditional lending requirements. Rudy covers everything from the basic structure of Non-QM loans to the profitability that comes with offering these products to the right clientele. One of the highlights of the episode is Rudy’s discussion on how Non-QM loans can help real estate investors, self-employed individuals, and high-net-worth borrowers. He emphasizes that the agency space is limited in its ability to serve these types of clients, which presents a significant opportunity for loan officers who are equipped with Non-QM products. Rudy believes that the profits in the Non-QM space are often much larger than those in the agency space, making this an attractive option for lenders looking to boost their bottom line. The episode also delves into the investment appetite on Wall Street for Non-QM loans. Rudy shares how understanding the demand from investors can help loan officers better align their offerings to what the market wants. Additionally, Rudy stresses the importance of not selling with your own wallet—a philosophy that encourages loan officers to offer products based on the needs and desires of their clients, not their own personal financial preferences. Listeners will also gain valuable insights into how Non-QM can be a transformational tool for loan officers and why it’s important to diversify your product lineup. Rudy believes that loan officers who are not thinking outside the box with offerings like Non-QM are likely to lose out on business in the long run. As the industry shifts and more borrowers fall outside the scope of agency lending, Non-QM loans will be essential in meeting the needs of a wider array of clients. Rudy also addresses the common concerns that loan officers may have when presenting Non-QM options to their clients. Higher interest rates often come up in discussions, but Rudy explains how loan officers can reposition the conversation by focusing on the purpose of the loan and its benefits. He advises loan officers to be curious, ask questions, and understand the borrower’s reasons for borrowing, which can help close more Non-QM deals. To round out the episode, Rudy provides actionable advice on how to get started with Non-QM loans, including where to find support, training, and resources. He encourages loan officers to partner with experts like NQM Funding to ensure they are offering the best possible solutions to their clients.