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The Week Ahead: Due Diligence in the Non-QM Space

On Wednesday, August 10 at 1:00 p.m. Central, join the Five Star Institute and Selene Diligence for an exclusive, complimentary webinar on the topic of new origination due diligence in the mortgage market.

Doing Due Diligence Right: Why It’s Critical in Today’s Housing Market” is the latest presentation in the Five Star Institute webinar series, aimed to broaden the horizons of the mortgage industry. These sessions are a source of complimentary insights and education about critical industry topics, led by subject-matter experts and company sponsors.

For a growing segment of the population, non-QM loans are the perfect fit for “out-of-the-box" borrower scenarios. During the “Doing Due Diligence Right: Why It’s Critical in Today’s Housing Market” presentation, a panel of experts will discuss the importance of compliance in the non-QM space, how proper diligence is key to getting these borrowers into the home of their dreams, current challenges faced by rate increases and inflation, and how due diligence can help prevent negative impacts on the secondary market.

Webinar panelists will include Laura Ferris, EVP of Selene Diligence; Lisa Heitzmann, COO of Deephaven Mortgage; and Mike Smeltzer, SVP for Non-QM Product at Newrez.

Ferris joined Selene in March of 2020, and brings more than 20 years of varied experience in the real estate industry to her role. Her experience and leadership have been focused on new product development, operational efficiency, client relations, and revenue growth. In her current function, Ferris leads the diligence process for Selene, and actively manages relationships with clients as well as provides final signoff on securitizations.

Prior to joining Selene, Ferris was COO at Alta Residential Solutions, a Pretium company, where she built a ground up REO disposition and renovation company. She also has held senior executive roles with Green River Capital, where she held managed real estate owned, loss mitigation, and valuations. She oversaw all day-to-day operations of 23 unique clients, and was responsible for creating custom disposition solutions, as well as, maintaining top rankings for all clients.

Heitzmann, currently serves as COO of Deephaven Mortgage, responsible for ensuring an outstanding experience for all of Deephaven’s customers and the borrowers. Specifically, Heitzmann oversees all key operational functions, including in-house underwriting, and both wholesale and correspondent service delivery. She works side-by-side with her fellow executive team members and senior managers to envision ideal loan products and processes. Once defined, she applies her deep experience in credit, risk, compliance, quality, and production to craft practical, actionable strategies for achieving them.

Lisa earned the Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association (MBA), and holds a B.S.B.A, summa cum laude, from Merrimack College in North Andover, Massachusetts.

As SVP for Non-QM Product at Newrez, Smeltzer is responsible for managing non-QM origination production across all of Newrez’s origination channels. He plays a key role in driving Newrez’s non-QM production growth, through the development of products via credit risk, capital markets, and the required support for each individual channel. Smeltzer also oversees the implementation of unique scenario-specific program usage to assure that loans are closed in accordance with appropriate guidelines and prepared for securitization.

Smeltzer brings more than 23 years of underwriting management experience to his new role. Prior to joining Newrez, he served as Chief Credit Risk Officer at Angel Oak Home Loans, where he was responsible for the company’s non-QM and jumbo products, including creating new products and establishing appropriate credit policy. He also has previous experience in underwriting at SunTrust Mortgage, Fannie Mae, Real Estate Mortgage Network (REMN), Just Mortgage Inc., and Taylor Bean and Whitaker.

Click here for more information on the upcoming “Doing Due Diligence Right: Why It’s Critical in Today’s Housing Market” webinar, and click here to view past presentations in the Five Star Institute Webinar Series.

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About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.
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