In 2023, Steve Thomas began a brand new correspondent lender, Futurewave Finance. His three a long time within the mortgage trade embrace servicing because the senior managing director of mortgage capital markets on the Federal Home Loan Bank of Chicago, in addition to time at Fannie Mae.
From his time within the FHLB system, Thomas discovered that neighborhood banks need to take part in mortgage lending, however provided that there is a strategy to compete with each the banks and the nonbanks within the house. That’s why Futurewave is offering non-agency merchandise for its financial institution prospects.
Steve Thomas, President and CEO of FututeWave Finance, is a seasoned government with nearly 30 years of expertise in residential mortgage buying and selling, neighborhood banking, reasonably priced housing, and variety and inclusion initiatives.
Hand-out/FutureWave Finance
But that is the place Thomas is seeing the mortgage trade disconnect from what is occurring out there: product innovation has passed by the wayside.
Much of this example is likely to be a consequence of the product choices that many accuse of inflicting the monetary disaster and the legislative/regulatory fall-out consequently.
But Thomas, who’s the CEO at Futurewave, argues that innovation will be completed and is required in immediately’s mortgage enterprise.
Questions and solutions are from a dialogue with National Mortgage News through the Mortgage Bankers Association Secondary and Capital Markets Conference, which have been edited for size and readability.
