Mortgage Law Blog, LLC

Mortgage Law Blog would like to introduce readers to Ruth Lee, Vice President-Sales of Titan Lenders Corp., an outsource provider for closing, post-closing and back-office operations. 

In 2007, Ruth was named a Future Leader by the Mortgage Bankers Association.  MLB recently caught up with Ruth to learn more about her company, her career, herself and her experience as an MBA Future Leader.  MLB found Ruth personable, engaging, and armed with an impressive depth and breadth of knowledge about the industry.  Our conversation appears below.

MLB:  Tell us a little more about Titan Lenders. 

Ruth:  Titan Lenders Corp was opened in July of 2007, capitalizing on over 15 years of experience in quality mortgage banking.   Titan provides outsource closing services, mortgage post closing and other back-end loan processing services to correspondent, wholesale, and retail residential mortgage lenders with exemplary customer service, process management, and web-based technology. Titan’s service integrates mortgage process knowledge and experience with cutting edge software to provide lenders with the most well rounded service available in the mortgage back office fulfillment space today.  We provide a domestic production center with extensive experience in the US mortgage market.

MLB:  What is your role at Titan?

Ruth:  My title is Vice President of Sales, and I offer a consultative soft sales approach. I spend much of my time consulting with small and mid cap correspondents about expanding their business, enacting cost control measures and mitigating their risk of repurchase and errors in production for the secondary market.  I work extensively with our PR and marketing, writing as many articles and blog posts as I can, with specific emphasis on legislative issues.  As a Director, I am also privileged to have a lot of input into the direction of Titan’s growth.

MLB:  How did you become a “mortgage banker”?

Ruth:  In the early 90s, there was a nifty recession and jobs were difficult to come by.  When I graduated from college, I was very surprised to find that the going rate in my first positions in DC in non-profit and government relations were less than half of my annual college tuition.  I eventually found a niche in mortgage banking offering financing services to several of the largest home improvement companies on the east coast.  It was these successful partnerships than prompted me to open my own mortgage company in Austin, Texas in 1997.  After almost ten wonderful years, I got married and decided to explore a new life in Colorado.  While I no longer work in the retail environment, that front line experience of working in the primary market has given me a huge edge in understanding the needs of my current clients.

MLB:  The industry has had some scary bumps recently.  What keeps you in mortgage banking?

Ruth:  My parents are very concrete; and when I graduated from college with a liberal arts degree in Economics, their first question was how do you make money with that?   When I found the mortgage industry, money was the lure…eating crudités and mini eggrolls at fundraisers in DC for two years was a good life lesson.   However, I stayed in the mortgage business specifically because retail is such a personal environment.  For two or three weeks, you are one of a short list of very important people in your client’s life.  You are at the tip of the spear, facing the client in a sea of strong competition.  There is no better laboratory for learning problem solving skills, customer service, real world marketing on a budget, the value of networking and competitive sales.

In the past couple of years since I have moved out of origination and into the fulfillment world, there have been several family conversations about what keeps me in mortgage banking.  Honestly, the environment is scary but so filled with promise.  When we opened Titan in July of 07, of course, there were a few sleepless nights.  However, the die was cast and I have always believed that life is about timing.   Our focus is on quality production at a time when the industry is clamoring for quality production.   So when do you employ a vision?  There is no glory in talking about a great idea you once had.  We are a transactional business in a down market.  However, we are also confident that we will be integral to the growth of our clients; the small and mid cap client of today, with a strong business model, is most likely to be the “big” guy in five to seven years. 

On a personal level, I very much enjoy and understand the mortgage industry.  Much of my life experience is wrapped up in this industry and my cocktail party anecdotes are about realtors and borrowers and explaining a Schedule E to a new underwriter.  Since the move from origination, I actually have the time to explore many of the macro-economic issues facing our industry as a part of my job.  In any case, my Dad is pleased that I finally get to use all that “fancy learning.”

MLB:  What effects have current market conditions had on your company and your own work? 

Ruth:  As mentioned before, we didn’t exactly foresee the meltdown when we opened our doors.   In our first months, we were very concerned with the tone and skepticism of the market.  However, starting in January the tenor of our customers started to change.  The landscape was really different than at any time in the past few years.  Rather than clients only concerned with churning volume, our customers are now very sober.  They are looking for quality production, a means of growing without absorbing bloated overhead and a partner that will help them through the months and years to come.  I told my mom I feel like we are suddenly the first kids picked for kickball.  It is very validating.

MLB:  Describe the three things that your company does best.

Ruth:  Titan does a lot of things really well.  We have specific expertise with fulfillment: closing and post-closing; one would hope that it is what we do best.  However, I like a few of the other “bests” that we offer.  Titan is superlative at not promising that it can do more than it can do well.

MLB:  Tell us about life outside the office.

Ruth:  I am blissfully married to Captain America.  Former Army Officer, Mr. Duty-Honor-Country and the best thing in my life.  Having grown up together in Baton Rouge, LA, our friendship has lasted since we met on a bus for a debate trip in high school.   In the winter, we spend a lot of time skiing and/or snowboarding, in the summer, planning to ski or board.  We have a simple life laughing a lot, obsessing over science fiction, arguing about politics at the VFW bingo nite (I pour coffee) and hoping for a family. 

MLB:  Describe associations or community groups in which you are active, and your activities in these groups. 

Ruth:  I am member of the Mortgage Bankers Association - the national organization.  I am also a member of the Texas MBA, where I am also on the Warehouse Line Committee.  I am also active in the National Association of Mortgage Brokers, where I am on the Member Committee, and Chair of the Strategic Alliance Sub-Committee.  I am also a Director of the Colorado Association of Mortgage Brokers. 

MLB:  You were named a Future Leader in 2007 by the National MBA.  Describe that experience.

Ruth:  In 2007, our FML class spent almost 6 months crafting an economic development plan for NSRR in Puerto Rico.   My friends at the Texas MBA had encouraged me to participate in the FML class, and I am thrilled that I was able to.

MLB:  What benefits did the experience bring? 

Ruth:  The mortgage industry is much segmented.  While there is a strong chance that you will gain exposure over time to a wide cross-section of participants, the FML was a unique opportunity to meet and work meaningfully with your peers across the industry.    The perspectives are so enriching; you are exposed to expertise in secondary, cref, mortgage insurance, REITs, consultants, attorneys, warehouse lending and compliance.    All of their knowledge and input was vital; but the most important part of the experience is where we go together as a class.  We now have a unique common experience that unites us and has engendered a sense of camaraderie and personal connection.   These were quality, smart, successful people that I can reach out to throughout my career.

MLB:  What were the downsides? 

Ruth:  The work.  This program is not a boondoggle.  It requires a substantial commitment of time to the important work that you are performing on behalf of your host city.  Our group met almost once a week for several months perfecting our proposal and presentation.   While the time was a sacrifice, the work was hugely rewarding and exposed me to facets of mortgage lending and economic development that I never would have had access to prior to the program. 

MLB:  Looking back, anything you would change? 

Ruth:  We had a pretty fantastic group of candidates, with participants ranging the entire spectrum of mortgage banking.   Unfortunately, the program divides the group into specific teams.  While other projects lent themselves more readily to a team competition, NSRR was so large the MBA was able to divide it such that each team was responsible for a specific area.   It was widely echoed by many of the candidates that it was a shame we didn’t actually all work together within our teams to create a collaborative and synergistic offering for NSRR.  The richness of the experience is defined by its participants, and all of the candidates were loathe to miss exposure to all of our “competition.” 

MLB:  To whom would you recommend the program?

Ruth:  I find it hard to imagine that anyone in the industry would be ill-served by participation in the FML.  The program requires creativity, a sense of intellectual curiosity, a willingness to collaborate through a mountain of work and a competitive spirit.  For anyone that reads those words and gets a thrill, FML is for you.  If those characteristics are outside of your comfort zone, then it is probably not going to make you thrive.

MLB:  You are a frequent contributor to your company’s blog.  Tell us about the blog, what it covers and why the blog is useful to your clients.

Ruth:  Mary Kladde, our CEO, and myself are the sole contributors to our blog.  Our personal synergy is such that she handles operations and I handle sales… the eternal fight between good and evil (depending on which side you are on).  I focus on the economic and legislative issues that are facing the industry, as I see a lot of pressures being placed on different parts of the industry for “reform.”  It is my opinion that most reform comes with unintended consequences because it isn’t vetted through an economic model.  As the industry continues to up heave,  I think it is important to stay on top of the changes that are rippling through the market, both economic and regulatory.  In addition, I am a mouthy Southern girl… so I am saving my husband from therapy.

MLB invites readers to learn more about Ruth and Titan Lenders here.

Tags: Back-Office Providers, Closing & Post-Closing, Future Leaders, Mortgage Banking - General, Outsource Providers //