Category Archives: Servicing

Valentine Dickerson, SVP of compliance at Proctor Financial, retires after 40 years in the industry


A company is only as effective as the teammates comprising the team: those who embody an organization’s mission and lead with a vision that progresses the organization to success.

Valentine Dickerson, an executive who exemplifies such characteristics, has announced her retirement after over 40 years of service to the mortgage industry. A highly respected leader, Val has served at Proctor Financial since 1996.

For over 20 years, Dickerson has embodied Proctor Financial’s mission of unwavering integrity, dedication to excellence, commitment to service, superior performance, and high value execution in the mortgage servicing industry.  It is with sincere gratitude that Proctor Financial honors her dedication and contributions to the organization.

Proctor FinancialDickerson has held various positions at Proctor Financial and most recently served as the firm’s senior vice president of compliance.

Prior to joining Proctor Financial, Dickerson held progressively more responsible positions at First Federal of Michigan. Her experience as a client of Proctor Financial provided valuable insight for her customer-centric approach.

Dickerson’s vision propelled Proctor Financial to its current status as a top-notch organization that delivers compliant products and services to its clients. Realizing a need for a centralized approach to compliance, Dickerson accepted the challenge to launch and develop Proctor Financial’s compliance department.

Today, her team of professionals proactively monitors state and federal legislation, regulations, and litigation that affect lender-placed insurance and mortgage servicing. The efforts of her team ensure that Proctor Financial’s clients remain in compliance.

Under her guidance, Dickerson invited third-party organizations to critically review Proctor Financial’s business practices to prove the company’s competence and commitment to excellence. Dickerson championed Proctor Financial’s ISO certification, SOC 2 audit, and CFPB audit.

The ISO certification signifies the implementation of a quality assurance system that addresses client satisfaction and dedication to efficient processes and continuous improvement. Proctor Financial obtained ISO 9001:2008 certification for the servicing of lender-placed insurance in 2011, expanding the scope to include claims in 2013 and policy production in 2014. Most recently in 2017, Proctor Financial updated this certification to the new ISO 9001:2015 standard.

Under Dickerson’s direction, these self-imposed audits have confirmed Proctor Financial’s superior performance and adherence to the highest standards of quality.

Paul Glantz, president of Proctor Financial, characterizes Dickerson as the consummate professional and describes her retirement as melancholy after many years of having the privilege to work with a senior executive so strongly dedicated to the company’s success.   

In his comments on her retirement, he noted, “Val Dickerson is a role model of exemplary service to the mortgage industry. We are honored and blessed to have benefitted from her wisdom and professionalism.”

Proctor Financial is indebted to Dickerson’s contributions and remains confident that the company’s compliance team will continue to flourish from the legacy of her leadership. 

On behalf of all of her teammates at Proctor Financial:

Congratulations Val! Happy retirement. You will be missed dearly. 

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FHFA report shows mortgage rates increasing as year ends

The most recent data from Freddie Mac showed that mortgage rates have been trending up over the last few weeks, nearly surpassing 4% in the last week of the year.

In fact, the most recent Freddie Mac report showed that interest rates rose to five-month high during the week ending Dec. 29, 2017.

A new trailing index report from the Federal Housing Finance Agency backs up the Freddie Mac data and shows that interest rates are indeed on the rise as 2017 ends.

The FHFA report, released this week, shows that interest rates on conventional purchase mortgages increased from October to November.

According to the report, the “National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index” checked in at 4.05% for loans closed in late November, up 7 basis points from 3.98% in October.

The FHFA report also showed that the average interest rate on all mortgage loans rose above 4% in November, climbing to 4.03%, up 6 basis points from 3.97% in October.

Additionally, the report showed that the average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.17% in November, up 6 basis points from 4.11% in October.

In November, the average loan amount for all loans was $307,800, up $300 from $307,500 in October.

FHFA interest rate report Dec. 2017

(Click to enlarge)

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The Money Source adds Kirstin McMullen as chief financial officer

Growing financial services company The Money Source announced recently that it is adding Kirstin McMullen as the company’s new chief financial officer.

In this role, McMullen will help to oversee The Money Source’s expansion plans, as the company is seeking rapid growth on multiple fronts, including mortgage servicing, correspondent lending, wholesale lending, and retail lending.

McMullen brings more than 25 years of experience to her new role.

Before joining The Money Source, McMullen served as the chief financial officer for Computershare Loan Services, where she managed finance and accounting for the company’s various mortgage-related products.

Earlier in her career, McMullen held executive-level positions at Real Mortgage Systems and Rosemont Realty.Kirstin McMullen

“The Money Source is committed to hiring the best talent in the industry,” said Darius Mirshahzadeh, CEO of The Money Source.

“Kirstin is a remarkable financial mind, possesses true leadership skills and has an impressive track record of accomplishing industry-leading results at scale,” Mirshahzadeh added. “We’re pleased to have her join our leadership team as we build TMS into the most loved fintech brand in the nation.”

McMullen said that she is excited to join TMS as it grows.

“I am excited to join a growing company with true employee engagement at all levels, creating an energy special to TMS,” McMullen said. “I hope to help TMS evolve into a fintech company of the future for years to come.”

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