Rich Swerbinsky

Every once in a while, you make a hire that completely changes the trajectory of your organization and what's possible.

For me in 2025, that was Heidi G. Belnay.

Anyone that knows me knows I interview like 35 people for every position. I had done that. I was just about to hire someone else. I threw one more "looking to add someone good to my team" post out there. She immediately DM'd me. We were on a Zoom I believe that afternoon.

If I don't make that last post or she doesn't see it ... funny how little actions (or inactions) can have huge impact. #TrustTheProcess

She's super smart. Resourceful. Incredible communication skills. The first to offer to do anything needed. Fun to work with! A big heart. A great person. An even better mom. And huge upside professionally!!

We've come a long way with the Ohio Mortgage Bankers Association these last 4-5 months and Heidi deserves more credit for that than anyone. She's also played a big role in the growth of Onward & Upward Consulting.

Just wanted to take a second to give a little attention to an awesome person more people should know & connect with.

Bill Pulte casually teased cutting GSE LLPAs yesterday ... and every lender in America should be drafting a “holy crap” plan right now.

Especially after a tamer than expected inflation # this AM. Remember, Trump now controls the labor data as well.

There’s a handful of boxes on the Fannie/Freddie grids that are brutal right now ... and trimming them would move the market overnight.

1️⃣ 680–739 FICO | 85–97% LTV (Primary Purchases)

The sweet spot of America. Solid buyers with modest down payments - and they’re getting smacked with 0.875%–1.125% hits.

2️⃣ >95% LTV (First-time buyers)

Even 740+ FICO buyers are paying 0.75 points at this level.

3️⃣ Subordinate Financing / DPA Seconds

Lenders are paying up to 1.875 points for loans that help borrowers get in the door. That’s upside-down logic. Waive those, and DPA programs start actually working again.

4️⃣ 680–719 FICO at 75–85% LTV

This one’s quietly killing move-up buyers. Still “good credit,” still strong LTV - yet facing 0.5–0.75 point hits.

The fix doesn’t require magic. Just a pen stroke on a grid.

And if it happens ... buckle up.

Post-MBA AI Recovery Program

If you left MBA Annual dizzy from hearing the phrase “AI-powered” 4,000 times in 48 hours, you’re not alone.

The good news? Recovery is possible.

Step 1: Admit you’re still not sure how “AI” helps close loans faster. Don’t worry, the vendors aren’t either.

Step 2: Unsubscribe from 47 “Revolutionizing Mortgage with AI” webinars.

Step 3: Accept that protecting customer data is still somehow “Phase 2.”

Step 4: Practice saying “That’s fascinating” without making eye contact with a vendor.

Step 5: Stop saying “we’re exploring use cases” when you really mean “we asked ChatGPT to write our mission statement.”

Step 6: Schedule a real human meeting to remember what that feels like.

Step 7: Stop pretending you know the difference between “predictive analytics” and “guessing.”

Step 8: Promise not to tell your CEO you can “plug AI into Encompass” until you actually know what that means.

Step 9: Stop reflexively nodding every time someone says “transformative.”

Step 10: Write down every buzzword you heard ... then light it on fire for closure.

Top 10 Takeaways from MBA Annual

1. I am so bad at taking pictures ... and am at the age where 4 days in Vegas now feels like 14. My liver is very unhappy with me right now.

2. For three years, every conference recap was the same: “Vibe was positive! Cautious optimism!” Translation: no one actually believed that. This year? Real optimism. Legit momentum.

3. You can feel it ... companies are investing again. Hiring, building, creating new things. There’s real money coming back into the space.

4. The lenders that survived the last 3-4 years are generally in it to win it (or think they are). M&A has cooled.

5. AI, AI, AI, AI, and AI. (Also, AI.)

6. P!NK was incredible. But 43 minutes?

7. Nobody has a clue what’s happening with credit, FICO, or Vantage. Including me.

8. We’re 30–40 bps from volume doubling ... and most lenders would still have to panic-hire after swearing in 2021 they’d “never do that again.”

9. “Who owns the company and what is their track record?” and “How much cash do they have?” remain the two most important (and disqualifying) questions in the industry.

10. Compliance? Let’s just say it’s… interpretive right now. The playing field isn’t level in many cases.