Diverse Realtor, Millennial, and Market Growth ProjectCLIP Project: Team AProject Sponsor(s): Kevin ChittendenProject Advisor(s): Olin Chamberlain, Robert Silva

Northeast United States8/3/2015

• Introductions• Project Overview• Low-to-Moderate Income/Minority Approach

– Region 9, 13, 30• LGBT

– Region 9, 29• Union

– Region 9• Millennials

– Region 30, 59• Recommendations• Appendix

– Realtor/ loan officer candidates• Questions

Agenda

Team Members• Micah Patterson

– SUNY Oneonta, White Plains Branch, Retail Sales• Jeffrey Williams

– St. Lawrence University, Westborough MA, Retail Sales

• Kelsey Stanley– Seton Hall University, Red Bank NJ, Retail Sales

• Lucas Smith– University of Iowa, Chicago Branch, Retail Sales

• Samuel Wolfson– Drake University, Oak Lawn Branch, Retail Sales

Team Members • Filip Gibarac

– University of Colorado – Boulder, Manhattan Branch, Retail Sales

• Anmol Singh– Queens College, Hicksville Branch, Retail Sales

• Noura Hassan– Wagner College, Philadelphia Branch, Retail Sales

• Vinay Kaushik– Pace University, Toms River & Point Pleasant Boro, NJ,

Retail Sales• Cavan Dolan

– Temple University, Philadelphia Branch, Retail Sales

• Project Name: Diverse Realtor Growth Project• Project Sponsor: Kevin Chittenden• Project Advisors: Olin Chamberlain and Robert Silva• Background: lack of growth in the LMI and Minority

purchase space leads to a great need for growth in our market share with top Diverse Realtors

• Target Goals: – 8 total face to face meetings with Top Diverse Realtors– Grow Candidate Loan Officer database by 15 for each region– Discover how to educate and connect with potential first

time home buyers- millennials

Project Overview

• Monmouth FHA– WFHM places 10th for funding with 2.35% of the total

transaction amount• Ocean FHA

– Places 8th for funding• Monmouth VA

– WFHM places 11th for funding with approximately $1.1 million• Ocean VA

– WFHM places 4th for funding• Used top 10 FHA/VA cities to find realtors with same

geographical sales areas– Make appointments!

Region 13- Funding Production Breakdown

Region 13Realtor Outreach• Chrissy Keys – Caters to LMI

and Spanish speaking home buyers, Keller Williams

• Mike Mercuro- Works with many first-time home buyers, NJAR Circle of Excellence 2008&2012, Re/Max Bay Point

• Shonda Neal- Specializes in first-time home buyers and diverse markets, John. C. Conover Agency– Success

• Gave us possible loan referral

• Wants to have join seminar with WFHM

Loan Officer Outreach• Lee H. Schaffer

– Senior loan officer at NJ Lenders Corp

• Wendy Frace– Senior loan officer at Finance of

America Mortgage• Angela Mangano

– Senior Mortgage loan officer at Ditech Mortgage

• Nicholas West– Vice President Mortgage

Originators at Family First Funding• Jeffrey Fass

– AVP Retail Sales manager at Bank of America Home Loans

• Jim Mazzola– Mortgage banker at Chase

Region 13 – Low-Moderate Income (LMI)

• Programs we spoke about during our eight face- to- face realtor meetings– Ocean County Consortium First Time

Homebuyer Program (HOME)– New Jersey (HMFA) Police & Firemen’s

Retirement System–Monmouth County HOME First-Time

Homebuyers Assistance Program

Region 13 – Smaller Lender Competition

• Biggest competitor right now is Quicken Loans– All remote communication– Quick and steady responses to leads– Rates are competitive with Wells Fargo– More FHA/VA business

• they have many customers who are not as familiar with financial system• Advantages of Quicken Loans

• Transparency – One of the benefits of Quicken Loans is that it gives you 24/7 access to an online tool called MyQL that can be accessed either online or via a mobile app

• Convenience -Going with a web-based lender is especially handy for those who work long hours and have trouble finding time for personal projects during traditional business hours.

• Anonymity - many customers like the anonymity of electronic communication, which sometimes makes it easier to open up about one’s financial situation.

• Quicken Loans has become known for convenience and strong customer service

Region 9 – Low-Moderate Income (LMI) Chicago, IL

• Focused on LMI/Minority market & growing business in diverse markets• Reached out to 10-15 realtors • 4-5 meetings

– Mentioned FHA, VA, Finally Home Program, and @HomeIllinois• Realtors

– Luis Campoverde (RE/MAX Realty)• NAHREP agent, Bilingual, LMI/Minority market realtor

– Sam Shaffer (Chicago Properties, Inc.)• FTHB market

– Amanda McMillan (@ Properties)• FTHB market

• Recommendations • FTHB seminars, LMI/Minority seminars, bilingual loan officers, customer service

training, recruiting boutique lending officers, efficiency training

Region 9Realtor Outreach• Sam Shaffer - Top 1% producer

in 2014 by Chicago Association of Realtors (Chicago Properties, Inc.)

• Amanda McMillan - Top 1% of Chicago Realtors for Closed Volume 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013 (@properties)

• Thomas Downing – Accredited Buyer Representative, National Association of Realtors (@properties)

• Cyndy Ciolino – 20 Years experience, Main Street Organization of Realtors since 1999 (Charles Rutenberg Realty)

Loan Officer Outreach• Jim Tukich

– Mortgage Banker with Chase Bank• Patrick Keough

– Lending Manager with Chase Bank

• Tommy Gonzalez– Senior Mortgage Loan Officer with

Bank of America• Carlos Lopez

– Home Loans Manager with Bank of America

• Sandra Davis– Senior Loan Officer with Pacor

Mortgage Corp.

Region 30- NAHREP • Westchester Bronx Chapter • Diamond Sponsorship – Networking

opportunities and raise Wells Fargo awareness in boroughs

Meeting 7/29 to further discuss networking opportunities and Diamond sponsorship

Region 30Realtor Outreach

• John Burger – over $400m dollar volume of listings in 2012 (Manhattan)

• Winsly Pierre-Louis and team of R.E.S. NY (Manhattan)

• Diego Sanchez – top LMI realtor in Hempstead (Nassau County)

• Randolph Saa – Top 250 Latino Agents on NAHREP (Queens)

• Hermi Aquino – top producer, RE/MAX 100% Club, MLS Gold & Diamond Award (Bronxville) (Westchester), Bilingual

• Luis Fernandez – President of NAHREP Bronx Chapter, top LMI realtor

Loan Officer Outreach• Sandy Kamhi

– Senior Mortgage Loan Officer with Everbank

• Duane Wright– Senior Mortgage Loan Officer

with M&T Bank•  Joseph Dempsey

– Mortgage Loan Officer with TD Bank

•  Stuart Warsawsky– Senior Mortgage Loan Officer

with United Mortgage Corp.•  Harry Struck

– Senior Mortgage Loan Officer with Charles Martin Mortgage, LLC.

Region 9 – LGBT Oak Lawn, IL

• Constructed a marketing drip template– Use of Wells Fargo Realtor-Professional flyer

• National Association of Gay and Lesbian Real Estate Professionals

• 11 direct contact – Eight considerably interested

• Construct positive message towards Wells Fargo and support of diversity

Region 29- Diverse Realtors – LGBT Philadelphia

“ Our commitment to the LGBT community is part of our broader commitment to diversity – to serve diverse customers, to hire and retain diverse team members, and to encourage team members to value and respect each other for their differences.“ – Wells Fargo response to Interview Q&A about brand commercial.

9 Block Radius in the Philadelphia Area which hosts LGBT

friendly establishments.

Highly Desirable

Residential Community

Over 20 Real Estate Offices in

the area

Median Household

value of approx. $350,000.

Region 29- Diverse Realtors – LGBT Philadelphia

• Build Relationship with…– the National Association of Gay & Lesbian

Real Estate Professionals– Realtors in the offices in the area

• Hire Diverse Team Members• Internal Resources– Wealth Private Bankers– Wells Fargo Advisors

• Information Sessions

Region 29- Diverse Realtors – LGBT Philadelphia

• Reached out to all members of NAGLREP in Philadelphia Chapter, and additional LGBT-friendly realtors (19)

• Response was not positive, most feedback encouraged hiring LGBT team members.

Region 29 - Direct to Homebuyers Philadelphia

• William Way Community Center – Open 7 days a week– Visited by 2,500 people a month

• Space Rentals– Currently waiting for management’s

response.

Region 29Realtor Outreach

• Andrew Mariano –Member of NAGLREP since 2012, RE/MAX

• Michael Caven - Member of NAGLREP since 2007, Keller Williams

• Mark Newell - Member of NAGLREP since 2014, Coldwell Banker

Loan Officer Outreach• Austin Thomas

– Mortgage Loan Originator with Freedom Mortgage

• Gary Taylor– Mortgage Loan Officer with

Universal Mortgage & Finance•  William Bailey

– Mortgage Loan Originator NMLS#1167471 with Sun West Mortgage Company, Inc.

•  Mark Evans– Mortgage Sales Manager with

New Penn Financial•  Meghan Killeen

– Senior Mortgage Advisor with Philadelphia Mortgage Advisors

Region 30 – UnionPlus® and TEMP

• Internal Growth– Regional Banking District Manager• Storefront integration

– 1st/15th info sessions– LTO appraisals.

• Mixers for TEMP– Circulation of information among

HMCs/PMBs• Awareness of programs• Removes misconceptions

Region 30 – UnionPlus® and TEMP

Region 30 – UnionPlus® and TEMP

Region 30 – UnionPlus® and TEMP

• Example of successful contact– Winsly Pierre-Louis with

R.E.S. New York• Offered amiable conversation

with high-powered, high-producing Realtor from Manhattan

• One Wells Fargo• Works with banks at client’s

discretion, no relationships.• B2B• Meeting established for week

of 7/27 with BM, PMB, SM

Lowe’s Project• 1,840 home improvement and hardware

stores• 265,000 full- and part-time employees• Average 146 employees per store• The Employee Mortgage Program (TEMP)– 1 on 1 mortgage sessions

• Educate• Financial Wellness• Returning Customers• Referrals• Growth in LMI and FTHB market

Region 59- Millennials (Massachusetts & Rhode Island)

• Success: 1 Face-to-Face meeting with Realtor – Created new business opportunity in

millennial market• Discussed approaches to reaching

out to homebuyers between 18-35 years old

Region 29- Millennials• Organizations– Charities, sponsorship

• Info Sessions– Once a year near graduation

• Habitat for Humanity– Campus Chapter Outreach

• Relationships– Cultivate a long relationship between

millennials and WF

Region 59Realtor Outreach• Emily Clark – Sales

Manager/Realtor in Millennials Market. Top 5 branches in Massachusetts, Century 21

• Christine Najem – Realtor in LMI/MIN Market, Cedar Wood Realty

Loan Officer Outreach• Bethany Levin- Loan Officer

with Northpoint Mortgage• Daborah Stevenson- Loan

Officer with Family Federal Savings

• John Capone- Loan Officer with MSA Mortgage LLC

• Diego Osorno- Loan Officer with GMH Mortgage Services

• Lisa Simmons- Loan Officer with ENG Lending

• Jay Correia- Loan Officer with Bank of America

Millennials Discussion• Use of social media to uncover “on

the rise” markets and target advertising specific to these groups– Nakedapartments.com– Twitter and Snapchat to find trending

and local neighborhoods

Region 29- Millennials• Organizations– Charities, sponsorship

• Info Sessions– Once a year near graduation

• Habitat for Humanity– Campus Chapter Outreach

• Relationships– Cultivate a long relationship between

millennials and WF

Millennials DiscussionStreaming Services

HBOGONetflixHuluYahoo Screen

• Increase consumer awareness of Wells Fargo Home Mortgage products to the community– First-time home buyer seminars– Education of realtors and bank branches– Single source lending– Circulation of informational material

• Better outreach and customer awareness will allow us to take back competitor market share– show how Wells can compete in same market and

offer better products/service• Look to our potential loan officer candidates who

specialize in LMI/ Diversity for recruiting

Recommendations

Questions?

Appendix

Region 13 -Monmouth County FHA Loans

Rank City # Loan Transactions Total Amount

1 Howell 20 $5,584,2112 Neptune 22 $4,968,0773 Englishtown 12 $4,205,1244 Freehold 10 $3,101,5455 Hazlet 10 $2,629,5476 Asbury 8 $2,350,1807 Middletown 7 $2,214,9188 Belmar 7 $2,083,1909 Keyport 8 $1,773,00610 Red Bank 6 $1,658, 256

Rank City # Loan transactions

Total Amount

1 Howell 19 $5,890,6892 Freehold 11 $3,808,8113 Hazlet 10 $3,142,4984 Manalapan 6 $2,767,5425 Neptune 9 $2,666,5686 Red Bank 6 $2,574,7077 Wall 6 $2,338,4588 Middletown 6 $2,230,5519 Morganville 5 $1,985,34410 Ocean 5 $1,819,447

Region 13 – Monmouth County VA Loans

Rank City # Loan transactions

Total Amount

1 Toms River 101 $22,102,6002 Jackson 48 $15,498,2753 Brick 48 $12,139,0164 Bayville 28 $8,190,9975 Manahawkin 22 $5,578,9406 Manchester 28 $5,401,7427 Barnegat 22 $5,156,8068 Little Egg Harbor

Twp19 $3,792,659

9 Lakewood 11 $2,719,49410 Waretown 9 $2,605,810

Region 13 – Ocean County VA Loans

Rank City # Loan transactions

Total Amount

1 Toms River 474 $99,634,4152 Brick 314 $67,937,2523 Jackson 168 $45,836,2604 Bayville 92 $20,621,0165 Barnegat 92 $18,475,2916 Point Pleasant

Boro57 $18,043,212

7 Forked River 87 $17,211,9058 Manahawkin 72 $16,483,7989 Beachwood 74 $13,751,37110 Little Egg Harbor

Twp70 $12,692,463

Region 13 – Ocean County FHA Loans