Val Buresch (00:06)
Welcome back to CMBConnect, the podcast where we go behind the designation and we talk with industry leaders, certified mortgage bankers about the decisions that really shape
industry.
your host,
Today's guest is someone I had the privilege of meeting in a very specific and a slightly nerve wracking moment for her. I was on
her CMB oral exam panel, and I got to see her think on her feet, connect the dots, and bring both head and heart to that conversation. She passed the CMB exam, of course, and now she's bringing that same mix of technical depth and real world experience to her role as assistant director.
Jen Green (00:35)
Thank you.
Val Buresch (00:57)
of single-family loan operations at the Tennessee Housing Development Agency, THDA. I have Jen Green with us. Jen, I'm really glad we get to continue that conversation in a little bit more relaxed way. Welcome to CMBConnect.
Jen Green (01:15)
Well, thank you, Val. And I too appreciate that. I do have to say my heart skipped a beat when I saw your name on my panel. this is a much lower, I won't say it's not high stakes, but it's slightly lower than the oral panel. So thanks for having me today. I appreciate it.
Val Buresch (01:31)
Yeah, that's right. And for
those of our listeners who don't know, the CMB oral exam panel is not a joke. There are three CMBs sitting and staring at the candidate and grilling the candidate with all sorts of questions.
Jen Green (01:37)
again.
Val Buresch (01:47)
but before we get into our main question, let me start with the CMB piece. Give us the two minute version of your CMB story. why was the designation so important for you in that moment of your career? And how has it changed the way you think and operate as a mortgage leader?
Jen Green (01:53)
Thank
yeah.
So, you know, my journey really began with MBA in general at the state level. I was introduced to TNMBA which is the Tennessee Mortgage Bankers Association, back in 2018 and had a wonderful opportunity that was provided by Dana Abernathy and Rita Gardner through Future Leaders and part of that first class.
There was, it was a very small class. We could sit around a board table and the connections made there and just really opening my eyes to the opportunities for development through MBA really started me down the path of, you know, wanting to learn more and being excited to learn more. And, you know, the further that I got into it, the more I realized just how much those designations mean.
and the connections that you make through them. You know, I do feel that it has really helped shape the leader that I am today because it does take you through those deep dives. It connects you to individuals that you wouldn't necessarily have been connected to throughout the industry, across the country, ⁓ and has provided the opportunity to have an open forum for questions.
you know, ⁓ mentorship opportunities that I may not have had previously. And so I was fortunate to graduate just a few years ago with my CMB. I did have Dana as my sponsor. And so I was, I was very lucky with that. She's fantastic sponsor. And, you know, really had the opportunity to apply it towards my why, which was affordable housing.
And at that point in time, I was looking to potentially make a change in my career, right? I had spent time in correspondent, I'd spent time in retail and warehouse, I should say wholesale. And I really wanted to, you know, look at the next 20 years and go, what impact do I want to make on the industry?
And so this has been a ⁓ great opportunity to help me move that goal forward.
Val Buresch (04:21)
Jen, you already talked about your private sector correspondent lending experience and you brought that experience into your current role at THDA. And I'm curious, how does that...
Jen Green (04:22)
And you. ⁓
Val Buresch (04:35)
Private sector, mortgage lending, correspondent lending, operations experience shape the way you run single-family loan operations in a state housing finance agency environment.
Jen Green (04:47)
Sure. thinking about it from the position that all lenders operate differently, right? They are all structured differently. Maybe the way that they handle certain tasks are managed in a different manner. So kind of taking a chance to think about what did I see from the correspondent ⁓ side of the house and dealing with those lenders who are
providing a service to the borrower who we are not going to speak to, but who they have to manage a relationship with and understanding internal hurdles or perhaps a series of calls would be beneficial for a lender. Those kinds of approaches, I think, are really shaped from my time spent in correspondent. And having gone from everything from reviewing files to managing a book of accounts,
I think really shaped my perspective of the various aspects that it takes to be a lender in the market for the correspondent side.
Val Buresch (05:58)
So you've seen both sides, the private and now you're very deep into your state experience, government experience. From where you sit now, what's the single biggest misconception that mortgage professionals have about working with a state housing finance agency?
Jen Green (06:07)
Thank
thinking that we're hard to work with or that it's going to add just days and days and days to the process. Ultimately, it may add about 48 hours to get that underwriting approval or commitment, I should say, on our end. But in general, you know, the factor of we're just so difficult to work with. I think that when you think about housing agencies as a whole,
We do have very specific, I should say, we have a box to work in, right? Regardless of which state you're in, we are bound by certain guidelines that are provided by not only the federal level, but also provided by our state. so thinking through things such as
Val Buresch (06:46)
Mm-hmm, that's right.
Jen Green (07:07)
you know, having to learn a whole new program, really it's just a couple of extra items that may be different between our program and say your conventional program. And so really having the opportunity to get out there and explain that, hey, it's just a couple of days or, you know, these are the things that we can work on. I think really.
helps dispel those myths.
Val Buresch (07:32)
That's right. And just level set us with housing finance agencies in general. The mission is affordable housing, providing access to affordable housing finance, specifically around the purchase of a property. Does a housing finance agency work only with first time home buyers or with all broader audience like LMI, for example, low to moderate income borrowers?
Jen Green (07:59)
Right.
Right. So, so we don't specifically look at just first time home buyers. Now there are programs out there at various state agencies that do focus on that first time home buyer, first-gen home buyer. We have opportunities for, you know, we do have an income bracket. The low to moderate income borrower is our, our niche. And we are looking to
help these individuals get into homes. So we have opportunities for the first time home buyer, maybe somebody who hasn't owned a home in a number of years, or even, you know, we have the veteran options that are available through our heroes program. So we have a number of opportunities throughout the borrower segment, as long as they're following in, know, following into
that low to moderate income borrower.
segment.
Val Buresch (08:47)
That's very interesting because it ⁓ brings another question We are very close to the end of the year and we are looking to 2026. And one question that comes to mind is what do you think will matter most for those low to moderate income home buyers, specifically in the state of Tennessee? Do you think it's something like down payment assistance?
Is it mortgage interest rate relief? Is it borrower education, counseling, or something completely different?
Jen Green (09:19)
Right now, we're looking at affordability as a crisis, right? ⁓ Everything within their daily lives have increased in cost. so buying that home may present an additional hurdle that they had not previously planned for. So I think it's a combination of a few of the items that you listed. that would be, one, yes, the down payment assistance.
Val Buresch (09:24)
Mm-hmm.
Jen Green (09:45)
can be crucial to help getting them over the finish line, but also taking that counseling and really applying it to things such as how do I manage my finances? If ⁓ I have an HVAC unit that goes out, how do I manage that? So I think that it's kind of a two-prong approach there as far as
what's really going to help that LMI.
Val Buresch (10:13)
So those resources, assume, are completely available on your website. So both borrowers and lenders can access them.
Jen Green (10:21)
Yes. So there are opportunities for borrowers to be able to go out there and look at our website. And then also for the lender segment to be able to, you know, look at our, our guide and also have opportunities for training. So we do have also opportunities for housing counselors. So we do have a group that actually does, they are HUD certified counselors and they work with HUD certified counseling.
agencies throughout the state which provide that first-time homebuyer education course that they will need to have certification in order to apply for the file or apply for the loan.
Val Buresch (10:56)
this is an ecosystem. It's like, you know, the old proverb that it takes a village to raise a child, but it also takes a community to provide those services to LMI home buyers on their home buying journey. And it seems like THDA provides an amazing service for this segment of the home buyers.
Jen Green (11:03)
Yes.
Val Buresch (11:17)
But for the mortgage bankers who are listening to our podcast and who want to lean into specifically THDA programs over the next year, over the next couple of years, what are one or two very practical things that they should be doing now to prepare for that? Should they be doing loan officer training, process design, anything else?
Jen Green (11:17)
Yeah.
I'm going to take
Right, so we look into 2026. I would highly encourage ⁓ the loan officer training opportunities. They are offered throughout every month. You can schedule them. They have online training opportunities. And also there are opportunities through our business development group where they can schedule someone on one time for their team. ⁓
You know, another thing too is just making sure that everybody understands what is the program and what are the requirements of the program. So as we move into 2026, I think as an industry, we're wondering what's next, right? So whether that be a regulation standpoint or whether that be a, well, what are they going to require now?
kind of standpoint, think understanding, having a thorough understanding of what our programs are and knowing how to apply that to their borrowers because there are opportunities within the DPA space that are outside of THDA, but I would highly encourage them to utilize their state agency.
Val Buresch (12:54)
Yeah, there is so much opportunity for education and for learning. And we started this conversation with your perspective on learning and how you wanted to also get as much training and education as possible. I think when we as mortgage professionals are well versed in our domain, we impact the borrowers in a positive way because we bring those resources to them.
Jen Green (13:18)
Yeah.
Absolutely. It's all about meeting them where they are, right?
Val Buresch (13:22)
Yeah.
And for the lenders, who are listening to our podcast, what's one way you'd like them to think differently about HFAs and one thing you'd love to see them actually do with THDA over the next year, for example, next year.
Jen Green (13:41)
Sure. you know, HFAs across the country operate slightly differently. We are not all the same, right? And I know that that can be a hurdle for, let's say, a national lender. However, when you think about it at the end of the day, think about the possibilities of home ownership that you have the opportunity to bring your borrower. So,
Yes, it may be an extra form that you have to fill out or maybe one state has an allocation versus another state who does not and you have to do a reservation. You know, take the time to provide those borrowers with all of the opportunities that are presented versus steering away from your local HFA. We have a lot of great, knowledge and
assistance to provide and we want to provide it. We want those borrowers in homes. And so I would say, you know, thinking about it from that perspective as you go into 2026, which again, looking at our market, we'll see where that goes, right? But yeah, knowing that they operate differently, but that it's only probably going to add an extra day or two.
And that yes, there's a couple of extra forms, but that could be the result, know, that could end up being, in the state of Tennessee, up to $15,000 towards down payment assistance. So that's huge So just thinking about that.
Val Buresch (15:09)
that's a wonderful advice. And I'm just wondering if specifically THDA, whether you have some limited pool of assistance, do you have a budget that once it's reached, lenders cannot tap into it anymore or how should they plan in terms of specific numbers? Like if a lender wants to
plan their sales and allocate a particular number of loans with the
how would you advise them to go about it?
Jen Green (15:38)
So I would tell them that THDA is not set by an allocation. We are actually ⁓ self-funding. And so that allows us to have more opportunity to provide funding throughout the year versus having to worry about a reservation where perhaps, you know, let's say the fiscal year ends in June and then starts again in July. Well, what will that next?
allocation look like. So we're not set, we're not, I should say confined to a reservation. We actually have the ability to fund throughout the year ⁓ as far as the down payment assistance portion of it goes.
Val Buresch (16:17)
And I think the way I see it is that that emphasizes the point that you brought earlier, that they need to educate themselves. And even now is a great time to pick up the phone and have a conversation with your business development team, outreach team, spend some time on your website and think about
Jen Green (16:18)
Thank you.
Val Buresch (16:35)
the profile, the programs, how they fit in their borrower profile, the borrowers that they serve and be ready to reach out, to put a THDA program in front of a potential borrower in 2026. Just have that confidence, but build that confidence today.
Jen Green (16:52)
Right. Well, you know, and there is this great tool out there, it's called HFA One. While every state isn't on this grid, there are a significant amount of states and you can look up by your state various points regarding their programs and requirements, things like that. And so I would highly encourage folks to look at that. Go out and look at HFA One. You know, go out and look at NCSHA.
national council of housing finance agencies. You know, there's a lot of great information out there too. And so just taking the opportunities to understand more of the HFA space, I think will help lenders across the board. I'm not asking you to understand our bond structure or anything like that, but just, you know, the general programs and requirements, I think will help lenders significantly.
Val Buresch (17:43)
That's a wonderful place to land this conversation. And we will put the links to those organizations into HFA one that Jen mentioned in the show notes for future reference. with that, Jen Green, Assistant Director of Single Family Loan Operations at THDA. Thank you for taking us inside the HFA world, even for a little bit, and for making it practical.
Jen Green (17:44)
Thank
way.
Val Buresch (18:13)
for the lenders who listen to the show.
Jen Green (18:16)
Absolutely, it was a pleasure, Val. Thank you for having me on.
Val Buresch (18:19)
Thank you again. And to everyone listening, I hope this conversation gives you a few fresh ideas as you think about 2026 and whether that's how your team works with the THDA specifically or with your own state housing finance agency, wherever you are. And if you enjoyed this episode, please follow or subscribe to CMBConnect and share it with another mortgage banker or future CNB who needs to hear it.
I'm Val Buresch, I'm also a CMB. Thanks for spending time with us and we'll see you on the next episode of CMB