Apr. 16: LO jobs; coaching, underwriting, franchise products; tech study; Non-QM compliance webinar

Things aren’t always what they seem. Does the mainstream press, or politicians, think about how about how much money it takes to attract top talent to senior roles at top mortgage companies? Elizabeth Warren has led a new proposal to “Respect the Caps.” Stay tuned, as taking Fannie’s president, now at $4.2 million, and Freddie’s, now at $3.85 million, under $600k a year, would be “interesting.” And lots of Agency staff make much more than $600k, as do a scattering of individual originators around the country. We are reminded that no politician wants to see anyone make more than they do. (Speaking of comp, if you want to register for STRATMOR’s Compensation Connection Study you have until April 30.)


After surveying over 726,000 employees, Cornerstone Home Lending joins the ranks of top Fortune 500 companies around the US to be recognized as a 2019 Best Workplace by FORTUNE Magazine. Marc Laird, CEO of Cornerstone, says the key to the company’s success is sticking to its core conviction of lending with a servant’s heart. It’s that servant leadership model that enables the company to nurture its team for continued growth. Cornerstone is routinely recognized for its unique and successful culture. In addition, Cornerstone has also been named Best Workplace for Diversity, Best Workplace in Texas, Best Workplace for Women, and Best Workplace for Financial Services and Insurance. If you’re in this business to make a positive difference in people’s lives and want to work alongside the best mortgage professionals in the industry, reach out to Todd Sanguras.

Thrive Mortgage is hosting its national “Virtual Lunch & Learn” for business partners Thursday. This 90-minute webinar will focus on helping agents “S.T.A.N.D. out” with credit knowledge for clients. “The ‘H’ in Thrive stands for home-ownership, the very core of Thrive’s existence” stated Randell Gillespie, National Sales Director. “Today’s business partners and clients want to know they can trust their lender for superior credit knowledge that insures the best loan option at the best value, and stick with them until that is possible” he added. Thrive recently rolled out their Thrive4Homeinitiative as a buyer incubation process to further their commitment to responsible and successful home ownership. Thrive boasts one of the most diverse mortgage product lines complimented with the most advanced operational systems for speed and customer experience, making home ownership come faster and more successfully for more clients. Click here for information on joining Thrive Mortgage.

Lender products & services

When it comes to strengthening a loan officer’s productivity, nothing is more important than communication and knowing the best time to support customers during their home buying journey. Forget meaningless weekly calls to leads and pre-approved buyers –provide the support they need when they need it most. The HomeScout® lead and conversion technology platform not only delivers consumers 100% MLS listing data but its buyer reporting interface provides timely buyer insights. Plus, communication is easy with text, email or a voice call directly from the app. Don’t lose track of clients by letting them home or rate shop on public search sites where they can be sold to your competition. Take control of more transactions by introducing buyers to HomeScout early in the purchase process. For more information see them at the AIME Regional Workshop in Ft. Lauderdale, April 17th, schedule your one-on-one demo HERE or call 952-831-0623.

If you’re planning to attend the MBA Secondary in New York City, May 19-22, be sure to set up a meeting with the TMS CAREspondent Team. Learn how to increase your margins while holding down costs, as well as managing liquidity during challenging times. If you’d like information on how to handle eNotes, renovation loans and more, experts will be ready to discuss that, too. Reach out to your Correspondent VP or email us to set up a time!

Last week, Total Expert announced its enhanced integration with Blend to revolutionize the digital lending experience. The enhancement allows bi-directional data exchange, empowering loan officers to foster deeper customer relationships by delivering personalized messaging throughout the loan application process. Loan officers leveraging both the Total Expert Marketing Operating System® (MOS) and Blend will have a 360-degree view of the borrower so they can see the exact spot they left off on a loan application, prompting the automatic deployment of relevant messaging to maximize the number of applications that get to closing.

Can you really fit mortgage brokerage in a box? Yes, it’s possible with Motto Mortgage. “Our innovative concept continues to shake up the industry (and rack up awards) as we were recently named one of Entrepreneur magazine’s top new franchise brands in 2019. And this isn’t the first time we’ve been recognized for our fresh approach in helping entrepreneurs own their own businesses. Why? Because our model goes beyond franchise setup support. From a dedicated business support team, to state-of-the-art tech and training, to brand marketing (and everything in-between), Motto Mortgage gives you all the pieces you need to confidently forge your own path as an entrepreneur. Reach out to our team at mottomortgage.com/franchises or call 866.668.8649 to learn more about our network’s growth and see how Motto Mortgage can give you that competitive edge you’ve been searching for.”

Looking for ways to grow your business? Freddie Mac is collaborating with clients to deliver automation and insights that provide a competitive edge. Cut back on documentation and reduce time to close with Loan Product Advisor® automated income and asset assessment capabilities. Save borrowers time and money with ACE appraisal waivers, now available for certain condo unit loans. Grow your condo business with Freddie Mac’s unit-level condo exception tool, Condo Project AdvisorSM. Get greater efficiency with simpler collateral QC and underwriting in Loan Collateral Advisor® Get The Freddie EdgeSM.

If you’re even thinking about investing in coaching, you already know you have the potential to do incredible things. XINNIX wants to be the partner that helps cultivate the greatness inside you. Unlike other mortgage coaching programs, XINNIX Performance Coaching is so much more than just a phone call or annual motivational rally. Its unique combination of Training, Accountability, and Coaching will meet you where you are and take you where you want to be. Whether you are just getting started in your professional development journey or you are looking to increase momentum after a XINNIX training program, Performance Coaching is for you! To learn more about XINNIX Performance Coaching, CLICK HERE!

Vendor & technology bytes

Are you using technology to the benefit of your borrowers? In STRATMOR Group’s 2018 Technology Insight Study, 58 percent of participants said borrower satisfaction is their primary reason for investing in technology. This is welcome news for the mortgage industry, as establishing a customer-centric model has historically created a dynamic environment for forward-thinking and innovation — just ask Apple and Tesla. Knowing where to invest your technology dollars first requires knowing what’s most important to your borrowers, then analyzing which areas will have the greatest impact on customer sentiment. In April MortgageSAT Tip, Mike Seminari suggests three steps mortgage lenders can take to drive a better loan experience for their borrowers using technology. (For more on technology and the borrower experience, be sure to read STRATMOR’s April Insight Report available online Wednesday, April 17.)

Secure Insight announced that it has enhanced and expanded its closing agent fraud risk reporting tool to include information regarding closing agent professional certifications. The Closing Guard™ tool, which contains risk ratings and performance ratings to provide lenders a comprehensive risk profile, is now adding professional credential details to its reports. If a professional has received an ALTA National Title Producer designation (NTP), a National Notary Association Notary Signing Agent (NSA) designation, a Mortgage Bankers Association Certified Mortgage Banker (CMB) designation, and the new My Professional Educator Certified Closing Professional (CCP) designation it will now be reflected on their profile report.

A while back RoundPoint Mortgage Servicing Corp. was selected as a subservicing partner for Reliant Bank. RoundPoint services loans for a variety of community banks, credit unions, private equity firms, and mortgage banks and “is committed to providing a world-class customer experience to borrowers.”

And Pulte Mortgage announced it partnered with Finicity, provider of real-time financial data access and insights, to provide its borrowers with a faster, simpler and more secure way to navigate the home financing process. Pulte Mortgage is a wholly-owned subsidiary of PulteGroup, Inc. (NYSE: PHM) that finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes and Neighborhoods brands. “Through Finicity’s verification platform, up to 24 months of bank, brokerage and 401k data can now be accessed to confirm assets within minutes, eliminating the need for borrowers to find, copy and scan reams of paper verifications. This can reduce the mortgage origination time by more than a week, giving borrowers more control of the process, without a lot of the hassle.”

Upcoming events and training in April

Join us for National Mortgage Professional Magazine’s complimentary webinar “Why Non-QM Should Be a Part of Your Origination Mix,” on Thursday, April 18 at 12 pm Eastern featuring Moises Bonet, Regional Sales Manager at Angel Oak Mortgage Solutions. You will learn what alternative lending means now and why you shouldn’t ignore non-agency options. Originations are expected to be lower this year overall and the refinance market has declined drastically. Lenders are forced to find new ways to produce volume. The non-agency market continues to thrive despite a decreasing real estate market with growth potential of over $100 billion in annual originations expected. Find out how you can grow your business and help underserved Americans find the mortgage solution that fits their needs for the home of their dreams. Everyone wins!   Register for this complimentary webinar here.

Register for the Buckley Webcast: Developments in VA lending and enforcement today, April 16th. Buckley attorneys will discuss recent hot topics for VA lenders and servicers, including net tangible benefits to veterans for refinances, loan seasoning requirements, and advertising rules, as well as recent enforcement trends and what to expect next.

Join Freddie Mac for a free webinar on April 17th that highlights loan transactions, edits and drafting of funds, and helps you prepare for the May 2019 implementation of the investor reporting changes.

With Fannie Mae’s innovative MH Advantage offering, designated manufactured homes (MH) designed with features similar to site-built homes are now eligible for financing terms more consistent with standard conventional loans, such as higher loan-to-value ratios, waived 0.50% LLPA and mortgage insurance and interest rates comparable to site-built homes. Join us for an overview of MH Advantage mortgages to see how our new offering fits into your portfolio. Register today for the April 24 webinar, starting at 2:30 p.m. ET.

The California MBA is hosting its upcoming Mortgage Quality & Compliance Committee (MQAC) webinar titled, “Non-QM Lending Compliance Risks” on April 25 at 11AM PT.

The CFA Society of Los Angeles (CFALA) will be hosting a 2-day boot camp on mortgages and Mortgage-Backed Securities. The sessions will take place at the Society’s offices at 520 S. Grand Ave., Suite 655, in Los Angeles on April 25th and 26th. The cost is $1,000 ($900 for members).

Capital markets

U.S. Treasuries, and Agency MBS, didn’t move much Monday, which is fine for capital markets staff. Potentially news-worthy items (risk appetite, stock market volatility, growth concerns at this last weekend’s IMF meetings, well-received 3-month and 6-month bill auctions, and Treasury Secretary Mnuchin suggesting U.S.-China trade talks are nearing a conclusion) didn’t move the needle much. Chicago Fed President Evans said that inflation is weaker than he would like and that he can see the fed funds rate remaining unchanged through the fall of 2020. Traders reported that MBS volume was well below normal.

In other miscellaneous news, President Trump criticized the Fed’s handling of monetary policy. ECB President Draghi expressed concerns about political pressure threatening independence of central banks. Dr. Mark Calabria was sworn in as FHFA Director, promising the opportunity for reform. S&P affirmed Germany’s ‘AAA’/A-1+’ ratings with consensus of a stable outlook.

Today sees several earnings reports of note, including Bank of America and BlackRock already, before our first economic releases, industrial production, capacity utilization; and factory output for March. Following is the National Association of Homebuilders Housing Market Index for April and the Treasury announcing sizes for Thursday’s 1- and 2-month auction. Dallas President Kaplan is scheduled to speak in New Mexico. We begin today with agency MBS prices slightly worse/down from Monday night and the 10-year yielding 2.57%.

As we head toward Good Friday & Easter, these supposedly appeared in real church bulletins (part 2 of 5):

6. The peacemaking meeting scheduled for today has been cancelled due to a conflict.

7. Remember in prayer the many who are sick of our community. Smile at someone who is hard to love. Say “Hell” to someone who doesn’t care much about you.

8. Don’t let worry kill you off – let the Church help.

9. Miss Charlene Mason sang, “I will not pass this way again,” giving obvious pleasure to the congregation.

10. For those of you who have children and don’t know it, we have a nursery downstairs.

11. Next Thursday there will be tryouts for the choir. They need all the help they can get.

12. Barbara remains in the hospital and needs blood donors for more transfusions. She is also having trouble sleeping and requests tapes of Pastor Jack’s sermons.

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “MBS Liquidity: A Real Trooper.” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.


(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

Rob Chrisman