Aug. 20: Sales mgt., MLO jobs; HELOC, warehouse, blockchain, licensing tools; news on jumbo & non-QM products

Who wants to work on a Friday in summer? Not me! I was pleased to find the Type The Alphabet Game, which times you on how fast you type the alphabet. Fun, and doesn’t take much time. For something different, and some of you may need a tissue when reading it, here’s a great story about Polish javelin thrower who auctioned off her silver medal to help a baby with a heart operation. Returning to our business, I find myself today in Las Vegas at Originator Connect, and with more implications, but much less fun to think about, is a topic of conversation at this event: the FHFA’s proposed housing goals for Fannie Mae and Freddie Mac for the 2022-2024 period that are “designed to ensure the Enterprises responsibly promote equitable access to affordable housing that reaches low- and moderate-income families, minority communities, rural areas, and other underserved populations.” (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor. Only Candor’s Loan Engineering System™ can autonomously analyze, identify, and mitigate risk, then make final credit risk decisions with no human reliance. 1.0M underwrites, zero repurchases. CEO Tom Showalter comes on to discuss the company’s recently announced Series A funding round.)

Jobs

Attention sales leaders! An established, industry leading, TPO lender is considering candidates for a Sales Leadership position to manage a new Account Executive team in Charlotte, NC. The position includes access to cutting edge proprietary technology, dedicated operations center, a wide variety of products and aggressive pricing. Interested candidates must be located in the Charlotte area. For a confidential conversation, please send your resume to Chrisman LLC’s Anjelica Nixt.

If you are a Loan Officer in Southwest Florida looking for ways to grow your business, look no further! Newrez, a Joint Venture partner with The Keyes Company and Illustrated Properties within Capital Partners Mortgage, is currently seeking Loan officers. “We can offer an outstanding proposition to a motivated, purchase-oriented Loan Officer,” said Craig Garcia, President of Capital Partners Mortgage. “A position inside the largest independent real estate company in Florida affords a unique opportunity to grow your pipeline and your income.” Our product set consists of SMART Series, Fixed Rate Loans, Adjustable-Rate Loans, First-Time Homebuyer Loans, Mortgage Refinance, FHA Mortgages, Loans for Veterans, and Construction Financing. Join our growing team! Click to apply, contact Craig Garcia at craig.garcia@capitalpartnersmtg.com, or our recruiting team: recruiting@newrez.com.

Attention Top Tier Non-QM Account Executives! Luxury Mortgage (“LMC”), a best-in-class provider of Non-QM financing, is adding to its nationally recognized ELITE team of top producers. There’s a reason why LMC has attracted the very best in the business. A razor-sharp pricing methodology, robust product offering, superior service delivery, a dynamic sales centric culture combined with an originate-to-securitize execution, creative outside of the box approach toward solving complex loan scenarios, and an industry leading compensation framework all combine for an irresistible value proposition. Find out what all of the buzz is about. Contact Chelsea Woody for more information today!

“Industry leading compensation & turn-times. Recently named among Top 6 Best Large Mortgage Companies to Work For by National Mortgage News and #1 Mortgage Lender on Ranking Arizona’s consumer poll, Geneva Financial Home Loans is filling Branch Manager and Loan officer positions in 45 states. Close in as little as 10 days. Large volume branches can opt for same-day underwriting with in-branch Ops option. P&L includes zero fees for credit reports, AUS, LOS, CRM, technology fees, employer taxes (commissioned employees), VOEs, 4506Ts, and warehouse costs. See why Geneva Financial has a 5-star Google rating with over 2,000 verified borrower reviews!”

Products & services

Comerica Bank takes pride in its unwavering commitment to mortgage warehouse lending. Offering lines up to $100 million, Comerica continues to experience growth in 2021. If you are seeking a reliable, flexible, and consistent warehouse partner, Comerica Bank is here for you. Comerica Bank will customize your warehouse line to meet your needs, and realizes that some things are out of your control so Comerica takes a prudent and patient approach to warehouse lending. Also, with state-of-the-art technology, Comerica Bank funds loans within seconds, ensuring satisfied borrowers and happy loan officers. Warehouse lenders tend to come and go, but Comerica Bank is a loyal partner to mortgage bankers across the country. To see how Comerica Bank can raise your expectations of what a bank can be, contact Von Ringger at (313) 222-9285 or Trey Worley at (214) 462-4279. Member FDIC. Equal Opportunity Lender. Loans subject to credit approval.

Last week, the internet was in a frenzy over gossip that Ross & Rachel (actors Jennifer Anniston and David Schwimmer) might be dating in real life. Then the rumor was debunked, leaving “Friends” fans reeling in disappointment. This might be how mortgage lenders feel when they expect their borrowers to come back, only to be let down by the reality that more than 80% won’t return for their next loan. If you’re tired of losing customers to competitors (“we were on a break!”), take a cue from American Pacific Mortgage. With the help of Sales Boomerang’s borrower intelligence and retention platform, APM improved borrower retention by 45.93%. That is the equivalent of adding 2,549 loans, $637,238,736 in volume and $15,930,968 in profit. Want to learn how to become lifelong friends with your borrowers? Download this free case study.

“Are you tired of wasting (or paying far too many staff people to spend) hours working through NMLS and state filings, reports, and paperwork? This time is much better spent increasing production and improving borrower satisfaction. Experts Mortgage Licensing was formed to give you the flexibility to pursue your business plans without being consumed by the burden of confusing paperwork or complex license applications. We have helped companies of all shapes, sizes, and models navigate the review and approval process in the NMLS, state registrations, and similar reports. We welcome those who are looking to take their business to that next level, finding the time to devote to your current clients, or simply lifting the weight of the paperwork. Contact our attorney led team to learn more about the services we offer by calling 877-809-1212 or visiting Experts Mortgage Licensing.”

Figure & Sagent Partner on Mortgage Servicing SaaS & Transformation Blockchain VisionHot off of Figure’s $200m series D fundraise and merger w/ mortgage originator HomebridgeFigure is in the news again, this time with a dimensional partnership with mortgage servicing fintech leader, Sagent. Three key facets of the partnership worth mentioning: 1) Figure will become a servicing customer of Sagent as it aggressively grows mortgage market share, 2) Figure/Sagent will partner on rapid modernization of Sagent’s platforms that power over $1 trillion in loans for servicers, 3) The deal accelerates Figure’s blockchain leadership across consumer finance and housing. Read more about Figure and Sagent’s strategic partnership here.

Western Alliance Bank’s Specialized Mortgage Services Group continues to be solution-oriented in changing markets in providing various financing vehicles. Warehouse Lending finances a wide spectrum of loan types including Agency, FHA/VA/USDA, Jumbo and Non-QM, funds until 2:30pm PST and works with borrowers to customize terms to meet investor and execution needs. MSR financing provides lines of credit that leverage Fannie Mae, Freddie Mac and Ginnie Mae collateral. Lines can be annual revolvers or longer-term interest only draw periods followed by term finance. Flexible structures provide solutions to accommodate originators’ MSR retention strategy. Additionally, the Specialized Mortgage Services Group provides Note Financing, Treasury Management Services, Working Capital Lines and Commercial Real Estate solutions across the country. Member FDIC.

Loan Originators looking for solutions to be more competitive and to close more loans, Symmetry Lending is the HELOC expert that you need. As an alternative to jumbo financing, or to simply provide your clients with increased liquidity, flexibility, and purchasing power, experience the Symmetry HELOC as a Piggyback behind your conforming or high-balance confirming 1st mortgage! With the ongoing challenges of tight housing inventory, the Symmetry HELOC helps your clients purchase that home that needs a few immediate upgrades. With CLTVs up to 89.99%, and combined loan amounts up to $2,000,000, Symmetry’s HELOC helps your borrowers purchase the home, while saving their liquidity for those home improvement desires. And impress your real estate referral sources by providing strategic financing options that help them sell more homes! Contact your Symmetry Area Manager today, and if you haven’t already, connect with us on LinkedIn, Facebook, and Twitter.

Jumbo, non-QM, manufactured, construction, and “other product” news

Accelerate closings on your qualifying core FHA, Fannie, and Freddie loans with Plaza Home Mortgage® submission options FHA Express and Agency Express. Both FHA and Agency Express are available for W-2 and fixed income borrowers, and can be used on purchase, rate/term, or cash-out refinances with Conforming or High Balance loan amounts. Qualifying loans receive expedited underwriting, are competitively priced and can often close in as little as 10 to 15 days. In addition, Plaza has resumed offering Conventional Conforming and Super Conforming ARMs. Refer to Plaza’s Conforming ARM and Super Conforming ARM Program Guidelines for complete details and talk to your Plaza Account Executive about some great ways to leverage this new option.

PRMG’s Product Profiles Update 21-42 include information on manufactured homes, HomeReady payoff of energy related financing, removal of the 210-day seasoning after a modification requirement on VA products.

Wells Fargo Funding expanded its Condo Project Review Policy for delegated Conforming Loans moving to full implementation, and making the Wells Fargo Condo Project Review available to all Sellers with delegated underwriting authority. Additionally, requirements for collections, judgments, and judgment liens on Non-Conforming Loans have been updated. Refer to Wells Fargo Funding Newsflash C21-043 for details.

Flagstar Bank Temporary COVID Guidelines have been updated with changes to Non-Agency Products. And updates to Flagstar Bank Non-Agency Underwriting Guidelines include POA, pension, annuity, and IRA distributions. The implications of the Judge’s ruling for Deferred Action for Childhood Arrivals (DACA) Program Is addressed in Flagstar Bank’s Memo. And “Flag” posted highlights to the revisions of USDA’s technical HB-1-3555, Chapter 11. Recall that Flagstar Bank has reinstated its Jumbo Advantage Product.

AmeriHome introduced the new Portfolio Express Program, providing expanded options for non-Agency loans for Sellers currently approved to deliver loans under the Non-Delegated Underwriting Program. The program leverages DU® to support the underwriting process. Program Features include: SFR, PUD, Condo, 2-4 Units. Loan amounts available up from $50,000 up to $2,000,000, LTV/CLTVs up to 85%, Minimum 680 FICO® score. Rate & Term, and Cash-Out options available. Non-Delegated underwriting only.

Citi Correspondent Lending Bulletin 2021-09 contains information regarding Income Documentation Requirements on Non-Agency Transactions, Genworth Name Change,

Condo / Co-op Updates and SOFR ARM Margin Cap reminders.

A&D Mortgage’s Asset Utilization loan works differently from most other types of loans. With an Asset Utilization loan, lenders use the borrower’s assets to determine their ability to repay. These assets can include retirement accounts, stocks, and checking and savings account balances No traditional or alternative income verification required.

FAMC announced enhancements to its new construction escrow holdback policy. These features include an option for not requiring an escrow account to be established for weather-related postponed improvements. In addition, the maximum amount of postponed improvements for new construction properties has been increased.

Athas Capital Group is accepting submissions of Bank Statements using FICO as low as 350. For more information, contact Brian O’Shaughnessy.

First Community Mortgage Correspondent announced Non-Conforming Choice QM and Select QM Guidelines have been updated. The same with First Community Mortgage Wholesale which announced Non-Conforming Choice QM and Select QM Guidelines have been updated.

Capital markets

Choppy day in the bond market yesterday as investors digested the Fed’s pending move to taper stimulus and received some new data. The mood was once again determined by concern about peak growth, which would further delay taper timing. Initial claims and continuing claims both decreased to the lowest readings since March 14, 2020, which should mean another strong increase in nonfarm payrolls in August. The Conference Board’s Leading Economic Index increased more than expected in July, reflecting widespread overall growth with all 10 indicators making positive contributions.

Rounding things out, this week’s Primary Mortgage Market Survey from Freddie Mac saw all rates within 1 bp versus the prior week. Separately, Black Knight’s McDash Flash forbearance tracker showed the number of active forbearances edge higher over the last week in what has become a well-established mid-month trend. The 11k overall increase means 1.75 million or 3.3 percent of borrowers remain in COVID-19 related forbearance plans as of August 17, including 1.9 percent of GSE mortgages, 5.8 percent of FHA/VA and 4.0 percent of portfolio-held and privately securitized mortgages. This puts overall plan volumes down 110k from the same time last month.

There is no data on the calendar today to close the week, though Dallas Fed President Kaplan will deliver remarks. The Desk of the NY Fed will purchase up to $4.9 billion 30-year 2 percent and 2.5 percent MBS across two operations. We begin the day, given no substantive news, with Agency MBS prices roughly unchanged from Thursday evening and the 10-year yielding 1.23 after closing yesterday at 1.24 percent.

Heck, I’m no good at remembering passwords… but here are some clever places in the home to hide valuables. Something tells me that after a while, I would forget where I hid everything!

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, “Ignorance of the Law is No Excuse.”. The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is designed for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product 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