Aug. 29: LO, AE, sales jobs; new products & credit guidelines – non-QM, ITIN, NIVA, low down payment…

Politics and mortgage banking continue to overlap. Who is Kevin Stitt? He is, among other things, the owner of Gateway Mortgage Group in Oklahoma. He is also the winner of the Republican nomination for governor and will be running in November. Congrats! In other, entirely unrelated news, Moody’s is ponying up $16.25 million to settle an SEC accusation of a lack of internal controls in rating mortgage bonds.


Down Payment Resource, the nation’s only comprehensive source for more than 2,500 homeownership programs, is looking for a results-driven senior sales representative to actively seek out and engage customer prospects. This role will provide complete and appropriate solutions for every customer to boost top-line revenue growth, customer acquisition levels and profitability. Key responsibilities include: prospecting, coaching other team members, analyzing opportunities by researching the industry and market trends; maintaining relationships with larger clients by providing information, support and guidance; and creating proposals and negotiating contracts. Experience in B2B consultative selling of SaaS, Cloud, and Information Technology strongly preferred. Virtual work environment with business travel. Learn more and apply.

Evergreen Home Loans™ puts homebuyers in the strongest position to purchase a home. For qualified buyers, Evergreen offers a guaranteed financing commitment that strengthens homebuyers’ purchase offers, shortens the time it takes to close, while saving them valuable time and money over the life of the loan. In addition, Evergreen recently launched its HomePower Program. The program offers customers a choice of products with powerful benefits before they buy and after they move in. The Evergreen HomePower Program allows customers to choose one or all three exclusive benefits; a fully underwritten preapproval, Lock and Shop for peace of mind while home shopping, and Evergreen+Plus down Payment Insurance for protection against changes in the market. HomePower is just another way Evergreen is helping its loan officers and their business partners grow their business. For more information visit Evergreen Careers.”

LoanStream Mortgage’s Wholesale Division is expanding its inside sales team that will focus on developing strong broker relationships. Account Executives will benefit from having the ability to sell both agency and non-prime products. LoanStream is a pioneer in the non-prime space for the last 5 years and offers a wide range of products for our brokers.  The company is looking for dynamic, driven sales people to work out of the Corporate Office in Irvine, California or remote from their home office. “The LoanStream inside sales team will be a driving force in the growth of the company and having a phenomenal support staff at their fingertips will offer a huge competitive advantage. Our industry-leading product on the non-prime side is a $1 m to $3 m self-employed bank statement loan and yes, they close on time, and our compensation plan is extremely competitive,” says Pinney. Please contact Chris Pinney (Director West Coast Inside Sales – 714-476-1538).

“When the market slows, the choice for loan originators is simple: sink, swim, or find a bigger boat. With a few bigger boats to choose from, we asked Brian Koss of Mortgage Network, one of the largest mortgage bankers in the Eastern U.S., how to find a lender built to thrive during 30 years of up and down markets. ‘You have to find a company that commits the resources to enable your business to succeed in any market,’ Koss said. ‘We did it by investing in technology and building our own system, which gives borrowers the option to start the mortgage process themselves online while providing loan officers with tools that improve their ability to close loans.’ With a better-than 98% customer satisfaction rating, Mortgage Network may be onto something. To find out more about the company, visit

Attention loan originators being paid 100-150 basis points: are you ready to double your income? The Mortgage Right platform allows Loan Originators to step into the additional compensation structure of a P&L branch manager! If you’re getting crushed on pricing, check out our lower rates. Lower rates + better pricing = a pay raise for you! Plus, you’ll have all the training, help and coaching that you need to achieve REAL success. You owe it to yourself to take the best opportunity that’s available to you – start your own P&L branch today! Give us a call at 866-228-7703 or visit us online here to see how easy it can be to start keeping the good money that others are making off your production. Don’t cross someone else’s finish line!”

Products & services for lenders

Floify continues to disrupt the mortgage industry with their leading end-to-end point-of-sale system. In fact, LOs worldwide have been quickly discovering the immense value a fully-automated origination process adds to the success and profitability of their lending operation. From its interview-style 1003 application to customizable loan status updates, Floify is the ideal solution to streamline your loan processes, too. Just take it from Calum Ross, Canada’s $2.5 Billion Dollar LO, who recently said, “I signed up for Floify in 2015. In the last few years I have averaged over $165 million in personal production and never had to email a borrower to request documentation. The $50 monthly subscription cost contributed to my revenue of over $100,000 per month.” If you’re not using Floify’s mortgage point-of-sale system to streamline your loan workflow, what are you waiting for? Experience the ROI-generating power of Floify – request a live demo to get started.

“Deephaven Mortgage has a fantastic new offer ready for your borrowers! They are providing a 95% LTV product with no MI so you can conquer more closings for borrowers who need affordable high LTV solutions. Here are a few details provided: Loan Amount 1.5MM, 720 Score, No Mortgage Insurance, Full Doc, and Primary Residence. Deephaven continues to shine the light on NON-QM by offering products and services that exceed expectations. Find out more about how Non-QM can help you grow your business by contacting Deephaven Wholesale or Deephaven Correspondent. Providing solutions to clients nationwide that don’t fit the government box.”


On October 20 more than 1,500 independent mortgage brokers, loan originators and processors will join at the AIME Fuse 2018 National Conference to learn from industry experts about how they can access the best technology, originate more loans each month and become a marketing expert for their own business. AIME Fuse will unite the nation’s most passionate mortgage professionals around a singular focus: to celebrate and enhance the value of independent mortgage brokers. This is the inaugural national event for the Association of Independent Mortgage Experts (AIME) and will be held at Bellagio Las Vegas. Use code FUSEEARLY18 to register for only $75 ($125 value) until August 31st. Register for AIME Fuse 2018 here.

On Tuesday September 11th attend a webinar titled, “You Can’t Afford to be Wrong: Overcoming Construction Loan Compliance Challenges.” With a new regulatory alert issued every 7 minutes, how do you ensure compliance throughout your construction loan portfolio? Lenders are required to follow these regulations and need technology solutions that will save them time and minimize risk. Join Asurity Mortgage Group and Land Gorilla on September 11th at 10:30AM PT to learn how to create compliant construction loan packages to improve efficiency, mitigate risk, and avoid costs. Save your seat!

Credit/underwriting trends, and new lender programs

Per MIT finance professor Antoinette Schoar, banks are turning to social media and other big data to assess the credibility of loan seekers and are using FICO scores less. “One effect is that it makes the cost of capital cheaper for people who have good credit,” she says.

And then we have the Washington Post story: “FHA is making more mortgages available to applicants with risky debt profiles.”

Union Home Mortgage Corp has announced the release of a new non-QM suite of products, Simple Access. Offering full and alternative documentation loans to borrowers under expanded underwriting guidelines; Simple Access products are now available across UHM’s retail and consumer-direct divisions. The suite will soon be made available to UHM’s broker partners.

Quicken Loans Mortgage Services launched a new Jumbo Advantage product with improved base pricing, No MI, 90% LTV on purchase transactions, Cash out up to 80% LTV, Cash-out max increased to $750,000, and Investment properties now available. For additional details, Watch the video. All of the details are also available in GURU.

United Wholesale Mortgage has announced an exclusive program where UWM is covering the cost of home appraisals by crediting up to $525 at closing. Mortgage brokers in UWM’s network will be able to utilize this for an even greater competitive advantage. Real estate agents can benefit as well, using no-cost appraisals to bring more buyers in the door. This No-Cost Appraisal on All Conventional Loans program is eligible for loan submissions after August 28, 2018. Loans must close by December 31.

Contact Mark Sheridan (925-246-2396) and find out what LHFS Wholesale can offer your buyers with its 1% Down Payment with Power Purchase.

If you are in the market for loan amounts to $5 million with no government high balance restrictions; contact or call 949-900-6630 and ask a Citadel Rep for details on its Jumbo Loans.

Versus Mortgage Capital, a correspondent investor, offers residential non-QM lending solutions and announced it has made updates to its Investor Solutions loan program. Loan amounts for all four of its Investor Programs increased from $2 million to $5 million. In addition, Verus’ bank statement programs and debt service coverage ratio now go up to 80 percent from 75 percent and its debt-to-income ratios have increased from 43 percent to 50 percent.

PacBay Lending has ITIN Loans, full doc only, starting as low as 5.25%. Contact Jennie Ensunsa at 323-346-7474 for details.

If you are looking for a product for a self-employed or 1099 borrower, check out Citadel’s One Month Bank Statement Program.

Do you have a borrower in the market for a NIVA? Contact Kelly Brown with ACC Mortgage for product options and requirements.

As noted in the commentary last week, Guild Mortgage launched 3-2-1 Home, an innovative mortgage program designed to provide first-time homebuyers with a low-down payment option and flexibility. Guild’s 3-2-1 Home program enables customers to purchase a home with as little as 3 percent down. As part of the program, Guild provides a $2,000 Home Depot Gift Card and a $1,500 grant that can be applied toward closing costs or increasing the down payment after the minimum 3 percent investment is met.

GSFA has announced the availability of the Platinum Select program. Effective immediately, MWF borrowers in a qualifying profession are eligible for the Platinum first mortgage with down payment assistance of 3%, 4% or 5% available as a grant forgiven at closing.  If income qualified, the borrower may also be eligible for the Platinum Affordable Subsidy as well.

GSFA has announced its Mortgage Credit Certificate (MCC) promotional offer has been extended until December 31, 2018. Review the Mountain West Financial Wholesale GSFA Platinum Program Matrix and Overview for complete program guidelines. Offer only available to first-time-homebuyers at time of purchase, the $2,000 annual deduction cap does not apply.

Mountain West Financial borrowers purchasing manufactured homes may be eligible for the benefits of CalHFA Conventional Standard MH and CalHFA CalPlus Conventional Standard MH with ZIP, MyHome, and STEAP loan programs.

Ditech’s Piggyback Closed End product and Jumbo eligibility and underwriting guidelines are being updated. The Client Guide and product matrix must be referred to for complete guideline requirements.

First Allegiance has two new programs available: Title Search: Current owner or historic reviews are available. Title Curative: For cloudy title issues, First Allegiance will offer customized services to cure any title issues. Both services are offered nationwide for both residential and commercial properties.

Recall that in early January Equifax will only accept the new SSA-89 form with version 04-2017. Any other variations, such as 06-2013, are not accepted. Flagstar Banks’ Social Security Number Verification, Doc. #3257 was updated with this new version.

Capital markets

As everyone and their brother knows, the narrowing of the spread between three-month and 10-year US Treasury yields might indicate an increasing risk of recession, according to a study by the Federal Reserve Bank of San Francisco. Some central bank officials have argued the Fed should stop raising interest rates because of the risk of yield-curve inversion, which usually precedes a recession. Let’s not forget the NY Fed artificially holding down rates at the long end (by continuing to buy securities).

Rate-wise, the U.S. 10-year continued its upward trend from Monday ending yesterday +4bps to 2.88% on the back of the strongest Consumer Confidence report since late 2000. The high confidence levels should support solid consumer spending in the near term, particularly since consumers have a better outlook for their short-term income prospects. Other data points showed the July goods trade deficit widened to $72.20 billion, advance July Wholesale Inventories increased 0.7%, and the S&P Case-Shiller Home Price Index increased 6.3% in June after rising 6.5% in May.

Turning to today, we have already had the release of the MBA Mortgage Index (-1.7%), Q2 GDP (second estimate at +4.2%, topping forecasts). We then receive July Pending Home Sales (consensus 0.5%; prior 0.9%) before the economic calendar closes with Weekly crude inventories at 10:30 ET. Hump Day begins with the 10-year yielding 2.88% and agency MBS prices little changed versus last night’s close.

Dr. Sigmund Freud confided to his friend Fleiss that he gave up sex at age forty because it interfered with his work. He told Fleiss that he could write nothing legible during it.

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are over 300 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 Copyright 2018 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