Juneteenth: LO, Production Mgt. jobs; homebuyer assistance, insurance, marketing, VOIE products; disasters impacting lenders & servicers

“I’ve reached the age where I can’t tell if I’ve sustained an injury or that’s just how I am now.” There are probably a bare handful of people in residential lending now who were in the business in the 1970s. I mention this because Olivia Newton-John and John Travolta sang “Summer Nights” in 1978, back when 30-year mortgage rates were about 9.75 percent and Willie Mays had already been retired for five years. (I only met him once, trick-or-treating with my kids at his house.) Throughout the decades people still want to own homes. Homebuying can be time-consuming, expensive and confusing, so it’s no wonder people want to cut corners. The majority of buyers (54 percent) don’t shop around for a mortgage, leaving money on the table. Meanwhile, 22 percent got two offers and 17 percent got three or more. Among those who compared more than one mortgage offer, 45 percent say the lowest offer didn’t come from their first lender. As would be expected, refinancers are savvier with comparison shopping. Of the 45 percent of homebuyers who refinanced, 56 percent shopped around. Comparison shopping paid off, as 81 percent found a lower rate than their current lender offered. There is no podcast due to the Juneteenth holiday, but is ordinarily found here, and this week’s is Sponsored by Quontic whose mission is to help creditworthy borrowers obtain home loans and give them the “yes” they’ve been waiting for. Hear an interview with attorney Brian Levy on the Consumer Finance Protection Bureau’s inquiry into junk fees contributing to increasing mortgage closing costs.

Jobs

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“Do you like to grow origination teams and drive the direction of an organization? We have an opportunity for you, potentially a hybrid remote location, to manage and further build our dynamic production team and call center in the Sacramento area. We are looking for a leader with the ability to drive production and expand our origination team that will work in partnership with operation management to foster a customer centric team. If you are a dynamic experienced leader with a strategic mindset and a passion for excellence, we invite you to apply for the Production Manager role. Take the next step in your career and join us in shaping the future of our company. Apply now to be considered for this exciting opportunity!” Confidential resumes should be sent to me for forwarding.

Nations Lending remains at the forefront of the mortgage industry, consistently drawing in top-tier talent and actively seeking to broaden the scope of our market reach. Our company stands out for several compelling reasons: we have an exceptional corporate culture, a robust servicing portfolio of $10 billion, a diverse and dynamic range of products, and a streamlined, flat management structure. Additionally, Nations Lending prioritizes quality over quantity, affirming our commitment to being the premier choice for mortgage professionals. For those eager to learn more about our exciting opportunities and the unique advantages of joining our team, we encourage direct contact with our Divisional Managers. In the Western region, please connect with Mike Towery. If you’re in the Eastern region contact Tim Dowling.”

Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.

Software, products, and services for lenders and brokers

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As an Optimal Blue hedge client, you get so much more than industry-leading analytics and functionality. You benefit from the support of an experienced client services team dedicated exclusively to your needs. Whether it is educating clients on macroeconomic factors influencing mortgage rates, assisting with pipeline management, providing in-depth retained versus released analysis, deciphering industry news like FINRA Rule 4210 or Mission Scores, or offering granular insight into best execution outlets, the Optimal Blue team has you covered. Our hedge clients also look to our monthly webinars, which leverage a deep data source that only Optimal Blue can provide, for actionable takeaways to enhance their hedge performance. Finally, we offer each hedge client a personalized, in-depth quarterly review, analyzing key pull-through drivers, changes in a client’s business strategy, G/L lookback, investor mix, and more. Reach out to us to optimize your advantage.”

Having a top-tier financial strategist is essential for profitability, but retaining executive-level leadership is costly. Imagine having a Fractional CFO with a wealth of experience in mortgage banking on your team, someone who has expertly led financial initiatives for some of the market’s leading mortgage banks. Enter CWDL’s Fractional CFO Oversight services. From forecasting and planning, to a range of project-based consulting, such as M&A deal analysis, hedge and fair value considerations, accounting team coaching, and more, our CFO services are widely customizable based on your needs. And paired with our industry-specific, scalable accounting solutions, you’ll have a powerhouse team that delivers real cost savings, adds efficiencies in your processes, and provides deeper insights into your business performance. Ready to elevate your financial strategy? Reach out to Kasey English or call 619.302.0010 to explore how our Fractional CFO Oversight and Outsourced Accounting services can transform your business.

56-year-old Budimir Šobat set a world record when he held his breath underwater for 24 minutes, 37 seconds: longer than it takes the average person to walk a mile. The mortgage industry is holding its breath now, waiting for rates to fall, inventory to increase, origination costs to come down, and cases like the ongoing class-action lawsuit against Equifax to conclude. Amid such stormy market conditions, it’s no surprise lenders are searching for cost-effective solutions to stay afloat. Argyle’s verification of income and employment (VOIE) costs a fraction of legacy solutions. Using real-time, consumer-permissioned payroll data, Argyle boasts the highest conversion rates in the VOIE business and shaves 5–7 days off processing time, giving lenders a life raft of innovation in a sea of tradition. Stop holding your breath. Discover a better way to verify income and employment.

“Every marketing team we’ve talked to is spread thin. Thankfully, Usherpa is here to help! Partnering with Usherpa means your sales team not only gets excellent done-for-them automated marketing campaigns, but your marketing team also gets all the tools and the support they need. Plus, admin and support seats are free! Usherpa has its finger on the pulse of the market continually creating new, innovative marketing campaigns – for you! Their award-winning automated SmartScore AI Opportunity Alerts and marketing campaigns (free for enterprise clients) are built on proprietary algorithms to target prospects in LO’s databases with effective messaging, creating hot call lists and inbound requests from prospects. Wouldn’t it be nice to have this type of targeted campaign, with proven ROI, launched automatically for your loan officers? Usherpa’s SmartScore AI alerts added an extra $1.4 billion pipeline volume and funded loans (and counting) for their clients to date. Schedule a demo today.

Is home insurance getting in the way for your loan teams? Matic integrates home insurance shopping directly into your existing processes, leading to faster closings and an improved experience for borrowers while adding a low-lift revenue stream for lenders and servicers. Over 100 mortgage enterprises like New American Funding, PRMG, and USA Mortgage are partnering with Matic today. Learn how to deliver automated, personalized insurance offers to borrowers from 40+ names you know, like Progressive, Travelers, Nationwide, and more. Book a demo to learn more.

FEMA: Headmaster of disaster

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California! Announcing homebuyer assistance up to $350,000 per household to help low- and moderate-income residents (homebuyers and renters) impacted by wildfires in California in 2018 and 2020. The NEW ReCoverCA Homebuyer Assistance Program, is now available from Golden State Finance Authority (GSFA), featuring down payment and closing cost assistance up to $350,000 in the form of a deferred second mortgage with a zero percent note rate, fully forgiven after 5 years of ownership and occupancy. Counties eligible for 2018 funds are:  Butte, Lake, Los Angeles and Shasta. Counties eligible for 2020 funds are: Butte, Fresno, Los Angeles, Napa, Santa Cruz, Shasta, Siskiyou and Solano. Properties eligible for financing through the Program must be located outside of High or Very High Fire Hazard Severity Zones. Join us for a Lender Training on the ReCoverCA Homebuyer Assistance Program and start helping families recover and re-establish long-term housing. For more info visit here.

The quantity and severity of storms is on the rise. The current STRATMOR blog is titled, “Catastrophe and Climate Risk Is Only Increasing”.

The 2024 hurricane season officially began June 1 and is predicted to have an above-normal amount of hurricane activity. In preparation for several potential emergency events, we are highlighting U.S. Census Bureau tools that combine demographic and economic data to help prepare, respond and recover from natural disasters and other catastrophic events.

Yes, FEMA has been busy: Oklahoma DR-4791-OK, Arkansas DR-4788-AR, Texas DR-4781-TX, and Mississippi DR-4790-MS.

On June 7, 2024, FEMA granted Individual Assistance to 5 additional Texas counties and displayed an Incident Period End Date of June 5, 2024. See AmeriHome Mortgage 20240606-CL Disaster Announcement for inspection requirements.

On 6/14/2024, with DR-4776, FEMA declared federal disaster aid with individual assistance to 8 Oklahoma counties affected by severe storms, straight-line winds, tornadoes, and flooding from 5/19/2024 to 5/28/2024. See AmeriHome Mortgage 20240612-CL Disaster Announcement for inspection requirements.

On 5/30/2024, with DR-4788, FEMA declared federal disaster aid with individual assistance has been made available to Arkansas counties of Benton, Marion, and Boone affected by severe storms, straight-line winds, tornadoes, and flooding from 5/24/2024 to 5/27/2024. See AmeriHome Mortgage 20240524-CL Disaster Announcement for inspection requirements.

On 6/12/2024, with Amendment No. 2 to DR-4788, FEMA declared federal disaster aid with individual assistance made available to Fulton, Greene, Madison, and Randolph counties in Arkansas affected by severe storms, straight-line winds, tornadoes, and flooding from 5/24/2024 to 5/27/2024. See AmeriHome Mortgage 20240611-CL Disaster Announcement for inspection requirements.

On 6/10/2024, with DR-4790, FEMA declared federal disaster aid with individual assistance has been made available to 6 Mississippi counties affected by severe storms, straight-line winds, tornadoes, and flooding from 4/8/2024 to 4/11/2024. See AmeriHome Mortgage 20240609-CL Disaster Announcement for inspection requirements.

On 6/8/2024, with Amendment No. 10 to DR-4781, FEMA declared federal disaster aid with individual assistance to Texas counties Ellis, Navarro, and Terrell affected by severe storms, straight-line winds, tornadoes, and flooding from 4/26/2024, to 6/5/2024. See AmeriHome Mortgage 20240606-CL Disaster Announcement for inspection requirements.

Capital Markets: the markets are closed today so beware ratesheets

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In Multiclass Participants Memorandum (MPM) 24–01, Ginnie Mae announced updates to the Multiclass Securities Program. These updates inform interested participants that, effective with issuances on and after June 12, 2024, Platinum Participants may aggregate MBS Pool Type C ET into Platinum Pool Type C EP and HMBS Pool Type H SA into Platinum Pool Type H PE. For more information regarding the Multiclass Securities Program updates, see MPM 24–01. “I am pleased to announce the creation of a C ET Platinum Pool Type as the latest in a series of efforts to promote better market execution options for our Issuers,” said Ginnie Mae Acting President Sam Valverde. “This programmatic change is part of Ginnie Mae’s continued focus on finding ways to return working capital to Issuers.” If you have any questions regarding the updates in this announcement, please contact Ginnie Mae’s Office of Capital Markets at 202–475–2212.

We are seeing more evidence that the U.S. consumer is getting strained, the latest indicator being retail sales in May rising less than expected. Sales rose only 0.1 percent over the course of the month and, coupled with a downward revision to April’s reading to -0.2 percent from 0.0 percent, it’s fair to ask if we are beginning to witness a story of a declining economy. On a year-over-year basis, retail sales rose 2.3 percent, but adjusted for inflation, retail sales actually fell in real terms.

Ahead of today’s midweek closure for Juneteenth (everything is truncated into the first two and last two days of this week), Treasuries received a boost from an impressive $13 billion 20-year bond reopening. Though bond and equity markets are closed today for the Juneteenth holiday, we did learn this morning that mortgage applications increased 0.9 percent from one week earlier, according to data from MBA.

On a day where some lenders may be open, or wholesalers or correspondent investors accepting locks, capital markets crews will often look at overseas bond market activity to set rates… Plus a cushion. Enjoy the day! It’s about 2AM here in Honolulu, so I am going back to bed.

The Summer Olympics in Paris begin July 26.

As a spectator at the last Summer Olympics, I saw a guy walking around carrying a 10-foot-long stick…

“Are you a pole vaulter?” I asked.

“No,” he responded. “I’m a German. But how did you know my name is Walter?”

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 titled, “Catastrophe and Climate Risk Is Only Increasing”. 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 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 2024 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