Here is a dab of trivia to start the week. There are only about 2,000 heart transplants every year in the United States. So, on average, that’s only about 2-3 per state per month. Help others and be an organ donor! Speaking of helping, people looking for a new job, or forced out of an old one, can post their resumes for free at Lender News. And employers can view them! Tools like that are useful when one sees headlines like, “U.S. banks could cut 200,000 jobs over the next decade” through efficiency, attrition, and robots/technology. Speaking of which, if your child had heart problems, would you want them to be injected with a chip that monitored beats? Of course. How about being injected with a chip that had their credit card information so later in life all they had to do is wave their hand over a sensor to buy a couch, and some device would update it over the airwaves every day? The situation is definitely a two-edged sword for anyone who values their privacy. But it seems like we’re there. Today’s audio version of the commentary is available here; this week’s is sponsored by loanDepot Wholesale, providing a fast, integrated, and seamless technology-based lending experience for business partners and their customers.
Mann Mortgage, a growing multi-state, community anchored, mortgage lending company dedicated to helping aspiring borrowers fulfill the dream of home ownership, has an immediate opening for a Construction Loan Assistant and a Construction Loan Administrator in its MannMade Construction division. The primary responsibilities, of both positions, will be to support the efforts of the Construction Loan Department to ensure smooth transactions and process flow for all construction loans. This individual, either in Kalispell, MT, or working remotely, will be responsible for timely and accurate data entries into the loan software program, interaction with BUILT, management of Mann Mortgage’s construction loan pipeline, assisting with builder and project approvals, supporting contractor and builder relationships, and will at all times possess a high level of attention to detail in daily tasks. Remote work acceptable with proven work experience. Please send cover letter & resume to James Hedvall, Chief Capital Markets Officer.
“Mr. Cooper was excited to announce changes to our credit box in May! The following went into effect for Delegated and Non-Delegated: Conventional and Conventional High Balance – Cash Out 1-unit (FICO 620); Specialty Government (600-640 FICO) Full Doc (Max DTI 50%); Standard Government FHA Streamline (FICO 640*) & VA IRRRLs (FICO 660*) [*Excluding NY & NJ]. We’re excited to provide liquidity and help more borrowers – keeping the dream of homeownership alive! Additionally, our Non-Delegated business is booming! Contact your Regional Sales Team as we are investing heavily into our Non-Del LOS (“GLAS”) to drive the client experience and fund loans quickly! Lastly, we’re excited to announce the Correspondent team is growing having recently promoted Devon Bevis to National Sales Manager and welcoming Georgann Degennaro as our new Northeast AE! We’re hiring and looking for additional seasoned Correspondent Sales professionals to join our expanding team. If you’re looking to join an impressive team and culture, we’d like to talk to you!”
Have you ever heard the saying, a chef is only as good as the ingredients he or she uses? Well, the same can be said of the customer service experience. The tools Caliber employees use are a critical part of fulfilling our customer needs. Take, for instance, Caliber’s ComeHome. Right from the start, the online tool makes a personal connection, allowing our customers to opt in to ComeHome via a loan consultant’s website or after closing via an invitation. Caliber customers will then receive updates about their home’s value and equity and may sign up for alerts on listings when they’re ready to move, branded to the loan consultant at every step. Caliber loan consultants are then armed with information to deliver exactly what their customer needs. Pretty cool! If you want to win with the team that understands the needs of its customers and employees alike, join the team at Caliber. Email Jonathan Stanley for Operations positions or James Hecht for Sales positions.
Churchill Mortgage, in 47 states, has named long-time employee Grant McFarland VP of Operations. Congratulations to Grant!
Broker and lender services and products
The year was 1987 when PowerPoint 1.0 shipped with its now legendary template presentation in which Christopher Columbus pitches his 1492 expedition to Queen Isabella. In more legendary presentation news, here are two upcoming opportunities to see how SimpleNexus can turbocharge ROI at your organization: (1) Credit unions looking to improve member satisfaction and efficiency through mortgage services should tune into a joint SimpleNexus/ACUMA webinar on May 19 at 2 pm ET. (2) And lenders looking for a best-in-class RON offering should register for SimpleNexus’ MBA hosted demo on May 27 at 2 pm ET.
As we shift to a purchase market, lenders will face new challenges. But challenges also open up opportunities to create a better customer experience and increase borrower loyalty by partnering with a skillful 3rd party. A 2020 study revealed the top reason businesses outsource is cost reduction (70%) and flexibility (40%), but lenders are often reluctant to trust their processes and customer experience to a third party. Computershare Loan Services (CLS) delivers complete end-to-end fulfillment services that help manage overhead with highly trained processors, underwriters, and closers. “Our outsourcing solution integrates on to a client’s system, or we can bring a client onto ours,” says Elizabeth Baumeister, Head of Originations. “From a technology perspective, we can connect to just about any situation, which speaks to our global security framework. The solutions we develop are client-based, not just a one-size-fits-all solution.” Partner with CLS to take your mortgage fulfillment to the next level.
Today’s mortgage market creates an even greater need for competitive pricing. Are you prepared? Nomis Solutions has responded with the launch of Nomis Mortgage, the industry’s only source of non-anonymized, broad market data and analytics that help lenders achieve customer- and borrower-centric pricing via granular, intra-daily tracking and end-to-end competitive pricing tools. This real-time, actionable intelligence platform enables lenders to: (1) benchmark against specific competitors and price with data-based certainty; (2) quickly identify and act upon lucrative opportunities; and (3) optimize operational strategies to maximize profitability. Are you ready to level the competitive landscape? Contact Nomis Solutions to learn more.
“On average, 10-15% of an originator’s prospect list is someone interested in a (non-owner-occupied) real estate investment property. That’s especially true in today’s hot market. If you’re ready to fill your post-refi-boom pipeline with real estate investors, CIVIC Financial Services now offers Brokers and Correspondent partners the best rates and highest leverage in our history. This means you can serve more of your clients’ financing needs! Check this out: Non-Recourse Loans, No minimum FICO, No DTI, No TRID, Up to 80% LTV, Up to 80% Cash Out Refi, 100% Rehab financing, Foreign Nationals/Foreign Investors welcome and best of all: Close in 7-10 days! CIVIC is one of the leading private lenders in the nation. We are excited to extend largescale Wholesale and Correspondent partnerships. To learn more about building your real estate investor channel, please contact: Wholesale: [email protected], and Correspondent: [email protected].”
First-time buyers currently represent nearly a third of the homeownership market. As the market is evolving, so are borrower expectations, necessitating a fresh look at consumer engagement and the resources that are available to help meet current needs. Mortgage servicers, striving to embrace new and changing borrower profiles, can learn how to leverage the information on the Consumer Financial Protection Bureau (CFPB) website into borrower and servicer educational materials. At HomeBinder, we believe retaining client relationships is best realized by putting the homeowner in the driver’s seat. Click here to learn how you can leverage the CFPB to retain homebuyers and adopt our proven “Client For Life” methodology. HomeBinder is a home management platform offered solely through business partners serving residential homeowners, enabling them to deliver long term value to clients, remain top of mind, and generate referrals. Learn more about HomeBinder.
Check out PerfectLO’s new platform and you will see why they are the leader in the POS market. Their intuitive questionnaire is user friendly and unintimidating. It digs in and asks all the questions that are required to truly figure out your borrower. A custom checklist is created for them based off their answers and an easy-to-use upload portal is provided. The document center allows for processors to communicate with the borrower through the portal and it can also send out ongoing reminders for missing documents or unacceptable ones. PerfectLO can also handle all your different loan products from IRRL’s, Fix n Flip, non-QM loans and more. PerfectLO’s Bankers Edition includes Residential, Commercial, HELOC’s, PPP, Consumer Loans and Student Loans. They use all of your colors and logos throughout the screens. Sign up for a demo by clicking here. Onboarding is fast, simple, and free.
First impressions are lasting, and what you do at the very beginning of the loan process often informs referrals — or lack thereof — at the end. Start things off right by providing a clear (and preferably complete) initial checklist of items your borrower will need to provide. According to data from STRATMOR Group, giving borrowers such a checklist results in a very high Net Promoter Score (NPS) of 82. Missing this crucial first step causes confusion and frustration, and NPS plummets to -27. In his May Customer Experience Tip, Mike Seminari offers three steps lenders can take to make sure that an initial checklist gets to the borrower and that a positive first impression produces repeat and referral business.
Events & training
Non-QM loans are back at JMAC Lending. JMAC is now offering DSCR loans for your experienced and first-time investors, and register today for the Venice DSCR Investor Non-QM webinar tomorrow, May 18, at 10AM PT.
At Forward, Blend’s virtual event from May 18-20, you can learn from industry leaders, Blend executives, and ecosystem partners as we discuss how we can move into the digital future of lending together.
Land Gorilla is hosting a live webinar, “Diversify Your Mortgage Offerings with USDA Construction-to-Permanent Loans”, on Wednesday, May 19th at 2pm ET.
QC Now Webinar: Insights into Mortgage QC Trends: Will History Repeat Itself. Join ACES EVP Nick Volpe and President, Phill McCall on Wednesday, May 19, as they dive into lessons learned from these 2020 findings and turn to where QC is headed in 2021.
XINNIX is hosting an exclusive executive event on Thursday, May 20 at 2 PM ET, “GRIT: Leading Through the Unimaginable.” Hosted by XINNIX Founder & CEO, Casey Cunningham, the event will feature special guest speaker, Paul J. Voss, PhD, on the powerful combination of grit, leadership and core competencies that will help their organizations thrive thru events that are unimaginable.
MIAC’s live complimentary webinar is on Thursday, May 20 at 2:00 PM EST to discuss the GSE Cash Cap: Preparing to Move from Cash to Guarantor. In this webinar, you will learn how to prepare for a guarantor relationship with Freddie Mac, differences between UMBS and cash from a funding perspective, and how MIAC is helping clients through this transition. This joint webinar will outline how MIAC and Freddie Mac are partnering to support the exchange of mortgages for securities, the optimization of liquidity and profitability, and the management of securitization risks.
Join Hogan Lovells and CAPCO’s webinar on Thursday, May 20th for a panel discussion on the LIBOR SOFR transition and how mortgage companies can manage the process. Speakers will discuss transition planning, strategic and legal impacts, operational considerations, mortgage industry response, LIBOR interpretations and risks, tax guidance, open issues, and more.
Equilibrium Solutions will be sponsoring this Friday’s edition of The Mortgage Collaborative’s Rundown with Rich and Rob. Paul Campbell will be leading the discussion with Rich Swerbinsky, the COO of The Mortgage Collaborative, and me in covering current events in the mortgage market for 30 minutes starting at 3PM ET: “The Rundown with Rob and Rich.”
Join Reggora for a live webinar on Tuesday, May 25 at 1pm ET entitled Efficient Appraisal Ordering: Leveraging Automation for Increased Control. You’ll learn what you can automate, the benefits of customization, and how easy it is to automate with Reggora.
The New England Mortgage Expo returns June 10 & 11 to the Mohegan Sun Resort & Casino. Register to Join your peers for an exciting day of networking, product showcases, educational sessions, motivational speakers, and so much more. Use Code OCNFREE* for complimentary registration.
Register today for the MISMO Sprint Summit, taking place online June 7-10 and featuring an exciting slate of “Going Digital” sessions and speakers. MISMO is creating solutions to help address some of industry’s biggest challenges and this event is crucial for anyone who wants to be part of the industry’s digital future. Agenda is here and registration link is here. Monday’s kickoff session is a discussion with FDIC Chief Innovation Officer Sultan Meghji and MISMO President Seth Appleton about innovation in a digital world.
The Mortgage Bankers Association of Florida’s Secondary and Convention is from June 22-24 in Orlando.
Registration is now open for the Lender One Summit 2021, August 8-11 at the Omni Orlando Resort at Champions Gate. Access early bird rates when you reserve your spot by June 18th.
Monday, August 9th includes keynote speaker Frank Abagnale, renowned cybersecurity and fraud prevention expert, bestselling Author, and subject of “Catch Me If You Can”.
The California MBA holds the fabled Western Secondary in person from August 24-26 in Orange County, California.
For those in Texas, originating loans in Texas, or know how to spell Texas, mark down the date for the 105th Annual TMBA Convention: August 29-31 at the Omni Ft. Worth Hotel, Ft. Worth, Texas.
Consumers, armed with stimulus checks and a year of elevated savings, have pushed demand for finished goods far beyond what the current global supply chain is able to meet. As most anyone who has taken an economic course can tell you, when demand outpaces supply you get inflation. We saw last week that prices for consumer goods like clothes, food and other household goods were up 4.2 percent over the past year, well above what economists were predicting. April’s monthly increase (0.8 percent) was the highest monthly increase observed since 1981. We have seen for the last few months that producer prices have been rising and April’s report confirms that they have been able to pass on those higher costs to consumers. Additionally, labor challenges are adding to businesses’ price pressures from raw goods by putting upwards pressure on wages. Outside of autos, gas, building materials and food services, demand for goods moderated in April as some consumers shifted spending back to services. For now, the Fed is maintaining its stance that it expects current inflation levels to moderate and to keep its supportive monetary policy in place through the end of the year.
Unlike last week, this week’s economic calendar is light on data, but does contain some important housing-related indicators, as is typical for the third week of the month. The potential market moving event of the week is likely to be the release of the minutes from the April 27/28 FOMC meeting on Wednesday. Kicking off today’s calendar was Empire State manufacturing for May (26.3). Later this morning brings the NAHB Housing Market Index for May and remarks from Atlanta Fed President Bostic, Vice Chair Clarida, and Dallas Fed President Kaplan. Today’s NY Fed Desk purchase schedule sees two operations totaling up to $5.2 billion 30-year 2 percent and 2.5 percent. Last week saw the Desk surpass $2.0 trillion of asset purchases since it restarted on March 16 of last year. We begin the day with Agency MBS prices roughly unchanged as is the 10-year yielding 1.64 percent.
Remember, if you’re an underwriter being yelled at by an LO, an AE being yelled at by a broker, a receptionist being yelled at by delivery person, people are… like garbage trucks?
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, “Summer Concerns.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).
(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.)