Dec. 18: LO jobs; correspondent, referral, client retention, construction, DPA products; training & webinars through year end

When I was a kid, bears would hibernate in the winter. Apparently things have changed. Boy, changes in inflation really hit everyone: Now, if you’re shopping for a civil penalty from the CFPB, it is going to cost you over 5 percent more in 2024 versus 2023! One thing that doesn’t seem to change is discrimination, either in properties or borrowers, and it sure grabs the attention of regulators. Everyone knows intentional discrimination in lending is illegal, so why would a company intentionally discriminate against Armenians? Unless the company was run by certain ethnic Turkic people, it is hard to say it is due to ethnic hatred, so why did Citi enter into a consent order with the CFPB over intentional Armenian discrimination? Attorney Brian Levy, in his most recent Mortgage Musings, tackles that question and a few others raising the conflict between fair lending and some risk management efforts that cross the line. (Ignore the part about me repeating my jokes.) Today’s podcast can be found here, and this week’s is sponsored by Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools. Get loans approved in under two minutes. By providing lightning-fast underwriting decisions, your market reputation with borrowers and Realtors will soar. Hear an interview with Secure Insight’s Andrew Liput on the latest in the wire and title fraud space, including the latest solutions to combat bad actors.)

Employment & transitions


Citizens has garnered attention for its clear vision, strong leadership, and disciplined execution through challenging market conditions and is looking for talented salespeople (sales managers, loan officers, and more) in Retail throughout the Northeast, MidAtlantic, Midwest, and Florida. Our deep product mix allows us to help with many different loan needs, from affordable loan programs such as HomeReady to a best-in-class one-time close construction to permanent product. Our specialty loan programs such as condo/co-op financing, rate protection programs with extended rate locks, along with an amazing Private Wealth discount value proposition for high net worth banking clients, ensures you have all the tools to win in this challenging market. Contact Carl Minott or visit here. During this holiday season we would like to express gratitude and appreciation to our customers and partners for their continued business this past year. While interest rates may go up and down our commitment to serving customers with their homeownership needs has never wavered. We look forward to serving our communities in even more ways in 2024!”

FHA has one job vacancy in Philadelphia for a Customer Experience Strategist to develop customer experience strategies, manage customer experience implementation while also applying human centered design practices. Work with stakeholders across organizations, functions, and levels to build customer understanding and solve challenging problems. Develop metrics, measuring results, and integrating new methodologies into existing systems. View job announcement 24-HUD-263-P.

Guild Mortgage has hired industry veteran Adam O’Daniel as senior vice president and chief marketing officer. Congratulations!

And Blue Sage Solutions, LLC announced Dee Khullar has joined the company as Head of Marketing.

Lender and broker products, programs, and services


Looking for that perfect office holiday gift? Something universally loved that won’t fade, wilt, or go straight to the waistline of your team? How about adding down payment assistance (DPA) to your toolset for 2024? Down Payment Resource, the original keeper of all things DPA, has an extensive database of programs to set your office up with the holiday gift that keeps on giving. With Down Payment Resource, you can reduce declined loans, bring the joy of homeownership to more borrowers, and become a strong contender for referrals and repeat business. To learn more, schedule a demo with the DPR team.

AFR Wholesale® (AFR) is thrilled to announce a significant update to our One-Time Close (OTC) Construction loan process. In response to valuable client feedback and our commitment to support our brokers and correspondent clients, we have reduced the administration fee for AFR’s OTC Construction loans. This makes financing dream homes for your clients more affordable than ever! We are confident that our continued collaborations will bring outstanding results in the upcoming year. The AFR team remains dedicated to supporting your business growth and success. New to AFR – Partner Today! Kick off the new year with new tools in your toolkit! Visit, email, or dial 1-800-375-6071.”

Permissionize revolutionizes servicing retention! Permissionize offers an innovative, cost-effective approach to retaining clients. This cutting-edge technology streamlines retention programs by notifying service providers when borrowers complete a webform, allowing for re-engagement with existing clients before they start the application process. Permissionize constantly monitors for signals, 24/7, whenever a phone number is entered into a webform, enabling you to capitalize on your established business relationships and drive inbound traffic to your call center without requiring opt-ins. This revolutionary technology redefines client retention in the servicing industry. John Lomanno, a seasoned professional in the mortgage industry, states, “We are transforming the servicing industry through automation by providing a cost-effective, extremely reliable way to get in front of your customer when they go online.” Contact us to experience firsthand how our pioneering technology changes everything you thought you knew about servicing retention.

Free eBook: How to Lower Costs, Boost Profitability, and Surge Ahead of the Competition in 2024. Why simply stay alive until ‘25 when you can make more of ‘24? By planning strategically now, you can reduce fixed costs, improve your bottom line, and set the groundwork to win market share as volume begins to improve. Want to learn how? We spoke to senior members of the Maxwell team, each with decades of industry experience, and the result is our new eBook: an actionable guide that will teach you the likely path for rates and volume in 2024, strategies to bulk up your pipeline, why reevaluating your cost structure is vital to achieving profitability, and more. Get your free copy today to inform your 2024 planning: Click here to download Make More Out of ‘24: How to Win Market Share as Your Competition Lags.

LOs: Have you defined your relationship goals for 2024? With rates on the decline, the 2024 housing market outlook appears brighter, and now is the time to prepare to capitalize on potential new business by building and strengthening your real estate agent referral partnerships. Not sure where to start? MMI is here to help. Our free Referral Partners Guidebook outlines the 6 data-driven strategies to find more agent and establish productive, mutually beneficial referral relationships. Download your copy today.”

Newrez Correspondent would like to thank our customers for their partnerships in 2023. As we head into 2024 those who are yet to be approved should contact us today to learn more and see why lenders are choosing Newrez as a trusted advisor. Adding a top-tier aggregator will only better position your company for whatever market presents itself this coming year. We have many exciting enhancements coming soon, so the time is now to become a partner. See what our clients are saying about us: ‘Newrez continues to be one of our best correspondent partners. They have solid pricing, streamlined purchase processes, and are always looking to enhance the customer experience and broaden their product offerings.’ – Chuck I. Click here for additional testimonials. From all of us at Newrez Correspondent, we wish you all a safe and Happy Holiday and look forward to an exciting 2024!”

Training & webinars through year end


Yes, applications have picked up for everyone in recent weeks, but things still tend to slow down during the next two weeks, so you may-as-well do some learnin’! (A good place for longer term conference planning is to start is here, and click on “events” for conferences in the future.)

Tomorrow, Tuesday, 12/19, is the next Mortgages with Millennials with Kristin Messerli and Robbie Chrisman. Tune in every Tuesday at 10AM PT to the weekly video show designed to empower mortgage professionals to tap into the millennial market. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode. This week is a wrap up of 2023 and its ups and downs, and what it could mean for 2024.

Discover the future of mortgage broker marketing in A&D Mortgage’s webinar series Part 2: “ChatGPT Unleashed: Transforming Mortgage Broker Marketing,” featuring industry expert Scott Schang. Dive into AI-powered conversations that are reshaping customer engagement and lead generation. On December 19 at 1 PM (EST), learn practical strategies to seamlessly integrate ChatGPT into your operations and gain a competitive advantage.

Hackers have identified the fact that companies in our industry store a large amount of PII and have waged a war against us. To win this war, we must understand the tactics the hackers are using, the best practices to implement in order to put your organization in a position to prevent a successful attack and how to navigate through the nightmare situation of a successful attack. ALFN’s webinar on Tuesday, December 19th, 10:00 AM – 11:30 AM PST will focus on preparing your company to face this terrifying threat.

Join Scott Reuter of Freddie Mac and Cristy Conolly of Class Valuation, Tuesday, December 19th at 1 PM CT / 2 PM ET for an interactive webinar on what happened in 2023 and what we can look forward to in the industry next year. Topics of discussion will include AIR & PDCIR – Compliance, what is/isn’t a violation? Intent to influence or pressure, enforcement. ROVs – Emerging work in ROV space in 2023 / OCC Project REACh update. Objective Reporting – Descriptive commentary, is it ok to say this?


Newrez’s next VA webinar on December 20 will focus on what you need to know about income for a successful VA transaction. Simply click here to register.

What is the Reverse Mortgage LESA? This is not your favorite sister! LESA (Life Expectancy Set-Aside) is a tax and insurance impound account required when HECM borrower(s) do not meet minimum guidelines as it relates to Financial Assessment. Plaza Home Mortgage Wednesday, December 20th, 11:00 AM – 12:00 PM PST  webinar will cover the HECM Financial Assessment guidelines and show examples of the LESA on the HECM loan.

Wednesday the 20th, looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Hear from Steve Scanlon, Rewire, on how the human mind works!

Friday, December 22nd, is next week’s episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

Apply to be part of MBA Education’s Future Leaders Program class of 2024. This one-of-a-kind experience gives you access to industry leaders, MBA events (including the National Advocacy Conference and Annual Convention), and the Lincoln Leadership Institute like no other program can. Enhance your skills over the course of three in-person sessions.

In a period of increased loan repurchases, adopting digital solutions can help mitigate risk and improve loan quality. In this video, Kevin Kauffman, Vice President of Freddie Mac’s Single-Family Seller Engagement, discusses how technology can help overcome challenges like rising interest rates.

The Knowledge Coop’s new membership platform offers all state and federal Continuing Education courses in an engaging and exciting video format that you’re sure to actually enjoy. Want to give yourself a sharper competitive edge? They also offer in-depth training on specific topics like VA Loans and FHA within their Coop Academy. Get access to industry experts and connect with other mortgage professionals all in one space. Use Code Chrisman10 for 10 percent off your first year of membership here.

Capital markets: the Fed and renegotiations are the focus


Inflation and the Fed. The Consumer Price Index (CPI) for November continued to show a trend of easing prices in gasoline and food while prices for services remained sticky. Over the last year, headline prices rose 3.1 percent while core prices were up 4.0 percent. Over the last three months, core CPI averaged 3.4 percent on an annualized basis pointing towards continued improvement in the near term. Lower prices spurred consumer spending which was estimated to have increased 0.9 percent on an inflation adjusted basis and could bolster fourth quarter GDP.

Slowing inflation over the autumn also led FOMC members to adjust their expectations for PCE (Personal Consumption Expenditure) as well as the future path of the fed funds rate. In his post-statement press conference, Fed Chairman Powell noted that the current rate is “likely at or near its peak.” Additionally, the dot plot, which aggregates FOMC members’ expectations for the path of the fed funds Rate, showed an average projection of 75 basis points of easing in 2024. Mortgage rates responded favorably to the news and were at their lowest levels since the summer at the end of the week. New York Federal Reserve President Williams, in a CNBC interview, said that the Fed wasn’t really talking about rate cuts right now and were more focused on whether policy is in the right place. Atlanta Federal Reserve President Bostic said he supported two rate cuts next year. Of course, everything is data dependent.

While capital markets staffs are having to deal with LOs’ and AEs’ requests for lower rates on loans that have already been locked, this week’s economic calendar includes updates on housing starts and building permits, consumer confidence, existing home sales, personal income and spending, and new home sales. Today’s calendar is light, with just the NAHB Housing Market Index, due out later this morning. We begin the week with lower coupon Agency MBS prices better slightly than Friday afternoon (no so much higher coupons, given the prepayment risk) and the 10-year yielding 3.91 after falling 30 basis points last week to close Friday at 3.93 percent. The 2-year is at 4.42.

An old man calls his son and says, “Listen, your mother and I are getting divorced. Forty-five years of misery is enough.”

“Dad, what are you talking about?” the son yells.

“We can’t stand the sight of each other any longer,” he says. “I’m sick of her face, and I’m sick of talking about this, so call your sister and tell her.” And he hangs up.

Now, the son is worried. He calls his sister. She shouts, “Like hell they’re getting divorced!”

She calls their father immediately. “You’re not getting divorced! Don’t do another thing. The two of us are flying home tomorrow to talk about this. Until then, don’t call a lawyer, don’t file a paper. DO YOU HEAR ME?” She hangs up the phone.

The old man turns to his wife and says, “Okay, they’re both coming for Christmas and paying their own airfares.”

Visit 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. STRATMOR’s current blog is titled, “How Treasury Auctions Influence Mortgage Rates”. 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 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 Copyright 2023 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