Daily Mortgage News & Commentary

Feb. 15: Ops, AE, MLO, sales jobs; sec. mktg., eNote, eVault, servicing products; Feb events & webinars; inflation data continues hot

Sure, Fannie had $5.2 billion of net income in the fourth quarter of 2021, but money can’t buy you love. Love is more of a chemical reaction than a statistical study, but computers don’t deal so well with that. But stats will tell you that apparently the best place to find love is Buffalo, New York. Lending Tree released a report considering seven variables, including median single-person household income as well as the percentage of the population that isn’t married, or lives alone, to help determine which of the nation’s 50 largest metros are the best for single people. Rounding out the top five were Cleveland, Louisville, Detroit, and a tie between St. Louis and New Orleans. MLOs know that because single people often can’t rely on a “significant other” to bring in extra income, they need to take extra care that they’ve got enough money to make ends meet… or make a mortgage payment so areas with low costs of living can be great options for singles. While we’re on costs, MLOs can add value to their clients by knowing The True Cost of Homeownership 2022. Homeowners say their house requires too much maintenance (40%), is too small or lacks features (32%), or they didn’t prepare for the hidden costs (30%). “With inflation on the rise, the share of homeowners spending over 40% of household income on their home has nearly doubled since before the pandemic.” (Today’s audio version of the commentary is available here and has an interview with Andria Lightfoot, Chief Customer Officer of SimpleNexus, on how she and her team are making mortgage lending more accessible. This week’s is brought to you by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender.)

Employment

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Looking for stability and a long-term career? As an account executive at Pennymac TPO, you’ll work for an industry leader with a proven track record of building scaled, sustainable business. Plus, Pennymac TPO still has great territories available, waiting just for you! Stake your claim and boost your business with Pennymac’s consistent, competitive pricing and support from a team of industry experts. For strength, growth, and long-term career opportunities, join Pennymac while your territory is still open by applying here or reaching out confidentially to Scott Houp (East) or Jason Bannister (West) today.

Mortgage Coach is rapidly growing and seeking to fill multiple roles (fully remote). What we’re looking for: a Customer Success Manager with mortgage industry experience who can drive adoption, increase retention and passionately advocate for customers, and an Implementation Specialist who is motivated to help customers hit the ground running. What’s in it for you: Mortgage Coach is an award-winning sales enablement platform that counts 130 enterprise mortgage lenders among its clients. As a member of our team, you’ll have the opportunity to grow your career alongside industry superstars who are as dedicated to professional development as they are to client service. Mortgage Coach offers great pay, generous benefits and a phenomenal culture boasting 5-year average employee retention. View all open positions and full job descriptions here.

Coming off a $3.9B 2021, Angel Oak Mortgage Solutions, the leading non-QM lender has added to its already exceptional team of Account Executives due to the increasing demand for non-QM and company growth. Angel Oak recently welcomed the following four experts to the family: Leah K. Merritt supporting the King, Pierce and Thurston Counties in Washington, Lewis Poretzin Lothian, Maryland and Danielle Evans in Spring, Texas. Recently approved in Hawaii, Kristen Lee came on-board in Waikoloa. They are ready to help originators with quick and easy solutions using non-QM. And Angel Oak is continuing to look for operations staff as well as account executives to deliver unparalleled service to brokers and correspondents nationwide. See JoinAngelOak.com for information on how to join the leader in non-QM.

Leftover Valentine’s Day chocolate isn’t the only sweet thing this Tuesday brings. Mid America Mortgage is calling LOs’ attention to its suite of loan products, designed to help the maximum number of borrowers. For instance, MAM’s Power Buyer Program provides current homeowners the cash to secure their next home before selling their current home, with zero contingencies. As inventory remains tight and rates are on the rise, the time to act is now. Mid America offers multiple loan products to help LOs differentiate themselves from the competition while still catering to their borrowers’ unique needs. To learn more about Mid America’s product suite, including its Power Buyer Program, or to inquire about career opportunities, contact Michael Cooksey or Kerry Webb.

When schools began distance learning in March of 2020, one innovative mortgage lender put together a team of college students that went to employees’ homes to help with Zoom classes and homework for their children. When offices themselves re-opened, the company built a classroom for remote learning and allowed parents to bring their kids to work to continue learning with the college tutors. Middle school and high school aged students did “chores” around the office and learned a little bit about mortgage lending. ‘Building the Next Generation of Mortgage Leaders’ is a serious mission to us,” remarked Shamrock Home Loans*VP of Operations (and mother), Morgan Sebastian. Would you like to lead recruiting for a company like this? Tuesday’s Shamrock Huddle suggests how to handle New Year’s Resolutions that have fallen by the wayside.

Finance of America Mortgage employees have spoken! Finance of America Mortgage has been named one of Forbes 2022 Best Midsize Employers in America. Finance of America Mortgage ranked No. 10 in the Banking and Financial Services category. Additionally, FAM ranked No. 125 out of the Top 500 Overall Midsize Companies in the United States. See Forbes’ full list of rankings. The Forbes recognition, which is based on employee survey responses, are a testament to the supportive and collaborative atmosphere at Finance of America Mortgage. “What makes Finance of America Mortgage such an incredible place to work is our people,” says Bill Dallas, President of Finance of America Mortgage. “They are the most knowledgeable, hard-working, and dedicated professionals in this business.” Want to work for one of the best mortgage companies in America? Contact Tim Cotten, or find out more here and join our growing team of mortgage professionals!

Broker & lender services and products

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“As forbearance exits become more complex, are you keeping up with borrower needs? Homeowners continue to transition out of forbearance, however, their delinquency profiles and needs change. Mortgage servicers ended 2021 with 705,000 active forbearance plans – that number increased in January! In other words, moving borrowers out of forbearance towards reinstatement or other permanent solutions is a process that isn’t going anywhere. Our recent blog looks at the industry’s forward-looking approach to the modernization of loss mitigation. Embrace seamless servicing with real-time, no-touch rapid results! CLARIFIRE® delivers bulk servicing, current API connectivity, prompt workout results, and sophisticated borrower retention capabilities, driven by interactive, scalable servicing technology, powered with dynamic, smart workflow. Don’t miss the opportunity to rise above antiquated systems and big-box solutions. Prepare your organization with a proven, modern loss mitigation workflow application, CLARIFIRE. Find out why CLARIFIRE is truly BRIGHTER AUTOMATION®.”

Northpointe Bank Correspondent Lending enhanced its WealthBuilder program allowing eligible borrowers to build equity faster with 100% financing combined with a 15- or 20- year amortization. Rather than borrowers using cash for a down payment, borrowers may apply it towards a lower interest rate and shorter loan term resulting in more dollars toward their loan principal. With loan amounts up to $975,000 and loan-to-value ratios up to 100 percent, Northpointe’s WealthBuilder is a great way to pay down a home loan faster and build wealth.  Available in all states except New York, Northpointe Bank provides tailored solutions to maximize your profitability and help grow your business. View program details for more information or email us at correspondentsales@northpointe.com. Warehouse financing for all Northpointe Correspondent programs is available through Northpointe Bank’s warehouse program. Please contact Ashley Lockaby, VP Director of Warehouse Lending for more information.

Snow White and the Seven Dwarfs was a very significant film for Walt Disney, including being the first film released from the “Disney Vault.” Today, films re-released from the vault are delivered via DVD or Blu-Ray, but for the first 40 years, Disney only re-released its films from the vault every 7-10 years for theatrical runs. For lenders looking to keep their mortgage docs as safe and secure as Disney films, IDS has released a proprietary eVault. With the addition of the eVault to Solitude Solution, IDS’ eClosing platform, lenders now have the ability to deliver documents, including eNotes, to partners though MERS eRegistry. Approved by Fannie Mae and Freddie Mac, the IDS eVault allows lenders to securely store, eDeliver and eTransfer digital mortgage documents. You could even re-release them if a situation called for it. Learn more about the magic of the IDS eVault today.

Are unnecessary complexities and costs impacting the efficiency of your servicing operations? Stop compromising profitability, the customer experience and regulatory compliance with legacy technology. Black Knight simplifies mortgage servicing with the industry-leading MSP® loan servicing system. Currently used to service approximately 37 million active loans, MSP is a proven platform with the continuous updates and scalability to support all-sized portfolios. Discover why MSP is the right servicing system for today – and tomorrow, and make plans to visit with Black Knight at MBA’s Servicing Solutions Conference and Expo, held Feb. 22–25 in Orlando.

Floify now integrates with Wolters Kluwer’s eOriginal digital promissory note (eNote) technology to provide an additional hybrid e-closing process to loan originators. Wolters Kluwer’s eOriginal product suite supports digital lending by offering an open ecosystem, enabling financial institutions to utilize their preferred set of solutions to conduct digital transactions. LOs can leverage eOriginal in conjunction with Floify’s Hybrid E-Closing and Floify E-Sign functionality to gain digital e-closing capability, allowing a digital signature over the traditional wet-signing approach. Adopting a digital e-closing process powered by Floify and eOriginal gives enterprise mortgage lenders the solutions needed to create an almost fully end-to-end digital mortgage experience for their borrowers. To test-drive Floify’s new integration with Wolters Kluwer’s eOriginal technology, schedule a demo.

Events & webinars approaching in February

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Millennials and Gen Z may have missed out on the unique experience of training a Pet Rock to play dead, but between smartphones, streaming and same-day delivery, young people benefit from the wealth of ultra-modern resources at their fingertips today. Even so, research indicates that NextGen Americans remain skeptical of the homeownership dream and distrust financial institutions. With the NextGen cohort well on its way to inheriting the housing market at 1 in 3 borrowers and growing, lenders need to earn their trust by addressing common homebuying fears and misconceptions. On February 17 at 1 PM ET, join Sales Boomerang CEO Alex Kutsishin and Experience.com’s Kristin Messerli as they discuss tools and strategies for generating effective, long-lasting NextGen borrower engagement. Register for the free webinar today.

Black Knight’s Nick Belenky, Ryan Minard, and Wes Horbatuck, on February 17 at 1pm EST, are sharing strategies to help mortgage leaders leverage data, automation, and their current database to find opportunity and drive additional loan volume.

Register for MBA’s New Webinar, February 16 – Making the Purchase Pivot, or for MBA’s New Webinar, February 17 – CONVERGENCE: The 2022 Legislative Outlook for Affordable Housing.

Simply income calculations and analysis with Indecomm’s automated income calculation software, IncomeGenius®, providing you with accurate income calculations when it matters, at the application stage. Register for IndeComm February 17th Demo Session: Automating Income Calculations with IncomeGenius.

This Friday the 18th is the next edition of The Mortgage Collaborative’s Rundown with Rich and Rob. Rich Swerbinsky, the COO of The Mortgage Collaborative, and I will be covering current events in the mortgage market for 30 minutes starting at 1PM MT in “The Rundown with Rich and Rob.”

February 22 – Helping Real Estate Investors with DSCR Loans. Learn how to use Debt Service Coverage Ratio (DSCR) loans to attract and qualify real estate investment clients.

Are you a tech-savvy originator? Learn from the best. OriginatorTech features top originators giving you a look behind the scenes into how they make the magic happen. National Mortgage Professional has put together OriginatorTech, a rapid-fire, deep dive into the tools the best originators are using to close more loans. Demos of four products in the time it would normally take to demo one. View the lineup of NMP’s next demo on Tuesday, February 22.

National Mortgage Professional Magazine and Robert Senko, President of ACC Mortgage, will host a “DealDesk Focus on ACC’s DSCR and ITIN Products” on Wednesday, February 23, at 1 pm ET / 10 am PT. On this DealDesk, they’ll do a deep dive on DSCR and ITIN.

The MBA’s Servicing Solutions Conference & Expo is February 22-25 at the Hyatt Regency Orlando. Start the New Year with solutions you need to improve your business operations. Marcus Buckingham, New York Times best-selling author, researcher, and founder of the Strengths Revolution will take the stage

Geopolitics & capital markets

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Free new ebook: The Future of Secondary Market Trading for Local Lenders, featuring insight from industry experts with 25+ years of capital markets experience. Today’s competition and changing market trends are daunting, but they’re not insurmountable. For local lenders, the secondary market provides a prime opportunity to pursue better margins, more competitive rates, and increased profitability. And yet for years, technology-driven secondary market solutions haven’t catered to small and midsize lenders. Luckily, that trend is changing, with new offerings now available that enable unprecedented access to the secondary market. Dive into this new ebook from mortgage solutions provider Maxwell to learn how partnering in this area can help you generate world-class results, allowing you to compete with the industry’s largest players. Click here to download Maxwell’s latest ebook, The Future of Secondary Market Trading for Local Lenders.

Two weeks ago, we were discussing payroll figures. Last week, it was the specter of inflation. And this week? The threat of war looms. Well, all three of those subjects, in addition to how hawkish the Fed wishes to be, are currently driving moves in the bond market. There’s the “flight to quality & safety” which pushes bond prices up and rates down. An invasion by Russia in Ukraine may exacerbate an inflationary spiral while pushing economies into recession. “Safe haven” assets, such as U.S. Treasuries and MBS, have been experiencing volatility with geo-political tensions growing. Maybe some people would rather worry about the potential for conflict abroad and Federal Reserve missteps at home after having to worry about Covid the last two years. Worry, worry, worry. What a fun life.

 

In mortgage rate sheet news, UMBS30s (30-year uniform mortgage-backed securities) opened the week lower in price and wider in spread with the Treasury yield curve flattening again after St. Louis Fed President Bullard called for 100 basis points in rate hikes by July, failing to walk back his hawkish comments from last week. There was also some chatter to open the week on expectations for U.S. economic growth. The current estimate for Q1 GDP is below 1 percent, meaning the economy is weak and probably won’t react well to rate hikes. Fingers crossed that the current spate of inflation is supply-chain driven and works itself out. And it might do just that. The January consumer survey from the Federal Reserve Bank of New York showed that the median one-year-ahead inflation expectations fell for the first time since October 2020, to 5.8 percent.

 

While some are looking forward to Monday’s bond market holiday, today’s economic calendar is under way with January Producer Price Index (+1.0, ex-food & energy +.8 percent, core +8.3 percent year over year!) and NY Fed manufacturing figures for February (). These inflation numbers are stronger than expected, and will certainly hit consumers eventually. That wraps up the scheduled market-moving news, but we do have the Senate Banking Committee voting on Fed nominees Powell, Brainard, Cook, Jefferson, and Raskin. The Desk will purchase up to $3.2 billion 30-year MBS and a Treasury operation of up to $3.2 billion 4.5- to 7-year coupons. We start Tuesday with Agency MBS prices worse .250 and the 10-year yielding 2.04 after closing yesterday at 2.00 percent based on Russia Ukraine headlines.

Huh? Haven’t had enough cat videos lately? Here’s a new classic: The Titanic.

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, “Opening the Door to Consumer Direct” about the pros and cons of the CD channel. 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 2022 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.)