Feb. 3: Senior Credit, writing, Ops, MLO jobs; non-QM, HELOC, new lender news; fast-approaching training & events

Companies and organizations around the nation are wondering about when in-person conferences will become the norm again. While they’re wondering about health concerns, picking the right venue for that special event can be a problem. Or not, if you’re in Idaho. In-person contact has gone to a minimum, so a portion of that has shifted to Zoom, WebEx, or Teams. And podcasts: The podcast of today’s commentary features STRATMOR partner Garth Graham’s thoughts on the current M&A and technology environment and can be heard via Apple, Spotify, or Google: subscribe and download. Overall, it is important to keep things in perspective, and here’s an opinion piece titled, “50 Things That are Better Already.” “Let’s savor normalcy.”

Employment, hires, and business opportunities

Verity Search is representing investors seeking to acquire mid-sized residential mortgage lending companies. 100% confidential. In addition, Verity Search is representing top tier lenders who are seeking to add great production teams; Sign-on and transition packages are standard. For more information, contact Jim Boghos (407-725-7085) for a confidential discussion.

Evergreen Home Loans™ understands home means more than ever before. When inventory is low and competition high, you’ll want the advantage of a lender that leads the industry in product depth. Including One-Time Close (OTC) construction products for the new construction, remodel and renovation of stick-built homes or the purchase and installation of manufactured homes. Plus, USDA OTC and Jumbo construction financing. Evergreen also offers FNMA HomeStyle®, FHA 203K, bridge loans, and more! If you have clients or agents discouraged by low inventory, Evergreen has the products and tools to help find solutions. Visit the Careers page or contact Chuck Iverson to learn about new career opportunities. HomeStyle® is a registered trademark of Fannie Mae.

Inbound Ignited, a growth agency, has helped its clients turn their marketing and sales teams into deal closing machines. We are looking for creative copywriters to write clear and concise copy for ads, publications, and websites. Your words will inform and engage target audiences. The ideal candidate has a passion for writing and a background in financial services, specifically in the mortgage, banking, and credit union industries. Like to work with humbly confident people and great clients?  We’d love to talk. Freelancers welcome. Click here to get more information.  Inbound Ignited is also looking to hire other roles, including web developer and search engine marketing so please contact Craig Leabig to discuss these opportunities.”

Nationwide Mortgage Bankers operates as a family. We are named the #1 Fastest-Growing Mortgage Company in the US for the second year in a row, and NMB is thrilled to have that honor. We also know that our success would not be possible without our employees’ contributions; Here, people matter. NMB invests in our employees and provides them the training, support, and leadership to grow careers and develop professionally and personally. We were named on the list of 2020 Best Workplaces by Fortune and Great Place to Work certified. Right now, we have opportunities in Processing, Underwriting, and Closing. NMB is passionate about who we are today and even more passionate about who we will become together. We’d love to talk to you about joining our family and are excited to see what we can accomplish together! Grow with us; apply today!

For over 30 years Mountain West Financial has provided sustainable homeownership through thoughtful risk management and diverse product offerings. MWF is a highly respected community lender with a rare opportunity for someone seeking a new challenge and a company with a vision. This person will lead a team of top tier underwriting staff members and be surrounded by an incredible team of highly motivated and knowledgeable support staff and executive management team. Qualified persons must have experience underwriting both Conventional and Government loan programs, have an understanding and desire to promote the use of lending technologies and have incredible written and oral communication skills. Besides managing credit risk, the manager will be responsible for hiring, overseeing training and education, as we as motivating their underwriting team to excel in service level initiatives for Retail channel of MWF. If you are looking for a place to grow your career and make an impact to the community, MWF is the place for you. For a confidential interview, contact Paul Isola (916-660-2844).

Rushmore Correspondent Lending Services has brought on Mike Robertson as Correspondent National Sales Leader. Mike brings over 20 years’ experience of Correspondent Lending and sales to this role. We are excited to have him as part of the team!

Denver-based Cherry Creek Mortgage has promoted 20-year vet Tara Healy to chief compliance officer from her role as Cherry Creek’s VP of compliance.

Non-QM Changes

“We are ‘Spreading the Love’ on Non-QM love for the month of February and crediting up to $700.00 on all Non—QM loans for appraisal fees at closing. Our average closing on NonQM loans was in 12 days or less, in January! In addition, we are excited to announce, as we continue our mission to help the underserved homeowners, we’ve lowered our Minimum FHA/VA Fico scores on full doc loans to 550, combined with our NO Score Option on Streamline and IRRLs. Commerce is a great option for your Government and NonQM Loans. To learn more about Commerce Wholesale and please visit us at www.commercetpo.com or contact James Hooper SVP of Wholesale.”

New products & product trends

MBA’s latest Chart of the Week cites a record-high $20.4 trillion in homeowner equity in the third quarter of 2020, driven by increasing home prices and low mortgage rates that have allowed many households to build equity. And, according to last year’s MBA Home Equity Lending Study, home equity lending is expected to follow this upward trend in 2021. If you are a lender or servicer of home equity products, get the intelligence you need, like product types, volume, utilization, operational metrics, and growth expectations, for this market segment. Now is the time to register to participate in MBA’s 2021 Home Equity Lending Study and benchmark your home equity business against peers. Participating companies receive customized summary reports that compare their data to the industry aggregates and are invited to attend a participants-only webinar to discuss study results with peer companies. The survey template and definitions will be distributed to registered companies in mid-February, with data submissions due by the end of April. Send your completed registration form to us via email, or contact Marina Walsh with any questions.

Valon Mortgage Inc., a startup promising to cut mortgage-servicing costs by half, raised $50 million from investors including venture firm Andreessen Horowitz and WeWork co-founder Adam Neumann’s family office, the company’s CEO, said. “Valon, formerly known as Peach Street Inc., has won approval from mortgage giant Fannie Mae to service its home loans, co-founder and CEO Andrew Wang said, and aims to increase its current book of mortgages from $30 million to $10 billion by year-end. He said it’s the first new loan servicer to gain Fannie approval using its own software and technology.”

Civic Financial Services, LLC announced that Pacific Western Bank has purchased the company from Wedgewood, LLC. Based in California, CIVIC is one of the leading institutional private lenders in the U.S. specializing in originating residential business-purpose loans (BPLs). CIVIC was founded in 2014 to serve investors who did not fit within traditional real estate lending criteria. The company will operate as a wholly owned subsidiary of PacWest Bancorp, while William Tessar will continue to serve as CIVIC’s President.

Utilizing Bank Statement loans with Angel Oak Mortgage Solutions is “even easier now with its new standard expense factor to 50%. Most loans will be qualified off this ratio and if the business has a lower expense factor, a statement from a third-party CPA or tax preparer will be allowed.” The company also announced reduced rates for its Bank Statement and No Income Investor Cash Flow mortgage products.

LoanStream Wholesale’s new program Jumbo One offers more LLTV than before. Highlights include 90% LTV (Select), Loans to $3 Million, Purchase and Refinance Available, Cash-out Available (Platinum), 2nd Homes/Condos Ok (Platinum). View LoanStream’s Jumbo Matrix for more information.

AD Mortgage offers a variety of Flexible Programs for Self Employed Buyers.

Athas Capital Group makes No DSCR Rental Loans easy and is accepting submissions. For information, contact Brian O’Shaughnessy.

Events & training in the next couple weeks

Land Gorilla will be hosting a panel webinar on February 11 with Finance of America, National Association of Realtors, and Freddie Mac to discuss opportunities with renovation lending. The panel will cover a number of topics including common myths, selecting the best loan products for borrowers, forging partnerships to drive referral business, and providing the best experience to your customers. This webinar is ideal for lenders and realtor partners to better understand the landscape of renovation lending and the growing opportunity it presents as the inventory of homes continues to age. The last 30 minutes will be focused on audience Q&A, so come prepared with questions. Save your seat today.

One month into 2021 and Stearns Wholesale is already kicking the new year into high gear with exciting new developments and events! Join the February Stearns Town Hall (Tuesday the 9th) with special guest and industry icon Barry Habib. Barry will be joining EVP, Jonathan McCash, and the Stearns team to talk about the recent volatility in interest rates, the outlook for 2021 and tips on how originators can make themselves stand out in the year ahead. You can register for this event here. If you want to learn more about this special event or partner with Stearns, click here to be contacted.

On Thursday, February 4th, The Tony Robbins team is offering CAMP South Los Angeles Chapter a free one-hour session virtual event to provide you and your team with strategies they can use immediately to measurably enhance their professional and personal lives.

Startup-O is offering a February 4th Webinar: “Direct Investments in Artificial Intelligence” Discussion Points include How AI is creating value in businesses globally, Financing gaps in the AI startup ecosystem, Discovering and Curating the opportunity set, Creating risk adjusted portfolios of AI companies and Startup-O’s offering to investors in AI.

Don’t miss MGIC’s exclusive webinar, “Up Your Game to Score Approvals Sooner!”, offered Feb. 23. During this 45-minute session, review several scenarios to avoid documentation delays at the closing table. MGIC offers complimentary webinars every month.

Check out the February learning sessions from Plaza Home Mortgage: On-Demand: Introduction to the Mortgage Industry, February 8: Review the top Underwriting FAQs and submit your own, February 23: Plaza’s Fannie Mae HomeStyle® Renovation Loan Program, February 18: Understanding the Purchase Market and Key Products to Maximize Production, and February 25: Plaza’s Fannie Mae HomeStyle® Renovation Loan Program.

PRMG University TPO Training live Webinars February Class Schedule is posted.

FAMC published its February 2021 Wholesale “Customer Training Calendar”.  This month’s calendar offers a variety of training opportunities such as: Control, Manage and Write More Effective Email, Avoiding Burnout in a Virtual Environment and Meet the New URLA.

Join Dan Smith, SVP with ComplianceEase, a SitusAMC Company, and Teresa Blake, Principal with KPMG on February 9th for a 55-minute webinar on mortgage borrowing in the year ahead. How has COVID-19 Has Impacted Mortgage Borrower Behavior and Lender Compliance?

Angel Oak Mortgage Solutions is providing a Product Focused Webinar on Tuesday, February 9th at 1:00 PM EST.  Register Now for Kick-off 2021 with Non-QM.

Please join NTXAMP in Dallas on Wednesday, February 10th to understand “The Top 10 Changes to the URLA” with Juliana Brock. Limited seating, please RSVP today.

On February 11th, Join MMLA Southeast Chapter for a webinar discussion on digital closings, remote online notarization and what it means to Michigan. Hear from Elizabeth Blosser at the American Land Title Association and Nicole Booth at Notarize on what and how of RON at a digital closing table.

Register Now for the Central Florida FAMP In-Person Annual Tabletop and Education Day on February 11th. Available workshops include the New URLA, Facebook Marketing, Credit, Reverse Mortgages and FAMP update PLUS the Annual Trade Show.

Real Estate Connection will be hosting a webinar series “A Path to Pivot” on Thursday, February 11th for mortgage lenders and realtors looking to understand and master the buyer engagement and lead conversion space. This webinar series is designed specifically to help Mortgage Lenders, Loan Officers, Real Estate Agents, and Brokers know and understand the working mechanics behind lead generation, buyer engagement, transaction management, and getting your buyers to the closing table.

LBA Ware 2021 quarterly webinar series with MBA Chief Economist Michael Fratantoni is scheduled for Thursday, February 11th. This free webinar provides a data-packed discussion on the state of the mortgage industry. Drawing on the latest stats, Mike will help you take a data-driven approach to your business decisions this year.

RSVP now for the California MBA Legal Issues Committee’s first (FREE) quarterly webinar of 2021! On February 16th at 11 am (PST) our experts will cover a number of timely topics, including: COVID-19 Legal Issues, with Nema Daghbandan, Partner, Geraci, LLP and Michael Flynn, Of Counsel, Buchalter; Update on New QM with Kris Kully, Partner, Mayer Brown; Employment/HR Law with Natalie Vance, Managing Shareholder, Klinedinst PC; and CFPB Update with Richard J. Andreano, Jr., Partner, Ballard Spahr. Click here to RSVP!

Capital markets

Looking at fixed-rate markets yesterday, Treasuries pulled back in curve steepening fashion and the MBS basis ended mixed amid a sharp risk-on trade as day-trader mania in equities wound down. Movement was muted ahead of today’s large New York Fed Desk support, up to a maximum of $9.3 billion with over $7.3 billion in 30-year securities.

Today’s economic calendar is already underway with mortgage applications from the Mortgage Bankers Association, which increased 8.1 percent from one week earlier for the week ending January 29. Data was a little noisy as the prior week was not adjusted for the MLK holiday. During the reporting period, average 30-year mortgage rates were 2.88 percent per Bankrate, 2.80 percent per Mortgage News Daily and 2.73 percent per Freddie Mac. Can’t we all get along?

We’ve also had a Quarterly Refunding announcement from the Treasury and January ADP employment figures (+174k, much stronger than forecast). Later this morning brings some minor news: Final January IHS Markit Services PMI, January ISM Non-Manufacturing Index numbers and a heavy slate of Fed presidents, including Minneapolis Kashkari, St. Louis’ Bullard, Philadelphia’s Harker, Cleveland’s Mester, Chicago’s Evan, and Dallas’ Kaplan. Ahead of the strong Fed support, we begin the day with the 5-year Treasury and Agency MBS prices worse/down .125 and the 10-year yielding 1.12 percent after the strong ADP employment number.

A lawyer named Strange passed away. His friend asked the tombstone maker to inscribe on his tombstone, “Here lies Strange, an honest man, and a lawyer.”

The inscriber insisted that such an inscription would be confusing, for a passerby would tend to think that three men were buried under the stone.

However, he suggested an alternative. He would inscribe, “Here lies a man who was both honest and a lawyer.”

That way, whenever anyone walked by the tombstone and read it, they would be certain to remark, “That’s Strange.”

(Thank you to Stephen S. for this one.)

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, “Lenders and Vendors Going Public: Pros and Cons”. 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.)


Rob Chrisman