Jan. 15: LO, Ops jobs; correspondent, AI/ML, 1003, warehouse optimization products; coast to coast training & webinars this week

National Bagel Day, whatever that is exactly, is today. How are we halfway through January already? Wasn’t it just Christmas Day? Happy Martin Luther King Day (in Alabama and Mississippi, King-Lee Day with a nod to Robert E. Lee): no loans funding and the bond market is closed, but many lenders and vendors are open. Locks will be negligible. Time seems to fly. Can you believe that it has been 50 years since The Godfather II, Blazing Saddles, Young Frankenstein, and Murder on the Orient Express were tops in the theaters? Back then 30-year rates were in the 9 percent range. Now, thanks to our industry, 89 percent of people with mortgages have an interest rate below 6 percent! There is no podcast due to the holiday but typically can be found here, and this week’s is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products (nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics) unite the people, systems, and stages of the mortgage process.

Employment & a retirement

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Kwik Mortgage is hiring Direct to Consumer and Distributed Retail Sales, Teams and Individual contributor loan originators are welcome. We are based in Parsippany NJ and open to remote work locations. We are a Direct Lender with a full suite of Correspondent buyers inclusive of Fannie Mae and Freddie is on the table for 2024! From FHA and VA to Non-QM we have it all. Our operations platform is second to none and yes, we use Encompass among other well-known CRM and Point of Sell systems so training and on-boarding will be fast and simple. We virtually have no senior leadership levels of cost which means you’re not paying for more and getting less!  We invest in our people and our process, and we have 27 years of company owned and operated success! We are always competitively priced no worries about rate shopping. If you are located or licensed in the NE, SE, SW, PNW, Texas, Ohio, or California we want to talk to you! Excellent compensation, support and care is how we do it! Speed up in 2024 and get, Kwik! If interested, please send your resume to Anjelica Nixt or Paul Campbell.

A well-capitalized IMB, based in the NJ/PA tri- state market, is seeking Loan Officers, Sales Teams, or possible acquisition opportunities of small to midsize IMBs in NJ, NY, CT, FL, PA, while expanding in MD, DC, VA, NC and SC. The IMB’s focus is a highly personable and high touch experience for LOs and Realtors. Organizationally lean, very competitive pricing, a wide array of products, and much higher LO Comp than what is offered by other larger IMBs. The focus is to attract serious loan officers who want an unparalleled service, where your voice matters and you have a seat at the table in growth. If interested, message Chrisman LLC’s Anjelica Nixt for a confidential discussion.

FHA has one vacancy in Denver for a Management Analyst, Job Announcement Number 24-HUD-444-P. Duties in this position include lead and conduct studies of employee/organizational efficiency and productivity, recommending changes and improvements to organization, staffing, work methods, and procedures. Prepare and identify various trend analyses situations, ratios, and deviations, etc., as a result of the various analyses conducted for managers and supervisors.

FHA has a job opportunity for a Senior Underwriter, Job Announcement Number 24-HUD-522-P. Job duties include performing desk review of the Direct Endorsement Underwriter’s analysis and issuing performance ratings of Direct Endorsement underwriter’s work. Perform both the desk review and, in certain circumstances, authorize the issuance of the conditional commitment for home mortgage insurance. Serve as an expert-level resource within his/her Office on matters relating to Underwriting and other Direct Endorsement issues.

Rob Marr observed, “a mortgage warehousing legend quietly retired. Von Ringger had a 42+ year career with Comerica Bank, over 30 years of it in warehouse lending. After several years as a Relationship Manager, in Mortgage Banker Finance, he took the reins of the business in 1996, and guided it to become one of the largest and most respected platforms in the industry. Von is a great business leader and an even better person. He is beloved by his customers and anyone who was lucky enough to spend some time on the MBF Team. I know because I had the privilege of working alongside him for 25+ years.”

Lender and broker services and software

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OptiFunder maintains a 99.7 percent success rate on nearly 400,000 automations from funding through loan sale. OptiFunder successfully automated almost 400,000 processes from funding through loan sale for its clients in 2023. With nearly 40 percent of top IMBs on its client roster, OptiFunder optimized approximately 250,000 loans through its system last year and automated roughly 200,000 Purchase Advice reconciliations and writebacks to the LOS. With connections to more than 70 warehouse lenders and 100 investors, the mortgage loan origination process has never been easier. OptiFunder offers the most comprehensive automation from funding through loan sale, with a 99.7 percent success rate. Schedule a demo to see for yourself or meet with us at IMB to see how we’re streamlining the mortgage origination process.”

“Looking for FHA 100 percent financing with competitive pricing and ease of delivery? All roads lead to ESSEX CORRESPONDENT and our Down Payment Assistance (DPA) product. Become a fully delegated and underwrite/fund your own 100 percent CLTV purchase product. Conforming and HIGH BALANCE, FHA 1st 96.5 percent LTV with two 3.5 percent 2nd mortgage options; 0 percent Forgivable or a 10 year Fully Amortized. FICO low as 600. 2/1 Buydowns, No DTI limit, AUS approval required, 2. One set of guidelines is available in 48 states. No first-time home buyer requirement. No 3rd party underwrite allows you to close as quickly as your team can close. Email Kim Schenck or contact your Account Executive today and get signed up!”

Why did it cost $11,441.00 in Q3 2023 to gather, verify, and analyze data against a ruleset to manufacture a mortgage loan? Three main reasons: One, all the data is not systematically captured at the point of origination. Two, the ruleset is incomplete and often leaves room for interpretation/discretion. Three, expensive personnel are needed to navigate the resulting disjointed, confusing, and contentious process. The Complete 1003 Software recreates the human questioning sequence a mortgage application goes through in underwriting. And by analyzing over 80,000 underwriting decisions, we included the 165 questions that trigger underwriter discretion. Our solution produces the blueprint to originate a truly digital mortgage. If your firm operates as a POS/LOS/AUS and/or within any aspect of mortgage AI/ML/RPA/OCR, our unique business model will increase your revenue 400-500 percent+ over traditional software integrations. Interested JV partners can contact Alan Bercovitz or schedule an intro meeting here.”

In a world where artificial intelligence and machine learning are not just buzzwords but powerful tools reshaping our daily lives, Dark Matter Technologies (DMT) stands at the forefront of innovation. From self-driving cars to art creation, AI/ML technologies are revolutionizing industries, including the mortgage lending sector. Learn how DMT is responsibly harnessing AI/ML in its AIVA® AI/ML technology, Empower® LOS platform and other products. Hear more about DMT’s AI journey and development guardrails in a new DMT Spotlight podcast, featuring DMT’s Executive Vice President of Product, Legal and Compliance, Blake Gibson, and hosted by Vice President of Marketing Wes Horbatuck. Don’t miss this eye-opening discussion on AI/ML and listen to the interview now.

“If you’re looking for opportunities to expand your business, check out Axos Bank’s Wholesale & Correspondent Lending program. It offers an array of buy-before-sell options, including Reverse Exchanges. Experts in loan amounts of $3mm. Or connect with us at the IMB Conference in New Orleans on Jan. 22-24. We’re scheduling meetings. Contact J Shoop, National Sales Director, to schedule a meeting. Our Residential Warehouse Lending Team is also available to provide strategic direction to help you grow. Schedule a call today! Email Eric Nelepovitz or call 888-764-7080 to learn more about our warehouse program.”

Training, events, and webinars coming our way this week

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(A good place for longer term conference planning is to start is here, and click on “events” for conferences in the future.)

The “Kind Mindset” event, presented by Kind Lending is tomorrow, January 16th, at The Buckhead Club in Atlanta, GA. Designed to empower attendees with valuable insights on growth, success, and mindset, it has an impressive lineup of speakers, including Kind Lending’s CEO/Founder, Glenn Stearns. Register today.

Tomorrow at 11AM PT we have a webinar featuring Mortgage Bankers Association Chief Economist Michael Fratantoni that will discuss the outlook for this year and how IMBs will adapt? Joining Fratantoni will be Snapdocs CEO Michael Sachdev, Supreme Lending SVP Candice McNaught, and Priority Title CEO Joseph LaMontagne.

Wednesday the 17th, 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 This week is Casey Crawford with Movement Mortgage!

Join San Diego CAMP on Wednesday, January 17th from 4 to 7PM “in Rancho Bernardo get ready to kick off the CAMP San Diego Chapter 2024 with a new year economic update and happy hour. Guest speaker Rob Chrisman will share economic insights for 2024 to help you make the most of the coming year.”

AmeriHome Correspondent is kicking off 2024 with its quarterly conversation with Freddie Mac on Wednesday, January 17 at 10am PST, moderated by AmeriHome’s EVP of National Correspondent Sales, Steve Kolker. Join the webinar and hear from AmeriHome’s Executive Vice President of National Credit Operations, Rekha Siddani, as she’s joined by Freddie Mac’s Scott Reuter, Chief Appraiser and Director of Property Valuation, and Danny Wiley, SRA, Senior Director of Property Valuation, from the Single-Family Acquisitions Division. Hear the latest on appraisal challenges, changes, tips to overcome them, and market condition analysis, plus a live Q&A session.

Join Carrington Mortgage Services on Wednesday, January 17th at 11 A.M. PT | 2 P.M. ET. for a deep dive into unique financial opportunities presented by the expanding gig economy and self-employed borrowers. In a rapidly evolving mortgage landscape, understanding and leveraging Non-QM loans is crucial in serving this growing segment of borrowers. Topics of discussion will include how to best serve self-employed borrowers, income documentation options including bank statement, P&L, 1099 and an overview of DSCR loans for real estate investors.

LOs are certainly asking themselves, “What can I do to drive more business this year?” MMI is giving away the answer in its upcoming LO strategy session on Jan. 17 from 1-2 pm ET, demonstrating tangible ways to leverage mortgage data with a special guest, Corey Knight, Director of Sales Training and Development at Silverton Mortgage. Reserve your spot here.

Learn about Non-QM Specialty Products, and DPA assistance programs at the LoanStream Mortgage webinar, Thursday, January 18th at 11AM PT, an in-depth review of its Non-QM programs and specialty products as well as dive into LoanStream’s MaxONE and MaxONE Plus Down Payment Assistance programs.

Join TMBA for an engaging and informative session on the latest insights into Texas legislative developments in the mortgage industry. In this exclusive webinar, Thursday, January 18th at 11:30 am – 12:30 pm, esteemed guest speaker, John Fleming, General Counsel of the TMBA, will delve into the hottest topics shaping the mortgage landscape, providing valuable insights on recent legislative changes, special sessions, and intriguing cases affecting our industry.

 

Join the MBA of St. Louis on January 18, 11:30-1:30 pm, where Presenter Kathleen Navin, Senior Business Economist at the Federal Reserve Bank of St. Louis in the division of Supervision, will lead a discussion on the future of the 2024 economy and the 2024 Board will be introduced. Cost is $40 for MBA St. Louis Members and $65 for Non-Members.

Empower your lending skills and confidence in calculating income for USDA approvals. Register for a free, live, virtual training for all USDA Lenders and real estate agents on Thursday, January 18th | 2:00 p.m. – 3:00 p.m. ET. This session will review annual household income, adjusted annual income: deductions and examples, repayment income: stable and dependable, assets: when and how, income Q&A.

Arch MI: Conquer the Components Understanding the Aspects of a Loan File – Wednesday, January 17 at 3 p.m. ET | 2 p.m. CT | 1 p.m. MT | Noon PT. Income Fundamentals 201 The Components of Paystubs and W-2s – Tuesday, January 16 at 1 p.m. ET | Noon CT | 11 a.m. MT | 10 a.m. PT. Income Fundamentals 202 Calculating Employment Income –

Thursday, January 18 at 3 p.m. ET | 2 p.m. CT | 1 p.m. MT | Noon PT.

Friday, January 19th, is this 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”. Hear from Ryan Atkins with First Horizon!

Capital markets: the markets are closed

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The timing and extent of interest rate cuts is at the top of mind for market participants as they set their forecasts for the new year. Last week the market received highly anticipated inflation data that was slightly hotter than expected due to an uptick in energy prices. However, the core Consumer Price Index annual increase of 3.9 percent marks the first time that the annual figure was below 4 percent in two and a half years.

Meanwhile, producer prices declined 0.1 percent during December and the core (ex-food or energy) Producer Price Index was unchanged for the month.

The downward trend in inflation that began last year has occurred without a significant softening of the labor market. Initial jobless claims are near decades lows and job openings remain plentiful despite decreasing towards the end of 2023. There are signs that it has become more difficult for job seekers to find new employment as evidenced by the recent increase in continuing jobless claims. While many economists were forecasting a recession in 2024, the lack of a meaningful degradation in economic growth has shifted expectations towards the soft landing that the Fed desires.

Lucky you, dear reader, that you are getting a Capital Markets section, when bond and equity markets are closed for Martin Luther King Jr. Day. This holiday-shortened week’s highlights include Fed surveys, retail sales, import prices, housing-related data, and Michigan sentiment on Friday. Besides bills, Treasury supply consists of $13 billion reopened 20-year bonds on Wednesday and $18 billion 10-year TIPS on Thursday. Any rate sheets in the United States are based on Friday’s closing levels and European market activity.

 

Regardless of what you think of his views, or the cause, Martin Luther King Jr.’s oratory skills demonstrated in this short video have all but disappeared from today’s leadership.

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. STRATMOR’s current blog is titled, “Adjusting Loan Officer Compensation to Improve Profitability.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

https://www.stratmorgroup.com/adjusting-loan-officer-compensation-to-improve-profitability/

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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