Jan. 17: MLO, FHA, CFPB jobs; QC, productivity, compliance products; in-person and remote, soup to nuts events & training

Our industry continues to take great interest in the indictment of Baltimore’s Attorney General, accused of lying on a mortgage application. Is the “friends and family” treatment alive and well? As one veteran originator wrote me, “Some of the allegations are perhaps defensible, but what underwriter thought a Baltimore AG could commute from Florida and have that as her primary residence?” Marilyn Mosby may have watched her pension vanish, but elsewhere, many adults approaching retirement age may not be financially prepared to retire: about half of all adults ages 55 to 66 have no personal retirement savings, according to the U.S. Census Bureau’s Survey of Income and Program Participation. About 50 percent of women ages 55 to 66 have no personal retirement savings, compared to 47 percent of men. Women also lag men at the other end of the spectrum: 22 percent of women have $100,000 or more in personal retirement savings compared to 30 percent of men. How is your retirement plan set up for a rising interest rate environment? Expectations build for more than three US rate rises this year. Rich Swerbinsky and I were discussing, on the usual free “Rich and Rob show” midday Fridays, not if rates were going to go up, but what lenders and MLOs are doing about it now and preparing their products and sales conversations. (Today’s audio version of the commentary is available here and this week’s is sponsored by Sagent. Sagent delivers the modern experience customers expect from loan originations to servicing with platforms that let consumers manage their home-owning lives from anywhere. Tech-powered customer attention, retention, and engagement in servicing lead to new originations, which lead to, and preserve, lifetime servicing.)

Employment

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“Retail branches: Looking to grow your income, improve your pricing, and expand your product line as you head into the challenging, new year ahead? We are an established and motivated mortgage banker that is interested in recruiting producing branches or teams. Join a company that has competitive pricing, 24 hour around the clock operations and processing that makes decisions every day for the benefit and improvement of the sales team. If your numbers are stale due to the lack of competitiveness, and support, while experiencing anxiety from an unorganized group before closing, or are in need of solid processing support, then we are the right organization for you. Branches that produce $5M – $30M monthly that are looking to become more competitive, increase margins, and have a full suite of loan products including an aggressively expanded Non-QM product line. Contact Chrisman LLC’s Anjelica Nixt  if interested and please specify this opportunity.”

“Acra Lending, the industry’s fastest growing private mortgage lender, is hiring Fix & Flip/Multifamily Loan officers! We are expanding our Fix & Flip and Multifamily programs and are seeking driven individuals to join our team. Acra Lending is focused on growth while continuing to provide industry-leading programs to meet the needs of our customers. If you’d like to join a company that provides a competitive compensation and numerous career advancement opportunities, email careers@acralending.com or apply directly at Join Acra!”

Wanna work for the FHA in Washington, DC? Interested in acting as lead and primary representative for the DAS and ADAS in the execution of high priority areas? FHA is hiring a Management and Program Analyst (Senior Single Family Housing Advisor) located in Washington D.C. Salary range is $148-176k per year. And a Supervisory Financial Operations Analyst, a principal financial advisor to the Division Director, the Office Director, the Deputy Office Director, the Housing-FHA Comptroller, and other Housing Headquarters and Field Office managers. Annual salary range is $126-164k.

If working for the Consumer Finance Protection Bureau is more to your liking, the CFPB is looking for a Deputy Assistant Director, Supervision Examinations and offering a salary of $137-240k.

Broker and lender products & services

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On this day in 1929, Popeye the Sailor Man first appeared in the Thimble Theatre comic strip. The spinach-loving sailor became so popular that in 1937, Texas spinach farmers erected a statue in his honor, claiming his endorsement saved their business during the dark days of the Great Depression. The salty cartoon sailor gave the spinach industry a much-needed boost. Similarly, FormFree is following suit by giving renters a boost to achieve the dream of homeownership. As an authorized report supplier for the Desktop Underwriter® (DU®) validation service, FormFree automatically submits available 12-month rent payment history to Fannie Mae on behalf of every lender. Connect with the FormFree team next week at #IMB22 in Nashville or email Gregg Palmer to learn more on how this initiative can help you welcome more inclusivity in assessing mortgage loan eligibility.

TMS’s SVP of Correspondent and Subservicing Sales, Joe Villani will be at the Independent Mortgage Bankers Conference in Nashville, TN January 24-27. Joe will be taking meetings to talk about all the great advantages TMS has to offer. Like TMS’s award-winning servicing portal, SIME (Servicing Intelligence Made Easy). It’s a revolutionary, proprietary servicing system built on top of MSP to give you a fully transparent, 100% accessible, on-demand view of your portfolio. With customizable dashboards, 90+ reports, loan-level details and so much more. Now, marry that with TMS’s customer care team and TMS Subservicing has delivered a 99% customer satisfaction rate and 83% Net Prompter Score. Don’t miss this chance to find out what made TMS a Top 10 Subservicer and GNMA buyer. To set up a meeting, reach out to Joe Villani. And learn more about TMS Subservicing or TMS Correspondent.

As cutting-edge technologies revolutionize the mortgage industry, it is becoming more of a challenge for lenders to provide a unique customer experience that properly blends best-fit tech with hands-on, personal interaction. Volly offers innovative technology and concierge marketing services, delivered with a human touch. The Volly Platform keeps lenders and borrowers better connected, from that initial conversation to closing day and beyond, which is more important than ever as the mortgage market transitions from refinance-driven to purchase-driven. Automated nurture campaigns increase lead engagement and boost referrals. A simplified mortgage application solution delivers stronger relationships between originators and customers while lowering per-closed-loan costs. Timely borrower communications create a more efficient financing process. And post-close messaging generates referrals and repeat business as well as creates lasting customer relationships. With the Volly Platform, there is no need for cobbled-together solutions from multiple vendors and service providers. Contact us at Sales@myvolly.com to learn more!

“2 Birds – 1 Stone” with Mortgageeducation.com’s launch of Compliance courses (ex: AML, FL, Fraud) in Q1. Satisfy your Org’s requirements early, PLUS – those hours count towards MLOs Annual Continuing Ed with Platinum Modular CE. All progress is tracked and certs stored. No more year-end rush: Save Compliance Directors’ sanity and give your MLOs a gift of less training this year! Contact Dave Olchek. Don’t allow your MLOs to risk their licenses- ensure all are using a vetted NMLS Provider.

With mortgage costs rising, now is the time to improve your lending efficiencies. Maxwell offers innovative technology that centralizes your processes, promotes team productivity, and helps you close more loans with less work. The over 300 lenders using Maxwell Point of Sale slash their time-to-close by 13+ days and save an average of 21 BPS in costs per loan. Loan officers using Maxwell POS close 15% more loans per month, helping lenders attract and retain the industry’s best talent. Beyond front-end improvements, Maxwell Processor Edge, a first-of-its-kind processing workflow technology, transforms the loan fulfillment process, accelerating document review, reducing errors, and boosting processor capacity. Maxwell POS or Processor Edge customers gain exclusive access to secondary market trading solution Maxwell Capital. Learn how to increase your lending profitability and combat this year’s margin compression with Maxwell technology. Click here to set up a demo.

After returning from a much-needed vacation, MQMR spoke with Santa to ask him what was on every lender’s wish list. The most common letter sounded something like this. “Dear Santa, please don’t let the CFPB select my company for an exam. I promise I’ll meet this New Year’s resolution (same as last year’s and the year before) to get my compliance in place. I’ll do my fair lending analysis, vendor management, and internal audit. I promise to oversee my subservicer and perform servicing QC. I’ll get my MERS audit submitted on time, and do my AML audit, and document custodian audit. Finally, I promise I’ll have my compliance team review every advertisement (before it’s posted), and I’ll monitor my LOs’ social media for compliance. Sincerely ABC Mortgage Lender.” If you found yourself writing this letter to Santa, contact MQMR today, so you don’t show up on Santa’s (or the CFPB’s) naughty list this year. Here are a few whitepapers to better prepare you for 2022: Fintech Vendor Management, SQC Better Together, and 7 Tips for Ensuring a Successful MERS Annual Report Review.

Events & training for January & February

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Are You Ready for VA Cash Out opportunities in your market? Looking for tips to accelerate your underwriting experience? How can a VA Cash Out Refinance benefit your borrowers? Join the Freedom Mortgage Wholesale Division, along with the Florida Association of Mortgage Professional (FAMP), for a LIVE webinar training session on our VA Cash Out Refinance mortgage product and origination processes. Ideal for new or experienced government originations. Reserve your seat for Friday February 4^th, 2:00 PM ET. See you there!

This Friday 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 3PM ET in “The Rundown with Rich and Rob.” Thank you to Briana Ings, Head of Product & Design at Snapdocs, for co-hosting.

The MMLA has several educational events planned in the coming months. Many are free to members. 1/20 – TRID Timing Requirements – Learn about the definitions and timing requirements required by TRID. 1/27 – Loan Estimate – A high level overview of the Loan Estimate disclosure and some of its requirements. And join MMLA for Mid Chapter Happy Hour January 19, at Horrocks Beer Garden.

CAMP’s Dealmaker Series begins on January 21 at 9:00 PST with the 2022 CPA Outlook. Fred Martin and Gary Zhang of Citrin Cooperman will provide the inside scoop on what legislation we can expect to see in 2022 from a Fed and state level, how those changes might affect Housing/Mortgages and how that legislation might impact our clients, what can/should mortgage professionals be on the lookout for and need to know when advising their purchase/refi clients.

If you’re going to the MBA’s IMB Conference in Nashville next week, and see me in the hallway, be sure to say hi!

Get the inside scoop on the biggest factors driving the market in 2022, register for the

First American Data & Analytics 2022 Housing Market Outlook Free Webinar. Join Odeta Kushi, Deputy Chief Economist for First American Financial Corporation on Tuesday, January 25 as she provides an update on the macroeconomic backdrop and gives an overview of the biggest factors that will drive the housing market in 2022.

Start off the new year prepared and ready for what the 2022 national economy has in store for us. October Research has once again partnered with Fannie Mae’s Chief Economist Douglas Duncan to share his expert analysis of the housing and mortgage markets. Join October Research on January 25^th to learn more about interest rates and where they are going, Inflation and its impact on the housing market, trends in home prices, housing supply, and what is driving demand and the post-forbearance market.

All USDA lenders, builders, and real estate agents are invited to Register for USDA’s Live, Free, Virtual Training: Annual Income: Removing the Mystery on Wed, January 26^th at 11:00 a.m. ET / 8:00 a.m. PT. Annual Income: Removing the Mystery on Thurs, January 27^th at 2:00 p.m. ET / 11:00 a.m. PT.

FHA’s Wednesday, January 26^th Webinar: What FHA Needs to Know and When is on Wednesday, January 26^th. FHA representatives will provide detailed information on how FHA-approved lenders can successfully submit notifications regarding actions affecting the institutions’ profile information, via the Lender Electronic Assessment Portal (LEAP) and concludes with a Q&A session.

Join us for an Industry Outlook 2022 with myself and Tabrasa LLC’s Bill Bodnar, Chief Revenue Officer, on Tuesday, Feb 1st. We’ll be discussing the Biden Administration, the Federal Reserve and U.S. economy, and what MLOs should know about the housing market.

The Central Florida Chapter of FAMP’s Annual Tabletop Trade Show is on February 2. For more info, contact David Gold, Central Florida FAMP Chapter Trade Show Chairman. And sign up as an exhibitor at the event.

Register for CoAMP’s Live and In Person February 9^th Luncheon featuring The Bowtie Economist, Dr. Elliot Eisenberg, to discuss 2022 Housing Update. Elliot Eisenberg, PhD is an internationally acclaimed economist and public speaker specializing in making the arcana and minutia of economics fun, relevant, and educational.

MBA’s Commercial/Multifamily Finance Convention and Expo (CREF22) is returning to San Diego. CREF22 will provide attendees the opportunity to discuss critical, top-line issues impacting commercial and multifamily markets from Sunday, February 13 – Wednesday, February 16.

The TMBA’s Southern Secondary Market Conference, February 21st and 22^nd will be held at the Westin Galleria Hotel in Houston, Texas. Joining the meeting this year is 2-Time USA Memory Champion, Ron White, to share his 5 Step process to remember anything! Log into your My TMBA profile and click on the Registration link at the top of the page. Allow 24 hours to receive your official registration confirmation after you receive your registration payment receipt/confirmation. (If you don’t have a MY TMBA profile, please email Kerry Hall to setup your account.) TMBA’s Warehouse Conclave will happen February 21^st: Separate registration required.

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

MCT is gearing up for the biggest Exchange yet, 10-year anniversary of MCT Exchange and 20-year of MCT celebration at the Hard Rock Hotel in San Diego the first week in March. Give your company unique opportunities for networking and exposure.

Capital markets

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A decline of government bond prices has reached the point at which some negative-yield debt has returned to positive yields. For the first time since April 2020, negative-yield debt totals less than $10 trillion worldwide. Major banks are expected to hit the bond market with a huge number of offerings after announcing their quarterly results, and remember, in a free-market system rates are set by supply and demand. The banks want to lock in borrowing costs before the Federal Reserve increases interest rates.

After listening to Fed officials over the past two weeks, it has become clear that the Fed is determined to hike the rates it sets (primarily the overnight Fed Funds rate and the Discount Rate) in March, regardless of what the data may do between now and then. Expectations are for three or four hikes this year (March, June, September, and possibly December) and a balance sheet announcement at the May meeting. The Fed has clearly come to the realization that it is behind the curve, and has a lot of catching up to do.

Economic data over the last week hinted that the brisk rise in prices may be nearing its peak despite a nearly 40-year high over the last twelve months. On a monthly basis, inflation moderated from November to December, advancing 0.5 percent for the month as vehicle prices continue to weigh on the headline number. January’s data is expedited to show an impact from the recent surge in COVID cases, especially in hotels and airfares. Another signal that inflation may finally be subsiding was a lower-than-expected increase in producer prices as well as a decline in the number of businesses expecting price increases in the coming months. Despite easing price pressures, it will still take time for supply chain constraints and distribution channels to return to normal.

 

Retail sales declined 1.9 percent in December, more than expected, as many consumers likely brought forward their end of year purchases due to shipping delays and rising prices. While some would suggest that inflation is weighing down consumption growth, on a year-over-year basis, total retail sales were up 16.9 percent (and 18.8 percent excluding autos). Well, retail sales are not adjusted for inflation, so it actually contracted at the fastest pace since last February in the face of broadly higher prices. Financial markets continue to adjust to the prospect that the Fed may be more hawkish than previously expected and the potential for more than three rate hikes in 2022.

 

On Friday, we also saw a December dip in total industrial production, owed to a pullback in manufacturing factory output after two months of solid growth. Consumer sentiment deteriorated to start the year, evidenced by the preliminary January reading for the University of Michigan Index of Consumer Sentiment falling from December as inflation expectations become more entrenched. 5-year inflation expectations rose to 3.1 percent, representing the first increase above 3 percent since 2011. U.S. Treasuries finished the second week of 2022 pulling back again across the yield curve ahead of the holiday weekend, though the 10-year Treasury yield was unchanged on the week. The bond market is closed today for the holiday, so be wary of rate sheets.

This is a good day to remember a great oration, albeit abbreviated in this tape. (In case you’d like the full transcript, here you go!)

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.)