Rob Chrisman

Daily News & Commentary

  • Daily Mortgage News & Commentary
  • About
    • Rob Chrisman
    • Marie Chrisman
    • Robbie Chrisman
    • Anjelica Nixt
    • Ed Rosenthal
  • Archives
    • Calendar of Posts by Month or Week
    • June 2013 to Current
    • Prior to June 2013
  • Advertise
    • Advertise on Rob Chrisman – Banners & Commentary
    • Podcast Sponsorship
    • Pay Pre-existing Invoice
    • Sample Overviews in Reporting/ & Analytics
  • Subscribe
  • Help
    • Request for analytics
    • Constant Contact Reports

Jan. 21: Jobs, products, training; MI update; eminent domain info; MBA calls for folks to write to CFPB re: rate checker

January 21, 2015 by Rob Chrisman

About Rob Chrisman

Rob Chrisman began his career in mortgage banking – primarily capital markets – 35 years ago in 1985 with First California Mortgage, assisting in Secondary Marketing until 1988, when he joined Tuttle & Co., a leading mortgage pipeline risk management firm. He was an account manager and partner at Tuttle & Co. until 1996, when he moved to Scotland with his family for 9 months. Read more...

A new JPMorgan Chase report indicates that summer jobs for young adults have significantly declined. Less than half of young people (46%) who applied for summer employment were enrolled in 2014 and it’s projected that tens of thousands of low-income youths looking for employment in the major 14 U.S. cities surveyed will come up short in the approaching summer months. In JP Morgan Chase’s “Building Skills through Summer Jobs: Lessons from the Field” report, there has been a 40% decline in summer youth employment over the past year and only 26% of this age group held a paying job in 2011. This employment deficiency particularly impacts economically disadvantaged youth. In the summer of 2013, low-income teens (family income less than $20,000), were 20% less likely to be employed than high-income teens (family income greater than $60,000). As job opportunities for youth wane, it’s imperative that they develop the necessary skills to be competitive in the job market.

 

Speaking of jobs, SecurityNational Mortgage Company, licensed in 48 states, has tripled its size in the last 18 months. “We are growing in all areas and currently looking to fill several positions on the West Coast. We have an immediate need for Area Managers, Branch Managers, Loan Officers, Processors and Underwriters in California, Oregon, Washington and Hawaii. Join an established, publically traded company that supports the sales effort in every way: state of the art technology, marketing, CRM, local ops, an aggressive compensation plan, medical/dental/vision and matching 401K.” For a confidential interview contact the following Regional Managers: Todd Bruess (Washington/Oregon), Henry Gonzales (Southern and Northern California, and Tom Douroux (Southern California/Hawaii).

 

On the new product side, Roadrunner Solutions is an exciting free service to help LOs connect their pre-approved borrowers with local Real Estate professionals. “Roadrunner has a large network of Realtors that will respect the relationship between the LO and their borrower. Roadrunner will improve your closure rate and help deliver the high level of customer service required for the purchase money borrower. If you are a Call Center LO, run a Call Center Platform, originate loans outside of your local area, or just struggle to find quality Realtors, Roadrunner is a great service for you to try with no fees or any cost to the borrower.  Roadrunner has also added website design and support to their product offering. If you would like to find out more e-mail us.”

 

American Pacific Mortgage is hosting Business Planning Events for its Originators, Guests as well as Realtor Partners throughout the month of January. All Originators and Realtors are invited to attend. Led by Kurt Reisig, CEO, and Scott St. John, VP of Production, these events offer guidance in establishing simple, but attainable goals for 2015. “What better way to start the new year than by defining and establishing production, financial, as well as personal goals.  Each workshop is designed to deliver results for your business in 2015. There have been 7 well attended events so far in major markets this month, with 4 Events coming up….Phoenix, AZ on 1/23, Burbank, CA on 1/26, Ontario, CA on 1/27 and Sacramento, CA on 1/30/15. The workshop runs from 9am-2pm with lunch provided. Call 1-866-625-9352 right away to learn more and register for this career changing course! Map out your success for 2015 and Register TODAY….Available seating is limited!”

 

There has been a lot of news in the last several weeks about 97% LTV loans from Fannie & Freddie, and the changes to the FHA’s MIP. It is good to take a quick look back at recent private mortgage insurance news to see what they’ve been up to lately.

 

U.S. Mortgage Insurers (USMI) has responded to FHFA Announcement on expanding 97% LTV. USMI is ready to help implement the new program and to ensure that creditworthy borrowers have access to affordable and sustainable mortgages within a well-functioning U.S. housing finance system. For more information, visit its website.

 

MGIC Investment Corp. reported their December 2014 operating statistics, identifying positive credit trends, with new notices decreasing by 17.9% YoY, but up 13.8% MoM. The cure ratio drastically fell to 78.4% from 105.7% and ending delinquent inventory was down 22.7% YoY compared to 23.4% in November of last year. Paid claims increased 6.2% MoM, up from the 4.1% seen in November and net rescissions and denials increased to 78 from 45 in November. New insurance written totaled $3.3 billion in December, increasing from $2.9 billion in November. To read more about MGIC’s operating report by KBW research, click here.

 

Effective December 15th, Arch MI is making changes to Its Program Guidelines. Its EZ Decisioning℠ and Down Payment Assistance Programs are expanding in order to help you qualify more borrowers for home loans. For more information, view its credit risk bulletin.

 

 

United Guaranty is disabling SSLv3 (Secure Sockets Layer Version 3), an obsolete protocol for handling outside connections to our company on January 24th. If your web browser is Internet Explorer version 7 or higher, or a current version of Firefox or Chrome, no expected problems should arise from this change. Connections to United Guaranty outside of the above web browsers, such as Loan Origination Systems, Product & Pricing Engines, and web service calls will need to be tested. You may test your connection now at this link before January 24th.

 

“Rob, my LOs and underwriter’s heads are starting to spin again with the programs, investors, changes, and guidelines that are springing up. Have you seen any decent software out there to help?” Yes, there is plenty of help. This is not an endorsement of either, but two are certainly gaining some traction. The first is Mortgage Elements, created by Mark Paoletti – click on the link, enter the state and the program, and you can see which investors are doing what. The second is called The Rule Tool created by Take Three Technologies. The Rule Tool was built to assist mortgage companies that sell loans to various investors and is specific to your organization – including overlays. You can think of The Rule Tool as a “very cool” three ring binder that is an on-line tool your company can use to organize your investor overlays, and your company’s specific overlays/guidelines to the agency rules.

 

Speaking of software, “While Mr. Obama and our elected representatives play political kickboxing over the 50 bp drop in the FHA insurance premium, the folks at LoanScoreCard want you know that they can save you up to 70% on your FHA AUS costs without ‘an act of Congress,’ so to speak – nice to be able to save that kind of percentage on anything in our business these days. And when the kickboxing match is over, and the broken ribs are counted in Obama’s favor, we could see FHA volume tic up by 20%. LoanScoreCard says that their FHA AUS is a better, less expensive way to get FHA TOTAL Scorecard output than using DU or LP. In fact, Elva Johnson, Director of Production at Ontario-based, retail-wholesale lender First Mortgage Corporation signed up with LoanScoreCard, and is seeing annualized savings of ‘around $90,000, in just their retail channel so far.’  She says it is designed specifically for FHA TOTAL Scorecard findings “the way they were meant to be,” rather than through an agency AUS engine actually designed for agency use. Elva says it is much more accurate and useful, and saves a significant amount of money on every loan.  First Mortgage Corporation is now in the process of rolling out the use of LoanScoreCard with the broker channel to increase the savings and benefit. LoanScoreCard has built this cool model that you can tinker with, and download, to let you plug your own numbers in, to see how much value proposition LoanScoreCard can deliver for you on your FHA AUS.  Nice.  You get to sell yourself on the idea; no pressure, just bottom line numbers.”

 

The MBA is asking its members to contact their Senators and Representative to ask them to contact the CFPB and ask them to remove the “rate checker” tool from its website AND meet with industry and other stakeholder representatives at the earliest date to ensure that this project benefits the consumers we all seek to serve. “The CFPB should take this misleading tool down and instead focus on providing a resource that encourages borrowers to shop more than one lender and makes certain they understand the base rate and all other costs and terms. Please click HERE below to go to the MAA homepage and click on the “Take Action” button to get started. Please contact MBA’s Associate Director of Political Affairs, Annie Gawkowski, at 202-557-2816 if you need assistance.”

 

Recently the Independent Community Bankers of America called on the FHFA to withdraw its proposal to restrict access to Federal Home Loan Banks. The ICBA wrote that “the agency’s plan to require FHLB members to hold between one percent and 10 percent of their assets in home mortgage loans at all times contradicts Congress and will restrict access to mortgage credit.” Community bankers view access to FHLB’s as vital to the overall health of their banking community, and proposed “restrictions” would deter their serviceability in the surrounding communities. ICBA Senior Vice President of Mortgage Finance Policy Ron Haynie wrote. “Without ready access to the low-cost advances provided by the FHLBs to community banks, many of those banks would be forced to severely curtail home mortgage lending in the communities they serve.” The exact sticking point with community lenders is the FHFA’s proposal to implement an ongoing asset test to retain FHLB membership, which would force community banks to either hold more mortgage-backed securities in portfolio,  or have some have suggested, possibly force banks to pass up opportunities to make other types of consumer, small-business or agriculture loans. How is the Federal Home Loan Bank system faring? Well, total outstanding debt climbed to $847.2B in 2014, from $766.8B in 2013, which constitutes the highest year-end total since 2009 when members began running off FHLB borrowing tapped during financial crisis.

 

As I wrote recently regarding eminent domain, and the government’s place at the table, “….the MBA summed things up nicely with the headline, ‘Congress Enacted MBA-Supported Provisions to Block Eminent Domain Mortgage Seizures’. On this topic, K&L Gates has a terrific article, Eminent Enabler. Laurence Platt writes, “At least for the next year, Congress has materially impaired the ability of local governments to seize underwater residential mortgage loans through eminent domain by cutting off federal insurance or guarantees to refinance the seized mortgages and then securitize the refinancings. Without this federal ‘take out’ through mortgage insurance provided by the Federal Housing Administration, and guarantees of mortgage-backed securities by the Government National Mortgage Association, local governments will have to find private sources of long-term funding to pay for loans that they attempt to seize.” As some have pointed out, private money could step in and create such a market, but at what risk? Given the FHA’s inability to refinance, local governments would have to seek the help of private lenders; given that FNMA and FHLMC have already determined these loans are ineligible for purchase, coupled with the litigious nature of the original seizure, this appears unlikely.

 

The move in rates (and yes, mortgages are lagging considerably, but still…) has really given a shot in the arm to applications and locks, and residential lenders across the nation are licking their chops over February and March volumes. (Let’s hope margins hold up!) In fact this morning the MBA gave us last week’s application numbers echoing what everyone was thinking. Apps hit a 17-month high for a second straight week, up 14% with refis jumping 22% although purchases dropped 2.5%.

 

For more market news, the “benchmark” 10-year T-note closed Tuesday at 1.81% and is within 2.5 basis points of its lowest close since May 2013. And we may just hit it this week, given all the problems overseas. In this country we did have the Housing Starts and Building Permits duo: Starts were +4.4%, hitting its highest level in over six years, but Permits were -1.9% (single family +4.5% but multi-family was -11.9%). In the early going the 10-yr is at 1.78% and agency MBS prices are roughly unchanged.

 

 

Part 1 (of 2) of “The Perks of Being Over 60”

1) Kidnappers are not very interested in you.

2) In a hostage situation you are likely to be released first.

3) No one expects you to run — anywhere.

4) People call at 9 PM and ask, “Did I wake you?”

5) People no longer view you as a hypochondriac.

6) There is nothing left to learn the hard way.

7) Things you buy now won’t wear out.

8) You can eat dinner at 4 P.M.

9) You can live without sex but not without your glasses.

10) You enjoy hearing about other peoples operations.

 

 

Rob

 

(Copyright 2015 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)

Filed Under: Daily Mortgage News

Private Lending

Constructive Loans

DeepHaven

NAN

Harrison National Employment

Harrison National Employment

Loan Depot

Matic

NP INC

NP INC

Point Mortgage

Richey May

PacRes Mortgage

The Mortgage Link

Edumarketing

Purchase Bootcamp Virtual Private Event – RON VAIMBERG

LenderLogix

ICE Mortgage Technology

LodaSoft

TENA

TENA

Specialized Mortgage Services

Specialized Mortgage Services
​

University Lending Group

A&D Mortgage

ADMortgage

FlexClose

FlexClose

MGIC

MGIC

Mr. Cooper Correspondent

Mr Cooper Correspondent

FBC Mortgage, LLC

Richey May

GSFA

GSFA

Churchill Mortgage

HomeStead Funding

Excelerate Capital

Future of Real Estate Summit

Omega

Evolve Mortgage Services

Open Mortgage

American Financial Network

Service 1st

Service 1st

Baker Tilly

Hartford Funding

Capacity

Capacity

Supreme Lending

LoanStream Mortgage

See Your Company Ad Here

Phoenix

ACES Quality Management

American Pacific Mortgage

Mortgage Capital Management

The Money Source

TotalExpert

LoanCraft

Armco

SimpleNexus

Verity

LD Wholesale

SitusAMC

Nomis

Experience.com

Ncontracts

Myvolly

Vice Capital

FundingShield

Stewart

Incenter

AAG

First International Bank & Trust

CHLA

XINNIX

Qualia & Stratmor Group

Directors Mortgage

Meridian

Quorumfcu

See Your Banner Ad Here

ACT Appraisal

Advancial Federal Credit Union

Black Knight

ActiveComply

Western Alliance Bank

GHMC

Recent Posts

Aug. 8: MLO jobs; internal audit, marketing, Realtor-facing, fulfillment products; events in the next few weeks; jobs & the Fed

Aug. 6: Vendor/3rd party products; opting out of credit lead selling; jobs number: what recession? Saturday Spotlight: Calque

Aug. 5: MLO jobs; u/w productivity, bid tape/AOT, origination, doc handling products; National MI and Equifax; payroll data drives rates

Aug. 4: Comp study; profitability, BI, QC, API, non-QM, HELOC products; OpenDoor penalty; Two Harbors/RoundPoint deal

Aug. 3: AE, MLO jobs; private MI, servicing testing, broker pricing, DPA products; conforming conventional updates

Aug. 2: LO jobs; cap. mkts., non-warrantable condo, automation products; retail product news; Taiwan helping drive rates

Aug. 1: MI job; DPA, revenue, decisioning jumbo products & tools; upcoming events & webinars; more on the Fed

July 30: The ins and outs of servicing rights; Fannie deals; primer on... runway numbering? Saturday Spotlight: Change Wholesale

July 29: MLO jobs; M&A advice; compliance, BI platform, community bank products; the NBER, GDP, and recessions

July 28: MLO jobs; broker products; underwriting, customer service tools; RON progress; new exchange-traded TBA product

July 27: Hedging, MLO jobs; broker, pricing, workflow approaching events, training, webinars; Fed Day as new apps hit 22 year low

July 26: MLO jobs; lead gen, Spanish app, REO mgt., subservicing tools; conforming conventional changes; rates sliding

View the Posts by Month or Week

Subscription Service

Click Here to Sign Up for Daily Commentary
You should begin receiving the commentary within 24 hours. If not, filtering may be taking place; attempt sending request from an alternative e-mail address. Email Rob at Email Having trouble receiving commentary? Please check our help section.

Handcrafted with by HSS. Powered by the Higher Source Sites. Get in Touch.

© 2008 - 2022 · Rob Chrisman · All Rights Reserved