July 23: HR, post-closing, controller, MLO jobs; NOO, HELOC, processing tools; Florida fraud case; LendingClub fee settlement

How do you know when someone has too much money? How about when they pony up $16k for Tarzan’s 1932 loin cloth? (“Gosh, if that loin cloth could talk…”) LendingClub is going to have less money to the tune of $18 million due to charging customers hidden fees despite its marketing material saying, “No Hidden Fees.” In his latest Musings, attorney Brian Levy points out that in LendingClub Agrees to Pay $18 Million to Settle FTC Charges, LendingClub’s own compliance people even told them it was a problem to do that. Always listen to compliance! And this West Palm Beach Man is going to come out on the losing end of this Florida mortgage fraud case. How about some good news? We rode out a recession last year. The National Bureau of Economic Research, which is in charge of discerning the beginnings and ends of U.S. business cycles, tells us that the recession that began in February 2020 ended in April 2020 after two months. That’s the shortest on record after the 1980 recession which lasted six months. Though short, it was very bad: there were 22 million jobs cut, unemployment hit 14.8 percent, gross domestic product (GDP) fell over 10 percent, and the effects have been long-lasting with seven million fewer jobs in the economy compared to before the pandemic. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology.)



HilltopSecurities’ Housing group is looking for a rock-star Post-Closing Auditor in Encino, CA. If you enjoy minimum supervision, wish to work with professionals and you feel confident in exercising independent judgement with reviewing and approving compliance files, join our team in a stress-free environment! You’ll expand your knowledge and work hundreds of lenders who participate in affordable housing programs helping first-time homebuyers. For 75 years, HilltopSecurities has helped Housing Finance Agencies make housing more affordable in their communities. If you want to learn more, reach out and send your resume to Nick Cendejas.

Strong Home Mortgage is expanding our consumer direct services with two new locations in Kansas City, MO and Las Vegas, NV. Leadership is committed to providing a team driven culture with an amazing customer and employee experience. SHM is licensed in 46 states and built an organization with effective and experienced leadership, passionate team members, unparalleled customer service and an overall infrastructure. Strong is seeking leaders ready for the next level as a Branch Manager in one of these new locations. We are also looking for seasoned Mortgage Loan Officers who are focused on elevating their career with a team and platform that will support their goals and aspirations. We provide high quality leads from a consumer trusted brand affiliated partner. If you are a high-level, self-motivated loan originator with leadership qualities who is looking for a great opportunity by building a successful team, our Branch Manager position is for YOU! Please contact Joe DeStasio, Regional VP of Sales, if you are interested in this opportunity.”

Are you competing for all the top brokers in your market? Can’t call on them because someone else has their account? Stuck in a no-win AE comp package? Time to make a move? Well, you’re in luck, because for AEs, the timing couldn’t be better to join Loan Simple. Loan Simple has an awesome TPO platform (Wholesale and Non-Delegated) and, up until this point, it has been growing rapidly just by word of mouth in the broker community. Now, Loan Simple is going to crank it up to build the best sales force out there to work with the best brokers. So, all those brokers you can’t touch? Well, now they can be yours. In a market that’s shrinking, Loan Simple is growing and offering AEs the perfect opportunity to grab market share. Okay, one final question: what’re you waiting for? Apply now.

Kind Lending, founded by industry veteran Glenn Stearns, is continuing to build a uniquely upbeat identity within today’s mortgage environment. If you’re ready to put people first, Kind Lending wants to hear from you. Currently Kind is seeking an experienced Human Resource Director to manage daily HR functions while supporting a growing team of Kind Ambassadors. Get your resume to the top of the pile by emphasizing your skills in benefits administration, payroll and recruiting, together with your background in the mortgage industry. Experience with Loan Officer Compensation is a big plus. You can work remotely. Kind is also looking for an experienced VP Controller to build its accounting department based in Santa Ana, California. The successful candidate will have a solid mortgage lending background complete with GAAP and regulatory know-how. Ready to join the Kind Movement? Reach out immediately for a confidential interview with Suzy Lindblom.

“I am on vacation reflecting on what systems will help loan officers grow their production. For most companies it’s a marketing talking point, but they fail at substantiating that promise”, says Rick RoqueCorporate Vice President at Shamrock Home Loans. “The sales structure I have implemented revolves around local leadership in target markets across the United States. We added an office in Louisiana that suffered from poor leadership previously, and our focus is positive leadership and then aggressive growth.” This is why Shamrock is one of the fastest growing companies and is ranked Top 5 Mortgage Banks to work for in the United States. “If you want to grow a market to $250M++ a year, and work with me at the executive level to grow it, give me a call at 413.297.6895. Shamrock’s flexible pricing and compensation strategies, along with a national platform for recruiting to help you grow, is at the heart of our growth. Watch this and call me.”

Evergreen Home Loans recently announced two notable promotions on its executive team: Don Zender and Todd Miles have been promoted to the role of EVP, Loan Production, where both will lead sales originations company-wide, oversee recruitment and assist the company as it continues to redefine the mortgage experience by way of innovative products and services.

Products & services

“Is keeping up with the new FNMA 1033 form taking a toll on your staff? Market Valuation Services (MVS) can help. While the 1033 form has been shown to offer over 80% cost savings than a traditional field review, it can also increase the workload for lenders. Let MVS’ team of appraisal management pros lighten the load, freeing up valuable time and resources.

As a full-service appraisal management company, we also offer traditional appraisals, alternative valuation services and field reviews. View our full range of services to see how we can best support your team. Contact MVS today to get the answers you need.”

Let your people work from home while improving efficiency with a virtual assembly line. Henry Ford reduced car production-time from 12.5 to 1.5 hours with an assembly line. The benefits were shorter timelines, increased efficiency, near-zero errors, plus the ability to employ both high and moderately skilled workers to get work done. The same has proven true for mortgages. 2021 has seen more mortgage operations move to a “virtual assembly line” model to produce higher volumes and shorten “lead-to-close” timelines. Case in point: A division of American Pacific Mortgage quadrupled their volume and produced 280% more revenues after implementing TeamworkIQ, a simple task-based-workflow platform that drives virtual assembly lines. Work moves forward faster. bringing the right task to the right person at the right time with the right priority. And some tasks can even be automated to achieve even greater efficiency. See the case study and request a test-drive.

Insights into Mortgage QC Trends: A Light at the End of the Tunnel. After analyzing 100,000 quarterly post-close quality control reviews from 2020, ACES Quality Management’s EVP, Nick Volpe and President, Phil McCall share their findings in this on-demand webinar. Watch today as they discuss key takeaways and trends from 2020 and then turn to current hot topics. In this webinar, you will hear about, highlights from the Q4 2020 ACES Mortgage QC Industry Trends Report, Early Payment Default analytics, CARES Act & Forbearance updates, and how servicers need to beware and how they can best prepare. Watch Today.

Western Alliance Bank’s Specialized Mortgage Services Group continues to be solution-oriented in changing markets in providing various financing vehicles. Warehouse Lending finances a wide spectrum of loan types including Agency, FHA/VA/USDA, Jumbo and Non-QM, funds until 2:30pm PST and works with borrowers to customize terms to meet investor and execution needs. MSR financing provides lines of credit that leverage Fannie Mae, Freddie Mac and Ginnie Mae collateral. Lines can be annual revolvers or longer-term interest only draw periods followed by term finance. Flexible structures provide solutions to accommodate originators’ MSR retention strategy. Additionally, the Specialized Mortgage Services Group provides Note Financing, Treasury Management Services, Working Capital Lines and Commercial Real Estate solutions across the country. Member FDIC.

Loan Originators looking for solutions to be more competitive and to close more loans, Symmetry Lending is the HELOC expert that you need. As an alternative to the difficulty of jumbo financing, or to simply provide your clients with increased liquidity, flexibility, and purchasing power, experience the Symmetry HELOC as a Piggyback behind your conforming or high-balance conforming 1st mortgage! If you haven’t used Symmetry’s HELOC solutions, ask a colleague about their experience. Or simply Contact your Area Manager and let us walk you through the process. Impress your real estate referral sources by providing strategic financing options that help them sell more homes! Symmetry’s team of HELOC experts is here to deliver our signature ServiceSpeed, and Simplicity. And don’t forget, connect with us on LinkedInFacebook, and Twitter.”

Have you heard the biggest news in NOO investments? Yesterday, Interfirst launched ONE, a non-owner-occupied investment product designed to address the gap in the NOO market with ONE Rate @ 3.99% and no adjustments. Say goodbye to multiple rate sheets and sign up today to begin taking advantage of this amazing opportunity.


Lenders: Do you have a plan to stay profitable as the housing market slows down? June home purchases were down 24% year over year. That means now is the time to focus on the aspect of your business you CAN control: your efficiency. The truth is, more than 50% of the cost to close a loan is labor. If you can boost your team’s productivity, you can transform your bottom line. The latest eBook from digital mortgage platform Maxwell lays out the top four areas that hold untapped potential for better, more efficient lending. Want to prepare your team for the market ahead and eliminate costly bottlenecks and busy work? Click here to download Maxwell’s free eBook, “The 2021 Guide to Lending Efficiency.”


Shifts in lender & investor processing

Following the successful completion of a pilot program, Chase is expanding its eNotes program to all its correspondent clients and will include all Agency, Non-Agency, and Chase Advantage transactions. For all Agency transactions, Chase will begin accepting eNotes from Chase correspondent clients immediately when all requirements outlined in the last bulletin are met. For all Non-Agency transactions, Chase began accepting eNotes on loans locked on or after May 26, when all requirements are met.

July 31 marks the start of Phase 1 for the Uniform Closing Dataset (UCD) critical edits transition to convert a number of edits in the UCD Collection Solution from “warning” to “fatal.” Fannie Mae published a Quick Guide to answer common questions that lenders and correspondents may have throughout this transition. In addition, access to other UCD critical edits transition resources are available.

PennyMac Correspondent Group allows off rate sheet flexible pricing options. Find the perfect rate and perfect term. Read Announcement 21-54 for more information.

Don’t forget, and the USDA reminds us, that the American Rescue Plan (ARP) Act of 2021 appropriated additional funds, to remain available until September 30, 2023, with a focus on refinancing existing Section 502 and Section 504 borrowers who have received a payment moratorium related to COVID-19. Information on requirements to be eligible for refinance under this temporary authority is provided in a May 12, 2021, Unnumbered Letter available under Housing Programs.

Capital markets

Yesterday was a good example of Treasuries rallying a couple basis points, and mortgage-backed securities tagging along, for no particular reason. Economic reports were mixed, showing sales of existing U.S. homes rose (+1.4 percent month-over-month) for the first time in five months, while jobless claims unexpectedly climbed by 51k. Look a little closer and it isn’t so rosy. The initial claims figure was the highest it has been since the spring and is not in-line with an improving economy. And the inventory of existing homes for sale remains extremely limited, driving up the pace of price increases well beyond the pace of income growth. Finally, the Primary Mortgage Market Survey from Freddie Mac saw both 30-year and 15-year fixed rates fall 10 bps to 2.78 percent and 2.12 percent, respectively.

The end of week session is light on data with just preliminary July Markit PMIs, whatever those are, due out in mid-day. The NY Fed Desk will purchase up to $5.3 billion 30-year 2 percent and 2.5 percent MBS over two operations. We begin this summer Friday with Agency MBS prices worse nearly .125 from Thursday and the 10-year yielding 1.30 after closing yesterday at 1.27 percent.

Thanks to Dave S. who reported, “The doctor asked if any member of my family suffers from insanity. I replied, ‘No, they all seem to enjoy it.’”

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, “A Primer on What Originators Should Know about the Fed”. 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