Today, in Utah, it is either Pie & Beer Day, or Pioneer Day, I can never remember which. Words are funny things. How about “partners,” as in Amazon’s new TurnKey program which partners with Realogy Holdings Corp. (Better Homes and Gardens Real Estate, Coldwell Banker, CENTURY 21, Sotheby’s International Realty and ERA Real Estate)? The initiative matches up potential homebuyers, using the Amazon portal, with a local Realogy agent… If the consumer purchases a home with that agent, they receive up to $5,000 worth of Amazon Home Services (in gift card form) and smart home products (delivered directly to their new property). Which begs the question, “Why would Amazon ever want to start its own mortgage company when it can partner with an existing lender?” Speaking of houses, nationwide the square footage of new homes is actually decreasing – primarily due to smaller starter homes. But ceiling fan usage is increasing.
Employment & transitions
Nations Direct Mortgage is excited to announce the addition of Julie Duong as Chief Production Officer. “We’re beyond thrilled to welcome Julie and her experienced team to Nations Direct,” states Aimee Quinn, President & COO. “Her vast experience in developing and originating non-agency products will further enhance NDM’s proprietary non-agency offerings and establish NDM as the leader in the alternative lending space.” Nations Direct is solely focused on wholesale partnerships and offer Conventional, Government, Jumbo and Non-QM loan products. If you’re interested in learning more about Nations Direct, please contact Aimee Quinn.
“NEXA Mortgage is one of the nation’s fastest growing mortgage broker, leading the way out of retail with growth across the country. If you are a LO, BM, or TL, contact NEXA now to experience why brokering is better. Many of our LOs have doubled their production within the first 3 months due to NEXA’s solid support, compensation, underwriting (you don’t really believe brokers lose control), rates, products, leadership, marketing, technology, and processing (you will love our processing). Mark your calendars now to join our weekly WHY NEXA Zoom meeting, Thursday at 11am PST. Login on to NEXA Support and our support staff will place you in the meeting. If you can’t wait to learn more, login now and ask for Michael Neill (480-643-9161) or email Michael. Currently in 9 states, submitted in 14 more and will add any requested. NEXA Mortgage, the leader in WHY Brokering is Better!”
“Steans Wholesale Lending is in our 30th year supporting the Mortgage Broker community. Hear from our customers about how Matt Helfrich, Yvonne Weiss, Charles Ryan and all our Account Executives create a “Personal Touch” and put our brokers first. Stearns Wholesale Lending is poised for growth and prepared to serve the Mortgage Broker for another 30 years! For opportunities in this amazing Wholesale and Non-Delegated Correspondent culture, please email Melissa Richardson.”
“Looking for a company offering continuous growth, a full-scale marketing strategy, continued training, career improvement courses? At Carrington Mortgage we offer a complete suite of products including FHA, VA, FNMA, FHLMC and a robust menu of Non-QM programs which has further fueled our growth. We are currently recruiting experienced AE’s for our Non-Delegated Correspondent channel. If you feel your sales skills and experience would be a fit with Carrington, please email John Cervantes.”
Inlanta Mortgage, Inc. announced the promotion of Andrea Puricelli to lead its new business unit, Production Engagement Resource Center, or PERC. Puricelli will be responsible for the management and development of organizational sales resources and training initiatives that advance the utilization of key technology solutions that grow loan origination volume while improving the consumer experience. “This new business unit is just one more way Inlanta strives to go above and beyond in supporting our loan professionals in ways that are unique to our industry,” said Paul Buege, president and chief operating officer. “I’m incredibly pleased to have Andrea, who is already a proven mortgage leader, managing this new group that we feel is a true game-changer in how we support our loan officers.” If you’re a lender looking to join our innovative, top-ranked mortgage workplace, contact Inlanta’s Shaun McGuire or Beth Juergens, Directors of Branch Development, or visit Inlanta’s career page.
Are you a New England Account Executive looking to make a change with a local presence? Plaza Home Mortgage has an opening for a seasoned Wholesale and Non-Delegated Account Executive that covers the MA and NH markets, who will take over a number of open and active accounts, as well as bring in your book of business as our only rep in the market. Enjoy selling one of the largest product menus in the nation, with all traditional conventional and government programs – we also offer five Renovation Programs and a new One-Time Close Construction-to-Permanent Loan Program. Non-QM Products? Look no further… Plaza offers eight Non-QM products, from well-priced Jumbos to using Bank Statements for income. And you’ll have access to our operations office in Wakefield, MA. Plaza has both the products and technology to make you more successful than you are today. Contact Howie Needel (617.240.5707).
Cloudvirga announced Daniel Akiva as its chief technology officer, and will “rely on Akiva’s expertise as it continues to automate the entire ‘back office’ to reduce cost and improve speed in getting mortgages to consumers.”
Lender products & services
“When your LOS provider is acquired by another company, it’s natural to feel some uncertainty: ‘Will prices go up?’ ‘Will quality go down?’ ‘Will I still receive the same level of customer service?’ It’s also not uncommon to begin looking for another LOS. One that provides greater certainty and is built with the latest technology. If you’re looking for a new LOS, consider Path from Calyx, a leading provider of mortgage technology for nearly 30 years. Path is a cloud-based, fully configurable, data-driven (not form-driven) LOS with guaranteed 99.95% uptime. Designed to truly simplify the loan process, Path provides the flexibility and controls you need to monitor and run your business your way. In addition, Path’s professional services team is committed to delivering the fastest implementation timing in the industry and ensuring your long-term success. Email Michele Warren to see if Calyx Path may be a fit for your business.”
Build your business with loanDepot Wholesale’s Renovation Lending Suite, that includes programs designed to accommodate both large and small home improvement and repair projects. Therefore, giving you more options for your real estate partners and clients to meet their homeownership needs. Flexible solutions that include FHA 203k Limited and Standard as well as FNMA HomeStyle®. loanDepot Wholesale: Proud sponsor of improving homes across America. Contact us today to learn more at www.ldwholesale.com. Rates, terms, and availability of programs are subject to change without notice – www.nmlsconsumeraccess.org.
According to the MBA and STRATMOR, the cost to originate a loan has increased by over 30% in the past five years, while sales productivity per loan officer HAS NOT IMPROVED. To solve this problem and help you create immediate ROI, Momentifi has created a mobile app that integrates with your current tech stack via API. “We make it super-simple for loan officers to follow-up with clients and referral partners at exactly the right time by pushing tasks to their mobile phone from your CRM,” says Gibran Nicholas, CEO of Momentifi. “Loan officers can collaborate with LOAs and assign action items to each other. They can send personalized text messages and videos to borrowers and referral partners that get logged into your CRM for compliance. This enables loan officers to do their job on the go, helps them create efficiency and close more loans.” Click here to schedule a demo.
One of the biggest concerns in the industry right now is losing applicants to competitors early in the loan process. Failing to establish that lender-customer relationship at the beginning can make or break your yearend goals – and a lot of earnings can slip through your fingers as a result. But how can you stop your competition from pouching your new applicants and crippling your bottom line? Start by getting a solution that will shield your leads from your competitors so your quality applicants can stay YOURS. By working with Informative Research and utilizing one of their key tools, you’ll buy yourself enough time to pre-qualify your applicants for a loan and start building that crucial customer relationship. More money will stay in your pocket. Reach out now and start building a strong defense for your top applicants!
Floify continues to help lenders create a seamless mortgage experience that borrowers absolutely love! Floify’s insanely customizable point-of-sale solution coupled with their enormous suite of integrations (some of which you’re likely already using as part of your workflow) can provide your borrowers with total transparency, easy access to their loan file, and empower them to be proactive throughout their loan process. Imagine not having to answer mundane borrower questions, like “What interest rate did I quality for?” or, “How much did the home appraise for?” Now the status of these milestones can be easily accessed by your borrowers from one location using Floify. And when you provide this convenience, you will not only enhance your borrowers’ satisfaction, but also save your team’s phones and emails from eager borrowers wondering how their loan is progressing. To see the type of next-level mortgage experience Floify can help you create, request a demo!
August training and events:
MGIC released its August training calendar for lenders.
National Mortgage Insurance Corporation has the following August webinars, please register by visiting each link below: August 6 — Oh, shift! Session #4 – Change 1PM PDT,
August 8 — Cultural Outreach on Social Media Advertising 12PM PDT, August 13 — How to Underwrite the Self-Employed Borrower AFTER Tax Reform 10AM PDT, and August 14 — Five Habits of Highly Effective Salespeople – Habit 5: Get More Attention for Your Business 12PM PDT.
The California MBA’s all-new Mortgage Innovators Conference is just around the corner with some of the best tech-focused minds in the business. The California MBA is offering you three great ways to save! If you are a member of the California MBA, you’re eligible for the, ‘Buy One, Get One’ offer! Here is the special registration offer. Additionally, register for the conference this week and you’ll be entered into a drawing for two free nights at the conference hotel! Here’s your best chance to get the latest in mortgage innovation at little cost to you!
Register for FHA’s Credit Underwriting Training in Casper, WY on Tuesday, August 20, from 8:00 AM to 2:30 PM MT. This free, on-site training will take an in-depth look at a variety of topics including credit, income, and asset (CIA) documentation, manual underwriting, automated underwriting systems (AUS), closing, and more.
The Lenders One Summit in Seattle (8/4-8/7) provides a forum to learn from peers and experts in the field. “Our member and provider networks are the keys to driving our co-op ahead in this industry, and we’re excited to gather at Summit to provide a forum for you to grow and learn from thought leaders and peers.”
AmeriHome’s Correspondent underwriting management team is inviting Sellers to participate in a webinar on August 12th to cover recent Fannie Mae and Freddie Mac updates and the effect on AmeriHome guidelines and requirements.
Join the Michigan Mortgage Lenders Association at the state’s largest mortgage industry event of the year! I will be attending the MMLA Annual Lending Conference is from August 14-16 at Crystal Mountain Resort & Spa in Thompsville.
The Mortgage Collaborative will be at the new J.W. Marriott in Nashville, TN Aug 18-20 for their 2019 Summer Conference. TMC’s bi-annual conferences are extremely interactive events with the agendas constructed by and sessions led their lender members. The complete agenda and full details on the event can be found here, and for more information contact TMC’s COO Rich Swerbinsky.
What makes investing in the U.S. 10-year, with its 2.07% return, look good? The UK has sold £2.75 billion worth of 10-year debt at a near record low yield of 0.789% as investor demand for safe havens rises. And Switzerland’s record-low interest rates of -0.75% and sub-zero bond yields mean banks are effectively paying some customers to borrow money.
U.S. Treasuries reversed course on Tuesday, including the 10-year closing +3 bps to 2.07 percent, after the IMF raised the 2019 growth outlook for the U.S. from 2.3 percent to 2.6 percent while lowering its 2019 global GDP growth forecast from 3.3 percent to 3.2 percent. That boosted the levels of Treasuries across the yield curve.
The recent decline in mortgage rates has failed to spur a meaningful pickup in existing home sales, and today we have another date point to corroborate that narrative as Mortgage applications decreased 1.9 percent from one week earlier in the MBA Weekly Mortgage Applications Survey for the week ending July 19. Later this morning, markets will digest Markit’s preliminary July readings for Composite, Manufacturing and Services PMIs, as well as June New Home sales. We begin the day with Agency MBS prices better by a few ticks and the 10-year yielding 2.06%.
(Thank you to Myrtle C. for this one.)
Who isn’t guilty of avoiding walking down a hallway because That Person is coming the other way, or standing there? The same thing happens in the animal kingdom.
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, “Residential Lending, Banks, and Market Share.” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 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.)