July 25: LO jobs; borrower-focused, MI, retention. MERS audit, delinquency mgt. products; events & education fast approaching

“I am part of the 4 percent who want to ban the teaching of math. We are a quarter of the country, and we will not be ignored! And that number is growing; soon we will be a fifth of the country!” While we’re being quantitative… Everyone knows that there are 50 stars on the United States Flag. In 1945 there were 48, before Alaska and Hawai’i were granted statehood. Someone should have told the folks who filmed or fact checked “Oppenheimer.” Continuing with numbers, the South or Midwest, which also boast the highest U.S. homeownership rates, are also the regions that have the highest rental vacancies in the nation, according to the U.S. Census Bureau’s Housing Vacancies and Homeownership data. The Midwest had the nation’s highest homeownership rate (70 percent) in the first quarter of 2023, followed by the South (67), Northeast (63) and West (62 percent). A bigger share of homeowners (41.6 percent) than renters (28.7 percent) had a bachelor’s degree or higher. They also earned more money, as median annual household income was $78,000 compared to renters’ $41,000. (Today’s podcast can be found here and sponsored by ReadyPrice, offering the industry’s most powerful universal delivery portal that gives brokers the edge they need. Shop, lock and deliver with multiple lenders, all in one place, for free! Hear an interview with FundingShield’s Ike Suri on the latest wire and title fraud findings.)

 

LO Employment

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Canopy Mortgage is currently seeking passionate and driven producing LOs who are looking for a game-changing opportunity. Revolutionize your career with our cutting-edge proprietary loan origination software (NANO) where you’ll experience unmatched efficiency in your day-to-day operations, streamlined loan process, and a seamless experience for your borrowers. Embrace the future of lending and be part of a dynamic team that values transparency, innovation, and success. Take the next step in your career and unlock your true potential with the Canopy Mortgage P&L model. Join us and experience the future of mortgage technology. Reach out to Josh Neumarker at Canopy Mortgage for more information 888-696-9076.”

“As a mortgage sales professional have you ever thought, what if I could focus on only the things that actually grow my business, flipping the hourglass and spending 80% of my time on what I do best: building relationships! Or, what if I could surround myself with sales support that is truly team inspired, results driven marketing and customer obsessed headache-free process. Welcome to radius financial group, created with one main focus: to offer a better value proposition than any other bank or mortgage company in the country for you, your borrowers and your referral partners. We can help you grow your business, have a better quality of life, and make more money. For confidential inquires please contact Carla Herrera.”

Lender and broker products, services, and software

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Forty-five new agencies began offering DPA last quarter, signaling a sustainable groundswell in programs to support affordable financingThis is according to Down Payment Resource’s Q2 Homeownership Program Index (HPI) report, which dropped yesterday. What’s more, homebuyer assistance agencies are expanding program support of manufactured and multifamily properties to increase options for LMI buyers as inventory figures hover near historic lows. To get a full breakdown of the 2,373 homebuyer assistance programs available today, read DPR’s Q2 HPI report.

A recession coupled with rising unemployment is climbing the list of experts’ likely economic outcomes for 2024. If and when it comes, rising delinquencies are sure to follow. To keep your loans performing and expenses down during this possible recession, it is critical to partner with a bank subservicer who takes a proactive, effective, and statistically proven approach to delinquency management. Servbank continues to be the industry leader in delinquency management, consistently yielding extraordinary results. This performance is conclusively evidenced in a case study of 10 client transfers, showing the average delinquency rate was reduced from 19.05% to 8.79%, representing a 54% decline in delinquency rate within the first 6 months following the service transfer to Servbank. For some clients in this study the dramatic reduction in delinquency prevented them from losing their GNMA issuer ability. Partner now with a proven Bank Subservicer to control delinquencies and protect your bottom line.

A Huge Announcement from KensieMae and Velma! We’re excited to announce that Velma has joined the KensieMae family! This strategic merger of tech and talent combines two of the best teams and forges an unmatched arsenal of lending automation solutions in the industry! Together, our companies will work to continue providing next-level, transformative automation services to mortgage lenders near and far! This party is just getting started though, so click here to read all about this significant milestone for KensieMae and Velma!

Can you imagine enjoying the yuletide at the beach? Don’t worry, I didn’t know what “yuletide” meant either. Though many people relate the month of December with Christmas, it’s also MERS crunch time for us Servicers. All members are required to submit their QA Review by December 31st, but why wait until the deadline to get it done? Let your summer be merry and bright with MQMR’s special pricing this summer, an early Christmas present just for YOU! With December being such a busy month already, you could almost forget about MERS. “Yule” be sorry if you don’t let MQMR conduct your MERS audit and turn December into a MERS-Y Xmas! Schedule a call with us here!

Borrower-focused software

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“Hey Homebuyers, we’d love to do business with you and help you finance the home of your dreams, but first follow these 15 steps to make sure you can access my online app…” How quickly do you think your potential borrowers are going to move on to someone who’s embracing technology?  With LiteSpeed by LenderLogix, you won’t have to ask those questions ever again.

Time is money. So why are you still wasting it digging through your database every day trying to find the next best opportunity to engage with a high-quality opportunity? You have too much data and too many contacts to manage on your own. That’s why Total Expert created our Customer Intelligence tool to monitor every customer profile in your database for specific activities and alert you in real-time when they have their credit pulled, list a property, reach an equity threshold, or qualify for a better rate. More than 35,000 loan officers at 175+ lenders are using Total Expert to drive 2X pipeline and close 20% more loans. Learn how!

Looking for a flexible option to lower your borrowers’ monthly payments? Check out Choice Monthly mortgage insurance from MGICChoice Monthly MI allows for more customization than traditional premium plans. Borrowers can benefit from lower monthly payments, use of all available lender/seller credits and the option to pay a portion of the MI premium up front or finance it into their loan. Learn how to take advantage of Choice Monthly’s flexibility to give your borrowers more options and save more deals!

Webinars, education, and events to end July and kick off August

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The mortgage industry is evolving rapidly, and Black Knight has the skilled team to keep mortgage brokers at the forefront of an ever-changing market. We understand your time is valuable, so our leaders have condensed their knowledge into action-packed, 15-minute Origination Tech Talk sessions that cover the latest mortgage insights and trends. Tomorrow, at 1 pm ET, join Black Knight’s Nick Belenky, Wes Horbatuck, and technology specialist Mark Besch for a discussion on how brokers can unlock greater success through the way you use your LOS. Register now to elevate your origination journey.

The MMBA will host virtual quarterly events and meetings for networking, education, and opportunities especially for the broker community. Come join the first virtual event on July 26th at 9:00 AM, Donna Vernell, VP National Lending, ReadyPrice will discuss ways to utilize mortgage technology for mortgage brokers to make originating more efficient and cost effective.

Friday the 28th at noon PT is the next edition of The Mortgage Collaborative’s Rundown with Melissa Langdale and me. We’ll will be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown”.

The Knowledge Coop’s new membership platform offers all state and federal Continuing Education courses in an engaging and exciting video format that you’re sure to actually enjoy. Want to give yourself a sharper competitive edge? They also offer in-depth training on specific topics like VA Loans and FHA within their Coop Academy. Get access to industry experts and connect with other mortgage professionals all in one space. Use Code Chrisman10 for 10 percent off your first year of membership here.

 

Freddie Mac and representatives from the HFA ecosystem recently held panel discussions to address trends in equitable housing, opportunities and challenges millennial homeowners face and affordable lending products and solutions to help prospective homebuyers. The Eastern and Central symposium presentation decks are available to download and share with your colleagues.

FAMP! Florida Association of Mortgage Professionals 2023 Annual Convention & Trade show, “A Grand Affair”, is August 2-5, 2023, at Signia by Hilton Orlando Bonnet Creek. For Over 60 years, this is the annual event that attracts Florida’s top mortgage professionals, and this year is no different. Exhibitors from all over the country will be exhibiting current mortgage products and industry tools for all originators. Do not miss this opportunity to network with mortgage brokers and lenders from across Florida and the United States.

MBA Education is bringing the best-in-class training to Seattle, WA., August 8-11. Begin advancing your career by enrolling in the School of Mortgage Banking I: An Introduction to the Real Estate Finance Industry provides a foundation in residential loan production, underwriting, secondary marketing, regulatory compliance, warehousing and servicing.

Register for Mortgages with Millennials with Kristin Messerli and Robbie Chrisman, a weekly video show designed to empower mortgage professionals to tap into the millennial market. Each episode will feature timely and relevant market updates by Robbie Chrisman, exclusive research by Kristin Messerli, and a guest conversation with an expert in millennial homebuying. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode. The first episode airs on Tuesday August 8 at 10AM PT.

Expand beyond the agency borrower, let Carrington Mortgage Services help you increase originations. Carrington’s comprehensive Non-QM training program is designed to do exactly that.

Looking for more in-depth commentary on capital markets and weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup with Robbie and Rob Chrisman” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT starting August 9th, Robbie and Rob will dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Watch a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Register for the first show on August 9th with Lenders One’s Justin Demola, CMB, as a featured guest discussing chatter from his hundreds of members.

The National Association of Realtors® will host its virtual Real Estate Forecast Summit: Residential Update event, Wednesday, August 2, 1-2 p.m. Eastern. NAR Chief Economist Lawrence Yun and NAR Deputy Chief Economist and Vice President of Research Jessica Lautz will share critical data and an outlook for the economy in this mid-year market update. In addition to the focus on housing, attendees can expect an updated overview of the commercial markets.

FHA free on-site training in Atlanta, GA., August 7, 8:30 AM – 12:30 PM (Eastern). FHA Endorsement & Program Offices Overview will provide information on FHA endorsement/insuring policies, practices, procedures, and more. Additionally, there will be an introduction to Real Estate Owned (REO), Program Support Division (PSD), and Quality Assurance Division (QAD).

Free on-site FHA Condominium Approval and Processing Training in Atlanta, GA., August 7, 1:30 PM – 4:00 PM (Eastern) providing information on FHA policies for approving condominium project submissions and Single Unit Approval (SUA) guidance.

Free, in-person FHA Appraiser and Appraisal training, August 8, 8:30 AM – 4:00 PM (Eastern), in Atlanta addresses industry FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications, and updates on property acceptability criteria, underwriting the appraisal, minimum property requirements, property defective conditions, enhanced appraiser, underwriter responsibilities and requirements, programs, and products (i.e., 203(k)), and much more.

Free, on-site FHA Underwriting Training in Atlanta, GA., August 9, 8:30 AM – 4:00 PM (Eastern) will address industry-related FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications and updates on CIA (credit, income, and asset) documentation, manual underwriting, Automated Underwriting System (AUS), closing, and more.

Join Optimal Blue for the next session in its Hedging 301 series on Wednesday, Aug. 9th, Noon ET, take a deeper dive into more advanced capital market strategies and how they naturally interplay with technological advances.  This session will address the many ways Optimal Blue helps clients streamline daily processes to achieve success and optimal best execution – including mandatory price discovery and dissemination, saving basis points while delivering representative mix, solving for numerous execution iterations, and integrating to the MSR broker community for live, loan-level servicing valuations.

The 2023 Kentucky Affordable Housing Conference (KAHC), Rising to the Challenge: Building A Stronger Kentucky, will be held at Central Bank Center in Lexington on Thursday and Friday, August 24-25, 2023. Offering a wide range of training, panel discussions and networking opportunities, whether you’re interested in specialized housing, mortgage lending, single-family development, multifamily development, or HMIS. The general business development sessions will cover cyber security, diversity, language access and more. #KAHC23 is hosted by Kentucky Housing Corporation (KHC).

National MI University’s August Webinars: The Basics of Underwriting the Self-Employed Borrower ​​​​​with Marianne Collins – August 2nd at 1pm ET. Leading With Style ​​​​​​with Andrew Oxley – August 8th at 2pm ET. How to Build, Maintain, and Protect Your Database ​​​​​with Dr. Bruce Lund – August 9th at 1pm ET. Building Trust and Eliminating Virtual Credibility-Crushers with Julie Hansen – August 15th at 1pm ET. Power of Mindset in Today’s Market ​​​​​with Rebecca Lorenz – August 22nd at 1pm ET.

The California MBA’s Western Secondary will be August 21-23 at the Waldorf Astoria at Monarch Beach in Orange County. “Explore the possibilities of the 2023 Western Secondary Market Conference – a unique in-person event that brings together the most influential players in the secondary market.”

Capital markets: focus still on the Federal Reserve

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Though markets fully anticipate a 25 basis points hike tomorrow, the focus will be on Chair Powell’s follow-up press conference for clues on the Fed’s thoughts on additional tightening, given recent signs of cooling inflation. Short-term interest rate traders have incorrectly predicted forward-looking Fed policy three times since last June and the market is still undecided regarding the strategic direction of rates. The yield curve (the difference between short-term rates and long-term rates) violently shifted shape in the corrective aftermath of each false start event, hurting MBS traders in the process.

Over the last twelve months there has been a lot of talk around when the U.S. economy will fall into a recession as a result of the Fed’s rapid monetary policy tightening. While last year saw two negative quarters of growth, the strong labor market kept that period from officially being classified as recessionary. Recently, lower than expected headline retail sales in June were explained away by upward revisions to prior months as well as control group sales coming in twice market expectations. E-commerce sales were up 1.9 percent for the month and 9.4 percent over the last year in a sign that consumers are still spending. Industrial production continues to operate in a challenging environment as higher rates have eased demand for big ticket durable goods. Overall production for consumer goods was down 0.7 percent over the last year.

The Federal Open Market Committee events will dominate markets this week, but we do have a lot of data as well. We get house price data today, GDP on Thursday, and the PCE inflation index on Friday. We learned yesterday that preliminary numbers for the U.S. were mixed with the S&P Global U.S. Manufacturing PMI showing an uptick and the Services PMI number drifting lower but remaining in expansionary territory.

Today’s economic calendar is under way with non-manufacturing surveys from the Philadelphia Fed for July (+1.4, up from -16); coming up are Redbook same store sales, May house price indices from Case-Shiller and FHFA, July consumer confidence, Richmond Fed’s Manufacturing and Services, Revenues Indices for July, and a $43 billion 5-year note auction by the U.S. Treasury. We begin Tuesday with Agency MBS prices worse about .125 and the 10-year 3.90 after closing yesterday at 3.86 percent, and the 2-year at 4.87.

Ever see a loan officer react to a potential client at Starbucks when the borrower has an 800 credit score, $250,000 annual income, needing a pre-approval for a $300,000 home?

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, “Interest Rates are Like the Weather? Or Like Signs of the Zodiac?” 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 2023 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