July 26: MLO, corresp. & wholesale AE jobs; subservicing, tech, jumbo, retention tools; disaster news coast to coast

The headline this morning is seven people dying in a car crash caused by a Utah sandstorm. The damage caused by storms, including hurricanes in the East and fires in the West, often makes FEMA’s disaster list. The 2021 hurricane season began on June 1 and the National Oceanic and Atmospheric Administration is predicting a range of 13 to 20 named storms, a 60 percent chance of above-normal activity. Six to 10 of the storms could become hurricanes, including 3 to 5 major hurricanes (category 3, 4, or 5). Several factors contributed to the above-normal hurricane season: predicted warmer-than-average temperatures in the Tropical Atlantic Ocean and Caribbean Sea, weaker tropical Atlantic trade winds, and an enhanced west African monsoon. We actually had Tropical storm Ana grace the Atlantic on May 22, weeks before the official start of the 2021 hurricane season. We’ve had Tropical Storm Bill, Tropical Storm Claudette, Tropical Storm Danny, and Hurricane Elsa on July 1. In 2020, there were 30 named storms, of which 14 became hurricanes, including seven major hurricanes which carry winds of 111 mph and higher. The season was so active the alphabetical list of names ran out and some had to be borrowed from the Greek alphabet. This year, however, the Greek alphabet will no longer be used partly due to difficulty translating in different languages. Instead, any extra storms will be named through a supplemental names list from the World Meteorological Organization. (The audio version of today’s commentary, available here. This week’s is sponsored by Origence, providing lending technology that delivers the ultimate origination experience to increase loan volume, create efficiencies, and grow accounts.)

Jobs & transitions

If you’re an Account Executive in TPO, it’s time to talk to PennyMac. PennyMac has become one of the fastest-growing wholesale lenders by helping their business partners succeed. Now PennyMac wants to help YOU succeed. PennyMac is hiring experienced Wholesale and Non-Delegated Correspondent Account Executives across the U.S. Here’s your chance to be a part of something great. With one of the largest national mortgage companies on your side, providing you with a range of innovative solutions, they can help change the way you do business. PennyMac has the tools and support you need to achieve your potential as an Account Executive. If you’ve got game in wholesale or non-del, you should be talking to PennyMac. Join this top 10 Wholesale Lender by reaching out confidentially to one of our SVP’s: Scott Houp (Wholesale East), Jason Bannister (Wholesale West), or Matthew Mead (NDC) today.

The Freedom Mortgage Wholesale Division is looking for National Account Executives! With unlimited earning potential, our Account Executives are responsible for soliciting quality first mortgage loans through our Broker and Non-Delegated Wholesale Correspondent platforms. The opportunities are limitless! Put yourself in the driver’s seat to contact Broker Partners across the country as opposed to an assigned territory. Freedom Mortgage is focused on growing all channels of distribution following our record performance in the first half of 2021. For over 30 years, Freedom Mortgage has prided itself on fostering homeownership by providing brokers and non-delegated correspondents with the products and solutions needed to bring their borrower’s dreams to reality. Fresh ideas and perspectives help us foster this vision – if you bring passion, commitment, and focused energy, you’ll fit right in. Learn why Freedom Mortgage was recently recognized as one of the 2021 Top U.S., apply today.”

Firstrust Bank is currently looking to hire experienced loan originators who recognize the value of an 86-year-old, 4-billion-dollar financial institution as strong enough to support your production while small enough to enhance your personal approach for referrals. If you are in the Lehigh Valley PA market or in the Baltimore MD market, please reach out to Michael Scheier. Bank branch opportunities are available in both markets and each location provides referral business. We have ample product and an aggressive compensation plan.

Freddie Mac announced that Jerry Mauricio will serve as the company’s SVP and chief compliance officer (CCO). Mauricio has been serving in the role of Interim CCO at Freddie Mac since January and will be a member of the company’s senior operating committee, reporting directly to CEO Michael DeVito.

Mr. Cooper recently announced it has appointed two new additions to its executive leadership team. Shawn Stone was named EVP and Chief Revenue Officer and will focus on leading the Originations business, and driving the company’s accelerated growth. Jay Jones was promoted to EVP of Servicing after originally joining the company in 2019. He brings 25+ years of experience in the mortgage industry and guiding servicers through the ever-changing industry landscape.

Services and products

With loan volume constantly fluctuating, staffing your fulfillment operations teams correctly can be tough. And when decisions to right-size your staff inevitably come, they damage your brand, company reputation, and team morale. That’s why more and more lenders are choosing onshore outsourced partners for their fulfillment needs. Forward-thinking and tech-powered providers like Maxwell act as an extension of your team and give you flexibility to handle reforecasting periods (like you might be experiencing now). Plus, you’ll gain access to high-quality underwriting, processing, and closing talent exactly when you need it. Ready to become nimbler and end the cycle of scaling and downsizing your staff? Click here to learn more about Maxwell’s fulfillment platform and offerings, or schedule a call today.

To increase retention in today’s competitive environment, servicers must challenge the status quo and deliver consumer-focused, digital experiences. As discussed in a recent Black Knight Vision blog article, consumer-minded experiences are key to improving servicing retention. Data shows that it costs a servicer five times as much to acquire a new customer than to retain an existing one, yet Black Knight’s January 2021 Mortgage Monitor tells us only 18% of refinance consumers stay with their current servicer. Similarly, another recent article explores the importance of how servicers engage customers by offering four tips to delivering exceptional communications. Timely, meaningful communications, served effectively via digital channels, don’t just keep customers informed; they help servicers keep their brands in front of customers. Take the first step toward improving retention by exploring Black Knight’s customer-focused servicing tools.

The 2021 Summer Olympics are here, and the USA athletes are ready to set world records. According to an MBA forecast, lenders are also poised to break origination records with an expected $1.67 trillion purchase volume this year. Despite this breakneck pace, lenders now face new hurdles because of the GSE patch expiration. If you are looking for new outlets for jumbo, non-QM, non-owner occupied, and higher DTI loans, Capital Markets Cooperative preferred partners, AXOS BankLima One CapitalMAXEX, and Reliant Bank, can help clear these hurdles. CMC’s unique partnership with Essex Mortgage is another game-changer. With Essex, take away the challenge of using your GNMA approval but still earn servicing income. Reach the finish line ahead of your competition with CMC on your team. Contact us today for all of the details.

With mortgage complaints hitting a three year high, the CFPB is focusing on customer interactions and resolutions. Sutherland Perform is the intelligent digital application that our agents and team coaches rely on to continuously monitor their performance and get actionable insights about customer wants and needs to improve their performance in serving the consumers across all channels of interaction. Behind the scenes Perform analyzes each interaction, predicts customer satisfaction for each session and attributes drivers of customer satisfaction. These real time machine learning driven insights in addition to operational metrics such as resolution rate and AHT, when managed and addressed appropriately result in delivery of exceptional consumer experience. For more information, or to schedule a demo, contact Neil Armstrong, AMP.

Choosing the right technology for your business isn’t always easy. Fortunately, you can learn from other lenders that have already made the investment in a specific solution. Find out how Synergy One Lending closed more than 250 deals in their first quarter on Homebot.

Switching subservicers is scary. But with TMS it doesn’t have to be. We are on a mission to Grow Happiness and nothing makes our clients or customers happier than a seamless, worry-free service transfer. We handle dozens of client transfers per year via a transparent, stress-tested, and fully assisted servicing transfer process, that ensures accuracy of the data, transparent communication, and minimal disruption to the customer. Meaning they know what to expect… And so will you. And we have the compliance credentials and track record to back it all up. Then, once your customers are transferred, they get access to the great people and great technology that deliver the TMS difference. Switching may seem scary, but with TMS, it’s easy, and more than worth it. Partner with us.

Disaster news impacting servicers, lenders, and borrowers

California and the West is suffering through another series of fires. Those, along with floods, tornadoes, and severe storms, typically become disaster declarations by FEMA, and those in turn drive lender and servicer policies.

Carrington Mortgage Services posted an overview of re-inspection requirements by property type FEMA Disaster Declaration for Michigan severe storms, flooding, and tornadoes.

Flagstar Bank updated information about requiring satisfactory re-inspections regarding Michigan Severe Storms, Flooding and Tornadoes.

First Community Mortgage Correspondent and First Community Mortgage Wholesale posted a disaster announcement for Michigan Severe Storms, Flooding and Tornadoes.

FEMA declared that federal disaster aid with individual assistance has been made available to Cabell, Kanawha, Mingo, and Wayne counties in the state of West Virginia affected by severe storms from flooding from February 27, 2021, to March 4, 2021. AmeriHome reminds Sellers that they are responsible for determining potential impact to a property located in an area where a disaster is occurring or has occurred. Irrespective of whether a property was included in the area covered by the declaration. If a Seller has reason to believe that a property might have been damaged in a disaster the Seller must take appropriate action to ensure that the property is free from damage and meets AmeriHome requirements at the time of purchase by AmeriHome.

Due to the recent declared disaster in Louisiana, Oklahoma and Texas caused by severe winter storms on February 11, 2021. Flagstar Bank will now require satisfactory re-inspections.

Details related to Government Transactions can be found in Memo 21033.

loanDepot’s Announcement, includes disaster updates for Kentucky and Louisiana.

On June 10, Flagstar Bank updated information regarding the Kentucky Disaster Declaration. Flagstar Bank posted updates to the Louisiana Disaster Declaration in Memo 21073.

Mortgage Solutions Financial issued an Announcement 14-21C in regards to the Michigan Tornadoes.

AmeriHome is updating requirements for Fannie Mae and Freddie Mac transactions with Appraisal Waivers where the subject property is located in a Presidentially Declared Disaster Area granted Individual Assistance. Michigan counties of Washtenaw and Wayne were granted individual assistance for Incident Period from June 25, 2021, to June 26, 2021. Loans with a Note Date BEFORE the Incident Period End Date, or for which an End Date has not been declared, or Loans with a Note Date ON OR AFTER the Incident Period End Date where the Note Date is on or within 90 days after the Incident Period End Date. Utilize any of the property inspection types provided in AmeriHome’s Seller Guide As a reminder, for transactions requiring a Property Inspection, Third-Party Inspections and Seller Certifications are acceptable property inspection types. See Seller Guide Seller Damage Certification and Third-Party Inspection Requirements for additional requirements.

Capital markets

Last week was quiet, rate-wise, though maybe that is a good thing as recent economic data has been generally positive. New and existing home sales improved at the end of the second quarter and leading economic indicators are showing positive momentum heading into Q3. U.S. housing starts increased 6.3 percent in June to a 1.643-million-unit annual rate. Existing home sales increased 1.4 percent in June to a 5.860-million-unit annual rate with supply increasing marginally to 2.6 month’ worth. The national average price for an existing home hit a record at $363k in June which is up 23.4 percent over the previous twelve months. On the less rosy side of things, that 1.6 million housing starts figure is below March’s recent high rate of 1.7 million units. Permits for single family homes fell to their lowest rate of the year in June at 1.6 million annual units. Purchase mortgage applications fell 6.4 percent for the week ending July 16 and are down 17.1 percent from one year ago.


This week’s economic calendar gets underway later this morning with June new home sales which are expected at 800k versus 769k in May, and Dallas Fed Texas manufacturing for July. The rest of the week contains plenty of market moving potential including the latest FOMC events tomorrow and Wednesday, the first look at Q2 GDP on Thursday, and PCE on Friday. The NY Fed Desk will purchase $4.8 billion per day of MBS on average today to Wednesday before releasing a new purchase schedule covering the July 29 to August 12 period that is expected to average $4.9 billion per day. Today’s schedule sees the Desk purchasing up to $4.5 billion of conventionals across 30-year 2 percent and 2.5 percent and 15-year 1.5 percent and 2 percent. We begin the week with Agency MBS prices better by .125 and the 10-year yielding 1.25 after closing last week at 1.29 percent.

(Part One of Six of corny English puns.)

1. Dad, are we pyromaniacs? Yes, we arson.

2. What do you call a pig with laryngitis? Disgruntled.

3. Writing my name in cursive is my signature move.

4. Why do bees stay in their hives during winter? Swarm.

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