July 3: Recent depository mortgage jobs; vendor news; primer on yield curve control: price vs. quantity
Yes, I know that today is a holiday for many companies, and well-deserved. But I wanted to put three topics out there, including vendor news, to play some catch up. If you think technology is racing along in mortgage-land, how about in language and communication? Remember newscasts for the hard-of-hearing? Now scientists have created a glove that automatically translates sign language! Vendors do a lot besides make up words that are caught in spell check, combine two words into one word, or capitalize letters in the middle of normal words. A random selection of what is doing what is below.
By the way, for a quick education plug, MBA’s Path to Diversity Scholarship provides industry professionals with the opportunity to advance their careers. You provide current resume, a professional recommendation and a personal statement and we send you a decision. Path to Diversity dollars can be used on instructor-guided online courses, certificates and designations, and select conferences. Individuals are eligible to receive the award up to three times during their career, but no more than once per calendar year. Click here to see to see all of the offerings that you can apply your scholarship dollars toward.
Bank lending jobs
A mid-sized publicly held depository bank is continuing to expand its residential mortgage reach, and is looking for branches and originators in Texas. Capacity has not been an issue for this Bank, and it has a wider variety of programs than most, and is Ginnie, Fannie, Freddie approved. Confidential resumes/notes of interest should be submitted to me for forwarding; please specify the opportunity.
Marlene Hoover has joined Banner Bank as VP Regional Manager of the bank’s Southern California Mortgage Banking team and is building a team of experienced lending professionals with opportunities in the Inland Empire and LA County. Serving the west coast for more than 130 years, Banner Bank is Money Magazine’s Best Bank in the Pacific Region of the U.S. “Banner has a top-notch portfolio of products, including single-close construction, Lot Loans, state housing programs and portfolio lending, as well as an excellent in-house loan servicing team and a market-leading compensation plan,” said Hoover on the reasons she chose Banner. If you’re a mortgage loan officer in Southern California interested in a career that ensures you have high-quality products to support your clients, marketing and sales support, workplace flexibility and highly competitive compensation, consider Banner Bank.
“PrimeLending takes work/life balance very seriously and wanted to do something special to bring everyone together to learn, laugh and enjoy a gourmet Italian meal. The results? Hundreds of team members and their families shared a great evening creating yummy food and even better memories. It’s no wonder so many teammates describe our award-winning culture as a family; We work hard and play hard together. If you’re ready to join a company that cares about your quality of life, contact Nic Hartke.”
“People’s United Bank has opportunities for talented mortgage loan originators to join our growing organization. Our Mortgage Loan Officers are supported by an experienced team that creates an environment for growing your business and providing your clients excellent service and products. Positions are currently available in Westchester and Rockland Counties in New York. As an Assistant Vice President, Mortgage Loan Officer, you will originate residential mortgages through our retail branch network and self-generated referral sources. We are a portfolio lender offering a wealth of portfolio products to our customers. Please visit our website at www.peoples.com/careers or you can email your resume to Elise Saltzman. Join us and show what your know-how can do.”
Northpointe Bank is recognized as a top-performing bank in the nation by the Independent Community Bankers of America. This is the seventh year in a row Northpointe Bank is ranked a top performing bank in the nation out of approximately 5,000 ICBA member banks. Northpointe attributes its consistent success to its client-first culture. “Our customers are offered more loan products, including zero down payment loans, construction and renovation lending and personalized portfolio loans,” said Michael Winks, president, lending & retail banking at Northpointe. “Also, we have leveraged proprietary technology, such as Home, our lending app that allows borrowers to submit an application, upload and e-sign documents, as well as make their loan payments all from a single secure login.”
Random news from the vendor world
Some vendors are offering products that are “cutting edge.” Others not, and can be compared to the 1990s sports car where the owner has slapped on more tech each year to make it look and feel more advanced. Except it’s 2020, and while their competitors are rolling things like the Tesla Cybertruck, a given vendor is still showing off its 1990 Pontiac Grand Prix Turbo with a new backup camera and parking sensors.
The Mortgage Bankers Association, American Land Title Association, and the National Association of Realtors have jointly prepared sample language for governors to issue executive orders in states where remote online notarizations are not currently allowed. Here are some thoughts from Evolve Mortgage Services CEO Paul Anselmo about the model executive order. “The pandemic certainly emphasized the need for standardization amongst all verticals in the mortgage process. The efforts made by every lender, settlement provider, and Realtor to assure a safe, transparent process for the consumer were challenging when every state had different rules around Remote Online Notarization. It is important that the process is one that assures each transaction was performed with the integrity, consistency, and security necessary to assure the asset is sellable and enforceable.
“When lenders move forward in their support of RON, the only way transactions can scale is to have that standardization in every state. Without standardization, it is impossible to adopt and embrace 50 different ways to conduct business and maintain any resemblance of control. Every vendor should be operating using the proper security protocols as outlined by the MISMO RON Standards even if a state has adopted more formal rules and regulations around RON or offers a remote ink-signed notarization alternative.”
C Squared Social announced the formation of a partnership and integration with OptifiNow. The collaboration of these two companies pairs the targeted digital lead generation expertise of C Squared Social with the enterprise solutions designed to deliver sales support and management at every point in the customer life cycle from OptifiNow.
The COVID-19 pandemic has resulted in unparalleled demands on lenders. To help the lending industry, Factual Data partnered with Innovis Data Solutions and announced it would offer free Innovis® Credit Reports through July. These reports show forbearance, deferment, or natural disaster comment code reporting right on the tradeline throughout the origination process. The reports can also help lenders monitor other loan payment activity such as auto loans. Since the May announcement, nearly 300 lenders have signed up and hundreds of thousands of reports have been accessed. In response to this obvious need, Factual Data® has decided to extend its offer at No Cost through the end of the year.
Docutechs’ Blog: Insights, recently added a new post to its technology series. Digitize Your Fulfillment Process with Docutech’s Fulfillment API.
CoreLogic has fully integrated its Verification of Employment and Income solutions with Encompass by Ellie Mae. Through the integration, mortgage lenders can now receive both automated and manual borrower employment and income verifications directly from Encompass. CoreLogic VOE/I is the only solution on Encompass that ensures every borrower can be verified every time, while remaining compliant with the updated guidelines from Fannie Mae.
Radian announced the launch of Radian.com, its redesigned corporate website that serves as the online experience for the full family of Radian companies. “The launch of radian.com allows our customers to tap into Radian’s extensive and unparalleled array of products and services from one point of entry,” said Eric Ray, senior executive vice president, chief digital officer, and co-head of Real Estate. “With its modern design that reflects our company and culture, the new website offers improved functionality, interactive tools, accessibility and readability on all devices for our customers to connect with us easily and efficiently.”
With the launch of its new brand, Indecomm reveals a new visual identity and website. As the mortgage lending industry evolves, Indecomm continually provides innovative solutions to meet the changing needs of its clients. This is specifically represented with the company’s new alignment of product focus on automation, outsourcing, and compliance solutions.
SimpleNexus has released “multi-loan,” a platform enhancement that merges management of multiple loans with the same applicant into one user-friendly interface. The new functionality improves the loan experience for LOs and borrowers, enabling both parties to start, submit and access multiple loan applications via web browser or mobile app experience. This enhancement makes it easy for borrowers to navigate between multiple loans and applications, sign individual loan eConsent and disclosures forms, upload documents and complete tasks associated with each loan file.
AppraisalWorks announced the launch of its flagship appraisal management technology platform, AppraisalWorks. Designed to streamline the real estate appraisal process, this platform gives lenders and servicers a single, web-based technology platform for managing their own appraisals. Lenders and servicers can manage all appraisals and loan types from a single interface. With both the Community and Enterprise Versions of AppraisalWorks, lenders gain access to a nationwide, pre-screened network of licensed or certified appraisers. In addition, lenders have the option to onboard in-house appraisers and appraisal management companies.
FirstClose has added a new feature to its flagship FirstClose ONE platform. Automated ordering is designed to allow lenders to fully automate current underwriting guidelines and streamline loan fulfillment. lenders can configure their account with key loan characteristics such as loan amount, loan to value and FICO. Once this information is configured, the system will automatically select the correct products or services to order for each loan. This level of automation saves the lender processing time, eliminates key-strokes, and dramatically increases efficiencies.
COVID-19 continues to threaten the mortgage industry with long-lasting economic repercussions. In response to the current environment, Altisource hosted the Mortgage Industry Pandemic Summit on May 6, with 6 sessions and 28 speakers, to discuss the major challenges facing the industry as well as possible solutions. Key ideas, best practices, guiding principles and expert advice as and the results and analysis of over 20 poll questions conducted during the sessions have been summarized in this downloadable 24-page whitepaper.
The markets are closed today in observance of the Fourth of July holiday tomorrow, so view any rate sheets out there with caution. Let’s take a gander at “yield curve control,” something we may be hearing about as our economy continues to suffer from the impact of COVID. Remember that the FOMC released the Minutes from its June meeting indicating that the Fed stands ready to react further with accommodative policies for “many years,” but a distaste from the committee for implementing any sort of yield curve caps or targets. FOMC officials questioned its benefits and instead focused their attention on communicating a more explicit form of forward guidance.
In general, the public doesn’t think about the Federal Reserve, the “central bank” for the United States. Given the pandemic, and the initial economic chaos, the Fed jumped in and certainly has been in the news ever since. As a reminder, it performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. But lenders are most focused on the Federal Reserve conducting the nation’s monetary policy to promote maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy. And promoting the stability of the financial system and seeks to minimize and contain systemic risks through active monitoring and engagement in the U.S. and abroad.
In addition to bringing back forward guidance and quantitative easing during the coronavirus pandemic, Fed officials are now talking about yield curve control, sometimes called interest rate caps. But just what is yield curve control, and how might it impact the rates you give to borrowers?
In normal times, the Fed helps steer the economy by raising or lowering very short-term interest rates. Under yield curve control, the Fed would target a longer-term rate and pledge to buy enough long-term bonds to keep the rate from rising above its target. This would be one way for the Fed to stimulate the economy if bringing short-term rates to zero isn’t enough. Yield curve control is different from Quantitative Easing because QE deals in quantities of bonds while yield curve control focuses on prices of bonds. Under QE, the Fed might announce that it plans to purchase $1 trillion in Treasury securities. Because bond prices are inversely related to their yields, buying bonds and pushing up their price, leads to lower longer-term rates.
Under yield curve control, the central bank commits to buy whatever amount of bonds the market wants to supply at its target price. Eventually, the target price becomes the market price in the bond market, since who would be willing to sell the bond to a private investor for less than they could get by selling to the Fed? And since securities backed by mortgages usually trade based on a fluctuating spread to various points of the yield curve, movements impact mortgage pricing as well.
One of the most widely held misconceptions about the Declaration of Independence is that it was signed on July 4, 1776. In fact, independence was formally declared on July 2, 1776, a date that John Adams believed would be “the most memorable ‘epocha’ in the history of America.” On July 4, 1776, Congress approved the final text of the Declaration. It wasn’t signed until August 2, 1776.
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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 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 2020 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.)