Daily Mortgage News & Commentary

July 5: AE jobs; reverse, good-bye letter, VOE products; online webinars remain but in-person events come roaring back

Some people are working today, some not, some may read this today, others Tuesday, but have you ever wondered, “Why’d the Western World pass over ‘B’ batteries?” Most battery designations have been around since +/- 1900, before anyone reading this commentary was alive. It is important to keep historical things in perspective, especially when it comes to generations. Parents living in their adult child’s house, specifically where health, finances or some other personal preference has led them to no longer require their own household, is an important factor when it comes to building. Consider not only the reduction of housing needing but also the layout of the homes that are needed to accommodate the multi-generation living dynamic. These living situations are a small minority for the older population, but MLOs know that it has grown with the aging of the baby boomers and shifting cultural preferences. Which graduates are likely to be the first to own a home? Interestingly, the percent of first-time buyers in recent years is relatively steady and encompasses about only 30% of home sales today. Some of this may be due to the tight inventory in high-tech cities that draw younger workers. At the other end of the cycle, though younger members of the cohort are paying home loans off faster, overall about 40 percent of houses are owned free and clear. There is opportunity for lending! (This week’s podcast is sponsored by Richey May but will resume tomorrow due to the Federal holiday. Last week’s is available here.)

AEs Wanted

MAI Wholesale is seeking additional Account Executives for its TPO channel. If you are the right individual, MAI will place its chips in your territory. In other words, we will come to you, you do not have to come to us. Great opportunity if your current company is being merged out of existence or you just feel like a number at a big box lender. MAI traditionally has provided its broker base with time saving technology. In fact, many others’ wholesale platforms are based off of MAI’s leading development work. A generous territory, combined with a staff which does not turn over, translates into volume for you. If interested, please contact Kevin Green, National Sales Manager, at 770-238-1565 Ext. 112. All inquiries held in strictness confidence. We look forward to speaking with you.”

Broker and lender services and products

Partners Credit has an important question to ask: ‘If you are fed up with the Verification of Employment process, why not do something about it?’ Rather than you navigating & implementing every new company and solution, we seamlessly build out our offerings to our customers. Our newest addition, Experian Verify, is a perfect example of adding efficiency to the VOE process. Experian Verify offers access to millions of payroll records, many of which are not available through any other means. Inputting less information than it takes to pull a credit report, receive full employment and income information in seconds. Include in a cascade with The Work Number, and you have a frictionless process that produces immediate verifications for up to 60% of the workforce. No phone calls, no hassling borrowers, no problem. We’ve even got you covered for that other 40%, all with one request. Contact us now to streamline your processes.”

Looking to grow your mortgage business without adding headcount? Most mortgage teams are looking for efficiencies. Some of them have found a way to increase productivity without adding headcount. As this case-study shows, a division of American Pacific Mortgage quadrupled productivity in 30 days without adding headcount. It did this using TeamworkIQ which eliminates the effort required to coordinate the handoff of loans between team members with “email-and-spreadsheets” or time-consuming meetings. TeamworkIQ also determines “what to do next” and thus eliminates the need to scan dozens of loans in the pipeline to determine the best use of time. This eliminates more wasted time. TeamworkIQ provides real-time, detailed views into each loan file and actively coordinates team member priorities across all the loans your team handles. At $24/month/user the ROI is sky-high. See the data for yourself. See the case-study and request a test-drive. See a demo. Make the switch.

Check out Freedom Mortgage’s recently enhanced VA and FHA pricing! Enjoy 2 Business Day Priority Purchase Underwriting and a (.250) LLPA incentive for all Conventional, VA, and FHA purchases with the Freedom Mortgage Wholesale Division’s Summer Sizzle! Get fired up with every new Conventional, VA, and FHA purchase! Plus, offer more buying power for your Jumbo VA borrowers with no maximum loan amount and no down payment for eligible* VA borrowers. To learn more, check out our rate sheet or email Freedom Mortgage to have an Account Executive contact you. *Subject to credit approval, requires full entitlement; for purchases and cash-out refinances only and not applicable for loan amounts<= $144,000. For IRRRLs, VA will continue to guaranty 25% of the loan amount without regard to the Veteran’s available entitlement and/or county loan limits.

Shazam! Did you know you can turn your Encompass® LOS into a printer/mailer and automagically send out real letters through the US Postal Service? Yep, with the help of Connector by Velma®, Encompass will send one-off goodbye letters, insurance transfer notifications, statements, and more…at exactly the right time with the right information. Increase your accuracy and timeliness while eliminating labor costs for a positive ROI. More info here.

Looking to grow your book of business? According to NRMLA, there are 24M seniors with $7T in home equity in the U.S. today. Many have a desire to stay in their homes, provide in-home care for a spouse, or simply afford a decent retirement lifestyle. The demand for reverse mortgages is starting to explode. Now is a great time and opportunity to add the reverse mortgage product (HECM) to your toolbelt and American Advisors Group (AAG, NMLS# 9392) needs qualified reverse and traditional loan officers to help with this demand. Our national advertising campaign featuring Tom Selleck drives AAG’s brand awareness and pushes a high volume of quality leads to our loan officers. Our amazing fulfillment teams free up our loan officers to do what they do best: sell! Bonus? The compensation potential is incredible. If you are planning your next move or would like to hear more, email stimmons@aag.com or call 818-472-6535.

Training & online webinars

Join National Mortgage Professional Magazine for Entering a Hot Market: What New Brokers Really Need to Know on Thursday, July 15, at 1PM ET/10AM PT. As the mortgage industry shifts away from the refinance boom and pivots towards the high demand of purchase originations, new brokers entering the market are faced with the challenge of understanding what exact tools, associated costs, and technology are needed when getting started. Join Virginia Minter and Dan Marquez, National Sales Consultants, and Juan Villegas National Sales, Support, and Account Director for Calyx Software, as they touch on highlighting the current mortgage lending landscape, the challenges new brokers face when entering the market, understanding the shift in borrower expectations and the importance of a borrower’s buying profile, how to leverage the right technology and tools to assist in the origination process. Register for “Entering a Hot Market: What New Brokers Really Need to Know” NMP Webinar here.

National MI upcoming July 2021 webinar sessions. Details and registration for sessions are available in the MI University webpage. Upcoming webinars include: Own Your Power ​​​​​with Jennifer Powers, Living on Purpose with Rebecca Lorenz, What Does Diversity Mean in the Mortgage Industry Today? with Tony Thompson, CMB, Pivoting Quickly in a Shifting Market, with Andrew Oxley, Freddie Mac Affordable Series – Solutions to Lack of Inventory with Nora Guerra. (Follow the National MI channel.)

Enact (formerly Genworth Mortgage Insurance) offers a number of webinars and sessions designed to bring out the mortgage geek in you! Enact reps will facilitate a panel discussion on opportunities they’re seeing in the mortgage originations market. Also available are sessions on calculating and verifying assets, understanding ARMs and the basics of MI, and GSE renovation programs.

loanDepot’s July 2021 training schedule includes mello® Broker Portal Training on July 7th, Digital Verifications & Validations on July 14th, Renovation Training on July 15th, and Best Practices: Running AUS on July 21st.

VA DE Underwriting live webinar training, scheduled over two days on July the 6th, 13th, is an 8-hour course taught by Marianne Collins, president of Diehl’s Government Lending Training Division. Comprised of the fundamentals necessary to underwrite a VA loan with recent updates incorporated in the presentation.

Register for the July 15th online Flagstar Flex Series for a discussion how to grow your business by removing the friction around today’s market challenges. The link to attend will be in your confirmation email.

Join Black Knight’s Steven Baselice and Jennifer Whip, Cambridge One, LLC for the MBA-NJ July 21st webinar: Elevate and Fortify Your Business: Secrets to Succeeding with Agency-Direct Delivery.

In-person events around the nation

Led by DLP’s Founder and CEO Don Wenner, a host of elite growth specialists, and celebrity speakers, this exclusive event has been developed specifically for growth-focused real estate operators. Learn to scale faster at the DLP Elite Mastermind Event from July 7 to 11 in Asheville, NC. Apply to attend.

Wholesalers along the West Coast should note that on July 11 & 12 CAMP is hosting Summer CAMP 2021: Cheers to 30 Years! (thecampsite.org). In-person!

The Chicago Mortgage Originators Expo, scheduled for Tuesday July 22, is a free event. Use code OCNFREE* when registering includes FREE optional NMLS Class. This live and in-person event but seating for this event is limited, and going fast.

The 2021 CMLA Convention is headed back to Vail, Colorado, August 4-6. This 3-day in-person event, held at the Vail Marriott Mountain Resort, will include engaging local and national speakers who will lead discussions on important industry topics and the ever-popular annual convention golf tournament at Eagle Vail Golf Club. Plentiful networking events are planned.

Registration is now open for the in-person Lenders One Summit 2021, August 8-11 at the Omni Orlando Resort at Champions Gate. Monday, August 9th includes keynote speaker Frank Abagnale, renowned cybersecurity and fraud prevention expert, bestselling Author, and subject of “Catch Me If You Can”.

The MMLA Annual Lending Conference will be held in-person August 11-13 at Grand Traverse Resort in Acme, MI. Here is the link to the website.

The Great River MBA Conference will be held in Memphis August 17-19. Watch out for the ducks!

Viva Las Vegas! Originator Connect is a 3-day in-person weekend event, August 20-22, the only mortgage conference focused solely on the origination community at brokerages, banks, and credit unions. With exclusive programs like Build-A-Broker and Your First Million Dollars, our unique Certified Military Home Specialist certification class in conjunction with Boots Across America, compelling and high-profile speakers, and a complimentary NMLS renewal course.

The California MBA holds the fabled Western Secondary in-person from August 24-26 at the Waldorf Astoria in Orange County, California. The Western Secondary Market Conference is back, live and in-person, from August 24-26!  Register within the first 30 days to make sure you get the ‘early bird’ discount. The conference is one of the largest regional gatherings of mortgage industry executives and the agenda promises to cover a wide range of timely and important topics. Additionally, the keynote speaker will be super-NFL agent Leigh Steinberg: the real-life inspiration behind the movie Jerry Maguire. Bookmark the site now.

If you’d like to go to San Antonio, make plans to attend TMBA’s live, in-person 105th Annual Convention, August 29th – 30th: Grabbing The Bull By The Horns Reigning In The Chaos.

Join the Florida Association of Mortgage Professionals for the 2021 State Convention and Trade Show at Hilton Orlando Bonnet Creek from September 1 – 4, in-person.

Also in-person, The Mortgage Collaborative (TMC) is getting its national family of 240+ lender member companies back together at the fabulous Terranea Resort just outside Los Angeles, CA on September 19-21 for the TMC Reunited Summer Conference. The interactive lender-driven agenda and schedule of events can be found here. For more information on the event, contact TMC President & COO Rich Swerbinsky.

The Five Star Conference and Expo is all-in, and committed to the mission of preserving and protecting the American dream of homeownership, September 19-20 at the Hyatt Regency in Texas.

The MBANJ Regional Conference of MBAs, “Simply The Best”, is back and in-person on October 3rd -7th at the Hard Rock Casino Hotel in AC.

The MBA’s Annual Conference is in San Diego from October 17-20, in-person.

Capital markets

The bond and stock markets are closed today for the Federal holiday, so approach any rate sheets with caution. But for folks who like to watch the news impacting rates, Friday’s employment data, as always, was interesting. The headline jobs gain for June was a strong 850,000, but the reopening of many schools at a time when they would have normally been closed skewed the seasonality adjustment for state and local education jobs.

If that had not occurred, June’s nonfarm payrolls report would have shown 620,300 jobs added and would have been the third consecutive month below analysts’ expectations. Panning out, the US economy lost 22.4 million jobs from February 2020 to April 2020 and has since gained back roughly 70 percent of those losses. Most of the recent job gains have been in the industries hit hardest by the pandemic: leisure & hospitality, retail trade, administrative services, social services, and other services.

The unemployment rate ticked up 0.1 percent to 5.9 percent with the labor participation rate and employment-population ratio flat for the month. While many states moved to end enhanced federal unemployment benefits last month, the timing is such that any effects would likely not flow through to the data until July’s report. Regardless, states that ended benefits have seen significant declines in initial unemployment claims suggesting continuing job growth over the next couple months.

I’ve always had an irrational fear of speed bumps but I’m slowly getting over 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, “The Secondary Market’s Presence in the Primary Markets”. 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 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.)