June 10: AE, Ops, MLO jobs; warehouse, sales, execution, analytics tools; tech survey; disaster updates

With plenty of in-person mortgage events slated for the remainder of 2021, it is good that human brains are specialized for facial recognition and that we’re not chimps whose brains are specialized to recognize something else. (But that would be a great ice breaker at conferences!) Americans are generally an optimistic lot. If you’re bearish and wrong, you’re ridiculed. If you’re bearish and right, you’re vilified. I hope that these home industry “folks in the know” are wrong about their predictions on the future price of water for the public. Drinking a lot of water is important for anyone’s health, but builders have seen an increase in interest in four other design features for home owners with an eye on health. In general, home builders are on the front-line of inflation news, given lumber, energy, appliance, land, labor, and permit costs that don’t show many signs of going down. But economists, as usual, diverge on inflation thoughts, saying things like, “Gasoline prices may not make a big difference in someone’s spending if they’re not commuting anymore” versus, “Energy prices always make their way through the consumers goods distribution channels.” We’ll see! Today’s audio version of the commentary is available here. This week’s is sponsored by MCT and today features Part One an interview with Phil Rasori on the economics of buy and sell side execution benefits of BAM Marketplace, the world’s first truly open loan exchange between unapproved counterparties.

Employment & transitions

A mid-sized wholesale lender is seeking to acquire east coast sales/production or/and operations teams both Prime and Non-QM. This Lender has the administrative infrastructure and experience to grow rapidly and is looking to provide a great compensation, culture, and career opportunities to east coast teams. It is currently reviewing applications for small to large teams, East Coast area only: Northern, Mid-Atlantic, and Southern should all apply. If you are interested, please send your resume to Chrisman LLC’s Anjelica Nixt and specify this opportunity.

Planet Home Lending, LLC, has hired Caleb Mittelstet, AMP, as Executive Vice President, National Production, Distributed Retail Sales. A business builder well-known for profitably growing distributed retail channels, Caleb has a track record of expanding into new markets, increasing market share, and recruiting outstanding originators and leaders. Caleb joined Planet because he’s energized by the opportunity to build the distributed retail channel and mentor the people within it. He loves turning mortgage loan originators into top producers, branch managers into regional leaders and building industry-leading production teams. To learn why Planet Home Lending is the right place to grow your career, contact Caleb Mittelstet (469-262-2290) or SVP Talent Acquisition Brian Miller (469-647-9187).

“I like going into my job blindly,” said no one ever! At Calber Home Loans, we have one of the most powerful training programs in the industry. Watch this video to see what you can expect when you join Caliber as an originator/loan consultant. We want your transition to Caliber to be a seamless, fun and a successful experience. That’s why we’ve created Power Up, a unique onboarding experience that helps loan consultants better understand our systems, products, resources, and marketing programs to quickly set you up for success. If you want to join the team at Caliber, email James Hecht for Sales positions.

Axos Bank does all the things that no one else can do! Axos is looking for Wholesale Account Executives to join our team! Click here to apply to work at a bank that has the most aggressive super jumbo Non-QM lending! Why would you want to work anywhere else?

Most “Non-QM” lenders cap at $3 million but not us, we go all the way up to $30 million (larger loan amounts considered)! No Limit on Cash Out. Cross-Collateralization, Bridge Loans, and Pledged Assets. Cryptocurrency now considered! Email LendingPartners@axosbank.com to learn more! Our Warehouse Lending Program can help you maximize your revenue opportunities with our residential lines of $20MM to $175MM. Have a commercial real estate lending needs? Axos Commercial Lending offers financing solutions for Small Balance Commercial Real Estate, Commercial Real Estate Specialty Bridge and Constructions Lending.”

AmeriHome Mortgage, the 2nd largest correspondent and 14th largest mortgage lender in the country, is currently recruiting throughout the company! AmeriHome is currently hiring an FVP, Servicing Investor Reporting Analyst, a Sr. Governance Analyst-Capital Markets, and a Sr. Analyst, Finance & Accounting all based in Westlake Village, as well as an AVP, Pre Purchase Review Manager based in Dallas! Visit their careers page to view all open positions, and submit resumes to careers@amerihome.com to schedule an interview. In this current market environment, AmeriHome Correspondent recognizes that decisions on which investor to sell loans to will be based more than ever on the speed and consistency of service, and they have been investing in their infrastructure to ensure that loans and communication flow seamlessly.  After recent enhancements to AmeriHome’s Non-Delegated workflow, one client had this to say: “I just wanted to take a second and truly thank you for all your help, patience, and guidance while we are new to AmeriHome… Thanks for being awesome.”

Lender and broker services & products

Ready to buy local leads that actually pay off? With LendingTree’s new LO Connect app, you’ll find high-intent borrowers who are primed to purchase and looking for loan officers who can help them finance their dream home. Stop spending valuable time and energy following up on leads that go nowhere or connecting with noncommittal borrowers who never convert. Instead, use the app to buy local leads that will help you outpace the competition and help you build a robust pipeline, right in your local market! Our app lets you preview borrowers’ profiles before you buy a single lead. No more throwing spaghetti at the wall and hoping it sticks. Now, build your pipeline with borrowers who are prepared to purchase and come fully-filtered and highly-lendable. Fill out the form to start connecting with high-intent borrowers today.

Supercharge your analytics with RM Analyze. In a changing competitive landscape, you need more than reports; you need business intelligence that helps you take action. You need direct access to real-time data from all of your internal data sources and actionable insights that are easy to interpret and send out as needed. Richey May can connect to all of your systems to get accurate, up-to-date reports. RM Analyze is designed for mortgage lenders and implemented by experts with extensive mortgage experience. Contact us today for a personalized demo.

ClearEdge Lending’s latest and most innovative program Flex Connect removes the hurdles of a typical Non-QM origination process, reducing documentation and allowing you to close faster. A perfect complement to Flex Connect is our ground-breaking new Hybrid Appraisal. The hybrid appraisal offers a quicker solution to the typical valuation process. What’s most impressive is how we’ve taken the typical 12+ day average appraisal time and cut it down to as few as 6 days. The hybrid appraisal is not just for Flex Connect, it can be matched with many of our other loan programs allowing you to close loans faster and more efficiently. When you want innovation, speed-to-close and streamlined documentation you will find it at ClearEdge Lending. To learn more about our entire line of products or to apply to become an approved partner visit ClearEdgeLending.com or contact our Western Regional VP of Sales, Matt Shaw and our Eastern Regional VP, John Burns.

Close more purchase loans: no cost, no contract. Clever Real Estate can help your borrowers connect with top local real estate agents, and receive 0.5% cash back after closing. Launch a pilot with no technical integration: just a 60-minute training with your Team. Book a call with our cofounder Luke Babich to learn more.

The OptiFunder® Warehouse Management System (WMS) continues bringing new LOS integrations and automation for both Mortgage Bankers and Warehouse Lenders. OptiFunder brings AI decisioning and automation to post-closing processes allowing Originators to optimize warehouse line selection while providing continuous, real-time connectivity from funding through loan sale and payoff. The efficiency gains and analytics result in business insights for originators and have reduced net origination costs, producing ROIs in excess of 500%. Today, OptiFunder announces Chris Baker has joined the team as Warehouse Lending Operations Leader. Chris brings over 12 years of experience at a warehouse lender and will help drive new and innovative solutions for its connected warehouse lending partners. Warehouse Lenders benefit from streamlined loan delivery and automated shipping and paydown requests creating a better Originator customer experience. Join the revolution and demo OptiFunder today.

Technology & vendor tidbits

According to the results of STRATMOR Group’s 2020 Technology Insight® Study Systems Survey, 78 percent of lenders use a third-party system for lead management/CRM. Would you like to have insight like this into CRM, Point of Sale, and Origination systems?  How about data on eClosing, RON and collaboration tools? Then don’t miss your chance to participate in the 2021 Systems Survey, the first survey in STRATMOR’s 2021 Technology Insight® Study. The survey can be completed in about ten minutes, and lenders who participate receive the reports for the surveys they complete for FREE. Complete all three surveys and you’ll have the entire 2021 Technology Insight® Study for the investment of your time. Take the Systems Survey now! (closes Thursday, July 15).

Covius Holdings added additional enhancements to its RealtyBid online auction platform, including bidder and investor benefits and incentives. An all-new VIP Investor Program that rewards loyal buyers with automatic perks such as concierge services, dedicated asset managers and customized inventory lists. Multiple bidder purchase profiles and an advanced document library that enables users to upload, store and present documents quickly when bidding and buying. Click the link to discover more Covius information.

Disaster news

Mortgage Solutions Financial posted Announcement 10-21C in regards to Kentucky storms and Announcement 8-21C in regard to West Virginia Flooding.

First Community Mortgage posted information regarding West Virginia Flooding in

Disaster Announcement DA-21-08

A disaster declaration was issued for the counties of Cabell, Kanawha, Mingo, and Wayne in West Virginia due to flooding. For loans delivered for purchase on properties located in these counties, with the appraisal completed, prior to impacted dates for Incident Period: Feb. 27, 2021, through March 4, 2021, a standard disaster inspection is required to confirm that no damage has occurred to the subject property. Review Caliber requirements, per loan type, disaster policies in the Sellers Guide.

And Caliber Home Loans issued a new announcement on FEMA’s expansion of Disaster Declaration dated May 27, 2021, for Kentucky Severe Storms, Flooding, Landslides and Mudslides. The Incident Period is Feb. 27, 2021, through March 14, 2021. The expanded counties include Anderson, Boyd, Clark, Fayette, Franklin, Greenup, Jackson, Jessamine, Knott, Laurel, Lawrence, Leslie, Letcher, Lincoln, Madison, Morgan, Owsley, Perry, Pulaski, Rockcastle, Warren, and Woodford. Review the Caliber disaster policy located in the Seller Guide for requirements.

Mortgage Solutions Financial issued a revised Announcement 10-21C in regards to Kentucky storms.

Sun West Mortgage Company posted Disaster Update information reported by FEMA in the state of Louisiana. As of June 2nd, Designated Disaster Areas include Ascension, Calcasieu, East Baton Rouge, Iberville, and Lafayette.

First Community Mortgage Disaster Announcement DA-21-09 addresses the Louisiana Tornadoes.

Carrington Correspondent provided requirements for re-inspection by product type regarding disaster declarations. Louisiana Announcement 21-0022 and Kentucky Announcement 21-0021.

Capital markets

Still don’t think secondary market technology is the differentiator between thriving and surviving for mortgage lenders? We can tell this is true when revolutionary technologies such as MCT’s BAM Marketplace are seen as an advantageous edge but, also, the way of the future. In a recent case study, Alpha Mortgage shares how BAM Marketplace gave them an edge over the competition. BAM Marketplace was created to connect distressed sellers with would-be buyers, particularly agency-approved lenders within the MCT client base without previous correspondent investing experience. This kept lenders in business during 2020 market volatility, when investors bought less, and sellers ran into liquidity issues. The platform now welcomes new participants as the world’s first truly open loan exchange, where every loan can be priced by every investor regardless of approval status. Watch the recording from yesterday’s “Introducing BAM Marketplace” webinar to get crucial details about the revolutionary secondary market technology.

Not much to report from the bond market yesterday, although several originators wrote to me asking why rates aren’t going up like “the experts” have been predicting. Inflation, which the Federal Reserve keeps an eye on, is not doing much. Or at least, as much as the Fed thought it might, nor as much as the Fed would like to see indicative of a strengthening economy. Along those lines, things are definitely picking up, certainly airports and roads are busy, but not as busy as expected. Lastly, our debt continues to be in demand around the world. Would you rather earn 1.5% on a 10-year T-note or 0% in Europe or Japan? That keeps prices high, and rates low. As one industry vet in Reno, NV wrote, “The rule is: No one knows exactly what is going to happen.”

Looking at bonds yesterday, and therefore interest rates, we had a breakdown of infrastructure talks in Washington and a strong $38 billion 10-year note reopening, but everybody has been waiting on today’s inflation report before making considerable moves in the market. Rising inflation expectations have been increasing pressure on the Fed to take action; specifically, to reduce bond buying.

Today brings that all-important Consumer Price Index report which was +.6 percent, higher than forecast, core +.7 percent, also stronger than anticipated. Not to be forgotten, we’ve also received weekly jobless claims (376k, continuing claims -258k to 3.499 million). Later this morning brings Freddie Mac’s Primary Mortgage Market Survey for the week ending June 10 and the May budget deficit from the Bureau of Fiscal Service. The Desk of the NY Fed will again conduct two operations, today targeting up to $5.2 billion 30-year 2 percent and 2.5 percent across UMBS30s and GNIIs. We begin National Ballpoint Pen Day with Agency MBS prices down/worse about .125 and the 10-year yielding 1.51 after closing yesterday at 1.49 percent.

A gorilla walks into a bar and, to the amazement of the bartender, orders a martini. When the bartender gives the gorilla the martini, he is further surprised to see that the ape is holding a $20 bill.

The bartender takes the $20 bill, then he decides to see just how smart the gorilla is, so he hands the gorilla $1 change. The gorilla quietly sips the martini until the bartender breaks the silence.

“We don’t get too many apes in here,” he says.

The gorilla replies, “At $19 a drink, I’m not surprised.”

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, “Summer Concerns.” 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.)

Rob Chrisman