June 12: LO jobs; jumbo, PPE products; training & webinars this week, fast and furious; support your MBA

People ask why I have a problem with sensationalist headlines. Who you gonna believe, Realtor.com who tells us that foreclosures are spiking, or CoreLogic, who tells us that mortgage delinquencies are at an all-time low, both on the same day? Logically, given the equity position that many borrowers have (including plenty of all-cash buyers that have been going strong), their credit profile, and a huge demand by millions of people in their 20s and 30s, a lot of foreclosures makes no sense. And growth in certain areas continues, something that every lender should be aware of. Nine of the nation’s 15 fastest-growing cities were in the South, according to Vintage 2022 Population Estimates released by the U.S. Census Bureau. Of the nine fastest-growing cities in the South, six were in Texas. Following the population increase of 14 percent in Georgetown, Texas, was Santa Cruz, California, with a 12 percent increase, adding roughly 7,000 people to its population. The next three fastest-growing cities were also in Texas: Kyle, Leander, and Little Elm. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Today’s has an interview with Change Wholesale’s Bill Durham on cycle time and the customer experience.)

Employment & transitions

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Optimal Blue, a division of Black Knight, is pleased to announce the addition of capital markets veteran Brad Eskridge to its select team of capital markets solutions experts. With over 20 years of experience in secondary marketing, Brad brings a deep knowledge of hedging strategies, risk management, cash flow modeling, loan sales and securitizations, along with excellent communication skills to his new role. In this role, Brad will be responsible for delivering specialized product knowledge and market expertise in a consultative manner to prospective customers of the Optimal Blue hedging analytics, best-execution, loan trading and MSR analytics platforms. Join Optimal Blue in welcoming Brad Eskridge to the team!

Are you frustrated as a retail loan officer or mortgage banker with the lack of flexibility to provide custom loan options? Take control: follow the lead of over 24,000 MLOs like you who have joined the wholesale channel in the last year. Whether you open your own independent mortgage brokerage or join a team as a loan officer, you’ll have the ability to provide your clients with the personalized solutions they need. Contact our team at BeAMortgageBroker.com today and you’ll be well on your way to a more fulfilling tomorrow.

“At Fairway Independent Mortgage Corporation, customer service is a way of life. #FairwayNation mortgage loan officers are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted mortgage advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond.”

In the Northwest and California, Banner Bank is searching for Mortgage Loan Officers looking to create lasting Realtor and builder relationships at a bank focused on the market today. Banner has opportunities for lenders looking for local decision making with FHA, VA, USDA, state bond and true Portfolio lending opportunities along with servicing retained Fannie and Freddie loans to assist in client retention. Additional highlighted products cover CRA lending with private label no payment down payment assistance to help assist all borrowers with the right opportunity. Banner is the right fit for an established team, or the individual looking to grow their business and take the next step in their career. Please send resumes to Aaron Miller.

Don’t forget that private mortgage insurance companies are hiring: MGIC, National MI, Arch MI, Radian, Essent, and Enact (in no particular order). And while’s we’re at it, Fannie Mae and Freddie Mac. And my cat Myrtle’s friend the CFPB.

Broker and lender products, services, and software

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We are Super Jumbo ($3MM+) and non-QM specialists. Contact the Axos Bank Wholesale & Correspondent Lending team today to learn more about our innovative mortgage solutions. Examples include buy-before-sell options, unlimited cash-out amounts (up to maximum LTV), pledged assets, and cross-collateralization programs. Check out our rates on our Quick Pricer today or contact J Shoop, National Sales Director, for additional details. You can also connect with us at National Lending Experts Leverage San Diego, coming up on June 22–23. Email J Shoop to lock in a meeting time.”

“In today’s market, choose a vendor that is not only modern but trusted by some of the largest and most respected institutions in our industry. At Lender Price, we are a proud leader in large-scale pricing (PPE) implementations with a proven track record of providing lenders of all sizes with the best pricing technology to help them stay competitive. Our pricing engine is extremely configurable and easy to use, providing lenders with more features than others. We take pride in offering a cost-effective and comprehensive suite of pricing solutions that are easy to deploy and unique to our clients’ needs. With robust API’s and fast pricing, we enable lenders to streamline operations and drive efficiency. Customers benefit through granular margin management, LLPA’s and eligibility rules, multidimensional rules management, pipeline monitoring, custom notifications and more. Capital markets teams can automate base pricing with our new Base Price Solution. Get in touch today.”

Strength in numbers

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MBA savings are underway! Be part of the industry’s voice when you join MBA during our membership Summer Savings Promotion. Schedule a quick time to chat to learn more. In the meantime, take a look at the ebrochure which highlights the most highly utilized complimentary MBA member offerings. You’ll find networking groups, timely education webinars and self-studies, and benchmarking research products. MBA membership provides you with the tools to stay informed and stay ahead in this competitive industry. You can count on us! You can also email Laura Hopkins.”

There are also advantages in joining organizations such as The Mortgage Collaborative and Lenders One. For example, Tricia Migliazzo, SVP of Origination Sales, writes, “Lenders One has had a long-standing strategic relationship with the Mortgage Bankers Association. MBA is the advocacy arm for Lenders One members. We support and believe in the policy and advocacy work that MBA does on behalf of our shared members and the entire mortgage banking industry. Our strategic relationship with MBA provides us with increased exposure, the opportunity to socialize our value proposition and to promote our “join both” strategy. Both the MBA and Lenders One extend discounts for membership, plus Lenders One provides MBA members with an annual advocacy credit towards Lenders One dues. Through our partnership, MBA’s Chief Economist, Mike Fratantoni and SVP of Policy, Pete Mills, will be guest speakers at Lenders One next Executive Roundtable in DC on 8/2 and 8/3.” (For more information, please contact Tricia Migliazzo.)

Training & events this week

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FHA representatives from the Denver Homeownership Center will conduct a Free, In-Person FHA Underwriting Training in Salt Lake City, June 13, 8:30 AM – 4:30 PM (Mountain). This training will provide an overview of FHA underwriting procedures and addresses a number of industry-related frequently asked questions (FAQs). Additionally, this training will take an in-depth look at a variety of topics, including credit, income, and asset (CIA) documentation; manual underwriting; automated underwriting systems (AUS); closing; and more.

Yes, June 13 & 14, ACUMA workshops!

Join Carrington Mortgage Services webinar on Wednesday, June 14th at 11 am PT | 2 PM ET. Carrington will bring its many, many years of manual underwriting experience to the table and show you how we look at the borrower’s entire story, including extenuating circumstances and compensating factors, to justify loan approvals.

Real estate professionals are beginning to understand how changes in the climate are affecting real estate trends across the industry. Join NYMBA President Jodi Gaines, CEO of MSI Baker Breedlove, and Earthvisionz President Jeff Schott on June 14th at 09:00 AM PT as they discuss how severe weather threats impact insurance, finance, and real estate across the nation.

The Department of Housing and Urban Development’s (HUD) Office of Housing Counseling is inviting stakeholders to attend the free, online Providing Counseling on Manufactured Housing Options webinar on June 15, 2023 | 2:00 PM – 3:00 PM (Eastern) to learn how modern, well-constructed, and energy efficient manufactured housing can offer an affordable path to homeownership.

National MI June 2023 webinar sessions: Halftime! Mid-Year Evaluation & Planning with Bruce Lund – June 14th at 1pm ET. Your Leadership DNA with Andrew Oxley – June 15th at 2pm ET.

Join AGENT U on June 14th at 12:30-1:30pm EST for the next installment of their free monthly webinar. This month, the hosts are speaking with new construction builders Murphy Homes to learn more about the build process, how to start working with a builder, and how to educate your clients on what to expect while building their dream homes. Gain a fresh perspective with information specifically tailored for today’s market and get your questions answered during the live Q&A session. Visit www.agentulive.com for more details.

CWDL is committed to empowering our clients and friends with mortgage industry-specific education and insights, even when it’s outside of our core focus on audit, accounting, and tax. “Join the webinar on June 15 at 11AM PT for “Meet the Warehouse Bankers,” as we discuss such topics as when and how to best communicate with your warehouse partners; how warehouse banks evaluate counterparty risk in their clients; what lenders should consider or plan for regarding M&A, a winddown or facility consolidation; and much more. This webinar is free and open to all lenders who are looking for more insight into their warehouse relationships.” To register, contact Kasey English. What are your warehouse banks really looking for from their clients and why?

Friday the 16th at noon 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”!

I’m excited to share an opportunity regarding the Knowledge Coop’s new membership platform. The Knowledge Coop 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 at trythecoop.com.

Complete your 8-hour 2023 SAFE Continuing Education requirements with Trainer, Ken Perry. Use code “DALLAS2023” for 15 percent off at checkout and share the code with your friends and colleagues! The Knowledge Coop and Ken are so excited to be coming to Dallas!

Curious what the journey to the top looks like for the #1 originator in America? Looking for new strategies to attract new borrowers and retain customers for life? Tune into the Expert Insights podcast as Total Expert’s Joe Welu speaks with leaders such as Shant Banosian, Shashank Shekhar, Sue Woodard, Dan Catinella, Clayton Collins, and more. Standing out, and winning, as lenders look different today than before. Listen in to gather innovation strategies you can put into action to drive growth in your organization.

Capital markets: a quiet start to the week

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It was a quiet week for economic news last week and even more so with no communication from Fed officials ahead of this week’s Federal Reserve monetary policy decision. Data released over the last week showed that while economic expansion is slowing, the economy is still expanding. The ISM services index declined for the fourth consecutive month, but the service sector is growing. Initial jobless claims jumped unexpectedly to 261k last week. While this is still relatively low, it may indicate that some firms are reducing headcounts. Employment has remained strong despite slowdowns throughout the economy and higher interest rates. Housing benefitted from a brief respite from higher rates, but as rates recently moved back towards 7 percent, mortgage purchase applications have fallen each of the last four weeks.

Expectations are for the Federal Open Market Committee to hold the fed funds rate steady following its meeting this week in what may end up simply being a push to July’s meeting to allow for more economic data to present itself. The Consumer Price Index inflation data will be released prior to the meeting with retail sales and manufacturing data to follow thereafter. Tuesday’s CPI report for May is likely to show inflation continuing to slow as gasoline prices and used car prices were down during the month. Demand for home furnishings has also eased due to the lack of home sales. The job market is still stronger than the committee would like to see to ease inflation pressures, but unemployment claims have risen off their lows and the unemployment rate ticked up slightly in May. However, the committee members are divided as to the appropriate direction for monetary policy at this juncture. As a result, the market is only pricing in a 30 percent probability that the fed funds rate is at its current level following July’s policy decision. Further evidence of economic contraction will be needed for the markets to adjust expectations for higher rates in the second half of the year.

This week is packed with risk events, including Fed and other central bank meetings, front-loaded supply, and data. The FOMC meeting is Tuesday and Wednesday with the Statement and updated SEP due on Wednesday followed by Chair Powell’s press conference. The European Central Bank and Bank of Japan will also be out with their latest decisions on Thursday and Friday. Regarding MBS and besides more FDIC sales, agency Class B 48-hours is tomorrow with Class C on Thursday. Today’s calendar includes a Treasury auction of $32 billion reopened 10-year notes and the May budget deficit. We begin the day with Agency MBS prices unchanged from Friday, as is the 10-year yielding 3.75. The 2-year is at 4.61 percent as the yield curve inversion continues.

Cleverness is alive and well. 90 of the most hilarious examples of Mild Vandalism that should be excused from any consequences.

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, “Doing Business with the Agencies: The Golden Ticket?” 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