June 16: Wholesale & sales training jobs; upcoming TRID events around the country; thoughts on helping minorities & Millennials

How ‘bout California Governor Jerry Brown stealing money (ok, “inappropriately diverting”) out of the Homeowner’s Fund?


HomeBridge Wholesale continues to grow and recently announced that Keith Kitterman has joined the company as Western Divisional Sales Manager. One of Kitterman’s key initiatives with HomeBridge will be “expanding the company’s footprint across the western half of the country, in addition to solidifying HomeBridge’s reputation for excellence with its existing customer base. As a part of his expansion plans for HomeBridge, Kitterman has begun actively recruiting experienced Account Executives and Sales Management to join his team in the West. Kitterman is a proven leader with years of experience in third party origination and non-delegated correspondent lending. He’s well regarded by colleagues for his training acumen and ability to adjust to the constant operational challenges that affect the mortgage industry. Interested applicants should send resumes to jobs@homebridge.com.


XINNIX is hiring. Due to the overwhelming demand for the training services of XINNIX and The Mortgage Academy (Recruiting Workshops, Purchase Workshops, IGNITE, EDGE Online Series, etc.), they are currently conducting a search to fill several key positions. Management is seeking Sales and Leadership Trainers, Course Developers as well as Inside Sales Account Executives (Client Advisors) who demonstrate the standard of excellence XINNIX is known for throughout the industry. Founded in 2002 and headquartered in Atlanta, Georgia, XINNIX provides the mortgage industry’s most effective and energizing sales and leadership training programs. XINNIX has demonstrated an exceptional track record of success by helping mortgage companies across the nation experience incredible recruiting success, a measurable increase in purchase production and a growth in market share. The National Association of Business Resources named XINNIX one of Atlanta’s “Best & Brightest Companies to Work For” in 2012, 2013, 2014 and 2015. Click on the link above or submit resumes to Sarah Federico.


For upcoming events…


Bayview Loan Servicing, one of the nation’s largest loan servicers, wants to help loan officers tap into growing market of portfolio lending and non-QM programs by hosting a webinar on game-changing solutions that loan officers can utilize to generate more business.  Join Art “Ski” Swiatkowski for the webinar on Thursday, June 18 at 1 p.m. ET.  Tune in to expand your knowledge and submit questions for the Bayview team.  Register for the webinar by clicking here.  Learn more about Bayview by speaking with an account representative at 855-253-8439 or emailing ClientServices@BayviewLoanServicing.com. Interested in learning more about their wholesale and correspondent business? Visit www.LakeviewWholesale.com or www.LakeviewCorrespondent.com.


Here’s an important update. “Mark your calendars for Wed., June 24. That’s when Flagstar Bank is holding a career fair at its Troy, Mich., headquarters from 2-8 p.m. Management is looking to fill nearly 100 open positions such as experienced mortgage underwriters, retail loan processors, closers, origination call center support, post-close compliance auditors, and various other loan support functions. Can’t make it to the event? No problem! Applications are being taken online as well. Positions are available for various shifts in Troy. Plus, there are openings in their Bellevue, Wash., location. Experienced remote underwriters across the U.S. are encouraged to apply online. Visit flagstar.com/careers to apply online. For more details on the June 24 career fair, head to flagstar.com/landhere


The Maryland Mortgage Bankers Association is co-sponsoring a TRID seminar on June 17th with the Greater Baltimore Board of Realtors, The Maryland Association of Realtors and the Maryland Land Title Association. Attendees will include Lenders, Realtors and Title representatives as we continue our One Voice, One Vision, One Industry, initiative. Our Featured speakers and Panelists include Phil Schulman, a renowned Respa attorney, Ken Markison, MBA VP and Regulatory Counsel, Brian Webster, CFPB Originations Program manager and Steve Buckman, Buckman Legal.


The FHA’s first broad-based, in-person “A Live and In-Person Dialogue – The Single Family Housing Policy Handbook In-Depth” forum is coming to Chicago on June 23. If you are an FHA-approved mortgagee or other stakeholder in FHA transactions, this is your opportunity to hear first-hand from FHA Office of Single Family Housing staff about the Single Family Housing Policy Handbook—including its structure, content, and key policy changes that become effective on September 14, 2015. There are two sessions to choose from for this event.


MGIC has added additional webinars on the topic of “have you discussed TRID with your real estate referral partners”? This webinar is specifically designed to be a high level overview of the upcoming changes and how to explain them to a real estate agent audience. Click the link to register for MGIC June 22nd Webinar or MGIC June 26th Webinar.


The Washington Mortgage Bankers Association is presenting a half-day forum leading up to the August 1st implementation deadline for TRID. “This forum, held in partnership with the Mortgage Bankers Association, will review the latest rule changes and guidance, and how we should be addressing these issues and will allow you to validate what your company has prepared to launch for August 1st.” The day’s expert panelists Ken Markison and Richard Horn will guide attendees through these subjects and provide guidance on the needed changes to be made. As a result, companies, managers, compliance personnel and technologists will have a clear understanding of how to implement the rule ahead of the August 1st deadline.


AllRegs Academy’s Analyzing Alternative Income course is designed for those new to the task of tax return analysis. During this course attendees will be introduced to various tax forms, starting with the 1040, and including related tax schedules. The 4-week, 90-minute live sessions are scheduled for either August or November training. Click the link to view and register for AllRegs 4-week live sessions: Analyzing Alt Income.


In Colorado CoAMP is gearing up for its Compliance series webinar #6 TRID. On June 17th, join CoAMP and IMMAAG’s Bill Kidwell for a complete review of the new TILA/RESPA Integrated Disclosure rule. Bill’s presentation will focus on the impact, both positive in terms of opportunities to differentiate and challenging in terms of confusion and possible “delivery blips” that will most likely face his target group of originators; those sponsored by small, traditional mortgage shops.


On July 1, ATS Secured is hosting a free webinar featuring Richard Horn, where you can get your TRID related questions answered. Horn, formerly of the CFPB, led the final rule for TRID. To learn more and register, click the following link: 30 Days Until TRID: What You Need to Know


The North Texas Association of Mortgage Professionals will be having its July luncheon on the 8th featuring TDSML Commissioner Caroline Jones at the The Clubs of Prestonwood.


(For the next few days I am doing traveling and several “guest writers” are doing the bulk of the 6-day a week commentary, some queued up in advance but in random order.)


Brien McMahon, Chief Franchise Officer of Radian Guaranty Inc. sent:


Recognizing Diversity Among Millennials Is The Key To Working With And Helping Them

Few buzzwords are more frequently used – or less well understood – than “millennial,” a moniker for the emerging generation of adults and young adults born roughly between 1980 and 2000. Millennials make up the most diverse generational share of the U.S. population and a recent report by Pew Research finds millennials are now the largest generation in the workforce. And, nearly 93% of millennials who currently rent want and plan to own a home.


While this is great news for the housing finance sector; it is important to be aware of millennials’ diversity in order to effectively meet their needs as they become the dominant segment of the housing market in the years to come. Understanding this diversity is important because it is going to play a big role in how millennials reshape housing in America. According to the Harvard Joint Center on Housing Studies’ report on the State of the Nation’s Housing, minorities will constitute nearly 13 million of the 17 million new households formed from 2010 to 2025. That’s a big change from the overall household composition in recent decades, which even in 2012 was less than 30% minorities. It underscores a shift, already well underway, toward a permanently more diverse nation; there are already more minority births than Caucasian births in the U.S., and Census researchers believe that the makeup of the U.S. will become “majority minority” in 2044.


Of the 17 million new households expected to be created by 2025, it is projected that roughly 41%, or 7.1 million, will be Hispanic; 18%, or 3.2 million, will be African American or Black; and 16%, or 2.7 million, will be comprised of Asian or other minorities. As we work to help develop responsible, sustainable homeownership in America, it is critical that we effectively reach these groups – and to do so, we need to make sure we understand their backgrounds and priorities, adapt our services with those factors in mind, and build strong person-to-person relationships.


Over the near term, Hispanics will represent the biggest growth in new homeowners, and it’s easy to understand why: The Hispanic population has increased nearly six fold since 1970, and one in five millennials is Hispanic. Today the nation’s 54 million Hispanics have a collective buying power of $1.5 trillion – roughly equivalent to Canada’s buying power – and are increasingly college-educated, technology savvy and keen on being homeowners.


Seventy percent of Hispanic homebuyers are in the market for their first home. Unlike the overall home buying population, these homebuyers are more likely to have non-occupant co-borrowers and/or multiple co-borrowers, thin credit files and are self-employed, or have seasonal or non-traditional income sources. More are also likely to have non-permanent residency.

With an expected addition of 3.2 million households between 2010 and 2025, African Americans are also an important customer segment for housing professionals to engage. African Americans are younger than the U.S. population as a whole – their median age is 32, and 47% are millennials. Their buying power is expected to be $1.1 billion this year, and the average income for households nationwide is $47,290. Additionally, 35% of households earn over $50,000 and 10% earn over $100,000.


In 2011, Asian Americans made up approximately 5.8 percent of the U.S. population. That’s 18.2 million people of primarily Chinese, Filipino, Indian, Vietnamese, Korean, and Japanese descent. According to Pew Institute, this demographic is the fastest growing racial group, making up the largest share of recent immigrants. With a median annual income of $72,797, Asian Americans are the highest-income, best-educated racial group in the U.S.  And, their buying power will continue to grow, and is projected to reach $1 trillion by 2017. They also tend to be the young buyers with a median home buying age of 36 years old.


But once we develop a strong cultural and contextual understanding of these growing groups of prospective homebuyers, how do we engage them? At Radian, we believe deeply in the power of building strong relationships, and that’s why we are proud to have exclusive partnerships with leading industry organizations focusing on the African American, Asian and Hispanic communities; the National Association of Real Estate Brokers (NAREB), the Asian Real Estate Association of America (AREEA), and the National Association of Hispanic Real Estate Professionals (NAHREP).  These market focused trade associations in the real estate and housing industry are staunch advocates of sustainable homeownership in America.


Working with these esteemed groups has enabled us to join together in a collective effort to ensure that the new generation of American homebuyers is well informed about their homebuying options, particularly for those low- to medium-income borrowers with limited savings for a down payment. It has also helped us establish relationships with trusted advisers in these communities, and in turn help foster relationships between likeminded real estate brokers and lenders.


That’s not something that a few groups can do alone. We need to all work together to further this effort to advance sustainable homeownership for all.


Turning to the markets, Monday saw a 2.36% close on the 10-year – and perhaps the biggest news was that the Gap announced it is closing 175 stores.  The U.S. Treasury “complex” rallied early in the session on global risk aversion over Greece. The weak Empire Manufacturing and Industrial Production data (-.2% – it has not increased since November of 2014!) pushed the rally further and rates continued to improve, but governments backed off after equities began to recover and the NAHB Housing Market Index easily beat expectations rising to 59 in June from 54 in May.


For Tuesday’s giggles we’ll have May Housing Starts & Building Permits at 8:30AM EDT. So most of our market’s movement might be caused by whatever happens in Greece.



A man and his wife walked into a dentist’s office. The man said to the dentist, “Doc, I’m in one heck of a hurry. I have two buddies sitting out in my car waiting for us to go play golf, so forget about the anesthetic, I don’t have time for the gums to get numb. I just want you to pull the tooth, and be done with it! We have a 10:00 AM tee time at the best golf course in town and it is 9:30 already… I don’t have time to wait for the anesthetic to work!”

The dentist thought to himself, “My goodness, this is surely a very brave man asking to have his tooth pulled without using anything to kill the pain.”

So the dentist asked him, “Which tooth is it sir?”

The man turned to his wife and said, “Open your mouth, honey, and show him . . . .”





(Copyright 2015 Chrisman LLC. All rights reserved. Occasional paid job 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