June 27: Bank & IMB LO, NAR CEO jobs; borrower intelligence, prefunding QC, cybersecurity tools; TPO investor news

Dang there’s a lot going on in Texas. One week it’s raining “hail the size of goat balls” (not my term; it was the phrase used by the woman mortgage banker who wrote me), the next week the state is experiencing a heat “dome” while malaria is in the headlines and a San Antonio airport ramp worker was sucked into a jet engine (ruled a suicide). Meanwhile, per the latest report from the Dallas Fed, “Texas home prices have headed steadily higher, a byproduct of rising housing demand and pandemic-related supply shortages.” For any originator interested in demographics like that, on a national scale, in doing some work for The STRATMOR Group I came across the article, “The Racial Segregation of American Cities Was Anything but Accidental.” And in the capital markets, mortgage rates have gone up faster than the 10-year. The spread between the 30-year fixed rate mortgage and the 10-year bond yield has surpassed the highs of last year and the 2008 financial crisis and is back at levels last seen when I graduated from Cal with an MBA in 1986. (Today’s podcast can be found here and is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Through its top-rated Broker Program, Visio brokers can earn up to 5 percent. Hear an Interview with CHLA and Absolute Home Mortgage Corporation’s Matt VanFossen on issues being discussed in Washington D.C. such as MLO compensation, realtor dual licensing, and the digital mortgage initiative.)

Employment

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“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.

As a mortgage sales professional have you ever thought, “What if I could focus on only the things that actually grow my business, flipping the hourglass and spending 80 percent of my time on what I do best: building relationships?” Or “What if I could surround myself with sales support that is truly team inspired, results driven marketing and customer obsessed headache-free process?” Welcome to radius financial group! They started radius with one main focus: to offer a better value proposition than any other bank or mortgage company in the country for you, your borrowers and your referral partners. radius can help you grow your business, have a better quality of life, and make more money. For confidential inquires please contact Carla Herrera.

Atlanta-based Highland Mortgage continues to grow and is searching for branches and loan officers throughout the Southeast, Delaware, Arizona, and Colorado. Contact Mickey Schilling, CMB®, its VP of National Sales. Now in its fourth year, Fannie Mae-approved Highland Mortgage is well-positioned to expand its footprint nationwide under Mickey’s guidance. Here are Mickey’s top reasons why Highland is the right destination for you.

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.

With CEO Bob Goldberg announcing his retirement effective at the end of 2024, the National Association of Realtors launched a nationwide search for its next chief executive officer. NAR, the country’s largest trade association, despite an informally estimated one listing for every three agents, has outlined its intention to identify candidates with diverse backgrounds and experiences, both inside and outside of the real estate industry.

Broker and lender services, products, and software

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With the increased focus on profitability and changes around Area Median Income LLPA waivers, purchase advice reconciliation is as important as ever. That is why Optimal Blue, a division of Black Knight, and Freddie Mac are excited to announce that Optimal Blue has integrated to Freddie Mac’s Cash Purchase Settlement Statement API. This API allows lenders to streamline their purchase advice reconciliation process by automatically comparing commitment details to Freddie Mac purchase data, eliminating the need for manual checks. The reporting around this integration will automatically call out known differences to save lenders valuable time. Please reach out to Sales@OptimalBlue.com to learn more.

Click links, ask questions later. The most common attack vector for a cyberattack is the human element. It’s what phishing emails, phone calls and text messages all have in common. Yet while it’s the weakest link, the human element could be your organization’s greatest prevention layer if trained correctly. In an industry that incentivizes people based on sales goals, every mortgage lead has bottom line potential. And in the current market, it’s only human to go after leads without stopping to consider their legitimacy. But recent data shows just how risky clicking without thinking can be. According to ISACA, in 2022 social engineering (tricking humans) was the #1 attack vector, and even the best teams are vulnerable. Learn how to do a better job at testing and training your team to identify legitimate leads. Talk to Richey May’s cybersecurity experts for help assessing and defining your cybersecurity training needs.

The Power of Prefund: How to Evolve Prefunding Loan Quality. Fannie Mae’s prefunding requirements, set to go live on September 1st, mark an important evolution in the quality control landscape. Now is the time to prepare by staying informed, adapting your processes, and embracing the changes to ensure a successful transition into this new era of quality control. This month, QC Ally not only dissected the requirements and how to ensure compliance but also outlined the value maintaining a high-quality loan origination process can bring to your organization. Topics covered include unveiling the Benefits of Quality Control Component Reviews, the Power of Prefund: Fannie Mae’s Prefunding Requirements, and the Value and Power of Prefunding Quality Control Reviews. Read Now!

Each year, National Lost Sock Memorial Day commemorates the unmatched socks languishing in your dresser drawer. The experience of losing half of a matching pair of socks is universal but far less frustrating (and costly) than missing an opportunity to match a prospect in your database with the perfect loan. TrustEngine can’t tell you what dimension your lost socks disappear to, but it can recover easy-to-miss loan opportunities with its Sales Boomerang’s borrower intelligence capabilities. Just ask AnnieMac Home Mortgage, which has seen market-leading conversion rates on alerts its mortgage advisors receive! TrustEngine’s Sales Boomerang alerts unlocked a more efficient way for the lender to generate high-quality loan opportunities and drive conversion for its growing team. Download the case study to see how TrustEngine became AnnieMac Home Mortgage’s perfect match!

TPO investor news

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Yes we’re in a bit of a holiday-centric quiet period in terms of investor news touching a wide range of lenders. But that doesn’t mean that the news has stopped. What’s going on around the biz?

On June 8, 2023, FEMA granted California County, San Luis Obispo, with Individual Assistance to DR-4699 with Amendment No. 4.

Federal bank regulatory agencies released the 2023 list of distressed or underserved nonmetropolitan middle-income geographies. Read the Press Release for more information.

The time is now to build your reverse mortgage business with Plaza Home Mortgage®. They have programs, including FHA HECM and offer training and dedicated reverse mortgage staff to get you rolling into this right. If you or your REALTOR® friends are thinking of adding reverse into your business or expanding your reverse knowledge, this Reverse Toolkit provided by the National Reverse Mortgage Lenders Association [NRMLA] is handy tool to keep in your back pocket.

PRMG TPO Resource Center Updates 23-07 include updated Electronic (eSign) Signature Requirements, Illinois State Predatory Lending Procedure, and UW Submission Step-by-Step. Forms and Information additions and updates regarding VA LGY HUB User Registration, Jumbo and Second Mortgage Product, Non-QM Product, and HFA Product Approval Requirements for TPO (Wholesale).

Provide your clients with extended loan terms, helping to lower their monthly mortgage payments and increase their purchasing power. Carrington Mortgage Services, LLC introduced a 40-year* loan option. This new offering caters to the evolving needs of homebuyers who are looking for alternative loan structures to fit their unique financial situations. *Fixed rate, Full doc & bank statement loans only.

For all Fairway Wholesale Lending brokered transactions that utilize FLS as their AMC, effective with new appraisals ordered on and after June 12, 2023, a $130 FLS Appraisal Administrative Fee will be charged. This does not impact the actual appraisal fee. Read Fairway Wholesale Lending Client Announcement 2023-06-20 for additional information.

Capital markets: bonds, little up, little down

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Bond pricing advanced to open the week, dropping mortgage rates and Treasury yields as traders unwound bets that the Federal Reserve will cut interest rates this year. While that may seem counterintuitive, the Fed holding rates higher for longer should stymie economic growth, making the safe play of investing bonds a better bet relative to riskier investments. Fed Chair Powell’s comments in front of Congress last week largely spelled the end for bets on rate cuts this year, and those previously dovish bets have been replaced by recession concerns in the face of further central bank tightening. Interestingly enough, rather than the market pricing in two hikes by the end of the year that the dot plot predicted after the last FOMC meeting, December futures now predict that the fed funds rate will be 25 basis points higher than it is now. We would like to note that the Fed does not capitalize the effective federal funds rate on its website, so we do not either.

Today’s busy calendar is under way with durable goods orders for May: +1.7 percent, ex-transportation up .6 percent. Expectations were for an increase of 0.4 percent versus 1.1 percent previously. Later this morning brings Redbook same store sales, Case-Shiller and FHFA home price indices, May new home sales, April consumer confidence (expected to improve), Richmond Fed manufacturing and services for June, Dallas Fed Texas services, and a Treasury auction of $43 billion 5-year notes.

Of particular interest will be the home price indexes. S&P gauges saw month-over-month readings increase in March for the first time since last June. It is forecast to come in up 0.4 percent, with tales of bidding wars coming back. New home sales are expected to come in at a 675k annualized rate, down 1.2 percent from the previous release. Later this week brings pending home sales on Thursday followed by the Fed’s beloved PCE index (expected to drop to 3.8 percent annualized from 4.4 percent) and the UMich inflation expectations index on Friday. We begin the day with Agency MBS prices unchanged from yesterday’s levels and the 10-year yielding 3.72 after closing Monday at… 3.72 percent; the 2-year’s at 4.70.

It was a sunny Saturday morning on the Whistling Straits golf course in Wisconsin, and I was beginning my pre-shot routine, visualizing my upcoming shot, when a voice came over the clubhouse loudspeaker:

“WOULD THE GENTLEMAN ON THE WOMAN’S TEE BACK UP TO THE MEN’S TEE PLEASE.”

I was still deep in my routine, seemingly impervious to the interruption. Again, the announcement rang out louder, “Would the MAN on the WOMEN’S tee kindly back up to the men’s tee.”

I simply ignored the request and kept concentrating, when once more, the man yelled, “Would the man on the woman’s tee back up to the men’s tee, PLEASE.”

I finally stopped, turned, looked through the clubhouse window directly at the person with the microphone and shouted back, “Would the person in the clubhouse kindly stop shouting and let me play my second shot”

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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