“Rob, have you noticed that CNBC is running mortgage rates on its streaming ticker, on the screen? I wonder how they do it without disclosing APR, etc. It could be very confusing to consumers and harmful to lenders.” I personally don’t watch CNBC, finding it too reactionary and sensationalist, flash and pizazz versus substance. I don’t know where those mortgage rates CNBC posts come from, am sure its legal team signed off, but agree that it is misleading to treat mortgage rates like the price of IBM or Apple stock. Lenders know that mortgage rates are based on loan & borrower attributes, geography, lender, and investor. Post the current yield on the 10-year? Sure. A “one size fits all” mortgage rate posted like it changes every minute? Nope.
Jobs & opportunities
A group of 4-8 recently displaced wholesale Account Executives is seeking a new home. All have 5+ years of AE experience and come with a large book of long-term relationships. Please contact Anjelica Nixt if interested in establishing contact.
Volly, a leader in SaaS mortgage lending and marketing automation technology for the mortgage and banking industry, is seeking three Vice President/Director of Territory Sales. Volly is the consolidated new rebrand of LoyaltyExpress, SoftVu and LendingManager into a single component based, fully integrated loan officer technology and integrated marketing solutions for the mortgage and banking industry and already has some of the largest banks and mortgage companies as customers. “We are growing at a rapid pace and need talented sales individuals to meet the demand for our multiple product lines who can take ownership of, and grow, a territory through contacts, referrals, web leads, networking, emails, calls, conferences, partnerships, etc., and own the sales cycle from start to close. Experience selling enterprise software solutions such as CRM, LOS, POS, Marketing Automation is strongly preferred.
Mortgage industry experience is required. We offer a strong base salary and commission compensation package. Please submit resumes to [email protected].
Lender products & services
My AMC, LLC is pleased to announce the hiring of Carolyn Covington as Sales Account Executive working in the Dallas, TX office to collaborate with My AMC’s nationwide customer base. “I accepted the position because I love what they do in terms of turn times, pricing and most importantly customer service”, said Covington. Covington comes to My AMC with over 20 years’ experience in the sales field. Covington’s extensive experience combined with her relationships and knowledge in the lending industry will allow her to transition seamlessly into her new role. Since 2004, My AMC, LLC’s purpose has been to deliver quality appraisals nationwide that are compliant with investor, state, and federal Appraiser Independence Requirements and provide a full spectrum of valuations for all mortgage origination channels including banks, credit unions, wholesalers, and brokers.
Home Point Financial is offering some of the most competitively priced Non-QM products in the industry with its Edge Near Prime, Expanded Access and AUS Express programs. Its May specials make a great deal even better for brokers and their clients. The Tier 1 Near Prime program features a 25-bps rate reduction for Borrower-paid loans, while the Tier 2 Expanded Access rate reduction is 50 bps. These offers are good for BPC loans locked through June 30 and must be closed and funded by August 15. All new May Edge purchase locks are also eligible for a pricing bonus of .50 bps for Tier 1 and .25 bps for Tier 2 and AUS Express. For the full story or to become a partner, visit Home Point.
Going to the Big Apple next week for the MBA Secondary Conference? It’s not too late to book time with an Informative Research team member to talk about how you can save up to 40% or more on out-of-pocket credit fees! It sounds impossible but it’s not. Click here to download a whitepaper (complete with a case study) that walks you through how Informative Research can help you find efficiencies at the beginning of the loan process. By utilizing better tools and techniques, you can have a more profitable workflow and improve your ratio of applications to closings. Click above to find out how!
FundLoans is announcing the Non-QM industry’s first Alt Doc HELOC. FundLoans’ Alt Doc HELOC allows 12-month bank statements, can go up to $500,000, and includes 5-year interest only for a 30-year term. With up to 90% CLTV and a standalone second, Fundloans’ Alt Doc HELOC is now available to utilize in: CA, WA, and FL. For more info contact FundLoans directly at 866.203.0912. FundLoans provides solutions in the Non-QM space and Non-QM lending up to $15MM. Through its Private Fund Division is a new blanket loan product with rates as low as 4.74%, and loan amounts starting from $500,000 to $20,000,000. These loans come with 5,7, and 10-year fixed options up to 75% LTV, recourse and non-recourse, and cash-out. Qualifying rental properties for this product include: SFR, Multi-Family, and Apartments. Contact FundLoans’ Private Fund Division at 866.203.0912 to learn more about this product.
Fundingshield asks, “Are you using the right validation tools & data to prevent wire fraud?” FundingShield, the HousingWire Top 100 Tech (HW100 2019) award winning solution for wire-fraud prevention, closing agent vetting and closing document certification, delivers current valid data that is actively updated to confirm closing parties are approved, licensed and also verifies bank accounts are held by the intended recipient. FundingShield offers good settlement coverage from the 1st dollar of loss up to $5mm per loan. FundingShield has the nation’s largest database of live vetted and approved closing parties (over 50,000) used by money center banks, non-bank lenders of all sizes. Lenders can easily integrate through secure APIs / connections and LOS integrations like Ellie Mae Encompass. Pay as you go for what you use at Fundingshield aligning the cost of vetting and fraud prevention to revenue generation! Contact [email protected] or call 800 295 0135 x2.
San Diego’s ClosingCorp®, is the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. The company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Its SmartFees service has received numerous awards, including the Ellie Mae Lenders’ Choice and is able to deliver actual rates and fees- not estimates- with one click and in less than a minute! Learn more about this product and the company at closing.com.
After over three years of revolutionizing the mortgage world with an in-depth detailed loan interview, PerfectLO is now capable of providing 100% customizable Forward apps, Reverse Mortgage Apps, Commercial loan apps, HELOC’s, AUTO, Personal Loans, Short Form Apps and more. Questions can easily be added, removed and or edited as well as any question format. The software is built on a rules-based flow charts allowing your borrowers to take a self-interview with no wasted questions. PerfectLO’s intuitive software is built so that any question can trigger a financial document. Its technology also makes it simple for this data to talk to your CRM’s and LOS’s. Sign up for a free one on one demo today and your complete customized loan questionnaires could be “live” within a week. Visit their website for more details. Call 800-277-1687 or email them at [email protected]
It’s proving to be a challenging year for some, and Rosalie Berg, president of Strategic Vantage, a top-notch public relations, marketing and social media agency that has helped over 100 companies in the mortgage industry, has some advice. “Companies that want to do well in this market need to always be on the minds of their customers and prospects. A terrific way to do this is through publicity,” says Rosalie. “At Strategic Vantage, we are always reaching out to reporters to make sure that our clients are regularly appearing in news articles. We also ghost write blogs and articles for our clients and secure them awards and speaking engagements. Our clients tell us that consistently being mentioned in the press has made a huge difference to their business.” If you’d like to get public relations, marketing or social media advice/services from Strategic Vantage, reach out to Rosalie Berg and check out the agency’s blog it has great marketing and PR advice.
Digital: involving or relating to the use of computer technology
Lenders, it’s time to take the System Survey, the first survey of STRATMOR Group’s 2019 Technology Insight Study. If you want insight into CRMs, Point of Sale and Origination systems, Closing and collaboration tools — the host of technology solutions available in the market today — participate in STRATMOR’s 2019 Technology Insight Study and get the answers you need. This year, STRATMOR has streamlined the study by creating multiple, single-topic surveys — this first survey can be completed in about five minutes. Best of all, lenders who participate receive the reports for the surveys they complete for FREE. Complete all the surveys and you’ll have the entire 2019 Technology Insight Study for the investment of your time. Take the first survey now and rate the systems you’re using.
In retail news, U.S. Bank made a digital consumer home lending move. “This spring, U.S. Bank has greatly simplified it’s application process for home lending. It only takes about 15 minutes to submit an application and get a conditional approval for any of the products. We’ve also created a lot handy tools that let borrowers to use their payroll or tax filing providers to complete the application. There’s also a loan tracker tool that allows applicants to know the progress of their deal.”
1st Reverse Mortgage USA® and Baseline Reverse have teamed up to develop and implement powerful new pricing engine into its platform. Focusing on three main areas of business, servicing valuation, capital markets, and technology, “the revolutionary new reverse mortgage pricing engine allows mortgage loan originators to create instant, competitive reverse mortgage pricing scenarios. The new pricing engine technology named ‘SureLock’ is designed to process large amounts of pricing data and produce instantaneous responses satisfying the expectations of today’s digital mortgage loan originators and borrowers.”
The ComplianceEase® ComplianceAnalyzer® is now integrated with LendingPad®, the cloud-based loan origination system (LOS) from WEI Technology LLC. With this integration, LendingPad users can perform real-time audits for regulatory compliance violations without leaving their LOS. ComplianceAnalyzer audits both first mortgages and home equity loan and lines for federal, state and local requirements, including state predatory lending issues; changes in terms and fees; audit tolerance across all disclosures and changed circumstances; and track post-consummation disclosures.
MCT announced the official launch of Trade Auction Manager (TAM), a new electronic TBA trading platform designed to enable more efficient bidding of TBA MBS used by lenders to hedge their open mortgage pipelines. TAM was developed with lender clients and broker-dealers who collaborated in testing and a successful soft launch in early 2019. “The initial experience is showing that TAM will deliver a significant enhancement in execution for MCT clients,” said Phil Rasori, COO. Additional benefits of TAM include greater accuracy, increased speed, and a reduction of data entry errors. TAM is available as a standalone solution or may be packaged with MCT’s hedging and loan sale platforms for more advanced functionality, such as automation of new bid tape AOT executions. Learn more about TAM’s features, participating parties, and Fannie Mae TBA Trade Desk connectivity by joining MCT’s Industry Webinar on TAM to be held June 6.
U.S. Treasuries rallied on Wednesday, including the 10-year dropping to 2.38% after retail sales growth in China slowed to its lowest level in nearly 16 years. U.S. retail sales and industrial production for April missing expectations aided the move. On the trade front, Treasury Secretary Steven Mnuchin said he expects to return to Beijing for trade talks in the “near future”, which was a reminder that trade officials from China and the U.S. are still in contact. Separately, it was reported that President Trump is likely to delay his decision on imposing tariffs on auto imports, signaling that the U.S. does not want to escalate the trade dispute with the European Union at a time when negotiations with China have lulled. Italy’s Deputy Prime Minister Matteo Salvini said Italy’s VAT will not be increased, adding that EU fiscal rules must be changed because they are impoverishing the continent.
Other news included the Federal Reserve Bank of Atlanta lowering its forecast for Q2 GDP growth following the disappointing reports on April Industrial Production and Retail Sales. Separately, Richmond Fed President Thomas Barkin said that it makes sense for the FOMC to remain patient on its rate outlook, given the current economic climate, saying there is no strong case to increase rates when inflation is under control.
Today’s domestic calendar began with weekly jobless claims (-16k to 212k), housing starts (+5.7% in April)/building permits (+.6%) and the Philadelphia Fed manufacturing survey (16.6). Treasury then takes over later this morning when they announce the auction sizes for next week’s 3- and 6-month and 1-year bills and reopened 10-year TIPS followed by the $50 billion 1- and $35 billion 2-month bill auctions. Finally, we have some Fed speak, with Minneapolis Fed President Kashkari and Fed Governor Brainard both taking the stage. We begin today with Agency MBS prices worse .125 and the 10-year yielding 2.39%. Investors concerned about a slowdown in global growth and additional tariffs on Chinese goods have fueled the bond rally.
Dirk N. writes, “You know what I hate? People who complain.”
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, “Are You Ready for CECL?” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2019 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.)