Daily Mortgage News & Commentary

May 17: MLO, AE jobs; LO training, database mining, digital, PPE, non-QM products; upcoming training and events

Keeping things in perspective, last Thursday the White House announced a raft of measures to alleviate the ongoing baby formula shortage, which has worsened in recent weeks because of a major product recall and supply chain problems. Here in Manhattan at the MBA’s Secondary conference, participants learned that the CFPB certainly won’t be “resting on its laurels” any time soon. Not only will it not be discouraging states from creating their own CFPB-like bureaus, but we can expect the CFPB to continue to broaden its range of enforcement activities. (And servicers took note of the CFPB’s servicing bulletin yesterday.) Fortunately, most lenders and vendors are doing a very good job with compliance! Partnering with the Agencies is on the agenda, as is the ARM market, climate change (and its impact on mortgage pricing and reps & warrants), cybercrimes, and hedging. A full slate! (Today’s podcast is available here and this week’s is sponsored by Candor. With Candor’s Machine as an Underwriter, lenders modernize their manufacturing infrastructure making them immune to margin, capacity, and staffing challenges forever. Candor’s AI solution can be deployed in 30 days, delivering fast and flawless loan production.)

 

Jobs & transitions

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Angel Oak Mortgage Solutionsthe leader in non-QM, continues to grow due to the demand in the market for non-QM lending solutions and is pleased to announce its latest new hires: Anneliese Stanton in Monterey and Santa Cruz County, California and Damian Fischer covering Eastern Washington, Montana, and Idaho regions. As always, originators can count on Angel Oak for easy to close solutions using Angel Oak’s innovative non-QM loan options. Angel Oak is continuously growing and are always looking to add to its team of expert account executives who deliver high level of service to brokers and correspondents nationwide. See JoinAngelOak.com for information on how to join the leader in non-QM.

Have you ever wondered how Originators close $100M + per year? The answer is simple: They have a team in place that allows them to originate all day without distractions or getting pulled back into files. One of the Top Originating teams in the nation is looking to provide 1 Originator an extremely unique opportunity. This Originator would plug directly into the team, have their files worked on by 2 processors, 2 underwriters and 1 operations manager with a combined 70 years of experience. Sounds pretty good right? This Originator will also be personally coached by one of the top producing Originators over the last decade. If you close $25M or more per year and are looking for a breakthrough in your career, contact Anjelica Nixt or click here to schedule a confidential conversation.

Assurance Financial, an aggressive and growing full-service mortgage banker originating in the SW, SE, and eastern U.S., is continuing to expand across our lending footprint. We have opened three new markets and branches in 2022 so far and want to meet more great people! Our commitment to providing exemplary app-to-close service and a great technology stack has been the difference-maker during the past few months, especially to our Realtor, builder, and purchase money clients. Assurance Financial is looking to add dynamic entrepreneurial-minded producing branch managers in our markets: Southeast, Southwest, and Eastern states. If you a true leader and want to go to the next level with your career; lead, run and grow your own market; close all your loans on time; and, enjoy a great life/work balance environment, contact Paul Peters, CMB or assurancemortgagelo.com for more details.”

Lender & broker software, services, and programs

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Northpointe Bank Correspondent Lending announces recent enhancements to its Expanded Portfolio (Non-QM) programs. Guideline expansions include loan-to-value ratios up to 85% for investment properties, and unlimited cash out for loans with LTVs up to 60% and loan amounts up to $1,500,000. Also, business LLCs are now allowed for investment properties with all programs. Reach more borrowers with solutions from Northpointe’s Expanded Portfolio programs. Prime Non-Agency focuses on higher credit borrowers looking to take advantage of Non-QM features such as interest-only options, 40-year terms, alternative doc options like bank statements and asset depletion, or financing for non-warrantable condos, including condotels. Expanded Access and New Start help borrowers with seasoned or recent credit events, and Investor Cash Flow offers financing for investment properties utilizing the debt-service coverage ratio. With programs available in all 50 states, Northpointe Bank provides tailored solutions to maximize your profitability and help your business grow. View program details for more information or email us at correspondentsales@northpointe.com.

Today’s homebuyers begin their mortgage shopping process online, and they expect instant, accurate and consistent information. Don’t risk losing prospects to your competitors because your website doesn’t offer the information they want. With Quick Quote, a new feature of the Loansifter PPE for brokers, you can display real-time, accurate pricing for a variety of individual scenarios on your corporate website. This means the most current pricing quotes are accessible to your customers and loan officers exactly when they need them. Best of all, Quick Quote offers a turnkey design that can be quickly and easily added to your Loansifter PPE subscription so you can start giving your customers the information they want without an implementation delay. Learn more about Loansifter Quick Quote in the May 4 press release.

Smarter, faster mortgages start here. Cloudvirga’s Digital Mortgage Platform is unlike any other platform of its kind. We combine a world-class borrower experience with an automated lender workflow, reducing loan costs and time to close while increasing transparency. Our cloud-based, scalable platform offers POS solutions in the retail/consumer, direct and wholesale channels. The new TPO solution is an omnibus brokers’ platform, with technology that connects operations to sales, eliminating repetitive tasks. From start to finish, brokers can use Cloudvirga to search product and pricing quickly to find the right loan for their borrower, prepare high-quality product comparison sheets and present them through a personalized consumer POS. Cloudvirga, a Stewart Company, recruited industry veteran Paul Wetzel to aid in the rollout of this exciting new platform. Paul has served as chief product officer for multiple fintech SaaS companies, leading the digital transformation of internal processes and customer businesses through technology and talent development. Learn more.”

Mortgage lenders are scouring every possible avenue to reduce their overhead expenses while still positioning themselves as an attractive landing spot for change-seeking top producers. This is where Floify gives companies a massive advantage. The customizable platform gives lenders the predictable ROI and corporate governance they require, but retains the flexibility for top originators to differentiate themselves how they want. No required downloads, no fees that penalize every closed loan, no looking like everyone else. With Floify, your company will have the technology partner it needs to attract high end talent and drive loan profitability at the same time. Give Floify a call or schedule a demo to see how their deeply-integrated and highly-customizable platform is helping other lenders not just survive, but thrive, in today’s competitive mortgage market.

There’s always a risk when you sit down at a casino table, but big losses aren’t too common if you’re thinking ahead. However, lenders don’t want to gamble when it comes to maintaining revenue. As rates continue to rise in 2022, forward-thinking lenders know that equity has become the best bet for starting valuable conversations with past customers and prospects. Sales Boomerang is helping lenders win big in 2022 by identifying promising equity-related opportunities in their own database in a matter of seconds. If your business is still relying on dwindling refi opportunities, your pipeline can’t wait. With Sales Boomerang’s simple strategies for turning consumers’ equity into loans that convert right away and you’ll be saying “Winner, Winner, Chicken Dinner!”

LO training

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Over the past two years, XINNIX has partnered with mortgage companies across the nation to build the next generation of mortgage sales professionals by launching the careers of over 12,000 new loan officers via their renowned ORIGINATOR™ Program. With a different marketplace today than when they entered, these rookies-turned-experienced LOs may be asking themselves, “what’s next, and how do I change with the market?” Whether your loan officers have 2 years of experience or 20, XINNIX can help your sales team achieve next-level production in any market with their IGNITE™EDGE™ and ELITE™ programs for experienced mortgage sales professionals. Its March EDGE™ graduates saw an average 54 percent increase in applications taken over the 8-week program. To find out more about which program is right for you and your team, schedule a call with a XINNIX Account Executive today!

Loan Officers! Change your stress to success! Are your numbers down? Are you finding it challenging to win deals and get your offers accepted? Do you have trouble connecting with agents and adding value? Do you want to do more loans but are unsure where to start? Do you want to build a future-proof business? If we still have your attention, the LO Lifeline Event was built for YOU. The Next Level Loan Officers community has come together to put on a no-nonsense super event that is hyper-focused on helping LOs overcome their challenges to win the rest of 2022. This highly tactical event on June 16th will include expertise from actively producing mortgage and real estate professionals in the trenches every day. Learn what they do and how they do it so that you have the PLAYBOOK to win. No BS, no gimmicks, just straight value. Register today!

Webinars and events

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Minimize Risk and Maximize Profits in 2022 with this free Lenders One webinar today! In today’s increasingly complex environment, you need an operations capacity management strategy that can do more than just help increase your mortgage fulfillment performance, meet compliance, and lower investment costs. Learn how to survive and thrive in the current market with Trelix™ outsourcing and technology solutions.

Join a diverse and engaging panel of developers, academics, architects, and community members on May 19th 12-1:30 PT for a virtual symposium presented by the UCLA Ziman Center’s Levine Program in Housing and Social Responsibility and The Kelsey.

Attendees will walk away with an understanding of the basic affordable housing landscape as it relates to building disability-forward housing, along with specific holistic practices they can implement immediately through accessing a new set of free multi-family housing design and operation standards co-created by advocates with and without disabilities, developers, and architects. Register for the May 19th HOUSING SPOTLIGHT: Creating Inclusive, Disability-Forward Housing via Zoom.

Did you know that June is National Homeownership Month? That’s right! The whole month! Want to know what you can do to promote Homeownership Month? How about hold a Buying and Selling in Today’s Market workshop or webinar? Join Ginger Bell, CEO, Edumarketing, Frank Garay, Host, Loan Officer Breakfast Club and Bill Hillestead, CEO, Add Traffic and learn how to hold your own Buying and Selling in Today’s Market Webinars! Tuesday, May 17th, 11 am Pacific Time. Register here.

Learn how to use Debt Service Coverage Ratio (DSCR) loans to attract and qualify real estate investment clients. Register for A&D Mortgage zoom webinar on May 17th: Helping Real Estate Investors with DSCR loans.

Good loan officers understand the psychology of their borrowers and the best ways to help them. This session from Cross Country Mortgage, May 18 at 1PM ET, is designed to offer agents a better understanding of what’s important to pay attention to in the economy and how to help your borrowers better understand why rates change.

On May 18 from 11:30-1:30, join Central Florida FAMP Chapter for a Renovation Lending Roundtable. Presenters Kinsey Lallathin from All-In Construction Services, Mark Hammond from loanDepot Wholesale, and Scott Evans from Sharestates will discuss updates on Homestyle, 203k’s and Fix & Flip Lending as well as what your Renovation Contractor needs and can do for you.

Insellerate is providing a free webinar on May 19th, “Mastering Cash-out Refi’s to Drive Volume”. Join Josh Friend, Founder & CEO at Insellerate to learn more about the best way to counsel and advice the clients in cash-out transactions, how to engage potential borrowers in these types of transactions and leveraging technology to streamline the processes.

Friday the 20th is the next edition of The Mortgage Collaborative’s Rundown with Rich and Rob covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown with Rich and Rob”. This episode is sponsored by ACC Mortgage. (If you’re interested in sponsoring shows, contact Tom Galluci.)

NRMLA East announced that early registration has opened for the 2022 Eastern Regional Meeting at the Marriott Baltimore Waterfront, July 11-12, in Baltimore, MD. The venue for this summer event, the Marriott Baltimore Waterfront, provides easy access to the historic Fells Point neighborhood, the National Aquarium and the restaurants and shops of the Inner Harbor. Book your reservation today at NRMLAonline.org before early registration expires at midnight (Eastern Time) on Monday, May 30.

Lenders One Summer Events Open for Registration! Lenders One’s 20-year mission is to help independent mortgage bankers, banks and credit unions improve their profitability. One of the key benefits of membership is access to unique members-only events and meetings. Registration is now open for the L1 Executive Roundtable in Boston, MA, June 7 – 8, 2022 and the L1 Basecamp at the Whitewater Center, with Rob Chrisman as the Keynote Speaker, in Charlotte, NC, July 12, 2022. If you are a current member, reserve your seats today! If you are interested in how Lenders One membership can benefit your business, contact Tricia Migliazzo to learn more.

Capital markets

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Money flowed out of equity markets and into bond markets to open the week, causing Treasury yields to improve and with them Agency MBS prices to some extent. We’ve seen the U.S. 10-year come down below 3 percent after eclipsing that earlier this month, but mortgage rates have been sticky and are yet to move in the same direction. Economic data released yesterday was limited to the Empire State Manufacturing survey for May, which fell below expectations due to a sharp drop in new orders and shipments.

It is a much busier economic calendar today, with April retail sales already in at +.9 percent, as expected. Later today brings Redbook same store sales, April industrial production and capacity utilization, March business inventories, and the NAHB Housing Market Index for May. No less than five Fed speakers are scheduled, including Chair Powell. The MBS purchase schedule sees the Desk targeting conventionals over two operations totaling up to $1.5 billion. We begin the day with Agency MBS prices worse .250 and the 10-year yielding 2.94 after closing yesterday at 2.88 percent.

How ‘bout some Manhattan trivia for a Tuesday?

If everyone lived as densely as they do in Manhattan, the human race could fit in New Zealand.

The Macy’s Thanksgiving Day Parade originally featured live animals from the Central Park Zoo, but they occasionally roared and scared children, so they were replaced with balloons.

Hot dog vendors must pay $200,000 to the city a year to operate a single cart in Central Park.

Manhattan, one of New York City’s five boroughs, has a population of 1.63 million. But with commute workers and tourists, the population swells to 4 million… just think of the millions of meals that are consumed on the island with nearly all of the food being shipped in daily.

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 titled, “A Primer on the Federal Reserve and Mortgage Rates.” 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 2022 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.)