May 18: Credit union vs. bank note; vendor news; secondary deals; crime warning; Saturday Spotlight: PCV Murcor; a clever joke

With the National Secondary starting tomorrow, plenty of attendees will see the NYC Marriott Marquis again and roll their eyes at it and Times Square. But the NYC Marriott is specifically mentioned in this article on why hotels don’t run out of hot water. There will be 1,000+ of “numbers people” trying to steer clear of millions of tourists. 12 blocks away is Madison Square Garden, which has a capacity between 12,000 and 18,000, depending on the venue. It is a dream venue for many artists, and every year a new crop of artists makes their MSG debut. But when? That question is answered by promoters and the band’s managers but has become more difficult, post-pandemic, given shallow interest produced by streaming platforms, volatility in the New York scene in general, and access to more and deeper data than ever before. For instance, one manager’s rule of thumb is that if a band can put up two nights at Radio City (capacity 5,700) or two Central Park Summer stages (about 5,000) and sell the tickets quickly, that’s a sign an act is ready for the Garden.

Saturday Spotlight: PCV Murcor



“We Help Lenders Make Borrowers’ Real Estate Needs Happen.”

In 3-5 sentences, describe your company (when was it founded and why, what it does, where, recent growth and plans for near-term future growth).


In 1981, Keith D. Murray, a licensed appraiser and Certified General, MAI designated appraiser, founded Pacific Coast Valuations Murray Corporation, which later became PCV Murcor, a nationwide real estate valuations management provider. Licensed in all 50 states, plus D.C., PCV manages valuation needs for mortgage lending, financial institutions, estate and litigation, real estate investors, and mortgage servicers. Today, PCV uses state-of-the-art AI technology to ensure precision and efficiency in every aspect of our service.

Tell us about what type of volunteer work employees are encouraged to engage in, or charities your company supports, and why.


PCV Murcor’s nonprofit program, PCV|VRM Seeds of Hope, supports community-based organizations that affect positive change. Organizations chosen have missions or causes that help inner-city families, children, and seniors, which stabilize neighborhoods affected by foreclosures, or rejuvenate and partner with neighborhood organizations. We fundamentally believe in being impactful philanthropists; caring for our friends and neighbors builds strong, healthy, and resilient communities.

What does your company do to help elevate your employees’ growth? Describe any mentoring programs, outside classes or training, in-house training. How does the company help people develop?


PCV Murcor offers employees a wide variety of training solutions to help employees enhance industry knowledge and improve performance. Through internal training, we provide instructor-led continuous education and cross-training, including gamifications, assessments, and on-the-job training to ensure retention. PCV employees also have access to Vendor Resource Management University’s (VRMU) portfolio of online courses, including industry certifications and organizational and leadership development. Externally, our staff can take courses through the American Management Association (AMA) and SkillsPath/Fred Pryor seminars for additional training to help improve job performance and enhance professional knowledge.

Tell us how your company maintains its culture in a work-from-home environment, or how you plan on bringing employees back into the office, if applicable.


While many of our employees live in Southern California, where our headquarters has been since our founding in 1981, our employee presence extends across the country, with employees based in New York, Michigan, Colorado, and Washington, to name a few states. We maintain our company culture through quarterly All-Hands meetings, communicating PCV’s goals and vision, reiterating our mission and values, and providing updates on company efforts and the industry/current market outlook. We also engage with employees through organizational initiatives like our Wellness Program, which includes voluntary wellness challenges. On multiple occasions a year, PCV hosts virtual interactive experiences for staff to encourage fun and friendly game competitions among colleagues.

Things you are most proud of that don’t have to do with sales.


We are proud of our staff’s diversity. As of 1/1/2024, 69 percent of our staff identifies as a racial/ethnic minority, and 58 percent of our staff is female. Through the diversity of our employees, we gain the benefit of looking at different ways to approach our business, and it has made us stronger as both a company and a community. Our people make us who we are.


Fun fact about your company.


PCV Murcor is the nation’s largest black-owned AMC that provides appraisal management and valuation advisory for residential and commercial real estate. What started from our founder’s one-bedroom condo in 1981 has grown into a national organization servicing the nation’s largest lenders, servicers, and government-sponsored entities.


Is there anything else you’d like to share along these lines?


PCV Murcor is an approved service provider for data collection field services to support Fannie Mae’s value acceptance + property data. Approved service providers meet requirements for offering data collection field services, data collection technology, or integration to the property data API.

(For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)

Be careful out there!


The conference in Manhattan prompted Ann S. to send, “As you may know, I was pick pocketed in NY last year at Secondary, money, credit cards, and driver licenses were all gone. When I met with the detective, he recommended that men and women please ‘DO NOT’ wear their backpack on their back or have a zippered purse on your side where someone can be behind you and unzip it at a busy street corner and pull out a wallet (like they did to me). If you have a backpack on your back, it’s easy for someone to come up behind you on a busy street corner and put their hand inside.

“He recommends that men put their wallet in their front pocket. They are dressed in all types of clothing… I think it was a nun that robbed me! If this happens to you, please get a police report, have your TSA number, and get to the airport early because it will take some time for the TSA to clear you to get on the plane. I think everyone needs a reminder about what’s going on in NY and be smart when you are on the streets. I have been going to NY for 30 years and never had an issue until last year.” Thank you, Ann.

Banks & credit unions: dogs & cats? Oil and water


This week from The Grand Canyon State came news that Pima Federal Credit Union and RBAZ Bancorp, Inc., the parent company of Republic Bank of Arizona, announced a definitive agreement for Pima to acquire substantially all assets and assume liabilities of Republic Bank in an all-cash transaction.

The news prompted Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey to write, “With tax-exempt credit unions accounting for roughly a quarter of this year’s bank acquisitions (each of which expands the federal tax exemption for more than $2 trillion in credit union assets and displaces a trusted provider of credit in local communities) Congress must act on this dangerous trend.

“Lawmakers have constituents on their side, with ICBA polling conducted by Morning Consult showing Americans support a congressional review of credit union policy. According to the polling, 68 percent of adults say credit union customers should have the same consumer protections that banks provide, such as those provided by the Community Reinvestment Act, while 54 percent say Congress should investigate whether the credit union tax exemption is still warranted.

“While this harmful trend has accelerated in recent years, there are long-standing solutions. States such as Tennessee, Colorado, Minnesota, Mississippi, and Nebraska have restricted these deals, and Congress should respond in kind to this national issue. ICBA and community bankers continue calling on Congress to hold hearings, request a Government Accountability Office study on the credit union industry, and consider an ‘exit fee’ on these acquisitions to capture the value of the tax revenue lost once the acquired bank’s business activity becomes tax-exempt.

“With the nation’s community banks serving as the nation’s leading small-business and agricultural lenders, Congress should use this opportunity to investigate the nation’s outdated credit union policies and whether the government should continue subsidizing acquisitions of local, taxpaying community banks.”

Vendor treats


Treats, not threats. Despite the cutbacks in the industry, and consolidation, third-party vendors are still pumping out whiz-bang products for lenders. Let’s take a random look at who’s been doing what recently.

Truv, a GSE-approved direct-to-source income, employment and asset verification provider announced its pivotal partnership with BeSmartee, provider of an award-winning Point-of-Sale (POS) platform for mortgage lenders. Seamlessly integrating with BeSmartee’s mortgage POS platform, Bright POS, to automate manual verification processes unlocking the power of Truv’s consumer-permissioned data to deliver lenders a cost-effective, all-in-one platform. The integration between Truv and Bright POS represents a significant advancement in the mortgage industry, offering lenders a lights-out solution to simplify, automate and optimize operational workflows while slashing costs on every closed loan. Learn more about Truv’s innovative and powerful platform.

The Empower® loan origination system (LOS) from Dark Matter Technologies and Total Expert’s customer engagement platform can be used in concert for the first time thanks to a new partnership announced this morning. This highly anticipated integration could spur some tech stack reshuffling among banks, credit unions and IMBs that offer mortgage and home-equity products, since both solutions are extremely popular in the lending space and have never been available together before now. (Empower is the mortgage industry’s #2 LOS by market share behind ICE’s Encompass, and Total Expert is the industry’s #1 CRM for overall satisfaction and lender loyalty according to STRATMOR Group.) For details, view the Press Release.

Usherpa, developers of the mortgage industry’s first customer Relationship Engagement Platform (REP), announced the company and its SmartCRM have been vetted by The Mortgage Collaborative (TMC), one of the largest mortgage cooperatives in the country. Usherpa is now a preferred partner to TMC’s growing network of mortgage lenders that account for approximately 10 percent of the mortgage volume originated in the US. Usherpa’s custom reporting dashboard gives loan officers all of the contact’s information, making it simple to call, text, make a note, or take action on each lead Usherpa’s SmartCRM Relationship Engagement Platform has maintained unmatched loyalty and longevity. Many members have been with the company for no less than a decade (and in some cases, over twenty years). Among new members, Usherpa maintains a retention rate of over 90 percent at the 90-day mark.

Freddie Mac has verified Vesta, a national mortgage loan origination system (LOS), delivery services of are now fully integrated with Loan Quality Advisor and Loan Selling Advisor, enabling mortgage lenders using the LOS to access the Freddie Mac tools. Vesta’s LOS features the capability of inversion of control, which empowers the technology to make basic decisions in a process, freeing employees for more complex and productive tasks. The system provides lenders with a modern system of record, customizable workflows for end-to-end mortgage loan fulfillment process and open, cloud-based APIs.

American Heritage Lending (AHL), a leader in Non-QM lending, announced the successful deployment of the OptifiNow TPO CRM system. Built to handle the nuances of wholesale mortgage lending with a comprehensive suite of features that are powerful and efficient. Built-in email and SMS marketing is combined with an account based B2B CRM that enables efficient management of broker companies. All types of marketing campaigns, including rate sheet emails, loan product marketing and event promotion are easily conducted by marketing managers or account executives themselves. One of the most important benefits of OptifiNow is the tight integration with AHL’s mortgage loan origination system (LOS). The integration synchronizes broker account, loan officer, and loan submission data that is stored in the LOS, giving their account executives and sales managers improved visibility on sales performance.

Secondary market activity


Without an outlet for a loan, processed/manufactured by any lender, whether put into portfolio or securitized and distributed in pieces around the world, there would be no reason for a company to lend money. Over a thousand people are heading to Manhattan in the next few days to discuss this whole process but it is good for LOs to have at least a cursory knowledge of what deals look like.

Freddie Mac issued $53.1 billion of securities through its multifamily risk transfer platform in 2023, transferring interest rate risk, liquidity risk and the majority of expected credit risk away from U.S. taxpayers to private investors. A leading issuer of multifamily securities, Freddie Mac Multifamily settled $33.3 billion in K-Deals, the company’s signature offering, over the year. It also continued to increase its Multi PC issuances to $15.1 billion in 2023, an increase of 30 percent over 2022 and more than double the 2021 total. The increase in Multi PC and fully guaranteed deal volume translated to successful executions of MSCR Notes and MCIP, which are reinsurance-based offerings that provide additional flexibility to transfer meaningful credit risk to the capital markets. In another adaptation to market demand over the past year, Freddie Mac Multifamily issued the first 5-year K-Deal since 2016, closing eight 5-year transactions totaling $5.3 billion in 2023. In addition, Freddie Mac Multifamily executed its first Single-Asset Single-Borrower transaction since 2021, a highly mission-driven transaction supporting workforce housing with more than 4,200 units in the Los Angeles area. Freddie Mac has settled $682 billion in Multifamily securities through its K-Deal and various other risk-transfer offerings since the inception of the program in 2009. As part of Freddie Mac Multifamily’s ongoing commitment to affordable, quality rental housing, the company issued $4.7 billion of Green, Social and Sustainability Impact Bonds. Freddie Mac Multifamily is a national multifamily housing finance leader. Historically, more than 90 percent of the eligible rental units we fund are affordable to families with low-to-moderate incomes earning up to 120 percent of area median income. Freddie Mac securitizes more than 90 percent of the multifamily loans it purchases, transferring interest-rate risk, liquidity risk, and the majority of expected credit risk away from U.S. taxpayers to private investors.

On February 13, Fannie Mae announced the results of its thirtieth reperforming loan sale transaction. The deal, originally announced on January 11, included the sale of 2,722 loans totaling $499.6 million in unpaid principal balance (UPB), offered in one pool. The winning bidder was Pacific Investment Management Company LLC (PIMCO). The transaction is expected to close by March 26, 2024. The pool was marketed with Citigroup Global Markets Inc. as advisor. The loan pool awarded in this most recent transaction includes an average loan size of $183,547, weighted average note rate of 3.58 percent, and weighted average broker’s price opinion (BPO) loan-to-value ratio of 50 percent. The cover bid, which is the second highest bid for the pool, was 82.375 percent of UPB (33.45 percent of BPO). Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options to any borrower who may re-default within five years following the closing of the reperforming loan sale. All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness or payment deferral prior to initiating foreclosure on any loan.

A blonde walks into a bank in New York City and asks for the loan officer.

She says she’s going to Europe on business for two weeks and needs to borrow $5,000. The bank officer says the bank will need some kind of security for the loan, so the blonde hands over the keys to a new Rolls Royce.

The car is parked on the street in front of the bank; she has the title, and everything checks out. The bank agrees to accept the car as collateral for the loan.

The bank’s president and its officers all enjoy a good laugh at the blonde for using a $250,000 Rolls as collateral against a $5,000 loan. An employee of the bank then drives the Rolls into the bank’s underground garage and parks it there.

Two weeks later, the blonde returns and repays the $5,000 and the interest, which comes to $15.41.

The loan officer says, “Miss, we are very happy to have had your business, and this transaction has worked out very nicely; but we are a little puzzled. We checked you out and found that you are a multimillionaire.

What puzzles us is – why would you bother to borrow $5,000?”

The blond replies, “Where else in New York City can I park my car for two weeks for only $15.41 and expect it to be there when I return?”

Visit 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, “Down Payment Assistance Programs Helpful But Not a Universal Remedy.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).


(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 Copyright 2024 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