Daily Mortgage News & Commentary

May 24: CFO, compliance, MLO jobs; fee collection, subservicing, processing, sales tools; events & webinars through June

The last pay phone was removed from New York City yesterday. (Heck, growing up I financed my baseball card purchases by looking for loose change in those and newspaper vending machines.) Communication is certainly always changing, and successful loan officers and managers are adept at knowing the best way to communicate with others. Communication aside, loan officers have a lot on their plates. On a micro level, every loan is a hard deal, and LOs are focused on providing the best program for their client at a competitive rate. (Today MortgagePros411’s Audrey B. and Kevin C. – both LOs – and I have, for lack of a better term, a freewheeling conversation today at 2PM ET about what is happening in the mortgage biz and what loan officers are seeing.) Senior management is working on making sure their origination staff has software to help LOs do their job, or products that LOs were too busy in the last couple years to attend training on and are now saying, “Huh? We have that product? I didn’t know that!” On a more macro level, the Federal Reserve has already done a good job of “talking up” rates, and, believe it or not, there is a little chatter out there about the Fed not having to do more! Certainly investors are eying the Fed, and the current STRATMOR blog is titled, “A Primer on the Federal Reserve and Mortgage Rates.” (Today’s podcast is available here and this week’s is sponsored by Matchbox LLC, igniting ideas for the mortgage industry. Expertise in assisting clients through transition periods with Technology, Capital Markets, and Education. Today’s features an interview with Frank Fiore, President of Matchbox LLC, on the vendor landscape in mortgage banking, team building, and the company’s technological and secondary marketing products.)

Job options run the gamut

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A mid-size, purchase-oriented Independent Mortgage Bank (with a solid servicing portfolio, licensed in more than 25 states, and with more than $3.5 billion in fundings in 2021) has an immediate need for an experienced and proactive Chief Compliance Officer. The Candidate will grow and lead the compliance team, assesses the firm’s compliance, regulatory and reputational risk, monitor for compliance with new or amended laws, rules and regulations, with an emphasis on fair lending. CAMS, CRCM designation preferred. This is a remote, work from home position. Interested candidates can submit their resume to Chrisman LLC’s Anjelica Nixt.

PRMG focuses on further expanding its reach in the mid-West. “We are strategically growing the mid-West region and beyond by hiring one of the industry’s top talents for recruiting and management. As PRMG has grown this has created an opportunity to raise the bar of management and place a professional in this region who will hold themselves and those who will report to them to the highest of standards. The PRMG standard. ‘Cleansing a region and retaining those who close 90% of the current production is what appropriate management dictates in markets such as this,’ said Chris Sorensen, SVP, Director of National Retail. Let’s face it, the best growth is that which comes from those who join an organization not due to a signing bonus and inflated promises, but due to a desire to build a legacy worth having. Eileen Andersen, VP of Strategic Growth, is helping to attract top talent seeking a holistic platform that is ‘Built by Originators for OriginatorsTM.’ Reach out directly to Eileen Andersen and have a confidential conversation.

“Are you equipped to compete in a purchase marketplace? At PrimeLending, our LOs deploy powerful digital marketing tools that help leverage their customer database to strengthen their brand and attract more homebuyers. Thanks in large part to the more than 170 data-driven automated journeys deploying 3.5 million emails over the last 18 months via Total Expert, our recapture rate of past customers is well above industry average. Is it any wonder #TeamPrimeLending excels in a purchase-first market? We’re looking for top performers to grow with us. Contact Nic Hartke today for more information.”

A multi-billion-dollar originator headquartered in southern California is looking for a strategic, forward-thinking CFO to join its executive team. This multi-state lender is currently consumer direct, with a growing retail division. Ideal candidates should be experienced with profitably navigating through market changes, and strong remote candidates will be considered. Please send resumes to Mark Wilson.

AmeriHome Mortgage, a top mortgage lender in the industry, is looking to add to its already phenomenal team of Retail Loan Officers! With Remote Retail Loan Officer positions opening up nationally, we have plenty of opportunities for you to thrive. Having a diverse suite of products ranging from FHA to Portfolio products and competitive Jumbo non-QM options, we offer so much for any Retail Loan Officer with an entrepreneurial spirit to succeed! We have been voted Top Workplaces in 2021, 2020, and are still looking to continue our growth in 2022. See our Careers page to learn more about working with us at AmeriHome and to see why your future is with US.”

Want to be a Capital Markets Consultant with Accenture? Here’s your chance.

Lender & broker software, services, and programs

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In a hot purchase market, lenders who can move fast stand head and shoulders above the rest. If the paper chase is slowing you down, it’s time to give your tech stack a boost. From application to closing, SimpleNexus has everything lenders need to succeed in a purchase market. Need proof? Both Marc Hernandez of Alterra Home Loans and Rapid Mortgage’s Kyle Shea swear by SimpleNexus and its ability to improve operational efficiency, reduce manufacturing costs and increase loan officer productivity. Curious what SimpleNexus can do for your organization? Schedule a custom demo to discuss how SimpleNexus can be a driving force for your purchase pipeline.

What’s the formula for becoming a Top 10 Subservicer? It starts with a commitment to Grow Happiness through experience and then delivering on that commitment with rock-solid stats like a 91% first call resolution rate, 83% NPS score, and less than one minute call wait times. While other subservicers lack the service part of their formula, TMS has made it their mission to put the service back in subservice. Add in their 99% customer satisfaction rate and you have one of the Top 10 Subservicers in the nation. From their inception, TMS aimed to speak a different language and do business differently, by obsessing about delivering a great customer experience, developing innovative technology, and creating genuine and transparent partnerships with their clients. Caring for customers and clients isn’t a complicated formula, it just takes a mission driven commitment and persistent execution from a dedicated team like TMS. Ready to experience the winning formula? Partner with TMS.

Finance of America TPO is committed to helping brokers and NDC’s take advantage of as many opportunities as possible. FAM TPO’s recent launch of its Loyalty Alerts Program is designed to help our partners connect with their borrowers throughout every phase of their lives and make sure FAM TPO’s broker and NDC partners are always there when they are needed. These opportunities are delivered straight to their inboxes to let them know about any purchase triggers, MLS triggers, and refinance predictors. Not only does FAM TPO provide alerts when opportunities arise, but they also have the products to meet all their borrower’s needs, from those with regular W2 jobs to those more non-traditional borrowers otherwise placed out of the market. In addition to conventional and government loans, FAM TPO gives its brokers access to Non-QM, Jumbo, Commercial, Renovation, Reverse, and more! To become an approved partner, reach out today!

“While ‘Military May’ might be ending, Caliber Wholesale’s commitment to those who have served doesn’t end when the calendar page turns. Whether you’re a broker with a passion for VA lending, or simply find value in supporting your military customers to the best of your ability, we’re here to help. Caliber Wholesale’s military lending team has decades of experience in navigating VA lending and offers dedicated resources to help brokers with general questions and getting required Certificates of Eligibility. We leverage our expertise by offering brokers education on VA lending through webinars, in-person, and virtual training. We also share content through our website on hot need-to-know topics such as VA lending myths. Ready to provide year-round support to those who serve? Learn more about our program or contact Whslcontactus@caliberhomeloans.com to get approved with us today if you aren’t already.”

Is your team’s bottom line taking a hit by operational expenses? With Fee Chaser by LenderLogix, you can lower internal costs and even realize additional revenue by automating your upfront fee collection process. Say goodbye to manually processing payments, uploading receipts to your LOS, handling rejected transactions… catch our drift? Fee Chaser lets lenders collect upfront fees quickly and easily by sending borrowers a secure payment link via text message and email. The borrower completes the payment on their device and the LOS gets updated with the receipt automatically. Whether you’re collecting appraisal fees, credit report fees, or condo doc fees, this automated process can handle it all. Interested in seeing how it works? Book a demo with the LenderLogix team and let them chase the fees for you!

A glance at webinars & training through June

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The new rate landscape is changing the needs and behaviors of borrowers: ARM Loans make up 20% of all locked loans nationwide, Home Equity booked volume grew over 40% YoY in Q1 2022*. On June 1 join Curinos thought leaders for data and insight into the current home equity and ARM market, as well as the solutions that are needed to transform your business playbook in our upcoming webinar: How to Transform Your Home Loan Product SolutionsExplore recent origination and performance trends in 2022 and how they compare with prior years. You will gain insight into how to transform the anecdotal into the actionable, home price affordability, and how to address today’s challenges. *According to our benchmark.

ServiceLink’s 2022 State of Homebuying Report offers a snapshot into buyers’ desires, what’s driving their decisions, generational tendencies, and an outlook on the housing and auction market. Join industry experts from ServiceLink, NAMMBA, Money and Bankrate as they discuss insights from this report to reveal how lenders can implement the findings to better serve the most influential demographic in today’s housing market. Register today for this insightful 30-minute discussion on June 23!

Arch MI is hosting a webinar tomorrow on Using Social Media to Attract Real Estate Agents and Consumers. Join Best-Selling Author and Emmy Award Winning Producer, Ginger Bell as she shows you how to uncover what consumers and agents are searching for and how to quickly create social media content and videos that will capture their attention and educate them about the home buying process.

Friday the 27th 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”. (If you’re interested in sponsoring shows, contact Tom Galluci.)

This June, Enact (formerly Genworth Mortgage Insurance) will host multiple live courses to help grow your business and positively impact homebuyers. Browse Enact’s course catalog of on-demand webinars, just have your company or individual NMLS ID handy when registering.

Lenders One summer events are 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, and the L1 Basecamp at the Whitewater Center, with Rob Chrisman as the Keynote Speaker, in Charlotte, NC, July 12. 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@lendersone.com to learn more.

Next week is the 2022 National Settlement Services Summit (NS3). This year, we are fortunate enough to host Chris Mygatt, SVP and Core 4 Engagement Leader from Coldwell Banker RealtyNBA Legend and Business Innovator Rick Barry and the entertaining economist from Graphs and Laughs, LLC Elliot Eisenberg. Attendees will hear from the Secret Service on how to stay cybersafe. State regulators will review the latest in legislation and oversight across the country. National compliance experts will share their insights on what’s happening at the federal level and much more. Join us June 1-3 at the Omni Resort at Champions Gate in Orlando, Florida.

Rates are up, and as lenders’ pipelines start to dwindle, the reality of the need to compete and win in the home purchase market is a requirement for survival. As a part of our Pivot to Purchase series, we are inviting you to join us on June 6th, 2022, for our “Mastering the Purchase Market: How to effectively grow a purchase pipeline”. Join Brian C. Coester, the CEO of Real Estate Connection, Chris Heller the Chief Real Estate Officer of OJO and our moderator Vince Parlove, Director of Wholesale Development for United Wholesale Mortgage and learn how to compete and win in today’s market. The team will cover how to effectively compete, scale, and master the purchase marketplace.

This June 2-3, join IMN for The 3rd Annual Non-QM Forum in Dana Point, CA. The Non-QM market has bounced back in the last year and is forecast to grow substantially in 2022, there has never been a better time to convene the industry and capitalize on Non-QM opportunities. There is an expected audience of 500+, consisting of a ‘who’s who’ in the industry. Register now and use code “ROB20” to save 20 percent on your ticket.

The Indiana MBA State Convention is June 6th and 7th in Fort Wayne. Receive state legislative updates, learn about the state of the economy from the MBA’s Joel Kan, and the regulatory landscape from Jack Konyk!

MISMO’s Spring Summit will be held in Charleston. S.C., June 6th -9th. Register to attend MISMO’s Spring Summit, in-person or via livestream.

Join NYMBA in Saratoga for the New York MBA Annual Convention and Inaugural golf outing, June 7-9.

ACUMA’s Workshops are back! There is still room to register for a seat at the association’s Western Workshop, scheduled for June 14-15 at the Nines Hotel in Portland, Oregon. Topics include 2022’s Top 5 Mortgage Compliance Considerations, Mining the HMDA Disaster, Developing Effective Credit Union Advocacy Efforts and more.

The MBA of Hawai’i is hosting its Annual State Conference in Honolulu June 21–June 23. If you come, please say hello!

Join the top dealmakers and private lending experts in the red-hot market of Dallas, TX for high level networking, deal flow exchange, raising investment capital and gathering of critical industry data on June 21-22nd at the National Lending Expo (NLE).

In Florida, the MBAF is offering the 18th Annual Eastern Secondary Market Conference and 68th Annual Convention June 21-23!

Capital markets

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After President Joe Biden signaled he’d reconsider China tariffs imposed under the previous administration, a selloff ensued, and rates were hit, to open the last full week of May. Internationally, European Central Bank Chief Christine Lagarde said higher interest rates are coming in July with markets due for a rally in her opinion.

The economic calendar includes new home sales, which are expected to come in at the slowest pace since last October due to declining affordability and low inventory. New home sales help introduce supply into the Agency mortgage bond market, much needed with the refinance percentage falling to its lowest share of new issuance since 2019. Already out is the Philly Fed (+22.8) number; ahead are Redbook same store sales, Richmond Fed manufacturing and services revenue indices for May, a Treasury auction of $47 billion 2-year notes, and remarks from Fed Chair Powell. The NY Desk will target conventional MBS over two operations totaling up to $1.5 billion. We begin Tuesday with Agency MBS prices better .125-.250 and the 10-year yielding 2.81 after closing yesterday at 2.86 percent.

People who wonder if the glass is half empty or half full miss the point. The glass is refillable.

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.)