May 3: Credit risk, LO jobs; non-QM lenders wanted; fee collection, S&D products; webinars & training coming up; rates drop on nonfarm payroll miss

When camping here at Yosemite National Park*, you quickly realize that there is one basic product here that has never changed: nature. Mortgage products, however, are always shifting and changing. How’s your adjustable-rate mortgage offering, and training, for LOs? The ARM share of applications last week reached nearly 8 percent. Builder business is another segment always of interest to lenders and vendors, and today’s TMC “Rundown” at noon PT features Robert Dozier with Palmetto Citizens discussing builder business, a credit union building out its mortgage presence, and what it was like being in the room with the team putting together the housing related statements for Biden’s State of the Union address. (Found here, this week’s podcasts are sponsored by Essex Mortgage. Essex specializes in providing exceptional mortgage subservicing solutions tailored to meet your specific needs. Looking to capitalize on your excess servicing strip? Check out Essex’s servicing offerings today! Hear an interview with originator Josh Mettle on the massive changes that are coming in July with the buyer-agent commission issue.) * (I am only bragging a little: sleeping on the ground and then getting up at 4AM to send this out with a flashlight from a tent sitting Indian style is no picnic. It is amazing to me that I have internet while surrounded by granite mountains.)

Employment, position wanted, companies wanted, & transitions

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A top independent lender, with over 25 years of experience in the TPO space, and 46 licensed states, seeks Non-QM retail lenders, origination teams, and TPO lenders for acquisition or JV formation. With access to Non-QM products from whole loan buyers to Wall Street we provide the lenders, expertise, proprietary technology, and capital required to become the fastest growing Non QM lender for the emerging market. All opportunities considered. Reply confidentially to Chrisman LLC’s Anjelica Nixt to forward your note.”

Are you looking for a partner/senior exec that can pivot to different priorities with varying volumes? I have ‘full picture’ foundational experience in sales and operations across all channels: retail, wholesale, and correspondent, and a blend of operational skills from secondary, appraisal review, underwriting, post-closing, and audits. My credentials include a CMB, MBA, active FHA DE, and VA SAR with 30 years of work experience to draw upon. Adept at navigating complexities and changing priorities. Willing to put out fires, roll up sleeves and get in the weeds! Experience with Encompass, OB and working with multiple investors. Enjoy building relationships with referral partners, vendors, and internal staff. Former small business owner who can see the big picture and wears multiple hats. Strengths: input, harmony, learner, intellect, connectedness. My preference is to stay in the Mountain West. Contact Chrisman LLC’s Anjelica Nixt to forward your note!”

Logan Finance is hiring a Head of Credit Risk (Plano, TX, office) to oversee the ongoing development and implementation of credit policies, loan performance, and risk management. Why join Logan? Our employee-centric culture and Q1’s record-breaking production are true beacons of success, so check us out. Email resumes to recruiting@loganfinance.com. We recently added an outstanding class of new employees including Vanessa Schlitt (NC) and Joe Wilson (CO), and Inside Sales AEs, Faisal Rehman, and Mo Sayeed. The next webinar session of Logan’s “The Modern Non-QM Experience” hosted by Paul Jones, will be May 8. Make sure you register early to ensure a seat for this very popular series. Register here. We’ll be attending MBA Secondary May 20-21! Aaron Samples, Paul Jones and many other Logan Leaders would love to meet with you so email asamples@loganfinance.com to schedule time. Visit LoganWholesale.com or LoganCorrespondent.com for more information on products, becoming a partner, and much more.”

At Evergreen Home Loans we are thrilled to celebrate the announcement of Mortgage Executive Magazine naming 15 of our Loan Officers Top 1 percent Mortgage Loan Originator status nationwide. This elite group exemplifies our dedication to providing exceptional service and includes Ryan Dorman, Kevin Everett, Melissa Foster, Kendra Graybeal, Ruby Grynberg, Siara Jay, Peter Johnston (Fritz), Dylan Langei, Corey Newell, Sam Newell, Michael Newmann, Amber Page, Scott Reynolds, Sam Slatten, and Nicole Walker. At Evergreen Home Loans, we are committed to fostering a culture of innovation and excellence, where our Loan Officers are equipped to achieve great successes and provide unparalleled service to their clients. Join us in celebrating this remarkable achievement and the bright future that lies ahead with our innovative products and exceptional team. To view all available positions visit Evergreen Careers.”

Houston’s InterLinc Mortgage has brought on industry vet Erin Dee as its new Chief Operating Officer. Over the span of her 20+ year career, Erin has worked in a variety of roles, including underwriting, operations management, technology, capital markets, compliance, and QC. In her most recent role, Erin helped to build a start-up IMB from scratch. Erin has the honor of serving as the current Secretary/Treasurer for the Texas MBA and is the incoming VP for the 2024-2025 term. “I am honored to join the InterLinc family and contribute to its continued success and am eager to work alongside its talented team to drive efficiency in operations and deliver outstanding results for our clients.” InterLinc is a privately-owned mortgage company committed to providing exceptional service and fostering a culture of success for its team and clients.

 

Xactus has named 20-year vet Danielle Walker as SVP of Business Development, moving to that position from VP of Product Development. Walker oversees business development and operations for Xactus’ property valuation solutions division that includes Appraisal FirewallX, Appraisal ScorecardX and VerisiteX; and its proprietary appraisal/property valuation technology. She ensures lenders understand and properly use these tools so they can gain important insights about specific properties and the surrounding market for various loan scenarios, and coordinate clients’ enhancement requests, vendor and product integrations, and software updates.

Mobility Market Intelligence (MMI) gave the nod to Ron Ross to become its chief financial officer. “Ron was our first choice when thinking about who would be the best fit as CFO. With MMI’s rapid growth comes a specific set of challenges that Ron’s unique experience and natural strategic ability can help us solve,” said MMI Founder and CEO Ben Teerlink.

Freddie Mac and Fannie Mae are certainly doing some hiring. Click on “Agencies” at the far right. The chart shows the number of employees, noted in public financial reports, as well as net income per employee. Congratulations to the Agencies for their growth!

Lender and broker products, software, services

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Are you struggling with scratch and dent loans or small MSR pools? This is our sweet spot at PR Mortgage Investment. We specialize in transforming challenges into opportunities for Independent Mortgage Bankers. Let us turn your unsellable loans and underappreciated servicing into cash. Contact Shane O’Dell or call 602-402-1599 to ensure you receive the fair bids your portfolio deserves.”

Driving down the cost to originate means getting your people to stop doing things that software can do better. Collecting fees should be at the top of that list. With Fee Chaser, borrowers get a text or email to pay upfront fees or interim servicing payments, they plug in their credit card info on their device, the payment is processed, and everything flows back into the LOS. It’s a beautiful borrower experience, integrated into Encompass® by ICE Mortgage Technology™, and an easy win. Check it out here.

Webinars, training, and events heading into mid-May

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One place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future. There’s only a week left in April, and May begins next week already, and vendors and lenders are taking a critical look at travel & entertainment budgets.

Today we’ll see an episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

National MI University’s May Webinars: Leading With Style ​​with Andrew Oxley – May 7th at 2pm ET. Income Analysis for Conventional Loans with Marianne Collins – May 9th at 1pm ET.

How to Make Accountability Cool and KPIs Fun Again ​​​​​with Dr. Bruce Lund – May 14th at 2pm ET. Screen Savvy: Mastering Virtual Influence for Lenders with Julie Hansen – May 15th at 2pm ET.

Improve GUS efficiency and save time, Register for USDA Rural Development’s free, live webinar, Wednesday, May 8th, 2:00 p.m. – 3:00 p.m. ET. Successful GUS Submissions: Get the Latest Tips and Tricks.

Help our U.S. military and Veterans get the most out of VA loan programs. Join Plaza Home Mortgage on Wednesday, May 8th from 11:00 AM – 11:45 AM PDT and see how to navigate the VA loan process and learn about the opportunities available to assist our Veterans with purchasing or refinancing a home.

Thursday, May 8th, at 3PM ET, Rich Swerbinsky is interviewing the fabled Steve Richman about what companies are doing out there in terms of marketing and LOs gaining clients.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements.

Chase Correspondent Lending continues to invest in the Community Lending Program (CLP) launched in 2022. “We invite our clients, as well as prospective clients, to join us for a webinar on Thursday, May 9 at 2:00 ET where we’ll share tips and best practices, recent enhancements and what frequent users of the program have discovered. RSVP here.”

In Ohio, this year’s OMBA Annual Convention will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event on Monday, May 6 – Tuesday, May 7 promises valuable insights to navigate the industry’s landscape.

The AEI Housing Center will host five convenings in the week of May 6 in Denver, Colorado; San Francisco, California; Los Angeles, California; Orange County, California; and San Diego, California. These convenings will share insights on using light-touch density (LTD), also known as middle housing, to craft solutions to America’s growing housing supply crisis. Registration is free. Los Angeles is the only location that will offer a livestream.

In Birmingham, the MBA of Alabama will host its 38th Annual Convention on May 7 & 8.

FHA Free Condominium Approval and Processing Training in San Juan, PR. will provide an overview of FHA Condominium Approval requirements as outlined in the Single-Family Housing Policy Handbook 4000.1. This condominium training event will provide information on FHA policies for approving condominium project submissions and Single Unit Approval (SUA) guidance. Register for either the morning or afternoon session of the condominium training.

Morning Session: May 8, 9:00 AM – 12:00 PM (Eastern). Afternoon Session: May 8, 1:30 PM – 3:30 PM (Eastern). Advance registration is required.

The Utah Mortgage Show returns to Park City on Wednesday, May 8, bringing in the industry’s best, with educational sessions that show you how to make more money, be a better sales pro, and keep your pipeline full. Plus, enjoy an optional, free NMLS renewal class, happening Thursday, May 9 when you attend the expo.

There’s the complimentary Economic Forecast Series featuring Odeta Kushi at 2 p.m. ET, Wednesday, May 8. First American Financial Corp.’s Odeta Kushi will be providing her expert insights on data related to the housing industry May 8th on the next complimentary webinar in the Economic Forecast Series produced by October Research. She will share her analysis of the latest economic trends and what this could mean for your business. Register today to learn more about national macroeconomic trends, housing inventory, affordable and multi-family housing, homebuyer demographics and more.

Registration is open for ACUMA’s FOCALpoint workshops! Join ACUMA in Nashville May 9-10 or Denver June 11-12! Same amazing topics and content in each location – just pick the best city for you! The two-day subject-intensive workshops take deep dives into critical issues affecting the credit union mortgage lending industry. Sign up today! Register here for ACUMA workshops.

Join CMB Southeast Chapter on Thursday, May 9th from 11:30 a.m. – 1:30 p.m. to hear from co-author, MMLA Board Member, and social media guru, Brian Vieaux, CMB speak about his new book on why the Next Gen Loan Officer is uniquely positioned to be the most trusted resource for financial education and preparation for the next generation of homebuyers.

Attention all Georgia mortgage bankers and industry partners! Don’t miss out on the upcoming “MBAGLIVE” convention, hosted by the Mortgage Bankers Association of Georgia. This year’s convention will be held at the stunning One Ocean Resort in Atlantic Beach, FL, from May 12-15th. The convention will feature keynote speakers, including MBA President and CEO, Bob Broeksmit, CMB, and Matt Troiani, Sr. Legal Counsel with NAR. Make sure to register today to secure your spot at this exciting event. Click here to register!

The Single-Family Housing Guaranteed Loan Program (SFHGLP) Servicing Office in St. Louis, MO announced free, in-person training to lending partners, May 13-17 at the Charles F. Prevedel Federal Building. The training will offer multiple sessions to provide technical training on Loss Claims, Loss Mitigation, and Lender Reporting. USDA will not charge a registration fee. Attendees are responsible for all travel costs. USDA will not be blocking hotel rooms. Attendees may search for hotel accommodations near the training facility located at 9700 Page Ave, St. Louis MO 63132.

USDA Lender Default Servicing Training is coming up, May 13-17 in St. Louis, MO. The Single-Family Housing Guaranteed Loan Program (SFHGLP) Servicing Office is offering free, in-person training to lending partners. The training will offer multiple sessions to provide technical training on Loss Claims, Loss Mitigation, and Lender Reporting. This is an in-person event only and will not be streamed live. Limited space is available, so registration will be honored on a first come, first basis method.

Capital Markets: how ‘bout this employment data!

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If the most recent Fed statement and remarks from Fed Chair Powell weren’t enough for investors to digest, yesterday the market had a full slate of economic releases to analyze and reinforce the message that the economy continues to roll along. As a quick reminder, the surprise on Wednesday came from the dovish tone that Fed Chair Powell displayed in reassuring markets that despite stickier than expected inflation, the FOMC is unlikely to hike rates further from their current levels.

Yesterday, we learned that weekly jobless claims were unchanged at 208k and continuing jobless claims were also unchanged at 1.774 million. Employers, in general, are reluctant to cut jobs, a sign of optimism about demand despite a weakening labor market (job openings fell from 8.8 million in February to 8.4 million in March).

There was a smaller than expected increase in Q1 productivity, 0.3 percent versus 0.8 percent expectations. The report also included an upwardly revised 3.5 percent in the fourth quarter. Unit labor costs surged 4.7 percent in the first quarter, a big gain from the 1.8 percent increase seen over the past year following a downwardly revised 0.0 percent reading in the fourth quarter.

The productivity and labor cost numbers aren’t going to move the needle much on rate cut hopes, and in some ways is worrisome, since low productivity and inflation are usually associated with each other. Unit labor costs, especially, are still too far from an inflation-friendly reading for the Fed. Separately, factory orders increased 1.6 percent month-over-month in March, including a pickup in new orders for durable and nondurable goods, demonstrating that demand for manufactured goods has not fallen markedly.

The April employment report led off today’s calendar. Private payrolls (175k) versus expectations of increasing 190k and 232k previously. The unemployment rate (3.9 percent) and average hourly earnings (lighter than expected at +.2 percent) versus expectations of being unchanged at 3.8 percent and increasing 0.3 percent month-over-month and 4.0 percent year-over-year, respectively. Later today brings S&P Global services PMI, ISM non-manufacturing PMI for April, and the resumption of Fed speak from New York’s Williams and Chicago’s Goolsbee. After the employment data we begin the day with Agency MBS prices better by roughly .5 from Thursday’s close, the 10-year yielding 4.46 after closing yesterday at 4.57 percent, and the 2-year at 4.73.

This short video illustrates what happens when nicknames go awry.

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, “Relying on the Fed: How Did This Happen?” 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 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