Oct. 11: AE jobs; non-QM, digital, tech products; MSA compliance webinar; vendors raising money, partnering

We’re in the middle of mortgage conference season. (Are there any apple orchards left with all the applewood smoked bacon served at breakfasts?) The MBA’s National Conference begins Saturday – yes, nearly every conference eats into the weekend – and attendees will be watching the LTV (lender to vendor) ratio. Plenty of vendors are merging or partnering, raising money, offering new products – lots of news below. And in legal news, there’s even an app that lets people sue anyone! Great – just what we need, huh?


“Closing Q3 with a flourish, Angel Oak Mortgage Solutions, the leader in non-QM, added 7 new account executives in September to teach brokers and correspondents about growing their business with non-QM. Adding additional coverage across the country, Jen Bradley came on-board in Nashville, Craig Forney in Salt Lake City, Charles Nichols in Greenville, Bridget Trevino in Detroit, Michael Williams in Inside Sales with Texas adding John Combs in Houston and Trisha Fedrick in Austin. Primed to continue setting record volumes, AOMS is looking for new Account Executives in markets across the country. Why work with anyone but the best? To learn more, view the latest job openings on the Careers Page or email Regional Sales Manager, John Wise.”

Lender products and services

Royal Pacific Funding (RPF) is offering its broker partners more value to their borrowers. RPF will apply a credit at closing for your borrower equal to a free appraisal (up to $500) on all purchase and refinance transactions with loan amounts $300K or more, for Conventional, FHA, VA and NonQM loans. This special applies to all new submissions from October 1st through the end of 2018 that fund by December 31st, 2018. Some limited exceptions apply so please contact your AE for full details. If you are a mortgage broker and not yet approved with Royal Pacific Funding, please contact us here and we will get an AE assigned to your account, so you can take advantage of this incredible offer. RPF offers FHA and VA loans as low as 550 FICO, Conventional loans for DACA borrowers, CalHFA, NonQM and an amazing operations staff that cares about your borrowers as much as you do.

Non-QM and Jumbo products are critical in today’s lending environment. But you need non-agency products that fit. JMAC Lending’s Newport Streamlined First Lien Jumbo Alternative is one of those products. Approved eligible/Ineligible DU findings are followed for income and assets – an incredible feature. If the DU findings say one-year tax returns or W-2 only, that’s all JMAC needs. If guidelines call for six-months reserves, but the DU says no reserves, we go with no reserves. No question. Plus, JMAC accepts appraisal transfers on this program. Purchase, rate-and-term and cash-out go up to 95% LTV to $1.5 million with no MI. Add in the 40-year fixed with interest-only and the Newport Streamlined First Lien becomes a go-to tool in your jumbo/non-QM toolbox. Check out this innovative jumbo alternative product here. Contact us today to learn more: sales@JMACLending.com or call 844. 888.JMAC.

The new TMS white paper is so dead on when they talk about how it’s odd that “our industry uses the term ‘servicing’ when every other industry has ‘customer service.’” Lenders sell off customers without a thought about how they will be taken care of or even considering the future value of that customer. Looks like we should start thinking about what our customers are really worth after the closing table. Download the entire white paper for free here.

Center Street Lending is excited to announce that Robert Newcomer has joined its Sales Team. “With over 20 years of experience, Robert is a highly creative, solution-driven individual who is always willing to go above and beyond his client’s expectations. Prior to joining the Sales Team at Center Street Lending, Robert worked at Banc of California as a Mortgage Advisor focused on purchase money lending then transitioning to Caliber Home Loans as a Residential Lending Specialist. Robert also worked at Nationstar Mortgage where he was responsible for assisting customers nationwide through all facets of the lending process. Center Street Lending has built a reputation as a premier private money, portfolio lender. It provides business-purpose loans through wholesale and retail channels for investments in: fix and flip, fix and rent, buy and rent; buy, tear down and build; new construction, and bridge loans. Contact Robert for more information.”

You have a deadline but it is after business hours and you need an answer now. Ugh, what do you do? You cannot take the chance of giving inaccurate information to your customer. This is not a #LoanOfficerGoals moment. If only you had 24/7 access to underwriting knowledge that could provide you with all the answers you need. Well, with a subscription to The Rule Tool you do! If you ever have an agency guideline question, The Rule Tool has an answer! It was made to be an advocate for Loan Officers. They understand the struggle is real working with underwriters, so they provide tips on file structuring and documentation. So, you can make over-conditioning a thing of the past! For only $20 per month you can put an Underwriter in your pocket and get the answers you need today! Sign up by clicking here.


Fintech leader Informative Research (IR) announced today its new integration with MortgageHippo’s digital lending platform. “Our cutting-edge technology combined with MortgageHippo’s robust digital platform was a perfect match,” commented Scott Horn, COO of Informative Research. “Lenders need better tech solutions and simplified service, so we’re thrilled about this partnership and for MortgageHippo users to experience a more streamlined lending process.” With IR now fully integrated with MortgageHippo, users can order multiple credit products under one vendor including but not limited to the customizable TriMerge Credit Report, PreClose Credit Report, QuickLook, and their popular SoftQual solution, which lets lenders pull a soft inquiry on an applicant’s credit report before pulling a hard inquiry so they can prequalify them and save time and money. “We are proud to partner with a trusted provider like Informative Research,” said Joe Dahleen, EVP and Chief Strategy Officer at MortgageHippo. “Providing lenders with accurate and reliable credit data is a key element of the digital mortgage experience that today’s borrowers demand.” Read more here.

Chip Glover EVP, Director of Capital Markets at Townebank Mortgage (Virginia Beach, VA) says, “We couldn’t be more pleased with the support we have received from DocProbe.

They have been a partner with us for about a year and it has been proven time and again what a good decision it was to outsource our trailing docs process to them. From day one, DocProbe was helpful and accessible to address any issue we had. Implementation of the DocProbe structure with our loan origination system was quite easy. The representatives with DocProbe have been very helpful and they are willing to accommodate us in any way possible. Communication has been professional, friendly, prompt, clear and concise and they have taken the art of overseeing trailing docs and turned it into a science. I would recommend DocProbe to anyone wanting to utilize their services.” DocProbe will be exhibiting at the MBA Annual in DC next week. Reach out to learn more and to set up a call or meeting.

Did you know that LendingQB is a product of MeridianLink, one of the largest providers of SaaS technology to the financial industry? Did you also know that you can meet representatives of LendingQB and MeridianLink at the MBA Annual Convention and Expo? Over the years, LendingQB has become a leading provider of LOS technology to the mortgage industry, but when combined with MeridianLink’s LoansPQ consumer lending LOS and data services platform, MeridianLink as a whole offers multi-faceted solutions for financial institutions that impact more than 20,000 businesses nationwide. Reach out to Linn Cook at 949-419-5627 or David Colwell at 949-371-4669 or visit www.meridianlink.com and www.lendingqb.com to learn more.

In recent news from this week, more top lenders across the industry continue to choose Maxwell as their digital mortgage and point-of-sale technology partner. Most recently, Maxwell has announced partnerships with Triumph Mortgage and Guaranty Trust wholesale as part of their new TPO and wholesale platform. Their new TPO and wholesale solution ads to their already successful and industry-leading point-of-sale for retail lenders. “TPOs and wholesale lenders are in a competitive environment that requires differentiation, flexibility, and incredible service,” said John Paasonen, Maxwell’s co-founder and CEO. “The release of our TPO and wholesale platform allows TPOs and wholesale lenders of all sizes to easily launch and manage a point-of-sale partnership across their networks.” To find out why  lenders across the nation are continuing to choose Maxwell, visit www.himaxwell.com or request your demo here.

Legal news

James Brody, Chair of Johnston Thomas’s Mortgage Banking Practice Group, is hosting a complimentary webinar at 10:30 AM PST, on Thursday October 18, titled “Compliance Tips and Trends: The Resurgence of Marketing Service Agreements, Affinity Relationships, Joint Ventures, and Affiliated Businesses”. Per Mr. Brody, given companies ever shrinking margins and the always present pressure being placed on them to maximize profits, this webinar is meant to provide all such companies with invaluable tips on whether to utilize a Marketing Service Agreement or otherwise, as well as how to do so in a compliant manner. In addition, if you were not able to attend and would like to access a complimentary recording of Johnston Thomas’s most recent webinar program, click on Loan Officer Compensation Tips and Trends: How to Gain a Competitive Edge While Remaining Compliant. Questions regarding either of these two programs? Contact Mr. Brody or, if possible, meet with him and his colleagues in person at the MBA’s upcoming Annual Convention and Expo in Washington D.C. on October 14-17 or the ACI’s Residential Mortgage Conference in Dallas, TX, on October 22-24.

Robot lawyer DoNotPay now lets you sue anyone via an app.

Builders are encouraged that a new administration will ease the shortage of buildable land caused by increased environmental regulations. They may be overoptimistic about what can be done, however. Many of these laws are local, which the Federal Government can’t do much about. Changing regulations takes a long time, with comment periods, and environmental groups have lawsuits at the ready if they sense the administration is no longer enforcing existing laws.

Vendor news

Secure Insight and DocMagic announced collaboration on an eMortgage and eClosing training program designed for closing agents. DocMagic developed the online program and will train agents to handle the eClosing process via DocMagic’s Total eClose solution. Secure Insight built and will host the online training site and make it available to its database of nationwide attorneys, title agents and escrow officers.  Ultimately, lenders working with both companies will have access to the trained and certified agents who have completed the program. Tim Anderson at DocMagic stated, “We are excited to announce this new venture which has been in development for some time. It connects attorneys and title agents trained in eClosings with lenders who are ready to step up to a digital mortgage platform.” Andrew Liput, CEO of Secure Insight states, “We were thrilled to work with Tim and DocMagic on this program, which is one of several new industry advances we have been working on this past year. We’ll continue to fulfill our reputation as thought leaders in closing fraud prevention and vendor management.”

Credible.com announced the launch of its first-of-its-kind mortgage marketplace. “Credible.com is the only mortgage marketplace that provides actual rates from top lenders in 3 minutes (without affecting a borrower’s credit score), and a streamlined digital origination process. The platform is designed to save borrowers frustration, time and money. The first product offer through the Credible.com mortgage marketplace is mortgage refinancing, which went live today in 20 states that collectively represent 65 percent of mortgage originations. Credible’s technology automates much of the origination process, so borrowers can close their chosen loan without leaving the Credible.com marketplace. “At launch, Credible is partnered with five lenders including Quicken Loans and United Wholesale Mortgage, to offer a diverse range of mortgage products.”

Total Expert announced it has raised $20 million in Series B funding. The round was led by Emergence Capital with participation from Rally Ventures and Arthur Ventures, bringing Total Expert’s total funding to $34 million. “We started Total Expert to ensure banks and lenders stay ahead of how customers expect to communicate, shop, and manage their financial lives in the digital/social era,” said Joe Welu, founder and CEO. “People expect digital simplicity and real human relationships, and financial services companies too often lose these relationships when they don’t engage with personalized, automated communication as people go from awareness to lead to transaction. We solve this using data to drive each customer’s journey toward a relevant transaction, then manage each customer relationship for life.”


Capital markets

Stocks grabbed the headlines yesterday as global equity markets came under sustained pressure amid fears the trade dispute between the US and China and rising US Treasury yields will lead to a correction. The U.S. 10-year resumed last week’s ascent, closing yesterday up +2bps to 3.23% as outflows from the stock market were directed into Treasuries, despite a poorly received Treasury auction.

We received the usual worries about trade tensions with China ratcheting up, with fears now centering around decreased profits for companies as financial conditions tighten. News from the White House included U.S. Treasury Secretary Steven Mnuchin reportedly warning Chinese officials not to engage in competitive currency devaluation and President Trump announcing that the next summit with North Korea’s Chairman Kim Jong-un will take place after the midterm elections. President Trump once again called the Federal Reserve raising interest rates a “mistake” and argued the recent decline in the stock market and the VIX “fear” gauge rising its most since May merely a long “overdue correction.”


September CPI and jobless claims for the week ending October 6 kicked off news (expected to be unchanged at +0.2% while core CPI was expected +0.2%, both were +.1%, inflation running at about the Fed’s target). Initial jobless claims clocked in at 214k, about as expected. Later today is another Treasury auction – stay tuned. We also have some Fed speak, with Atlanta Fed President and FOMC voter Raphael Bostic delivering remarks tonight. Thursday begins with the 10-year at 3.17% and agency MBS prices almost unchanged, so rates aren’t doing much.

Ahead of next week’s MBA conference, here’s some trivia for you. Scientists suggest that you can recognize up to 5,000 faces. A facial vocabulary!


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, “The Rise of the Credit Unions.” 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 2018 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.)

Rob Chrisman