“Well, I’m a standing on a corner in Winslow, Arizona, and such a fine sight to see. It’s a girl, my Lord, in a flatbed Ford, slowin’ down to take a look at me.” What if you want to put down roots there? The town, 3 and a half hours northeast of Phoenix, has plenty of reasonably-priced houses. It’s high desert, and a casual glance indicates that every tree in the yard adds about $50k to the value. Not much has changed there in the 46 years since that song was released, unlike our industry where there’s news every day. The latest is JPMorgan Chase’s downgrade of Ellie Mae after earning forecasts failed to meet expectations, while also citing lower home purchase volume, rising interest rates, and lack of entry-level supply for first-time home buyers, the kind catered to by many lenders who use Ellie Mae’s electronic origination platform Encompass.
Jobs & promotions
If you’ve bumped into REMN Wholesale’s Carl Markman during his coast-to-coast travels, you may have seen some new faces beside him. To accommodate increased interest from its broker partners, REMN has added Caleb Espinoza, Granville Anderson, and Clay Carr, as account executives in Florida, Louisiana, and the Carolinas, respectively. In addition to new AE’s, REMN has other big news to share. REMN now offers the Simple Access program for non-QM loans. These loans offer very competitive rates and provide an excellent opportunity for brokers who haven’t leveraged the rise in non-QM borrowers. REMN’s Simple Access non-QM program represents a major opportunity to work with quality borrowers who may not qualify for other loan products. Competitive rates are nothing without a dedication to customer service to support them. REMN continues to seek out dedicated AEs across the country that share its commitment to helping its customers thrive. Experienced professionals who match this description should send their resumes to [email protected].
Waterstone Mortgage announced the promotion of Kim Newby to SVP of Investor Relations and Product Development, and Rich Tucker to SVP of Loan Operations. Steve Lawrence is now Waterstone’s VP of Information Systems, Nicole Wolfgram is now its VP of Construction, and Chris Hatton is the new AVP of Compliance. Congrats to all!
Lender products, services, and announcements
Caliber Home Loans, Inc., the #3 non-bank lender according to the October issue of Inside Mortgage Finance, continues its mission to be ambassadors of goodwill in military communities. In May 2018, Caliber agreed to contribute a portion of the proceeds from every VA loan closed through its Virginia Beach, VA branch to the UDT-SEAL Association. Earlier this month, Caliber presented a check to UDT-SEAL for $10,000. Caliber has also initiated a new program that helps more real estate professionals meet the specific home buying needs of the brave men and women of the U.S. military – Operation 1M. Through this initiative, Caliber has set a goal of educating 1 million people in the industry to breakdown common myths about VA loans, and to help them understand how to create a happy home buying experience for military families.
partner ecosystem, giving members access to Blend’s consumer lending platform via streamlined integration with Usherpa’s industry-leading marketing CRM. Simply push a lead to Blend from Usherpa, and that prospective borrower will receive an email inviting them to start their application, with fields already pre-filled from Usherpa data. This game-changing partnership will empower Usherpa members to originate loans more easily and build stronger relationships. With data being pushed between Blend and Usherpa, you’ll eliminate double data entry and automate marketing sooner in the process, ultimately increase your pull-through and production. Here at Usherpa, your success is our top priority. Learn more about the Blend ecosystem integration here. Visit Usherpa.com to set up a demo today.”
Momentifi CEO Gibran Nicholas is hosting a Sales Momentum Webinar next Thursday, Nov 1. Topics include: how to improve your team’s lead-to-funding conversion rate and generate 300 extra loans for every 10,000 leads in your database (or 30 loans for every 1,000 leads), and how to use two key sales metrics to create and implement a company-wide sales coaching program that generates massive results within 90 days, and how to use your internal sales coaching platform as a recruiting superpower to attract and retain top producers. The webinar is intended for LOs, sales managers and executives who are serious about driving sales growth. “I’ll be sharing a free one-page tool you can use to keep your team hyper-focused on creating sales momentum,” says Gibran. Click here to sign up for the free webinar!
Should you look to your health insurance plan for savings? With margins getting squeezed ever tighter in our industry, companies need to look everywhere to trim costs. Saving just 2-3 bps can be the difference between losing or making money. Some lenders have lowered costs by taking a different approach to their health plan. The concept is simple— rather than leaving claim management up to the health insurers, which rarely audit claims or challenge healthcare providers’ hyper-inflated charges—companies are taking control of their own claims. The results can be astounding. A typical company can save 20% to 30% (!) — or $200k to $300k for every 100 employees on their health plan. Do the math… it adds up. It is important to seek out a broker who is knowledgeable about this approach. Bern Heer is one such broker. You can receive more information, case studies, and a complementary actuarial analysis for your company by emailing him at [email protected], or by calling him directly at 1-800-346-4015.
“Attention Independent Mortgage Bankers, Banks and Credit Unions. PennyMac Loan Services, LLC has announced an expansion of its Non-Delegated Program and is actively approving new clients of all sizes. In addition to Conventional and Jumbo, FHA launched earlier this month and VA will follow quickly with a mid-November release. The company also recently launched its new MI program called Enterprise-Paid Mortgage Insurance (EPMI) that targets better pricing and a streamlined process. Aside from new products and competitive pricing, the firm has focused on improving customer service with enhanced processes that cut turn times significantly. While the market continues to evolve, PennyMac is committed to helping Non-Delegated clients minimize risk and lower overhead as we navigate the road ahead. Please contact Liam Cooney for more information. NMLS ID#35953
Random vendor updates from around the biz
ARIVE, LLC announced the upcoming launch of its “innovative new ecosystem for independent mortgage brokers, allowing them to leverage their personal connections and local knowledge to serve borrowers in a whole new way. Designed to fill the real-world needs of independent brokers, ARIVE will offer a seamless experience to unite lenders, borrowers, and third-party vendors. Brokers will be able to check pricing, lock rates, upload documentation, and much more — all in a first of its kind environment that unites traditional human connection with cutting-edge technology.”
Arch MI Is now on Amazon Alexa. Simply say “Alexa, launch Arch MI” to activate the Arch MI Skill on your Echo, Dot or Tap. Then choose an option and say it out load: “Get a RateStar quote.” “Find my Account Manager.” “Call Customer Service.” “Help.” Click this link for more information and detailed instructions on launching the Arch MI Skill.
A while back LoanLogics announced Transformational Mortgage Solutions (TMS) is taking over its MSR consulting operations and its MarketLogics newsletter so the company can focus on its core products and services. Les Parker, who led MarketLogics as well as LoanLogics’ consulting efforts, will join TMS as managing director but will continue working with LoanLogics as an advisor. “TMS has been a close partner of ours for many years, so this was a natural next step in our relationship,” LoanLogics CEO Brian Fitzpatrick said.
Corelogic announced that it has an agreement with Homes.com to offer consumer-facing real estate websites to its MLS clients. Under the agreement, Corelogic will begin offering Homes.com’s Fusion Portal production to its clients.
Simplifile facilitated the first e-recording transaction in the state of West Virginia. The transaction was completed on Friday, Aug. 24 in Monongalia County, W. Va., which is the first recording jurisdiction in the state to begin e-recording land documents. The closing attorney for the transaction submitted the documents via Simplifile’s E-recording platform to the Monongalia County recorder’s office on Thursday, Aug. 23. Due to the nature of West Virginia’s recording process, the verified and recorded documents were returned to the closing attorney the next business day. This represents a significant improvement over Monongalia County’s previous, paper-based process.
CoreLogic added a Blended Reissue functionality to its LoanSafe Fraud Manager solution. The introduction of this feature will allow investors to have greater insight into fraud alerts, helping them more quickly approve purchases or spot potential fraud. Blended Reissue provides controlled coordination of the fraud review between parties, simplifies the transition of important information between the originator and the investor, allows users to see how the originator cleared alerts, and can help reduce costs. Customization of the Blended Reissue functionality within the LoanSafe Fraud Manager report based on an investor’s unique policies is also available.
LoanLogics and Optimal Blue announced a newly formed strategic partnership aimed at changing the digital correspondent experience. By delivering a real-time integration between LoanLogics’ LoanHD Correspondent Lending platform and Optimal Blue’s product eligibility and pricing platform, the companies significantly advance the automation of correspondent loan transactions and create a compelling competitive advantage for clients of both firms. In conjunction with this partnership, Optimal Blue has acquired LoanLogics’ product, pricing, and eligibility (PPE) technology business, LoanDecisions. LoanLogics and Optimal Blue share a long-term vision for the relationship and consider this the first step of many together. With a collective focus on providing innovative automation for the mortgage industry and compelling value for joint customers, additional strategic initiatives and collaborative integrations across the companies’ respective technology platforms are already being considered.
Home Point Financial Corporation announced an expanded partnership with Capsilon, a leading provider of mortgage automation software. Home Point chose Capsilon to eliminate bottlenecks in the loan process, boost productivity and reduce risks. The Capsilon IQ platform was integrated with a proprietary tool called Automated File Intake for Home Point’s Correspondent channel. Capsilon IQ was also rolled out across their Wholesale channel. Home Point reduced Delegated Correspondent purchase review time by 33% through integration with Capsilon IQ, improving operational efficiency and delivering a better experience for its clients.
Lenders that underwrite Condos anywhere in the nation should consider scheduling a demo of CondoTek’s CondoPak. The CondoPak includes the certified questionnaire, necessary governing documents, current budget, certificates of insurance and more. Email [email protected] for more information.
aboutMYmortgage.com has aligned with YourHome1Source.com significantly improve each company’s fundamental purpose of helping homeowners make the most educated and informed decisions about their home. Visitors to YourHome1Source.com will now have expedited access to information about their existing mortgage, allowing them to make the most educated decision regarding a potential refinance, home equity loan or a new mortgage to purchase a home. The strategic partnership facilitates the process for homeowners to work with participating servicers. Only the homeowner’s existing mortgage servicer possesses all the information necessary to review an existing mortgage loan, educate loan customers about financing options and create mutually beneficial outcomes. Mortgage servicers benefit by retaining valuable customer relationships long term.
The Bank of Oklahoma has been added as an approved counterparty for Ditech’s AOT program.
US businesses remain optimistic about the direction of the economy but are concerned that tariffs will increase their costs, according to a Federal Reserve report. Manufacturers are uncertain over the impact ongoing trade disputes and a current labor shortage will have on their operations, the report shows. The Federal Reserve fund rate is approaching the top of its target range at 2.2%, and analysts say it may soon need to amend its interest on excess reserves policy.
It was a relatively quiet day in the bond market yesterday as the U.S. 10-year closed at 3.14% with most attention focused on equities as earnings reports are in full swing. Internationally, Fitch affirmed Australia’s AAA rating with a Stable outlook, and four of the largest Chinese banks have lowered mortgage rates on purchases of first homes in “Tier 1” cities while China’s Banking and Insurance Regulator noted that it will support investments of insurers in listed companies. Xinhua quoted President Xi Jinping as saying the government is looking for ways to support small companies.
Back in our borders, the first look at Q3 GDP kicked off today’s calendar (expected +2.9%, it was stronger at +3.5% but “final sales” were only +1.4%, lower than expected). The inflation component is close to the Fed’s target. The University of Michigan Consumer Sentiment Index is next up at 10AM ET with a slight decline in the preliminary estimate, current conditions, and expectations forecasted. Friday starts with the 10-year yielding 3.09% and agency MBS prices are better by .125.
I took out a loan to pay for an exorcism. If I don’t pay it back, I’m going to get repossessed.
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.)