Oct. 5: Retail, wholesale, & sales mgt. jobs; upcoming events to note; TRID implementation facts and rumors

“Well I know a pretty little place in Southern California, down San Diego way. There’s a little café, where they play guitars all night long babe, you can hear them in the back room strumming…” With another national MBA conference coming up in two weeks (with its inevitable social events) mortgage bankers are reminded that life is just “a constant battle between wanting a six pack and wanting a six pack.” But in something totally non-mortgage related this headline grabbed my attention: “Researchers Make Artificial Cells That Can Replicate Themselves.” What could possibly go wrong? Didn’t any of those guys watch “Jurassic Park”?


On the retail side of the ledger ABC Bank is in search of Loan Originators who are looking for the ability to lend in all 50 states with their processor, underwriter and closer all located in-house within steps of each other, making the overall loan process both faster and more efficient.  ABC Bank, established in 1891, is celebrating almost 125 years of service and success! They constantly work to provide viable solutions to ensure their Loan Originators have the tools in place so they can focus on what’s important – making home ownership a reality! A High School Diploma or equivalent, and 2+ years of recent mortgage origination experience with a solid book of business is required. Knowledge of all current regulatory requirements for MLO, and conventional and FHA mortgage loan programs are essential. Please send all resumes and inquires to Tom Murrens.


For wholesale, Mortgage Solutions Financial continues to expand and is gearing up for 2016 with its search for AEs! “Isn’t now the time to start taking action on the move you’ve been thinking about? Isn’t now the time to consider a proven industry leader in product, price, service, compensation plan and work environment? If so, it’s time to consider Mortgage Solutions. MSF is looking for proven account executives across the country. MSF boasts of an unmatched product offering – FHA/VA, Fannie/Freddie, all with minimal overlays, as well as our niche farm/ranch product. Isn’t it worth a 15 minute conversation? Contact industry vet Greg Grandchamp – find out what you might be missing.”


And in sales management an established national mortgage bank is looking for an EVP of Production to lead a fully functioning sales organization operating across multiple platforms: Retail, Wholesale, Consumer Direct and Affinity. The Company is both a FNMA & FHLMC Seller/Servicer, GNMA I&II Issuer, and jumbo and non-QM lender across the United States. The EVP position will be responsible for the growth and business development of all sales channels and for the P&L, cost management, strategic planning and the overall production of the Company. The EVP will be a member of the Executive Leadership Team and should have a minimum of 10 years mortgage banking experience with a proven track record in sales management, strategic leadership, recruitment, P&L and cost management.  Additionally, the ideal candidate will be someone with the potential to lead the Company at some point in the future. Salary commensurate with experience, but will be based on a base salary and profitability. All geographic locations will be considered, based upon individual candidates. Please send confidential inquires & resumes to me at rchrisman@robchrisman.com.


There are plenty of upcoming events & training heading our way combined with some recruiting efforts.


“Attention Florida and Texas LO’s and all Loan Officers Nationwide: thinking about a career change? Come meet us in Miami or Dallas or reach out by phone or email to discuss a very satisfying (personally, professionally and financially) career catering to the fastest growing segment of our population – those over 62. One can earn 2-3 times more per loan than traditional loans – all while enjoying helping the consumer live a better life and closing fewer loans to hit your same financial objectives! One of the largest National Reverse Mortgage Lenders/Servicers – Reverse Mortgage Solutions, Inc., dba Security 1 Lending will be at two events this week to meet you. The Florida Association of Mortgage Professionals Miami Trade show is on Thursday, October 8th.  The booth open from 4:30 – 8PM and there is no cost to attend. Steven Klein will be in Miami (864.304.3016) for more information. (2) The Texas Mortgage and Real Estate Expo in Dallas on Wednesday, October 7thMichael Hopson will be in Dallas to meet you (269.271.9700). LOs outside the Miami or Dallas area please contact us as well if interested.”


Our own government’s FHA is offering up free online upcoming trainings are available for registration: Webinar 11.1 HUD Loss Mitigation – Home Retention Options: October 21st; Webinar 11.2 HUD Loss Mitigation – Home Retention Options (FHA-HAMP): October 28th; Webinar III HUD Loss Mitigation – Home Disposition Options: November 4th; Webinar IV Neighborhood Watch System – Servicer Tools: November 12th.


The Mortgage Bankers Association of Arkansas is hosting its 2015 conference on November 1st and 2nd. This years’ line up of guest speakers include Arkansas Governor Asa Hutchinson, Mortgage Educator David Luna, National Realtor Association President Chris Polychron VP, Government and Industry Relations with Essent Guaranty Matt Tully. Breakout training sessions will be hosted by Fannie Mae and other industry leaders. For registration and sponsorship opportunities please contact Nicci Osborne or by calling 901-321-6767.


On Wednesday, October 14th, join MBA of St. Louis for its USDA Origination Webinar. Information on changes and procedures in the Single Family Housing Guaranteed Loan Program session is recommended for underwriters, loan originators, processors and other interested real estate lending professionals looking to expand their product offering.


Reservations are now open for TMBA’s Mortgage Servicing Forum. This roundtable format on November 18-19th is designed for in-depth discussions-giving and receiving feedback among your peers in the mortgage servicing profession.


On October 14th, join TMBA for an educational webinar on “Attracting the Millennial Generation to the Mortgage Industry.” Discussions will include helpful information, ideas, and guidance for attracting, training, and developing the millennial generation for a successful career in the mortgage lending industry.


TRID is not just new forms; did you know you may be facing greater exposure to undisclosed debts? Register now for the Credit Plus October 18th Unforeseen Consequences of TRID Free Webinar.


Speaking of TRID (“The Reason I Drink”), I have heard this from several compliance folks: “Start old, stay old.” If a borrower’s application was taken Friday, even if the disclosure is being sent out today, use the old process and forms – it should be closed on the old forms. Things are based on the application date! And remember that electronic delivery methods follow the mail box rule unless the document is eSign delivery compliant! If you have questions check with your compliance department. What? Don’t have a compliance department? How can you afford not to?


Gregg & Valby, PC published the Ten Commandments for TRID Implementation. They are as follows: 1. Thou shall not require verification documents from consumers before issuing an LE. 2. Thou shall obtain consumers’ consent to receive electronic loan disclosures and documents, and have contingency plans for alternative delivery methods. 3. Thou shall provide an LE within three business days after receiving the six pieces of information constituting an application. 4. Thou shall prepare the LE with reliable data and information collected based on good faith efforts (no padding fees). 5. Thou shall know the new 0% and 10% tolerance buckets. 6. Thou shall issue revised versions of the LE within three business days of receiving information constituting valid changes of circumstances in order to reset tolerance baselines. 7. Thou shall not issue any revised LE after issuing the CD. 8. Thou shall ensure that consumers receive the last revised LE and the CD at least 4 business days and 3 business days before consummation, respectively. 9. Thou shall communicate effectively with thy settlement agent, service providers, consumers, and any party involved in any loan transaction to ensure all changes and revisions to the CD are timely and correctly made before consummation. 10. Thou shall ensure the final CD is signed by all the required parties and that all errors on the final CD are cured within the required deadline after consummation.


There are plenty of rumors swirling about readiness, or lack thereof. I received this undocumented note on Friday, for example. “I was told today by a long time Wells Fargo branch manager that Friday was the last day for applications for HARP. If true this would be huge news for some of the internal loan officers. With TRID rolling out, their new application system has not been supporting their HARP refinances on the retail side.” Talk to a local Wells Fargo branch if you have questions.


Freddie Mac updated its Selling Guides and clarifies TRID instructions. Effective October 1, 2015 Freddie Mac is removing the requirement for a 5 percent contribution from Borrower Personal Funds for certain mortgages. Revisions have also been made to refinance requirements to include the removal of seasoning requirements for certain “no cash-out” refinance mortgages and requirements for cash-out refinance Mortgages when none of the Borrowers have been on title to the subject property for at least 6 months prior to the Note Date. Other changes include updates to the definition for fixed-rate Mortgages that are relocation Mortgages, updates to requirements for projects with commercial or non-residential space and changes to the amount of the cash-out refinance Mortgage. Additional guideline updates in regards to TRID include removing the requirement that the Settlement/Closing Disclosure Statement must be signed, no longer requiring an estimated Settlement/Closing Disclosure Statement for escrow states and a copy of the final TIL disclosure must be in the file for mortgages will application received dates prior to October 3, 2015.


The CFPB weighed in on its current mindset regarding TRID changes, implementation, and enforcement. Termed as a “good faith clarification” of the Know Before You Owe (TRID) rule, the MBA and other trade organizations will continue to work with CFPB and other stakeholders to bring clarity to any issues as our industry transitions to the Know Before You Owe rule.


I received this note from Texas. “TRID and wholesale…. none of our lenders provided their processes until the days leading up to the 3rd. So we spent most of the week in various webinars for each lender…. Of course, no-one does anything the same!! I am reducing the number of lenders I do business with, so that we can keep up with each one and their little nuances.”


And the National Association of Realtors (NAR) and TRID? You can watch this report.


Sharon Voss with the Orlando Realtors writes, “The CFPB’s new disclosure rule marks a major event that will cause some bumps in the road, but these new rules are intended to simplify the disclosure and loan-closing process for consumers and better prepare buyers for their mortgage transaction. “Realtors are ready for the changes. In fact, a survey by the NAR shows that more than 80 percent of all Realtors have already received training about the new mortgage disclosure rules. For example, the Orlando Regional Realtors Association offers free and online classes to members, and its brokerages provide training programs to their agents. In addition, ORRA affiliate members such as title companies and mortgage lenders host workshops for Realtors. In the early going, consumers might expect to see the mortgage process lengthened as the new disclosure rule is implemented. To address the potential delays many Realtors report that they are planning to put a longer time horizon on their purchase agreements.”


Interest rates have a long way to go before the “experts” are suggesting yet another refi boom, but they certainly have dropped below the range we’ve chopped around in for nearly two months. On Friday the U.S. fixed-income securities, like MBS, made massive gains this morning on the back of a September employment report that stunk from head to tail. Notice that the labor force participation rate has fallen to 1977 levels – doesn’t anyone want to work? Not only that, but factory orders declined 1.7% in August after increasing a downwardly-revised 0.2% (from 0.4%) in July.


Our economy is driven by jobs and housing. If indeed this jobs number is a precursor to rocky times for the U.S. economy, it isn’t as if the rest of the world’s economies are humming along and can help us out. And if the housing market starts to stumble, well, the press can stop talking about the Fed increasing short term rates this year.


We have a new week’s worth of economic data ahead of us, but nothing quite as influential as the jobs data Friday. Today is the September ISM Services number, tomorrow is the August Trade Balance and a $24 billion 3-year note auction. Wednesday we follow it with a $21 billion 10-year auction. Thursday is the standard Initial Jobless Claims figures for the prior week but also thrown in to spice things up are the FOMC Minutes from the 9/17 meeting and a $13 billion 30-year bond auction. Friday wraps things up with September Export Prices ex-ag. and Import Prices ex-oil.


We closed the 10-year Friday at 1.99% and this morning we’re at 2.01% with agency MBS prices roughly worse .125.



Warning! There’s an e-mail going around that is offering processed pork, gelatin, and salt in a can. Don’t open it! It’s Spam.





(Copyright 2015 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