Daily Mortgage News & Commentary

Sep. 15: TPO, MLO jobs; pricing, trigger products; comp survey & retaining employees; webinar/training via phone & computer

I’ve spent time in Colorado and Utah in the last few days, and what I’ve seen and heard reminds me that a lot of the financial decisions families make are not based on interest rates. At this point it should surprise no one that rates will be low well into the foreseeable future, so shouldn’t everyone be buying a house or refinancing? Loan originators know that not everyone is ready for ownership, or can refinance for whatever reason. And some are in the stage of their life where they just want to rent. (“Stop calling me!”) Builders know that the single-family build-to-rent industry is accelerating, and is emerging as an asset class recognized by many in residential and commercial real estate. Demand is outpacing supply and financing is opening up to the industry, providing flexibility. In other news that will interest some, the Mortgage Bankers Association’s (MBA) latest Forbearance and Call Volume Survey revealed that the total number of loans now in forbearance decreased by 15 bps from the previous week to 7.01 percent of servicers’ portfolios as of September 6, 2020. According to MBA’s estimate, 3.5 million homeowners are in forbearance plans.

Employment, hiring, & retirements

Hamilton Group Funding, a national residential mortgage lender based in Sunrise, FL, is excited to announce the addition of Anna Beltran, SVP-Strategic Growth, to their Executive Team.  With 25+ years of industry experience including building her own mortgage firm, Anna’s entrepreneurial background provides valuable insights to drive Hamilton’s growth initiatives. She will head up the company’s product development, recruiting, sales development and marketing efforts. Hamilton’s upward momentum, and their promise to provide “a refreshingly simple mortgage experience” for business partners and borrowers, are just two of the reasons they are on track to double their production this year. Anna’s significant influence on retail lending throughout the East Coast is a valuable addition to Hamilton’s talented group of Mortgage Advisors and Sales Leaders. To learn more about how joining a winning team could propel your career to the next level, contact Anna Beltran or Ashlee Cragun.

Sierra Pacific Mortgage is thrilled to announce the hiring of Jennifer Folk as Vice President/Division Manager, Western TPO. Jennifer has held numerous operational leadership positions over the last two decades. Prior to joining Sierra Pacific, Jennifer was the SVP of National Fulfillment for Planet Home Lending, LLC. Susan Roy, SVP of National Operations, shares, “In addition to her work ethic, expertise, and leadership – Jennifer fits perfectly into the ONE Sierra Culture and will help Sierra Pacific Mortgage accelerate growth in the TPO space.” She will be responsible for leading Sierra’s best in class Western TPO Fulfillment team while helping modernize and improve the new broker experience for both partners and Account Executives. Sierra Pacific is actively recruiting for TPO, if you are interested please contact tposales@spmc.com.

The National Association of Realtors (aka NAR) announced the retirement of Bill Malkasian, CAE, Chief Advocacy Officer and SVP of the Advocacy Group, and Joe Ventrone, VP of the Federal Policy, and Industry Relations Team, both effective December 31. Shannon McGahn, currently SVP of Government Affairs, will be promoted to Chief Advocacy Officer, effective October 1, 2020.

Lender and broker services & products

Because of its commitment to service with the Customer For Life program (helping partners retain their hard-earned business) Home Point Financial is one of the most popular and fastest-growing wholesale and correspondent lenders in the country. Home Point has quickly become the “go-to” partner for mortgage brokers and correspondents for both purchase and refinance business because of Home Point’s excellence during the origination process and servicing of loans. If you still need to sign up as a partner of Home Point, visit its website now.

Caliber Home Loans CEO Sanjiv Das recently had media appearances on Bloomberg Daybreak: Americas’ Full Show and CNBC Squawk Box. Das discussed low interest rates and first-time homebuyers and how they’re contributing to Caliber’s phenomenal growth in purchase volume. He also elaborated on the surprising pandemic-induced trend: the massive shift to suburban and rural neighborhoods. Safe social distancing is driving home buyers to move away from high density areas. Das’ 2021 mortgage forecast is that purchase volume will continue to flourish and refinances will stay resilient. Caliber is focused on helping families purchase the home of their dreams as well as keeping families in their homes through all stages of homeownership.

As the world continues to navigate the impacts of COVID-19, HousingWire sat down with TMS to discuss how its combined approach of proactive customer service and real-time technology has allowed TMS to keep client’s forbearance rates lower than industry average during the pandemic. Read the full article here. Looking for a new subservicing solution? Become a partner with TMS today to start cultivating a relationship with your borrowers that lasts for the life of their loan and beyond.

Be in business for yourself, not by yourself with the Mortgage Brokerage-in-a-Box. The Motto Mortgage network allows industry professionals like you to run their own business with the support of industry-leading tools and full-service assistance for a flat, monthly fee. That’s why Franchise Business Review named Motto Mortgage a Top 200 Franchise for 2020! When you own a Motto Mortgage franchise, you own an innovative business that propels your career growth. Explore how franchise ownership can fuel your future or email us for more information.

According to RJmetrics case studies, increasing client retention by just five percent can boost a company’s profitability by an average of 75 percent. Lenders are struggling to retain their customers, however, and the loan officer’s capacity is maxed out. So how do lenders stay in front of their current customers and create brand loyalty? Simple, rethink your portfolio retention strategy. Home Captain gives lenders a head start on their competition, by providing them with improved triggers in addition to the old standbys: MLS searches and credit inquiries. Home Captain does this by giving consumers a one-stop portal for home searches, home sales, loan pre-approvals, and home valuation. Potential homebuyers can search real-time MLS listings in all 50 states, and even request to be introduced to a vetted, qualified Realtor in their area. Visit https://bit.ly/3bVJA6m to learn more about Home Captain.

ReadyPrice has continued to see incredible broker adoption as it approaches the 1,000th broker sign-up. By matching their robust wholesale mortgage technology with the industry’s top wholesale lenders, ReadyPrice gives brokers an even easier way to price and underwrite loans, then deliver complete and approved loans directly to their lender of choice. It takes just 60-seconds to signup for ReadyPrice, granting users immediate access to the easy-to-use application. Sign up today to experience why wholesale brokers across the nation are choosing ReadyPrice!

“Curious how your customer experience stacks up to the competition? Total Expert enlisted the help of secret shoppers to go undercover in our own ‘Experience Experiment’ as they completed a list of mortgage inquiries from at a variety of lenders. They documented each interaction along the way, detailing what went well and where there is room for improvement. Dive into the findings and see how you can use them to level up your own customer experience!

Who doesn’t like to talk about compensation?

When it comes to hiring and retaining the best people for your organization, compensation matters. According to STRATMOR Group’s most recent Compensation Connection data, processor turnover averaged 32 percent in 2018 and increased in 2019. Where do you go to find out if you are offering the right amount to attract and keep employees? STRATMOR’s Compensation Connection. Participants submit data and receive a report comparing their responses to survey averages on key company differences and characteristics, analyzed and separated into useful profiles and relevant categories. This analysis can help you justify to your stakeholders the compensation you’re paying to get and keep the talent you need. The window to participate in the 2020 Compensation Connection program closes September 30. Don’t miss your chance — sign up today!

Training & events

Hear from Fannie Mae CEO Hugh Frater at Blend Forward, September 22-23. Frater will chat with Blend President Tim Mayopoulos about how he sees the pandemic impacting the pace of innovation and regulatory change. Other speakers include Chip Mahan, Chairman and CEO of Canapi Ventures and Susan Stewart, CEO of SWBC Mortgage. Reserve your spot at the virtual summit next week.

AIME Fuse Virtual is quickly approaching so don’t wait to purchase your tickets! On Friday, September 25th, you’ll learn alongside hundreds of other wholesale mortgage professionals with over 10 hours of live-streamed keynote speakers, spotlight speakers and panel sessions, and you can catch up on anything you missed for 10-days following the event on the virtual platform. Featured on the agenda are top producers sharing their secrets to success, leaders from the most established, well-run brokerages to talk about building a business model that works for you, and hear from some of the most respected leadership coaches in the mortgage space. Find the full agenda here. Time is running out so grab your tickets now to be a part of our third annual AIME Fuse National Conference! Register now here: http://aimegroup.co/Fuse-2020

Lots of mortgage industry vendors are missing an entire year of face-to-face networking at trade shows. That’s a tough spot to be in when the market is booming. But there is one organization that’s actually producing live, in person mortgage conferences, safely and soundly (with great results recently in both Arizona and Dallas). If you’re looking to meet with qualified originators in some of the country’s hottest markets, you don’t want to miss out exhibiting at these upcoming shows from the Originator Connect Network. The Colorado Mortgage Summit in Denver is happening on Thursday, Oct. 1. Then you can exhibit or sponsor at the Suncoast Mortgage Expo in Tampa on Wednesday, Oct. 21. And that’s followed by the always-successful Utah Mortgage Expo in Park City, Utah, on Nov. 5. You can see those and more at www.mortgageconferences.com. Or you can email vvalvo@ambizmedia.com.

AmeriHome’s underwriting management team will be offering Delegated webinars covering self-employed income requirement updates and interim AmeriHome, Fannie Mae, and Freddie Mac guideline impacts due to COVID-19. Tuesday, September 15th and Thursday, September 17th.

On Thursday, September 17th, Mountain West Financials’ Account Executive, Kelly Smith is hosting a Webinar on how the Freddie Mac Home Possible program offers more options and credit flexibilities to assist low-to low-income borrowers.

RCLCO has been monitoring the unprecedented crisis related to the outbreak of COVID-19 and its impact on the real estate industry in our monthly ‘Round-Up’ webinar series. We hope you can join us this Thursday, 9/17 for our September update, this time focusing on climate risk and real estate investing. Click here to register for Thursday’s free webinar, taking place (as always) at 9:15am PT / 12:15pm ET.

Join the MMLA on September 17th from 9:00 am – 12:30 pm, for its Annual Compliance Seminar – Virtual Experience: How a Virus Changed our Compliance World. The cost is $29 for members and guests. Don’t worry if you’re unavailable to attend the LIVE Seminar, the recording will be available to anyone who registers.

If you need some simple, high-impact strategies that will infuse breathing room into your personal and professional life, you are in luck. Arch MI is proud to sponsor a September 15th Webinar that can help: Balancing Origination Chaos with Your Personal Life.

Attend the Virtual Multifamily Executive Conference, September 30th – October 2nd, Free of Charge. Comprised of three tracks — leadership, technology, and development – easily find and learn from the content that meets your needs.

BofA’s Agency MBS Trading and Research Panel has been rescheduled for Thursday, October 1st from 3 – 4 p.m. EST. In a Q&A panel format, the outlook for the sector, pass-throughs, specified and derivatives will be covered. The call will be an audio dial in, NO slides. The call will open to Q&A after, questions can be emailed in advance. NOTE: Once you secure an individual PIN there is NO additional registration required.

FHA DE Underwriting and Processing Webinar is a completely updated 12-hours course for NYMBA. Diehl’s comprehensive course covers FHA basics, along with intermediate and advanced topics. New handbook changes will also be covered. This course is divided into three 4-hour interactive webinars. Attendees will be able to download the presentation for notetaking along with calculation worksheets for a variety of scenarios.

If you’re looking for practical and realistic guidance on current and future compliance and risk management issues, you won’t want to miss the chance to attend the complimentary Lending Compliance & Risk Management Virtual Conference hosted by QuestSoft on October 26-28th. Click Here to learn more.

Register for Executive Forum: 2020 Election Results on Thursday, November 12th presented by Mr. Pete Mills, Bill Killmer, and Dieter Raemdonck.

Ellie Mae Experience 2021, technology conference for the residential mortgage industry, will be a digital event held March 8-26, 2021. The three-week online event will bring together thousands of industry leaders to discuss the latest strategies, share best practices and experience first-hand the next generation of digital mortgage solutions that will shape the industry. The event will also honor the Ellie Mae Innovation Award winners who are maximizing Ellie Mae solutions to save money, increase efficiencies and close more loans faster. Nominations for the award are now being accepted through October 31.

Capital markets

I’ll spare you reading much further: nothing much happened for bond markets yesterday. U.S. Treasuries began the week on a mixed note, all durations closing within 1 bp of their opening levels, while the UMBS30 basis closed mixed as well, with little movement. The NY Fed Desk reported the new schedule, purchasing up to $52.9 billion with no changes to the coupons versus the prior schedule. All of the UMBS30 operations target 2 percent and 2.5 percent with the GNII operations target 2 percent and 2.5 percent. There were no domestic economic releases of note.

Things kick back into gear today, starting with September New York Fed manufacturing (17, much stronger than expected) and August import / export prices (+.9 and +.5 percent, respectively). Redbook same store sales for the week ending September 12 follows shortly thereafter, though the main event of interest will be the beginning of the two-day FOMC meeting at roughly the same time. That will be followed by July industrial production and capacity utilization and $22 billion 20-year bond reopening results. Today’s two FedTrade operations target up to $3.9 billion starting with $2.9 billion UMBS30 2 percent and 2.5 percent followed by $1 billion GNII 2.5 percent. We begin the day with Agency MBS prices worse/down a few 32nds and the 10-year yielding .68 after closing yesterday unchanged at 0.67 percent.

(Warning: Rated PG, I guess. For men. Just don’t read it if you’re easily offended, and don’t write to complain if you were.)

My urologist’s office called the other day and explained that my scheduled appointment would now be done over the phone due to the corona virus. One hour before the scheduled teleconference, I was instructed (via email) to administer my own urine test. This was to avoid those lab tests and costly co-pays that your doctor tells you to get at Quest Diagnostics.

Simply go outside and piddle in the front yard.

If ants gather, it’s diabetes.

If you piddle on your feet, it’s prostate.

If it smells like a barbecue, it’s cholesterol.

If your wrist hurts when you shake it, it’s osteoarthritis.

If you return to your house with it outside your pants, it’s Alzheimer’s.

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 Agency Finance Fee: Delayed but not Forgotten.”

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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 designed 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 2020 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.)