Sep. 8: Mortgage jobs & new products; no surprise what Realtors say about loan programs; lots of training opportunities

Here at the Pacific Northwest Lenders conference in Portland, a big topic of conversation is, like it is everywhere, regulation. Understandably private companies are making money off of the quagmire of government regulations. “In an effort to clarify a number of intertwined regulations and agencies, AllRegs has created a concise and comprehensive mortgage regulator guide. Whether you’re a community bank, credit union, savings bank or private mortgage lender, this guide will help you understand the current regulatory landscape. This guide also includes links to the relevant state agencies for mortgage lending according to the Act they regulate.” Of course the lenders want to lend but as pointed out in this article, when any and every default can result in a far more costly response for frivolous and immaterial errors it creates a defensive lending strategy. It is almost comical to watch some branches of the government encouraging guideline widening and catering to underserved borrowers while other branches are busy with excessive put back, indemnification negotiations, and enforcement policies.


New products are hitting the market, both jumbo and non-QM. For example, Overland Park-based CapWest Mortgage, a division of Farmers Bank & Trust, recently announced the launch of its new Jumbo Express product for all third party origination (TPO) clients. Features of the new product include: minimum FICO requirement of 700, cash-out up to 75% LTV, and a maximum loan amount of $1 Mil. The product is available for primary residences as well as second homes. (In addition to the Jumbo Express product, CapWest also recently launched its new Investor Pro product—which places no limit on the number of financed properties a borrower can own—and a new suite of unique home equity products, all of which are available to every TPO client.) To inquire about any of these programs, please contact Jake Stadler, Director of TPO for CapWest Mortgage.


And big things are happening at Academy Mortgage! The Salt Lake City-based independent mortgage lender posted record-breaking growth in July with $543 million in total loan volume, up from $500 million in July 2013. Simultaneously, Academy continues to expand its nationwide footprint with a coast-to-coast campaign to recruit Loan Officers and Branch Managers and to acquire like-minded branches and companies to grow with the company, which has more than 150 branches across the country. Academy broadened its servicing portfolio with the recent announcement that the company is a Ginnie Mae approved seller/servicer. Academy currently services a $3 billion portfolio of loans, which is further fueling the company’s growth. Academy is a purchase-driven, relationship-centric, and service-oriented company with a unique corporate culture. Loan Officers, Branch Managers, branches, and firms interested in growing their businesses with Academy should contact National Recruiting Manager Ben Green.


Flagstar is growing and looking for originators. “How do you make one of the top 10 national mortgage lenders in the country even more of a powerhouse? Add some of the nation’s top-producing loan officers to the mix. At least, that’s what Brian Vieaux, Flagstar Bank’s head of retail mortgage, plans to do. ‘Flagstar has been strong in wholesale lending for decades, and while that commitment remains strong, our current effort is on adding extra muscle to our retail division,’ says Vieaux. Flagstar’s roots in mortgage lending date back to predecessor companies in the 1960s. Over the years, the bank has built a hefty reputation for a paperless platform that delivers quick approvals, online locking, and 24/7 loan status. Today Flagstar is a leading seller to the GSEs. As the largest bank headquartered in Michigan, Flagstar can draw on its 100-plus-branch network for home loan referrals and as a federal savings bank the company can make loans in all 50 states, plus the Virgin Islands. Loan officers at Flagstar can take advantage of a robust compensation and benefits package, best-in-class pricing and products, and outstanding operational support.” Visit FlagstarCareers to learn more. Flagstar Bank is an Equal Opportunity Employer; Equal Housing Lender and a FDIC member.


As Managing Editor of MortgageCompliance Magazine, Dr. Rick Roque in the September issue highlights an article written by Mitch Kider, Managing Partner of Weiner Brodsky Kider PC on the expanding role of the CFPB in their focus on non-depository mortgage lenders, especially as it pertains to expanding HMDA and other compliance tools; such moves will only increase compliance costs, legal fees, technology costs and regulatory scrutiny for mini–corr and full mortgage bankers.  “This is why many origination groups – doing $2,000,000 per month or more are contacting me looking for more stable options,” says Dr. Roque, “I speak to independent mortgage companies doing $10-$20M/mo from the west coast or smaller retail production groups doing $2M-$4M/mo. in the Midwest looking for competitive rates, service friendly underwriting and growth oriented marketing.  If loan officers and retail focused mortgage groups are looking for options in any of the 50 states, inquiries can be directed to Dr. Roque, or visiting MENLO’s website to learn more,


A quick congrats to Don Frommeyer, who I have had the pleasure of meeting, as the Board of Directors of NAMB (the National Association of Mortgage Professionals) elected him chief executive officer of NAMB, effective at the end of his current term as president.


And is it any surprise that Realtors believe lenders should provide easier access to loan programs designed to help make homeownership more affordable, according to a new survey released by TD Bank? “The survey, which was conducted to help lenders understand Realtor’s perspectives surrounding the current housing environment, also found that two in five Realtors think it is harder than ever for buyers to secure a loan, more than half of Realtors believe buyers are compromising their wants simply to buy a home due to low inventory, and a quarter of Realtors consider properties overpriced and fear first-time home buyers are avoiding the market.” When will someone poll lenders on Realtor practices? When will someone remind us that once the deal is done, and the real estate agent collects their commission, that the lender & investor are the ones at risk – not the agent? Perhaps real estate agents would be interested in buying pools of SISA loans.


And which processor in their right mind wants to work on a loan file 4 inches thick? In Wisconsin, an entire lending operation was shut down due to lack of trained personnel.


But lenders are becoming more efficient, and are competitive. Richey May Select recently released its financial benchmarking results for the second quarter. As anticipated, there were marked improvements from Q1 in both production and profitability. Total production, amongst the independents, increased on average 49% from the previous quarter, including 62% increase in purchase and 20% increase in refinance volumes. Additionally, pre-tax profits averaged 52 Bps (up from a loss of 5 Bps in Q1), with some lenders seeing as much as 100 Bps improvement in the bottom line. Unfunded lock pipelines increased for the second consecutive quarter, which is a great sign for Q3 production.  For information on how to participate in Richey May Select, email Trevor Reinhart,, for more information.


Trainings and Events:


AllRegs is offering a variety of trainings this fall complete course list:

Evaluating Credit Profiles & Understanding FICO Scores : (Webinar) – Friday, September 12

School of Mortgage Compliance: (Classroom Course) – November 3-5

School of Residential Underwriting : (Classroom Course) – November 3-6

School of Quality Control : (Classroom Course) – November 6-7

Fundamentals of FHA Underwriting: (Instructor-Led Online Course) –

Tuesdays, Oct. 7, 14, 21, and 28

Fundamentals of FHA Origination: (Instructor-Led Online Course) –

Wednesdays, Oct. 1, 8, 15, and 22

Collateral Analysis: Reviewing Appraisals: (Instructor-Led Online Course) –

Wednesdays, Oct. 29, Nov. 5, 12, and 19

Underwriting VA Loans: (Instructor-Led Online Course) –

Thursdays, Oct. 30, Nov. 6, 13, and 20


FHA classroom trainings on Loss Mitigation provide information on FHA Loss Mitigation tools. It will cover the new changes with Home Affordable Modification Program (HAMP), pre-foreclosure sale and deed-in-lieu. Dates and locations are as follows:

Tallahassee, FL. September 11th.

Birmingham AL. September 16th.

Indianapolis, IN. September 17th.


FHA is offering 3 locations for its FREE one-day class discussing FHA appraisal requirements, including FHA appraisal protocol, updates to FHA appraisal policy, as well as equips attendees with the knowledge to determine property eligibility.

Milwaukie on September 16th

San Antonio on September 17th

St. Louis on September 17th


Updates training in Albuquerque, N.M. on September 12th will cover FHA underwriting and appraisal procedures and mortgagee letters.


FHA underwriting classroom training covers the underwriting of loans proposed for Federal Housing Administration (FHA) mortgage insurance.

Baltimore MD. September 16th

San Antonio TX. September 18th


Completing today’s FHA Appraisals is an instructor-led class where they will discuss how to complete residential appraisals under FHA protocols and highlights of recent program changes.

Las Vegas NV. September 16th


FHA Appraisal Webinar on September 18th provides an update and overview of FHA Single Family mortgage insurance appraisal requirements.


2- Day FHA Lender Training in Las Vegas, N.V. on September 16th & 17th will cover a wide range of topics including: Recent program changes, Mortgagee Letters, automated (AUS) vs. manual underwriting, and documentation requirements.


Register now for MMBA’s Social Crab & Shrimp Feast on September 10th.


Social Media Bootcamp: OC C.A.M.P. registration scheduled on October 1st, Katie Wagner will discuss what not to do with social media for your business.


Arch MI is offering two sessions 10:00 am Pacific or 1:00 pm Pacific complimentary webinars September 16th on Analyzing Appraisals for Single-Family Residences.
Register now for Ellie Mae’s free webinar on Wednesday, September 10, the next webinar in Ellie Mae’s RESPA-TILA Integrated Mortgage Disclosures webinar series.


NMMLA Luncheon on September 11th  is featuring George E. Torres, candidate for Bernalillo County Assessor.


WMBA is offering 3-hour live training session September 17th, selling skills for Loan Officers to improve business results.


MBA Education is offering manual underwriting and risk analysis workshop on September 9th registration for the event provides the basics of risk analysis that every underwriter must understand to make sound and saleable quality lending decisions for conventional QM and non-QM loans, FHA and VA.


MBA St. Louis Education Seminar and Expo on September 11th will include session topics on Property Valuation, Selling in a Purchase Market, Serving a Diverse Market, American Land Title Association Best Practices, Continuing Education – Missouri State Test, and Combined Disclosure Statements Roundtable.


A TMBA webinar series begins September 9th covering a review of recent CFPB and other enforcement actions, practical tips on how lenders can prepare for an examination, and the effects of these initiatives on compliance and business strategies.


The markets certainly were startled by the employment numbers released Friday, although by the end of the day things had more-or-less returned to Thursday’s closing levels. The employment figures were great numbers for risk assets: well over 100k miss on payrolls (when you factor in revisions), no sign of meaningful wage growth, the unemployment rate fell 0.2%. The Fed will be in no rush to pump us full of revised/hawkish guidance at the next meeting after these numbers. The weaker payroll gain supports Fed Chair Janet Yellen’s view that the labor force is underutilized despite the unemployment rate falling to 6.1%. The fed is using employment, specifically incomes, to determine how to handle monetary policy.


What are we looking at this week for economic news? Certainly not as much as last week – but who knows what will happen in faraway exotic places like Russia, Ukraine, Israel, China, or Walla Walla. (I am just seeing if you are reading this.) We have some second & third tier economic news out in the first three days. On Thursday we’ll have Jobless Claims. But then on Friday the 12th we’ll see August’s Retail Sales, the Import Price Index, the University of Michigan Confidence, and Business Inventories. For numbers, the benchmark 10-yr T-note saw a 2.46% close Friday (rates bounced back up after dropping to 2.40% after the employment number) and in the early going seems happy around 2.44% with agency MBS prices a shade better than the close Friday.



(An oldie but a goodie.)

Sister Mary entered the Monastery of Silence.

The Priest said, “Sister, this is a silent monastery. You are welcome here as long as you like, but you may not speak until directed to do so.”

Sister Mary lived in the monastery for 5 years before the Priest said to her, ‘Sister Mary, you have been here for 5 years. You may speak two words.”

Sister Mary replied, “Hard bed.”

“I’m sorry to hear that,” the Priest answered. “We will get you a better bed.”

After another 5 years, Sister Mary was summoned by the Priest. “You may say another two words, Sister Mary.”

“Cold food,” said Sister Mary, and the Priest assured her that the food would be better in the future.

On her 15th anniversary at the monastery, the Priest again called Sister Mary in to his office. “You may say two words today.”

“I quit,” said Sister Mary.

“It’s probably best,” sighed the Priest, “You’ve done nothing but whine & complain since you got here”.





(Copyright 2014 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