NAMB

Apache is functioning normally

Apache is functioning normally

Verification, Credit, Servicing, Automated QC, POS, DSCR Products; Events and Training Fast Approaching

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

Verification, Credit, Servicing, Automated QC, POS, DSCR Products; Events and Training Fast Approaching

By:
Rob Chrisman

Wed, Sep 27 2023, 10:44 AM

Today I head to Phoenix area for the AzAMP annual conference, and am reminded that, “Change is inevitable, except from a vending machine.” The mortgage industry is constantly changing, although Freddie and Fannie have been a somewhat stabilizing influence. But explaining to someone not in the mortgage business what they, the government sponsored enterprises (GSEs) do, is not easy, but in another one of his Mortgage Musings, attorney Brian Levy offers his thoughts on 15 years of being in conservatorship and whether that means it’s time to drop the “S” in GSE. Let’s just hope they don’t become another Amtrak. (Sign up for Musings here.) One topic that has come up at a few conferences, besides Agency buybacks, is demand for “LIP” and “VLIP” borrowers. Are F&F pushing hard for Low Income Purchase and Very Low Income Purchase business, and requesting high percentages of those products with the “threat” of hitting their overall pricing? Address any questions to your Agency rep, but some would say that in this environment, with everyone fighting for every deal and reduced volume, it doesn’t seem fair or even logical to have such a high demand for sellers with something outside of their control. (Today’s podcast can be found here and this week’s is sponsored by Built. Built is powering smarter and faster money movement for the entire construction and real estate ecosystem, all while reducing risk. Hear an interview with Verisk’s Kingsley Greenland on state level structural issues with property insurance and the current state of federal flood insurance.)

Lender and Broker Software, Programs, and Services

“Unlock a world of potential with DSCR loan options, including programs for Foreign National and ITIN investors with Champions Funding. Our business purpose non-owner-occupied Accelerator, Ambassador, and ITIN Accelerator loan programs make homeownership a reality for global clients and expand your borrower pool across the planet. Access DSCR financing for properties up to $3M/80 percent LTV (Accelerator), $1.5M/70 percent LTV (FN), or $1M/80 percent LTV (ITIN) as a broker partner. Visit here for full guidelines & to register as a partner. There you’ll also find DSCR l No Ratio Accelerator for U.S. citizens, including first-time investors. The Champs are the key to unlocking possibilities for your business & your borrowers’ portfolios.”

“The next gen of Xactus360 is here and is it ever shaking up the industry! Xactus’ proprietary verifications platform offers game-changing features that streamline workflows and empower lenders to work more efficiently, such as a single login for Mortgage Credit and Pre-Qualification reports. Not only that, Xactus360 can help improve your automation with key integrations. Flood ReportsX was recently added. Did you know Xactus’ offers no close, no pay flood zone determinations? That means if the loan doesn’t close, you will not pay for it. Xactus360 also includes Appraisal FirewallX which has met the requirements and is capable of fulfilling Fannie Mae data collection orders in addition to supporting Freddie Mac’s ACE + PDR program. Intrigued? Meet with Xactus at the MBA Annual for a demo of Xactus360 and see how this innovative platform revolves around you. To set up a time, email us.”

Does it feel like your current point-of-sale vendor has lost focus on mortgage? At Maxwell, mortgage is all they do. Constantly looking to improve the origination experience, Maxwell Point of Sale offers unique features to help lenders stand out including lender configurability, technology that pre-fills the application for the borrower, a complete Spanish language application, payment capabilities, quick pre-approval letters and more. With an average implementation time of less than 2.5 weeks, Maxwell Point of Sale can start working to improve your bottom line quickly. Schedule a call with the team to learn more.

“Blue Water Financial Technologies Services (“Blue Water”) continues to add new originators, investors, and due diligence providers to its automated QC platform. Let us be your pipes. Our proprietary technology assists your team with rapidly identifying and remediating exceptions! QC is just one of the many capabilities offered by Blue Water’s proprietary platforms for mortgage assets. Your company can value, transact, transfer and QC your mortgage assets using our Single Sign on proprietary technology. Come meet our team in Philadelphia during the MBA Annual 23 from October 15th-18th for a demo and discussion on how Blue Water can help streamline your operational processes and enhance your throughput with our encrypted, onshore, cloud-based tools! Schedule a meeting with our expert sales team today! Services offered by Blue Water Financial Technologies Services, LLC.”

“Working to Provide the Best Homeowner Experience: Cenlar is more than just a mortgage subservicer. We strive to be our clients’ trusted partner each and every day. And a big part of that is how we care for our clients’ homeowners. A home is most likely someone’s largest asset. That’s why we are continuously evolving to provide the best homeowner experience. Whether that’s the regular cycle of onboarding, escrow, monthly payments and year-end or challenges facing homeowners like natural disasters, we are responsive, anticipatory and always caring. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Call 1-888-SUBSERV (782-7378) or visit here. We want to be your trusted partner, each and every day.”

Connect with Sagent @ #NEXTFALL23. Headed to Dallas next week? Make sure you block off a few dates and times to catch Team Sagent on stage at #NEXTFALL23, plus an opportunity to elevate your personal LinkedIn brand with a sponsored headshot station! On Wednesday 10/4 at 1:15 PM CT, join CLO Wendy Lee for an exclusive “AI” Hive roundtable, which will be a precursor to her Ethical AI Use Cases panel on Thursday, 10/5 at 9:15 AM CT. Plus (if you’re onsite), Sagent is sponsoring the Headshot Station during the event (10/4 @ 1:30PM – 4PM CT & 10/5 @ 10AM – 1PM CT), so reserve your spot via’s NEXT’s app and head on over for a warm welcome from Cheryl McKenzie (who will greet you with a glass of champagne) and get picture ready. For more information, click the link here. Hope to see you all there!

Events and Training

Like every other month, September has sailed by, and this Sunday is October. (No, we don’t change the clocks in most states until November.) What’s happening out there? A good place to start is here, and click on “events” for conferences in the future.

Join K&L Gates and special guest, John Beccia, Co-Founder and CEO of FS Vector, for a panel discussion on generative artificial intelligence (AI) in the Fintech and Banking industry on

Thursday, September 28th 9:00-10:30 AM – PT, 11:00 AM-12:30 PM – CT. Discussion will address the legal and ethical risks, mitigation, and best practices to consider across these industries as you develop generative AI products and services or use generative AI in the operation of your business.

In the Dallas area, the TMBA Education Symposium is November 6-7. The Symposium will be held at Westin Dallas Southlake, 1200 E State Hwy 114, Southlake. Early registration ends Oct. 2nd for the best registration rates. I will be there, so please say hi!

If your credit union’s due diligence for quality control relies only on last-minute adjustments during post-closing processes, chances are you’re spending too much time putting out fires rather than adequately serving members’ needs. Market changes demand a more comprehensive and proactive approach to due diligence, and the experts at ACES Quality Management have the wherewithal to help you make that adjustment. Tune into this Inside Track webinar on September 27th at 1 pm CST to learn the why’s and how’s of improving your QC processes.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Today features Phil Johnsen, SVP and General Manager of Altisource’s Servicing & Real Estate Solutions Group.

California MBA upcoming Mortgage Quality and Compliance Committee webinar, Navigating the Future of Work: Adapting Return to Office Policies, on Thursday September 28th at 11 A.M. PST. Expert panelists will provide valuable insight on the ever-changing work dynamics, the challenges of managing remote and in-house teams, and MLO enhanced requirements in CA (and other states).

Watch on demand, at your leisure: Millennials and Gen Z’ers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

Friday the 29th is The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT in “The Rundown”. Tom G. and I are joined by Laird Nossuli (iEmergent) and Evan Zuverink (First Commonwealth Bank) to take a dive into Special Purpose Credit Programs.

ACUMA’s Annual Conference is October 1-4 at Gaylord National Resort, National Harbor, Maryland. From legislative and regulatory issues to new marketing and service strategies to cutting-edge technology, conference topics are concurrent with today’s challenges, and networking is a paramount part of the program.

Educate & Elevate with National MI University’s October Webinars. 2023 NextGen Money Mindset: Findings & Insights with Kristin Messerli, October 3rd, 1pm ET. P&L and Balance Sheet Analysis for Self-Employed Borrowers ​​​​​with Marianne Collins – October 4th, 1pm ET. Coaching for Improved Performance ​​​​​with Andrew Oxley, October 5th, 2pm ET. Your Perfect Week with Rebecca Lorenz, October 24th, 1pm ET. Help! I’m in a Funk with Dr. Bruce Lund, October 25th, 2pm ET

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC. Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Join St. Louis MBA in Partnership with the Saint Louis Realtors Association for a presentation on the Headwinds & Tailwinds – Economy’s Impact on Housing Market and Where We’re Heading, October 5th, 10:00-11:00, at St. Louis Realtors Association, 12777 Olive Boulevard.

NYMBA ’23 Annual will be held at Turning Stone Resort Casino, October 4th -6th. Kick-off begins with the 2nd annual Golf Tournament at Turning Stone’s Shenendoah course, recently named in Golf Digest’s Editor’s Choice: Top 50 Golf Courses in the U.S. as one of New York’s award-winning courses.

Become a Certified Reverse Mortgage Specialist. CoAMP is partnering with NAMB to bring their CREV course to Denver, Friday, October 6th, 9:00 AM – 5:00 PM MDT at Steward Title: 7979 E Tufts Ave, First Floor Conf Room. Cost for NAMB Members is $199; Courtesy Associate Members and Non-Members is $298 (includes a NAMB Professional/Associate membership). The certification training will give you the information and tools necessary to successfully navigate the product, process, and conversation with potential borrowers.

ConFi Today’s third session webinar, Wednesday, October 11th 11:30 am–12:30 pm PT | 1:30 pm–2:30 pm CT | 2:30 pm–3:30 pm ET; Real Talk About Artificial Intelligence: How Will Enforcement Activity Impact the Use of AI in Consumer Financial Services, will focus on the latest issues and enforcement trends related to financial institutions using AI tools. Specific topics to be covered include Key risk areas, Emerging themes, Risk mitigation steps to take now.

Join Mortgage Bankers Association of Metropolitan Washington for a fast-paced, fun presentation walking through the Fed’s monetary policy, economy, interest rates and housing as we quickly approach 2024. Reading the Markets – A Real-time Economic and Interest Rate Discussion with Bill Bodnar, Thursday, October 19, 10 – 11 am.

Capital Markets

The “higher rates for longer” narrative from the Fed has led to selling in the bond markets over the last several days. Yesterday’s selling lifted yields on 10-year and 30-year Treasuries to fresh highs for the year. “Hawkish” chatter from Fed officials, the latest being Minneapolis Fed President Kashkari saying that a 25-basis point hike prior to year-end was likely, has been the main driver of investor sentiment. Economic data released yesterday showed weaker than expected New Home Sales (actual 675k, expected 695k) and a decrease in the Consumer Confidence Index for September. The U.S. Treasury sold $48 billion in 2-year notes to strong demand ahead of today’s $49 billion 5-year note auction.

Unfortunately, today’s calendar kicked off with mortgage applications decreasing 1.3 percent from one week earlier, according to data from the MBA. August durable goods orders have also been released (+.2 percent, stronger than expected). Later this morning brings a Treasury auction of $24 billion reopened 2-year FRNs and $49 billion 5-year notes. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 4.51 after closing yesterday at 4.56 percent.

Employment

“Are you ever overwhelmed and sense a lack of support? If you’re a business manager leading a hardworking staff and want more strategic guidance and additional resources to thrive, look no further. Nations Lending offers a full suite of tailored support for Producers. With a top-notch Operations department that focuses on streamlining processes to ensure efficient loan origination, with LO-friendly products like Direct Submit, for seamless loan file submission directly to Underwriting. And ACE (Accelerated Competitive Edge) Approvals, our comprehensive underwriting preapproval program saving you time. If you’re interested in excelling with a company that is credited with multiple awards, including three-time Inc. 5000 winner, eight-time winner of Scotsman Guide’s Top Mortgage Lenders, and three-time winner of Top Workplaces for Millennials by Fortune Magazine, then join our family. Become part of our nation and mission to make “home loans. made human.™,” visit Nations Lending to learn more.”

“Visit with a Mortgage Boutique at AIME’s Fuse National Conference in Vegas at booth #418 October 4-7! We are excited for the opportunity to connect with potential business partners, foster meaningful relationships, and explore collaborative pathways to enhance your lending capabilities. Dedicated to providing outstanding service to both clients and partners, a Mortgage Boutique places extraordinary talent at the forefront of our success. Allow us to introduce our newest addition, Alan Michaels, along with his dynamic team. Alan brings a wealth of industry knowledge and a track record of remarkable achievements to the AMB family. We’re thrilled to welcome him aboard and know his expertise will be an invaluable asset as we continue to expand our services and meet the needs of our clients. If you’re passionate about excellence and seeking to join a thriving team, consider a career with a Mortgage Boutique. Contact DJ Ziggas to learn more.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

HELOC, TPO, Home Buyer Trends, Agency Approval, CRM Products; Training and Events

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

HELOC, TPO, Home Buyer Trends, Agency Approval, CRM Products; Training and Events

By:
Rob Chrisman

Thu, Aug 31 2023, 9:37 AM

The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home. Restaurants and food companies react to higher prices either by reducing their portion sizes or passing the cost on to the consumer. In real estate, does the modern definition of an “affordable” house mean 350 square feet for $130,000? Lennar thinks so. Owning a home has long been considered the quintessential American dream, but even with 84 percent of Americans saying they’d like to own a home one day, 51 percent who don’t own today worry they’ll never get there. 94 percent of consumers say owning a home is part of the American dream, but 49 percent say they can’t afford a down payment and 40 percent say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19 percent citing it as a roadblock to homeownership. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an award-winning software, data and analytics company that drives innovation in the mortgage and real-estate industries, and the capital and secondary markets. Listen to an interview with Black Knight’s Andy Walden and John Holbrook on the tappable equity market.)

Lender and Broker Software and Services

Get a discount on sponsoring THE event at ICE Experience 2024! Lender Toolkit’s Supercar Experience last year was fantastic and promises to be just as great in 2024! It will be held right before the opening of the ICE show next March. Lender Toolkit is offering early bird pricing on sponsorships, but only until September 29. As a sponsor at the March 18, 2024, event, you’ll be at the center of the most talked-about event of the conference. Just check out these photos from the 2023 Supercar Experience to see how much fun was had! Take advantage of the low rates now! For more info, contact Lender Toolkit or simply download the sponsorship form to apply. And Lender Toolkit and Lodestar are hosting the ultimate MBA Annual kick-off event in Philly. The Independence Block party, complete with ping pong, food, and drinks, takes place from 7:30-9:30 pm on Oct. 15. RSVP here.

“Unlock Success with BlackWolf Advisory Group! Our expert team offers a comprehensive range of services in the mortgage servicing space designed to guide you towards excellence. From regulatory and operational consulting that turns challenges into triumphs, to technological solutions that unlock your organizational potential, we’re here every step of the way. With a proven track record of success and a client-centered approach, we’re dedicated to understanding your unique needs and tailoring solutions that fit. Our industry experts have 20+ years of experience working for some of the largest servicing companies and government institutions. Our technology partners have an established reputation for success in the financial space, with the ability to develop additional tools and take your servicing operations to the next level. Please contact us today or call 904-207-8331. See more information here.”

“Tickets to the Big Game aren’t available until September 7, but ad sales are already well underway, with many big brands having already secured their $7 million game-day advertising slot. While 2023 has been a lender’s thunder dome, the good news is that you don’t have to shell out millions to compete for borrowers’ attention. Surefire℠, Black Knight’s CRM and Mortgage Marketing Engine, comes packed with everything you need to keep pace with the billboard guys, from prebuilt marketing automation blueprints to award-winning multi-media content to dozens of native technology integrations. Download our free eBook for proven mortgage marketing game plans that won’t break the bank.”

Receiving your Freddie Mac, Fannie Mae, or Ginnie Mae approval not only adds value to the net worth of mortgage lenders, but several other doors also become open with these approvals. In this latest whitepaper, Getting Started with Agency Approvals, Jennifer R. Whip, CMB®, Michael Drayne, and MCT offer important tips on how to obtain these approvals. Topics featured in this whitepaper include why originators should seek approval, key components for agency approval, and common challenges and solutions in the approval process. Download the whitepaper today to learn more about getting started with agency approvals.

We’re over halfway done with 2023. For anyone who knows how to stay afloat in the mortgage space, that means keeping yourself abreast of what happened and what trends to expect. In the latest episode of Expert Insights, Joe Welu, CEO of Total Expert, sits down with the founder and CEO of the Basis Point, Julian Hebron, to give us a closer look at the mortgage space in mid-2023. Is the worst over despite the recent challenges and rising interest rates? Will we see a potential improvement in the next 6-12 months? Julian shares his data-driven insights, helping you navigate across issues in the lending and mortgage market­–from lender profitability to affordability challenges for homebuyers. Keep your eyes open to the market realities and the constantly changing landscape of the space. Listen now so you can take on hurdles and opportunities to drive success.

NEW: Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset. Is your lending business prepared for a market reset? To thrive, lenders need a fresh game plan driven by home buyer trends, creative lead generation, and insightful data. Maxwell put this guide together to help you refresh your thinking for the market ahead. In it, you’ll find advice from mortgage experts including Maxwell Co-founder & CEO John Paasonen, Rob Chrisman himself, theLender EVP Chris Ledwidge, and more. Their advice will teach you ways to rebuild your pipeline, the borrower segments that are still rising in the housing market, and how to better leverage data to make confident business decisions. Lenders: The next five years likely won’t be anything like the last five. Now is the time to rethink your business. Click here to download your free copy of Maxwell’s Mini-Guide to Surviving Today’s Big Housing Market Reset.

Correspondent and Broker Loan Products

The number of people who have been taking out home-equity lines of credit has been increasing. In fact, according to a recent survey performed by Mphasis Digital Risk, 40% of U.S. Millennial and Gen Z residents would opt for a HELOC over other borrowing options, including traditional bank loans, peer-to-peer loans, and credit cards. Whether your clients are looking for help with financial flexibility, debt consolidation, liquidity support, or home renovations, Symmetry Lending’s HELOCs can help. With our flexible options, industry-leading service, and competitive rates, our HELOC solutions can give your clients exactly what they want. At Symmetry, we serve Loan Officers with speed and always make sure to keep the process positive and simple. You’ve got enough on your plate; allow Symmetry to save the day and put our HELOC to work for you and your client. Call your Area Manager today or visit here to learn more.

Are you ready to help clients whose student loan repayments are set to resume? Rocket Pro TPO is preparing broker partners to be part of the solution with Rocket’s Student Loan Busters! From cash out options to home equity loans, clients can potentially reduce their monthly payments, streamline their number of separate payments, and take advantage of tax benefits. Are you offering the Fannie Mae Student Loan Refinance which features a waiver of the cash-out price adjustments? Talk to your Rocket Pro TPO Account Executive to learn more. You need the best affordable lending solutions to deliver options to more clients. ONE+ by Rocket Mortgage provides an incredible opportunity for Rocket Pro TPO partners. With this product, eligible clients provide 1 percent towards the down payment and the other 2 percent down payment requirement is covered. Plus, clients are not responsible for paying the mortgage insurance! And learn how you can use their 3-2-1 Temporary Buydown for additional payment relief. Interested in learning more about a Broker or Non-Delegated Correspondent partnership? Contact Rocket Pro TPO to learn more.

Training and Events Next Week

A good place to start is here, and click on “events.”

Tuesday the 5th is the next Mortgages with Millennials with Kristin Messerli and Robbie Chrisman, and sponsored by National MI. Tune in every Tuesday at 10AM PT to the weekly video show designed to empower mortgage professionals to tap into the millennial market. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode.

Join Plaza Home Mortgage® on Wednesday, September 6th at 11:00 AM PT / 2:00 PM ET for an insightful webinar where we will review Plaza’s Reverse Mortgage file flow process from loan scenario to funding. Plus, with our dedicated Reverse Mortgage Team guiding you through every step of this unique process, feel confident in setting the proper expectations for your senior clients to ensure a smooth closing. Don’t miss out on this important market segment.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining.

Join Arch MI on Thursday, September 7th at 1PM ET for a featured webinar, Fundamentals of Employment Income, Understanding Documentation and Calculations. Presented by Stephanie M. Clark, AMP and Arch MI Senior National Trainer and Instructional Designer.

Please join MCT’s Phil Rasori, Chris Anderson, and Justin Grant on September 7th at 11am PT for an important webinar on MCT Geocoding & Bid Tape Protection Initiatives. In 2018, MCT launched an initiative to replace property address and loan number in the loan trading process. Recent headlines show that data security is more important than ever, which makes now the right time to finish the job and continue to reduce collateral NPI exchanged in the secondary market. Register today for a discussion of NPI, implementation plans to reduce its unnecessary exposure, and a review of internal data security and business continuity practices.

Loan servicers are invited to attend a free webinar on the MERS® Annual Report and third-party review process next Thursday, September 7th, at 3pm ET. Hear from the experts at Falcon Capital Advisors, an experienced and trusted third-party review firm, about the Annual Report process and how your organization can ensure it remains compliant with MERS® System requirements. Click here to register.

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference. On Friday, September 8th – 10:05 am – 11:00 am, join William Kooper, VP of State Government Affairs and Industry Relations at the Mortgage Bankers Association, for MAA/Legislative update.

Friday the 8th is The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT in “The Rundown”.

The NAMB National Conference is just around the corner, and you don’t want to miss the opportunity to join Plaza Home Mortgage® for a thought-provoking session on Reverse Mortgages’ on Saturday, September 9th – 4:00pm at Caesars Palace, Emperor’s Ballroom 1. In this session, Mark Reeve, Plaza Home Mortgage® VP, Reverse Mortgage Division, will share why the aging Baby Boom generation, along with senior home equity – approaching close to 13 trillion dollars – is a market you cannot afford to ignore any longer. So, check out these highlights and learn who these borrowers are and how you can reach them.

Register for free with the code PLAZAFREE.

Capital Markets

We’ve now had three straight days of rallies in the bond markets (e.g., prices up, rates down). That’s happened about once in a blue moon as of late (the last time was in May), so good thing that we had a blue moon last night. Or “good” thing that yesterday we received some weaker-than-expected economic data in the form of the private sector adding 177k jobs in August versus 200k expectations, according to the ADP Employment Report. There was also the Dallas Fed Manufacturing Index falling to the lowest since May of 2020 and pending home sales falling in all four U.S. regions compared to one year ago. However, there were no significant changes to rate hike expectations with the implied likelihood of a November hike remaining just below the 50 percent mark.

Today brings the all-important Personal Consumption Expenditure report for July, which saw income and spending (+.2 percent & +.8 percent, respectively, both higher than expected) versus expectations of increases of 0.3 percent and 0.6 percent month-over-month, respectively. The Core PCE Price Index (+.2 for July, +3.3 percent for the year, no acceleration in inflation) versus expectations of it increasing 0.2 percent month-over-month and 4.2 percent year-over-year compared with 0.2 percent and 4.1 percent previously.

In employment news, we’ve also received job cuts from Challenger for August: U.S.-based employers announced 75,151 cuts in August, a 217% increase from the 23,697 cuts announced one month prior, 267 percent higher than the 20,485 cuts announced in the same month in 2022. Weekly jobless claims were 228k, down from 230k, 1.725 million continuing claims. Later this morning brings Chicago PMI for August, Freddie Mac’s Primary Mortgage Markets Survey, and remarks from Atlanta Fed President Bostic and Boston Fed President Collins. We begin the day with Agency MBS prices are better by .125 and the 10-year yielding 4.09 after closing yesterday at 4.12 percent. The 2-year is at 4.86 after the slew of economic news.

Jobs and Transitions

Champions Funding is actively looking for experienced Account Executives in the Non-QM space due to increased loan production and expansions to its product suite. Offering a competitive ITIN solution for both consumers & investors, Champions is increasing opportunities for the American Dream with the upcoming roll-out of Foreign National for investors plus expanded guidelines to include 5-8 units. These programs plus competitive DSCR & No Ratio are meeting the increased need in the market for other Non-QM options while fueling the company’s growth exponentially. CDFI improvements on all programs for eligible borrowers also differentiate the Champs from other Non-QM lenders. For immediate consideration, experienced Non-QM Account Executives are encouraged to reach out to Angela Castillo.

Directors Mortgage has hired one of the former NW Mortgage Group owners, Marty Quandt (NMLS-40554), as VP Builder Division to lead Director’s expanding builder division and help lead the company’s loan officer growth and development initiatives across the western United States. Marty, along with three other owners, started NW Mortgage Group in July 1995, just three years before Mark J. Hanna (NMLS-91462) founded Directors Mortgage in July 1998. And from there on, they watched each other’s companies succeed in the marketplace for many years until NW Mortgage Group sold to another company in 2014. “Marty’s years of expertise and leadership will bring a unique set of skills that our team members and clients will benefit from,” said Directors Mortgage CEO & Founder Mark J. Hanna. “To have such a long-standing professional in our industry join us is a testament to what we’ve built at Directors Mortgage.” (NMLS-3240. AZ Mortgage Banker License BK-0942517. Equal Housing Opportunity Lender.)

The Money Store welcomed John Palmiotto, a seasoned industry leader, to the company’s C-suite as the Chief Production Officer.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

DSCR, Non-Del, CRM, Pricing Engine, Real Estate Agent Products; STRATMOR Customer Service Workshop; NAR President Resigns

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

DSCR, Non-Del, CRM, Pricing Engine, Real Estate Agent Products; STRATMOR Customer Service Workshop; NAR President Resigns

By:
Rob Chrisman

3 Hours, 5 Min ago

“What did the happy real estate agent put on her sign? I have lots to be thankful for.” (Feel free to use that gem at your next presentation at Sotheby’s.) In response to yesterday’s opening paragraph comments about housing supply, from Maryland Ken Sonner sent an article about how New Zealand managed to shift its zoning to help alleviate the supply issues and lower rents. People like lists for some reason, and here is the “The 15 most in-demand ZIP codes for U.S. homebuyers, and #1 is in Ohio.” But heading back to inventory, affordable housing, and such, the topic is certainly percolating up to Capitol Hill. A bipartisan duo in the U.S. Senate introduced a bill that would address a shortage of affordable housing in rural communities by easing the process for non-profits to acquire properties with USDA rural housing loans. It would also decouple the related rental assistance so that the assistance doesn’t end when the mortgages mature. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an award-winning software, data and analytics company that drives innovation in the mortgage and real-estate industries, and the capital and secondary markets. Listen to an interview with Servbank’s Anthony Forsberg on default and loss mitigation.)

Lender and Broker Software and Services

Don’t discount the value of prioritizing your customers. Many servicers are adding customer-focused technology to give homeowners self-service options and more. Just take it from AimLoan, an internet-direct mortgage lender that recently implemented MSP®, Black Knight’s loan servicing system, along with several other customer-focused solutions. After recently moving its servicing portfolio in-house, AimLoan needed proven technology to enhance the customer experience of today and prepare for growth of tomorrow. Ready to join AimLoan by enhancing the way you serve your own customers? Learn more about MSP today.

Get valuable face time with real estate agents: host your own For Sale to Sold workshop. MGIC’s ready-made workshop kit makes it easy for loan officers to guide agents to a deeper understanding of the mortgage process. The benefits of hosting your own workshop? You’ll position yourself as an expert, build stronger relationships and earn more referrals. Request your For Sale to Sold workshop materials to get started.

Loan servicers are invited to attend a free webinar on the MERS® Annual Report and third-party review process next Thursday, September 7th, at 3pm ET. Hear from the experts at Falcon Capital Advisors, an experienced and trusted third-party review firm, about the Annual Report process and how your organization can ensure it remains compliant with MERS® System requirements. Click here to register.

You don’t have to accept lower profitability when loan volume is down. Instead, find efficiencies in your mortgage process that add up to cost savings and bolster your bottom line. Loan officers using Maxwell Point of Sale achieve more with less work, closing 20% more loans and moving loans to clear to close 35% faster. Maxwell POS syncs with your LOS bi-directionally, keeping real-time data in one place for easy management and seamless updates and preapprovals. Managers have visibility into the team’s entire pipeline, allowing them to identify opportunities for quick adjustments and better results. If you’re ready to maximize your mortgage operations and take advantage of every basis point, schedule a call with the Maxwell team.

In today’s low-volume, purchase-focused market, every mortgage lender’s goal is to optimize their profits and overall efficiency. The catalyst? The right product and pricing engine. In a recent article with HousingWire, industry expert Parvesh Sahi of Polly emphasizes three critical components to thrive in this ultra-competitive market environment: 1.) Speed to market, 2.) Margin management, and 3.) Loan officer experience and education. According to Sahi, creating the connective tissue between these three primary components is an enormous opportunity. Are you taking it? Learn more, here: Why the right PPE matters.

“It’s no surprise that many mortgage lenders use more than one channel to maximize loan origination opportunities. Maybe you’re a traditional retail shop with a growing consumer direct team, or you decide to shift resources to wholesale while your retail group rides out a rough patch. What is surprising is how many lenders use two or even three different CRM systems to meet their multi-channel needs, each one increasing the inefficiency and cost of their sales and marketing. Download our free guide, “How to Find the Ideal CRM” and learn how to streamline your tech stack and improve sales and marketing performance across all your channels.”

Broker and Correspondent Products

“Brokers: Are you attending NAMB National? Meet NexBank’s team at booth #12 and learn why we are a trusted investor and warehouse bank partner to brokers and correspondents nationwide. NexBank is continuously ranked as a top lender by Inside Mortgage Finance, and we continue to grow in the wholesale and correspondent space. Our wholesale and non-delegated channels offer a suite of Portfolio, Conventional, FHA and VA products. Our competitive portfolio products include Full Doc and Reduced Doc (Non-QM), available for loan amounts from $200,000 to $2 million, with ARM and Fixed Rate options, along with Interest Only. Ask about our unique 6-month ARM! Plus, portfolio loans have no LLPAs for FICO or second homes and allow cash-out to 80 on primary with no dollar cap on cash-out amount, where applicable by law. Contact us. Restrictions apply. Subject to change. For mortgage professionals. Not intended for general public. Member FDIC. Equal Housing Lender. NMLS 672886.”

Long-term Rental or Vacation Rental? Visio Lending is the nation’s leader in Non-QM Investor DSCR loans for buy and hold SFR rentals with nearly a decade of experience and over $2.5 billion in originations. No-DTI, 30-year terms, rate buy downs, free 45-day rate locks; I/O and Sub-1 DSCR options available. Through our top-notch Broker Program, brokers are able to earn up to 2 points YSP, and 5 points total. Visio Brokers can count on a designated Account Executive and in-house processing.

STRATMOR Customer Experience Workshop

According to data from Gartner, two in three companies say customer experience is the primary area where they will compete for business. Lenders, how is your business utilizing customer feedback to drive revenue growth in today’s challenging market? Need help? Join STRATMOR Group’s customer experience experts as well as peer lenders for STRATMOR’s Customer Experience Workshop on September 25, 26 and 27. This highly interactive, virtual workshop is designed to give lenders specific, actionable ideas: you’ll learn how to optimize your loan processes to maximize repeat and referral business and achieve your growth goals in challenging market conditions. Register today!

Capital Markets

With a light day of data to open the week, investors continued to mull over Fed Chair Powell’s Jackson Hole Speech, which had a rather hawkish tone as he vowed to hike rates further, if necessary. Investors in Fed Funds futures got the message, ramping up bets that the Federal Open Market Committee will hike rates by an additional 25 basis points at the November meeting. The U.S. Treasury sold $45 billion in 2-year notes yesterday morning and $46 billion in 5-year notes in the afternoon, with both offerings meeting good demand ahead of today’s $36 billion 7-year note auction. We have a heavy week of data coming up with home prices and consumer confidence today, GDP tomorrow, the PCE Price Index on Thursday, and the jobs report on Friday.

Keeping things in perspective, two weeks ago, markets were buoyed by an upwards surprise in retail sales. However, last week’s durable goods report showed orders fell 5.2 percent in a sign that business investment is slowing. Despite potentially lower jobs gains, initial unemployment claims have remained fairly consistent throughout the year and were at a three-week low last week. Given the record over-supply of available jobs over the last year, the softening in the labor market may presently be manifesting itself in less job openings rather than increasing layoffs. There were about 14 percent fewer job openings as of August 18 than on January 1. Existing home sales fell for the second consecutive month in July as higher mortgage rates reduced demand as well as supply. Lower supply has put upwards price pressure on the limited existing homes availability. This allowed builders, armed with price and rate incentives, to insulate themselves from the housing slowdown. New home sales were up 4.4 percent in July. While recent inflation data is encouraging, hawkish talk from Fed officials has the markets split on whether another rate hike will be necessary before the end of the year.

Today’s calendar gets under way later this morning with Redbook same store sales and will be followed by home prices from S&P /Case-Shiller and the FHFA for June, July job openings from JOLTS, consumer confidence for August, Dallas Fed Texas services for August, the aforementioned Treasury auction of 7-year notes, and remarks from Fed Vice Chair of Supervision Barr. We begin Tuesday with Agency MBS prices roughly unchanged from Monday and last Friday and the 10-year yielding 4.20 after closing yesterday at 4.21 percent. The risk-free 2-year T-Bill is at, or above, 5.0 percent for the sixth straight day.

Employment, transitions, and NAR President resignation

“Citizens Wholesale Lending: If you’re an Account Executive looking for a solid Wholesale Lender, look no further than Citizens! Citizens Wholesale has been supporting the Broker and Non-Del community for the past 28 years with a commitment to delivering a best-in-class experience. As the mortgage landscape continues to evolve, Citizens remains a strong pillar for the Wholesale industry. We are currently hiring Account Executives in GA, NC, and SC to join one of the strongest bank-owned wholesale lenders in the country. If you’re interested in an opportunity to thrive and be a part of a winning team, learn more at our jobs page today!”

Allen Friedman, an industry veteran and long-time friend of this Commentary, has returned to his home of over 10 years, iServe Residential Lending. Allen joins iServe as Executive Vice President and will help to further develop and expand the company’s strategic growth and development initiatives. Co-CEO Ken Michael states “We are thrilled to have Allen back in this leadership role. He helped to create our culture and shares in our desire to ensure that iServe is a company that both MLOs and Branch Managers can join to build something extraordinary. With a can-do culture, our goal is to empower each MLO and Branch Manager with a voice in the company alongside the decision makers. Allen strengthens that platform.” iServe was established in 2007 as a multi-state residential mortgage banker and invites NMLS licensed Originators to apply. For a confidential conversation about joining iServe, contact Allen Friedman through his email or at 415-298-2500.

It’s hurricane season, and sure enough we have Hurricane Idalia forming and expected to hit Florida on Wednesday. The National Association of Realtors has its own storm: the (now ex) President, Utah’s Kenny Parcell, resigned after the New York Times reported on allegations of sexual harassment and a culture of fear at NAR.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

The agencies intend to tackle two challenges evident during the Covid-years refi boom: higher costs due to appraiser shortages and concerns regarding bias in home valuations. 

In their letter, MBA and CBA said that AVMs and technologies like them can alleviate appraiser shortages, reduce transaction costs, and safeguard against individual appraisal bias. Ultimately, a robust regulatory framework continues to be a critical imperative to achieve these outcomes.

However, any regulation should consider the practicalities of model risk management and its potential unintended consequences. 

For example, the associations said the proposed rule includes Fannie Mae and Freddie Mac to the new standards, which creates a level playing field in the market. But the trade groups are worried about the impact of quality control standards on the GSEs’ alternative valuation methods, such as desktop appraisal, since these tools are essential in times of high demand.  

“MBA and CBA suggest that the agencies consult with the GSEs to ensure that application of the quality control standards would not create adverse effects on the availability of alternative valuation methods,” the letter states. 

In addition, regulators should be aware of any unbalanced market effects of AVMs regulations, conflicting interpretations of the legal framework, and the lack of established methodologies in examining systemic bias in the U.S., the trade groups state.  

The agencies involved include the Federal Housing Finance Agency; the Consumer Financial Protection Bureau; the National Credit Union Administration; the Federal Deposit Insurance Corporation; the U.S. Department of the Treasury; and the Federal Reserve System.

Per the proposed rules, each institution using AVMs will adopt and maintain its practices, procedures, and control systems, reducing the burden on smaller institutions. But the trade groups request the agencies to include a small lender/servicer exemption from the standards, as these companies are likely to rely on larger outside service providers subject to a thorough review by regulators or larger clients.  

Regarding third-party providers, the associations suggest that the CFPB expand its Compliance Bulletin 2016-02, Service Providers to outline expectations and potential recourse “for quality control and fair lending oversight” of third-parties providing AVMs services. In addition, MBA and CBA said that creditors should not be liable for violating nondiscrimination law when relying on third-party AVMs, disagreeing with the agencies’ interpretation of the Fair Housing Act. 

The MBA and the CBA requested an adequate implementation timeline of at least 12 months. 

The White House supports a new rule for AVMs, which follows goals set out by the president in addressing issues of racial bias that have exacerbated homeownership and wealth gaps. When announcing the proposed rule, Vice President Kamala Harris weighed in.

“Today, I’m proud to announce we are developing a rule that will require that financial institutions ensure that their appraisal algorithms are not biased, for example, that they do not produce lower valuations for homes owned by people of color,” Harris said. “We are also releasing the guidance to make it easier for consumers to appeal what they suspect to be unbiased valuation.”

Another trade group weighed in on the newly proposed rule. 

The National Association of Mortgage Brokers (NAMB) said it supports new federal regulatory proposals governing the use of AVMs. 

“The reality is the systems and structures are themselves, in some cases, problematic,” said NAMB President Ernest Jones in a statement. “Even when appraisers follow the intended approach, it may result in an outcome that disenfranchises people. They could be doing everything in a way they feel is consistent with the approaches they’ve learned and for which they’re certified, but there are some underlying issues that need to be addressed.”

Source: housingwire.com

Apache is functioning normally

Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

Broker Pricing and Non-QM Products; Seminars and Conferences; Rates Higher on Producer Prices

By:
Rob Chrisman

Fri, Aug 11 2023, 10:22 AM

As the MMLA conference wraps up (congratulations to Dan Grzywacz, CMB, and nearly 40-year industry vet, who was this year’s James T. Barnes Award winner), the conversations still involve some seemingly endless topics. One of which is W2 versus 1099. There’s been a lot of “quacking:” about whether originators can be paid as independent contractors (1099) or need to be employees (W-2). Mortgage Muser and attorney Brian Levy has some new thoughts on this topic that are worthwhile even if he “ducks” providing legal advice in his entertaining and insightful mortgage blog. View past editions of the Mortgage Musings and subscribe to get emailed about new postings for free here. Another is sticky higher interest rates, and today at 3PM ET, Skylar Olsen, Zillow’s Chief Economist, will be co-hosting The Mortgage Collaborative’s Rundown, covering current events in the economy and mortgage market for 30-45 minutes. And there’s volume. According to Curinos, July 2023 funded mortgage volume decreased 30% YoY and 13% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Hear an interview with Equifax’s Joel Rickman on leveraging income and employment verifications during the home equity line of credit (HELOC) origination process.)

Lender and Broker Software, Products, and Services

“Brokers can now shop, lock, and deliver on one platform that seamlessly connects brokers, lenders, and originators. In this market, hustle is everything. You can’t afford to waste a single deal… Or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders, and all on a single platform, at no cost to brokers. It’s the industry’s most powerful universal delivery portal, and it’s already helping thousands of brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Mega Capital Funding is proud to be a 25 yr. partner to the broker community. The team at Mega Capital continues to grow and expand across the US. Mega has recently added another 10 outside AEs across the country to further support the broker community. The team at Mega is also expanding our products this month with additions to our Non QM suite. ITIN is new and improved along with our Expanded DSCR options which also includes a No Ratio DSCR. We at Mega are looking to continue to be a destination for brokers and bankers to find all their lending needs under one roof. Conv, FHA, VA, USDA, Jumbo and Non QM. Mega Capital is also excited to be at NAMB this year. Please come by and see us in Vegas.

Looking Ahead to Conferences and Training

A good place to start is here, and click on “events.”

The Mississippi Mortgage Bankers Association is holding its fall conference September 7-8 in Jackson. Our theme for this year is “Building a Strong MS” We are focusing on building relationships, strategies, and opportunities for the real estate housing industry in MS. Our fall conference is open to loan originators, realtors, and other industry affiliates. Realtors will receive Continuing ED (CE) credits for attending the Fall Conference.

Save the dates of September 10-12 and join lending professionals from the Pacific Northwest at the Riverhouse in Bend, Oregon, for the Pacific Northwest Lenders Conference. This event promises to be a catalyst for professional growth, offering a unique platform to expand knowledge, build valuable connections, and elevate lending businesses in the region.

Prepare to be amazed and delighted when you swing by the Plaza Home Mortgage® booth at the NAMB National Conference, September 8-11, at Caesars Palace in Las Vegas.

Register for free with the code PLAZAFREE and pop by Plaza’s booth #607 or schedule a meeting with us at [email protected].

Zelman’s Virtual Housing Summit is September 18-21, though not exactly in person.

Network and collaborate with your industry colleagues while learning the latest updates on mortgage industry standards at MISMO’s Fall Summit, September 18 – 21 in Washington, DC

New To MISMO? Check out this 20-minute presentation “Intro to the MISMO Summit Experience” to learn what to expect and how to best prepare so that you get the most out of the Summit.

AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class, September 27–28, at the We-Ko-Pa Resort and Casino. Begin your experience on Wednesday, Sept. 27 with Part 1 of NMLS CE class. Full day of events begins on Thursday, September 28 including NMLS CE class Part 2, Luncheon with Keynote Speakers Allen Beydoun, UWM Executive Vice President and Rob Chrisman, The Chrisman Commentary Daily Mortgage News, followed by the AzAMP Expo.

Watch on demand, at your leisure: Millennials and Gen Zers represent the largest group of first-time homebuyers. In less than 10 years, 3.1 million will have entered the market. Of these buyers, roughly 75 percent of them report checking social media daily. Making social media a necessary strategy for loan officers. Join Homebot’s VP of Marketing, Ashley Remstad and Mortgage Advisor Sosi Avila as they discuss key strategies and tactics for using social media to your advantage. Register for the webinar here.

It’s time to register for the New England Mortgage Bankers two-day Conference, September 13-14 in Portsmouth NH. Multiple venues all within walking distance for a new NEMBC experience.

Register for the AzAMP Annual EXPO, Luncheon, and 8-Hour NMLS CE Class on September 27th and 28th at the We-Ko-Pa Resort and Casino. Don’t miss Luncheon Speakers Allen Beydoun, UWM EVP, and Rob Chrisman, The Chrisman Commentary Daily Mortgage News. Stay the night at the resort and attend all the events.

Registration for the NCEO 2023 Fall Forum in Houston, September 26-28 is now open. Featuring top industry experts and thought leaders, the forum will update you on the latest trends and best practices in employee ownership. Network with other employee owners and industry professionals from across the country, sharing ideas, challenges, and successes.

Secure early-bird pricing through June 23rd. From close-knit conversations to invigorating keynotes, the forum is the place to rocket your company into the stratosphere.

MBAC 67th Annual Convention Oct 1-4, 2023 at the Francis Marion Hotel, Charleston, SC.

Sponsorship opportunities available, reserve your room at the Francis Marion Hotel use Promo Code MBAC2023 for special rate, Last Day to reserve at this rate, September 11, 2023.

Mark your calendars and make plans for ACUMA’s 2023 Annual Conference! Registration is now open for the biggest event tailored for the credit union mortgage professional. This year’s theme, Make Your Mark, is the largest and most comprehensive event on ACUMA’s education calendar and is scheduled for Oct. 1-4 at the Gaylord National Resort in National Harbor, Maryland, just down the Potomac River from Washington, D.C. Make plans now to attend this year’s largest gathering of mortgage lenders, and plan to continue to Make Your Mark in credit union mortgage lending! Here’s the link to register! ACUMA 2023 Annual Conference.

At Turning Stone Casino & Resort, Verona, NY., October 4th at 12:00 PM – October 6th at 12:00 PM (EDT), NYMBA 2023 Annual Convention & Golf Tournament, a premier event that brings together industry leaders, professionals, and innovators in the mortgage banking sector. This convention serves as a platform to foster collaboration, share knowledge, and explore emerging trends, ultimately shaping the future of the mortgage banking industry in New York and beyond.

As we celebrate America’s independence, we have many other reasons to celebrate as well. This October 15-18, we’re taking the original gathering of real estate finance professionals to the birthplace of our country, and we’re celebrating some of the reasons you’re going to love it: MBA’s Annual Convention & Expo 2023.The largest annual gathering of real estate finance professionals, this is the one event you need to gain access to the industry’s power players and innovators. Be inspired and get informed by engaging speakers on the Main Stage. Meet with dozens of exhibitors in THE HUB and get hands-on access to the latest products and services. Dive deep into Breakout Sessions to get the insight you need on all the facets of the business.

There’s only one venue where you can get timely updates on where the reverse mortgage industry is headed, the 2023 Annual Meeting & Expo, October 23-25 in Nashville, TN.

Get the latest news on the HECM program. Learn about proprietary product opportunities. Find out what other regulatory changes are forthcoming. Pre-sale registration, the lowest registration rate, expires at midnight (Eastern Time) on Tuesday, August 22.

The kind of news you want to know, VIBE 2023, a very important broker exchange, is here! What is VIBE 2023?* The biggest growth mindset event for Mortgage Brokers featuring a VIP lineup of some of the most influential speakers in the country! Join us at the Westin South Coast Plaza in Costa Mesa, CA on 10/24/2023. Register to attend using your UNIQUE CODE**, provided by your Kind Account Executive. Learn more by visiting here. *VIBE 2023 event is open to all licensed Mortgage Brokers in the United States. No commitments to establish a partnership with Kind Lending are required to attend. **Unique Codes are provided by your Kind Lending Account Executive. If you do not have an account executive or are not yet working with Kind TPO, email us to learn more.

TMBA is working through the summer planning outstanding events including the 6th Annual Mortgage Symposium, November 6-7 at the Westin Dallas Southlake Hotel in Southlake TX. The Texas Women Mortgage Bankers event will be held on November 6 at the Westin Dallas Southlake Hotel.

October Research, LLC is happy to bring back the Women’s Leadership Summit (WLS) for its second year. It will be held November 6-7 at the Naples Grande Beach Resort in Naples, FL. We are now accepting registrations and speaker nominations! Built around the four pillars (Develop, Grow, Support and Empower) WLS provides attendees with the tools for success in a fun and supportive environment. Attendees come from across the country to learn from our visiting experts and each other about how to meet their goals. Visit OctoberResearchWLS.com for more information.

Capital Markets

Not only do the earth’s temperatures keep going higher, but inflation does as well, but at a slower pace! It was revealed yesterday that the consumer price index rose a temperate 0.2 percent in July and 3.2 percent year-over-year, matching consensus expectations. That marked the smallest back-to-back gains in more than two years, adding to a steady wave of disinflation in recent months. Excluding the volatile food and energy components, the “core” index rose 4.7 percent year-over-year versus 4.8 percent in June. The index for shelter accounted for 90 percent of the increase, but is almost back to pre-pandemic levels and will continue to moderate after home price appreciation peaked last year.

While the recent trend is encouraging and confirms that inflation is headed in the direction the FOMC wants, it’s likely premature to get overly excited about a sustained return to the Fed’s 2 percent inflation target. The Fed’s fear is that a pause will reignite home price appreciation, exacerbate the affordability problem, and push inflation higher. Look for the Fed to leave interest rates unchanged at the next policy meeting in September, but add the caveat that the job isn’t done yet. Initial claims also moved in a direction last week to corroborate the thinking that there is some softening in the labor market, which is what the Fed expects and hopes to see. However, bond yields rose by the day’s close after the U.S. Treasury closed out this week’s auction slate with a weak $23 billion 30-year bond offering.

Today’s calendar kicked off with MBA reporting that the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.37 percent of all loans outstanding at the end of the second quarter of 2023, down 19 basis points from the first quarter of 2023 and down 27 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the second quarter fell by 3 basis points to 0.13 percent.

We’ve also received the July Producer Price Index, which increased .3 percent month-over-month and .8 percent years-over-year versus 0.2 percent month-over-month and 0.6 percent year-over-year expectations and both 0.1 percent month-over-month and year-over-year previously. Core PPI rose (), +2.7 year over year. The only other release scheduled for today is at 10AM ET with the preliminary August Michigan sentiment. We begin the day with Agency MBS prices worse .125-.250 from last night and the 10-year yielding 4.13 after closing yesterday at 4.08 percent.

Employment and Transitions

“Keith McKay, CEO of Prime Choice Funding, invites you to participate in reshaping the mortgage industry. Our mission for 2023 is to become the top mortgage broker in the nation. Join our team and expand your professional horizon with our diverse loan programs, flexible compensation plans, and a unique opportunity to earn extra by offering solar solutions to your clients. Backed by comprehensive marketing resources, cutting-edge platform, and robust operations support, your potential for growth is limitless. With a history dating back to 2007, Prime Choice represents stability and innovation in finance and sustainability. Register for our webinar today and explore these rewarding opportunities.”

The Maryland office of USA Mortgage has added nationally prominent Loan Officer, Sam Rosenblatt, to its roster. Rosenblatt joins William “Bill” Sohan in his venture to expand USA’s national footprint. Active in the mortgage industry since 1995, Rosenblatt was the #1 producer in units in Maryland in 2021, filing 978 closed loans valued at $338,087,603, and is among the top 50 originators in the nation. “I’m excited to join USA Mortgage because they have great loan options for my clients, state-of-the-art marketing, and cutting-edge technology that makes the mortgage process as efficient and smooth as possible”, he said. Founded in St. Louis in 2001, USA has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Brooke Anderson at 609-500-1520.

Switching gears, Michael Dresden, the President of Dart Appraisal, sent the sad news that Tim Laden, Dart’s Chief Appraiser, passed away. “Tim impacted so many appraisers across the country through his love for coaching and mentoring. Tim was such an asset to Dart and helped us elevate many areas of our business. We’re better because of Tim.”

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

The National Association of Mortgage Brokers (NAMB) Friday called on its members to contact their Senators and/or Representatives to stop or halt the Home Valuation Code of Conduct, which is set to be implemented May 1.

After recently dumping its lawsuit against the FHFA over the proposed changes, the NAMB stepped up its political fight against the key appraisal changes.

The agreement eliminates mortgage broker-ordered appraisals, prohibits appraiser coercion, and reduces the use of in-house appraisals and captive appraisal management companies.

It was the result of a 2007 lawsuit in which Attorney General Andrew Cuomo sued First American Corp. and its eAppraiseIt unit for falsely inflating home values tied to Washington Mutual home loans.

But NAMB argues that the proposal will hurt consumers and small businesses, and could violate certain procedural and compliance laws.

Instead of relying on independent appraisers, HVCC will require the use of “unregulated” Appraisal Management Companies (AMCs), which are often located thousands of miles away from the subject properties.

NAMB believes independent appraisers with in-depth knowledge of local market conditions will be sacrificed for large AMCs, despite the fact that an AMC was the focus of the lawsuit that led to the creation of the HVCC.

The brokers also believe the changes will negatively impact the consumer, who will incur higher costs, limited choice, and longer processing times at a time when lending is already quite backed up.

Additionally, they feel the HVCC breaks procedural law and is a potential violation of RESPA (confusion that could push mortgage brokers out of the picture), while arguing that appraisal standards already exist.

Unfortunately, their pleas may fall on deaf ears, as reports like this from the Center of Public Integrity found tons of fraud on both the mortgage lender and appraiser end, making it pretty clear that big changes are necessary.

(photo: smn)

Source: thetruthaboutmortgage.com

Apache is functioning normally

The latest issue of Consumer Reports magazine recommends that consumers avoid mortgage brokers when seeking home loan financing.

As a result, the popular publication, which prides itself on neutrality and fairness, just angered a very large group of mortgage industry workers.

So much so that the president of the National Association of Mortgage Brokers (NAMB) fired off a letter to Consumer Reports calling it simply bad mortgage advice.

Let’s learn about what was actually said.

Consumer Reports Flip-Flopped on Brokers

  • Their original article said consumers shouldn’t use mortgage brokers
  • Because they could be focused more on selling you a mortgage
  • As opposed to getting you the best deal on your home loan
  • Now it says brokers should be considered along with other mortgage providers

The original article said, “We don’t recommend that you hire a mortgage broker to do that because he may be more focused on selling you a mortgage than getting you the best deal.”

At least, that’s how NAMB president John L. Councilman put it in his letter. The article on the Consumer Reports website included the word “generally,” which may or may not have existed before NAMB got involved.

I don’t know if it was there or not, but that changes thing a bit. In any case, it is a pretty bold statement to make, not to mention blatant generalizing.

Is It Okay to Generalize?

  • Like everything else in this world, you can’t generalize
  • Especially when talking about a very large group of people
  • It’s not surprising that they received some major backlash
  • Since you’re always going to be wrong if you try to lump everyone into one category

When it comes down to it, mortgage brokers are individuals, so to say that they will ALL just focus on getting you a mortgage regardless of the value it offers is a bit ridiculous, especially for a publication that is all about impartiality.

At the same time, I can’t sit here and tell you that every single mortgage broker out there is a great person with your best interests in mind.

That’s obvious; nobody can do that because results can and will vary when dealing with a large swath of individuals.

The same is true about lenders, banks, and credit unions, which Consumer Reports says to focus on instead.

At least they tell consumers to look beyond their “regular bank,” which is good advice. When shopping for something as important (and costly) as a mortgage, you should certainly comparison shop.

But singling out an entire group is silly, even if there are some bad eggs in the group.

Brokers May Actually Be Better Educated

  • It’s harder to become a mortgage broker than it is a loan officer at a bank
  • And they are scrutinized more with background checks and so on
  • But you still have to do your diligence to ensure you work with a reputable individual regardless of the channel you choose

As Councilman aptly pointed out in his letter, “bank originators are not licensed, tested, or required to have the same education, as non-bank originators. They even have less stringent criminal background standards.”

Again, this doesn’t mean you can’t encounter a good or a bad loan originator from either group, but it shouldn’t give consumers a reason to completely shut out one channel.

Ultimately, the more options you sift through, the higher your chances are of landing a better deal on your home loan.

He also noted that there are anti-steering measures in place for brokers these days, requiring that they get paid the same compensation regardless of loan product or rate.

This is true, though they can still receive varying commissions from different lender partners, so it is possible to send customers to certain banks where they get paid more.

But let’s be honest, everyone’s pretty much going with a 30-year fixed mortgage these days. The exotic stuff is largely gone, and borrowers will generally only go with FHA if they have to, or if it’s significantly cheaper.

Councilman closed his letter by inviting the editors of Consumer Reports to do a ride along at some broker shops and attend a NAMB conference. And even challenged the magazine to post his letter in its publication.

That seems doubtful, but they may have already slightly edited their article to include the word “generally.”

(photo: eckes/bernd)

Source: thetruthaboutmortgage.com

Apache is functioning normally

The National Association of Mortgage Brokers (NAMB), an association representing the interests of individual mortgage loan originators and small to midsize mortgage businesses, is welcoming the introduction of a bill that would end the sale of trigger leads.

The bill, H.R. 2656, was introduced by Representative Richie Torres of New York on April 17, and would amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads — which the association has been urging Congress to do since at least 2018. 

This legislative proposal would deliver “long-needed relief” to consumers and the mortgage marketplace by ending the “dangerous practice” of trigger leads, Ernest Jones Jr., president of NAMB, said in a statement. 

Trigger lead takes place when a consumer applies for a mortgage. The inquiry to credit by a mortgage company is a trigger that notifies the credit bureau that the consumer is interested in applying for financing. Then the trigger lead is then sold by the credit bureau – including Experian, TransUnion and Equifax – to data brokers, including competing mortgage companies, without the consumer’s knowledge or approval. 

The leads consist of names, contact information and other data, including a significant amount of personal information, related to those who recently applied for a mortgage.

Consumers may then be contacted by competing companies who purchased the trigger leads, which often creates confusion for borrowers and may prompt them to send personal information they may not have intended to share with other lenders. 

However, H.R. 2656 would ensure that no consumer reporting agency can provide a consumer report in connection with a credit transaction that is not initiated by a consumer.

At a time when interest rates and housing prices remain elevated, maximizing consumers’ choices can help people afford the right home for them, the Consumer Data Industry Association (CDIA) told HousingWire.

“Lenders making timely credit offers can maximize consumers’ choices when they need it most. When shopping for a mortgage this can mean saving thousands of dollars,” the CDIA said.

“NAMB is honored to have worked with members of Congress on this critical legislation and today we hope these efforts will help many people across the nation to end this terrible practice that places undue hardships on consumers, mortgage professionals and the entire marketplace,” Jones Jr. said.

It’s still early on in the process before it becomes a law, but this bill is a good start, the Mortgage Bankers Association (MBA) said.

“We will work with Congressman Torres and lawmakers from both sides of the aisle to stop unwanted harassment of consumers and maintain a well-functioning market, MBA’s Bill Killmer, SVP of legislative and political affairs, said.

Loan officers took to social media to support the “long overdue” legislative proposal.

“I can’t begin to tell you the number of times a client in processing calls one of my LO’s to question the bombardment of phone calls from ‘internet-call center’ sweat shops offering a much lower rate and faster closing… and within moments of their loan application,” a senior loan officer based in South Carolina, wrote on LinkedIn. 

Another loan officer in California noted that clients get a lot more calls than before from competing lenders after a credit inquiry, causing confusion to consumers and making business a lot harder for LOs.

“It used to be that every once in a while a client would say they got a call soliciting them because of a recent credit inquiry but lately it’s gotten terrible and numerous times getting 15 calls in an hour. Often they represent themselves as someone the borrower is familiar with and quote outrageously low rates with a ton of points or try the old bait and switch,” the loan officer said.

HousingWire reached out to Equifax, TransUnion and Experian for comment. However, none of the three credit bureaus responded. This story will be updated and/or follow-up coverage will be added if the bureaus respond.

Source: housingwire.com