Sharing a king bed with your 80-year old aunt, or the refrigerator with your twin 25-year olds who can’t afford to move out, probably isn’t high on your list. But looking at builder’s building trends shows that they are certainly cognizant of, and reacting to, multi-generational housing needs.
Jobs & products
FirstBank’s Correspondent Lending division is a buyer of Fannie Mae, Freddie Mac, FHA, VA, USDA, and Jumbo loans, purchasing both flow and bulk, best efforts, as well as mandatory. FirstBank, charted in 1906, is a publicly traded company (NYSE: FBK) with more than $4.5 billion in total assets and is in the top 5 percent of all U.S. banks based on assets. FirstBank is searching for a correspondent account representative to its team in the Pacific Northwest territory. If you have correspondent experience and would like to work for a well-capitalized, growing correspondent, please contact Michael Wold, Regional VP of Correspondent Sales – West; Pacific Northwest contacts a plus.
For those companies using Dovenmuehle as their subservicer, Richey May & Co., a public accounting and advisory firm recognized as a leader in the mortgage industry, will again be conducting its annual subservicer oversight review to assist lenders with their monitoring and oversight responsibilities. The on-site review at Dovenmuehle’s facility is scheduled for January 30 and 31, and Richey May’s review is performed on behalf of multiple clients at the same time, thereby sharing expenses and creating cost savings that are passed on to participating clients. Please contact Kurt Blohm to learn more about this comprehensive oversight review program. Richey May has also released its latest whitepaper, “Mortgage Subservicer Oversight: Understanding Your Selection and Oversight Responsibilities,” which provides guidance on selecting a subservicer, as well as recommendations regarding the timing and frequency of oversight procedures.
“22 lenders are rolling out Sales Boomerang’s Borrower Intelligence program in the first quarter of 2018 which is probably why Sales Boomerang is now the fastest growing mortgage technology company in North America. Raving clients of all sizes: ‘Love it, Lovit it,’ ‘Best idea I’ve heard in years,’ ‘This is phenomenal,’ ‘We are going to have our biggest year thanks to you.’ See for yourself why No Borrower Left Behind is the most powerful idea in the mortgage industry.”
“AnnieMac Home Mortgage welcomes Josh Lund, Branch Manager, and we are excited announce his market launch in Minneapolis MN! Josh and his team are forecasted to grow production more than 30% in 2018 powered by “The Worx” platform to complement existing production. The Real Estate community can expect a white label realtor productivity platform complete with coaching, tech, marketing, designations, and much more to support a broker owner with per-person-productivity, agent recruiting, and agent retention. Yes, Josh and his team will also have great rates, great service, all the products and available 24/7 as standard protocol. If YOU read this and want a business solution to expand production in a contracting marketing, we encourage you, like Josh – do the research on credible solutions to your impending need of more production in 2018. You can learn more about ‘The Worx’ platform by contacting Paul Zinn, SVP of Business Development at 856.577.7749.
Congrats to Ian Miller who Mortgage Capital Trading, Inc. (MCT) announced has joined as Chief Marketing Officer (CMO). In this newly created position, he is responsible for ensuring that MCT’s marketing strategy effectively supports the company’s business plan and helps drive growth.
Upcoming events, training, and webinars
Reverse Mortgage Funding LLC is offering a free, in-person “Reverse Mortgage Jump Start” accelerated learning course — one in Miami on Wednesday, January 31 , and another in Orlando on Thursday, February 1 . Each one-day session will be from 10:00 a.m. to 2:00 p.m., with lunch included. Find out how you can easily add this missing piece to your product mix, with a team of industry-leading professionals on your side. If you’re originating mortgage refinancing, home purchase loans, and/or lines of credit and not offering reverse mortgages, you’re missing out on a huge market opportunity — homeowners and homebuyers age 62+. This is a great way to learn the ropes and how you can get started. Admission is free, but seating is limited so reserve your place today!
With passage of the Tax Cuts and Jobs Act in late December, the mortgage experts at Richey May & Co., LLP are hosting a webinar for all independent lenders to discuss the impact of this historic tax reform on the industry. Join them on January 16 for an in-depth review of the key provisions in the Act, how they specifically affect lenders, and what steps you should be taking in the new year to best position your business. Register for this free webinar here; CPE credit is offered to CPAs who attend.
Brawl is doing a lender only webinar on Monday January 15th at 3PM ET. “In this webinar, we will do a presentation of the new ‘BRAWL: Lender Scorecard,’ a detailed review of the scoring system, provide instructions on lender participation, and go over how BRAWL will verify information provided by lenders to make sure accurate data is disclosed on each lender scorecard. Wholesale lenders who are interested should email email@example.com with the lender name, primary contact person name, phone #, and email address and you will be sent an invitation to join the webinar.”
On January 18 & 19 in Dallas NEXT Mortgage Events LLC is offering the only women’s event focused on the technologies that are changing the mortgage industry. Agenda items are centered on the technology and tools that can influence business outcomes, fast-paced tech demos, an integrated expo hall, and networking events. Register at NEXTMortgageConference.com or contact co-founders Molly Dowdy or Jeri Yoshida.
In light of recent hurricane, flood, and fire disasters in Florida, Texas and California, Ellie Mae has created two webinars to help lenders prepare for these types of disasters, and be able to effectively assist their customers when these types of events occur. “Staying Above Water: Preparing for a Flood-Related Natural Disaster” will be offered on Wednesday, January 17th at 11AM PT, and “Keeping Ahead of the Smoke: Preparing for a Fire-Related Natural Disaster” will be held on Wednesday, February 7th at 11AM PT. Registration is $199 per person, and more information is available through the links provided or from the Ellie Mae Education calendar.
When reviewing the plan and budget for 2018, any successful mortgage or title company needs to keep in mind not just internal goals and constraints but a slew of macroeconomic indicators. Since most of us are business professionals and not professional economists, how does one get an accurate view of the entire economy? Our favorite economic sage is famed forecaster and blogger for Calculated Risk, Bill McBride. And we are lucky enough to have him present the first String webinar of the new year, “Calculated Risk’s Top 10 Questions Of 2018: A New Year Preview.” From economic growth, to Fed interest rates and, of course, the tax plan, McBride will discuss how they will play out in 2018 and what effect it will all have on the real estate industry. Come join us, on January 23rd at 2pm, for this insightful presentation.
Register for SunWest’s webinar on January 24th to lean about the VA loan program and guidelines.
Ditech offers a comprehensive monthly training curriculum on the latest developments for ditech products and processes. Updated regularly to reflect recent changes in the industry, trainings include various Government Basic Sessions (FHA, VA and USDA) and other customized sessions including a new training on Mortgage Insurance Alternatives.
FAMC Wholesale has published its January Wholesale Customer Training Calendar. This month’s calendar offers a variety of training opportunities such as “Analyzing Appraisals”, “K-1 Workshop”, “Asset Review”, “Evaluating and Calculating Borrower Income”, and “Detecting Fraud”.
In Texas, the Austin Mortgage Bankers are hosting attorney Ari Karen for its luncheon on Tuesday, February 6th at the Austin Country Club from 11:30-1PM. RSVP today at the AMBA web site. Become a member of the Austin Mortgage Bankers Association for 2018 by simply filling out the online membership form!
National MI is offering three live webinar trainings in February. Discover the Possibilities with Home Possible Mortgages: February 7th from 10:00–11:30 PST. Advanced Self-employed Borrowers: February 13th from 10:00 am–12:00 pm PST. AI, Bitcoin and the Future of Mortgage: February 15th from 12:00 pm–1:00 pm. PST.
The Mortgage Collaborative will host its 2018 Winter Conference in San Diego, CA, Sunday, February 11th through Tuesday, February 13th. TMC’s conferences provide a format that is almost exclusively lender-led discussion based sessions on very specific industry issues and topics. Contact Rich Swerbinsky for more information.
Join NAMB for NAMB Focus: Sales and Marketing Conference, February 15-17 at the Hilton Sandestin Beach Golf Resort & Spa in Miramar Beach, Florida. NAMB Focus will feature sales and marketing focused breakout sessions, a large exhibit hall and plenty of opportunities to network and share ideas with fellow mortgage professionals.
Not registered for the February 14th–16th 2018 Eastern Secondary Market Conference? Get your registration in today. Yes, the MBA of Florida’s 15th Annual Eastern Secondary Market Conference & Exhibits is coming up starting February 14th.
Mortgage companies have recently come under increased pressure from regulators and the GSEs to have an internal audit function, representing a third line of defense. On February 9th, the NYMBA has put together a presentation with presenters Brian J. Mischel, Partner at BKD Cincinnati, OH and Ryan Sailor, Director at BKD New York, NY. Click here for registration information.
In Colorado, the CMLA is providing two workshops designed to help mortgage professionals identify when fraud or misrepresentation is occurring. The workshop registration is available for Tuesday, February 6th in Denver or Wednesday, February 7th in Fort Collins.
The TMBA will be holding its Warehouse Conclave in conjunction with the Southern Secondary Market Conference on February 6th. You MUST register separately for the Warehouse Conclave and the Secondary Conference; register today.
Wells Fargo Funding, in cooperation with Freddie Mac and National MI, is hosting in-market, first-time homebuyer/affordable product events in Emeryville, CA (February 6) and Costa Mesa, CA (February 7). Each event runs from 11:00 a.m. – 3:30 p.m. Pacific (including complimentary lunch from 11-Noon) – and is focused on helping lenders grow market share in the affordable/first-time homebuyer space. Presenters will cover strategies to connect with first-time homebuyers, Freddie Mac’s Home Possible and provide tips for strengthening your marketing and networking. LOs, sales/production/affordable lending managers, underwriters, and marketing teams should consider attending. Approved and prospective Wells Fargo Funding, Freddie Mac and National MI clients are welcome. If interested, contact a member of your regional sales team or send an email to CorrespondentDiverseSegments@wellsfargo.com.
Cheryl Glover, CFO of Essex Mortgage, is organizing a CFO roundtable in Orange County, CA on February 22nd at 4;30PM at Il Fornaio in Irvine. The purpose of this roundtable is to share industry best practices and collaborate on other mortgage specific challenges, and will be like other industry roundtables but is specific to the CFO’s role. (Proprietary or price specific information will not be discussed.) The dinner cost is $30 including tax and tip. Email Cheryl to RSVP.
The National Association of Professional Mortgage Women will hold its Annual Education Conference at Harrah’s Casino in Las Vegas April 4-6. This year’s theme will be “Unmasking Mortgage.” Contact Tobi Libbra, Rolanda Legg, or Robin Hart for more information.
Join the MBA’s National Secondary Market Conference & Expo May 20-23 in New York. This conference brings together over 1,500 secondary market professionals.
What the heck happened to rates yesterday? The 10-year Treasury note yield jumped 7 basis points on Tuesday to 2.55% as the long end of the yield curve steepened. This is the first time the 10-year note was above 2.50% since mid-March 2017, and had some market participants declaring a “bear market” in bonds. Don’t blame the economic data for Tuesday as it was muted: The NFIB Small Business Optimism Index, same-store sales, and JOLTS all declined slightly from their previous levels, but remained in positive territory. The Bank of Japan announced that it purchased fewer bonds, though within their published range, during their first of 5 buying occasions of the month which led some to comment that is was a potential source of Tuesday’s selloff. The announcement occurred overnight, however, and did not have much of an impact on the Treasury market at the time.
Some attribute the sell-off to supply & demand concerns in the market. There are many sovereign debt issues (including the U.S.) scheduled in the near future and these issues are focused more on longer-dated securities, and there is speculation that officials in China could slow or curtail their current demand for treasuries. Some also pointed to oil prices as U.S. Crude hit a three-year high as a source of the selloff. While it’s not likely accounted for the full market move, it does play into the global growth narrative that may lead to an increase in inflation expectations. Despite the headlines, Tuesday seemed to be one of those days where momentum led the market lower.
Moving on to today’s calendar, we’ve had MBA’s mortgage applications data from last week (up over 8%), Import/Export Prices (+.1%, -.1%), and Wholesale Trade. Additionally, the Fed will be buying $1.455 billion 30-year conventional MBS at the 3.5% and 4.0% coupons which should provide some price support. We commence Wednesday with the 10-year yielding 2.59% and agency MBS prices are worse .125-.250 versus Tuesday’s close.
Claustrophobia is the fear of closed spaces.
For example: I am going to the liquor store.
And I am afraid it’s closed.
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, “Servicing: All It’s Cracked Up to Be?” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are over 300 mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2018 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)