As Gordon bears down on the Gulf Coast, we’re 2/3 of the way through the 3rd quarter of 2018 already. How’d that happen? Looking ahead, most employed folks will have either Columbus Day (10/8) or Veterans Day (11/12) off, or both. For those of you who don’t, well, it is a long 55 business days until Thanksgiving. In other updates, and let me know if you’ve heard this song, here’s another stab at brokers, although all originators should take note: an Australian startup is looking to connect borrowers and lenders on an online platform that not only finds a home loan but auctions off the customer to the best offer.
Jobs, opportunities, & exits
XINNIX is pleased to present a must-have resource for these challenging times, The Ultimate Loan Production Playbook! The impact that rising interest rates, shrinking inventory, and compressed margins have had on the mortgage industry in the past year is undeniable. The Ultimate Loan Production Playbook shares some of XINNIX’s powerfully proven steps that help drive production in any market and elevate success exponentially. From individual loan officers to executive leaders, XINNIX wants to serve you by offering this tool that will you started on the path to increasing production now. Click here to get your complimentary copy. And if you’re interested in being part of this dynamic team that leads mortgage professionals in every stage of their career to incredible success, click here. XINNIX has open positions in the Midwest, Southeast, and Texas.
“Is it time for you to spread your wings a bit? Now is your opportunity to better yourself professionally and personally by becoming a producing branch manager in your market for Assurance Financial. Make more money with the same amount of effort and enjoy a truly supportive and committed mortgage origination environment. We’ve recently opened 4 new branches, and we’re more committed than ever to see our company grow with great people and an expanding suite of make-sense product offerings that will help you build relationships with Realtors, builders, and borrowers. Come fly with the Home Loan Experts. Contact Paul Peters, CMB (225.239.7948). Assurance Financial is a growing full-service independent mortgage banker seeking dynamic producing branch managers and MLO teams throughout the South, Southeast, Southwest, East, and Midwest.”
Evergreen Home Loans™ has announced the formation of its Evergreen Cares Foundation. The goal of the foundation is to encourage and support Evergreen associates’ compassion for giving while improving lives through wellness and housing programs. “Our family of associates are passionate about giving back to the communities we serve and the Evergreen Cares Foundation is just another way to achieve our company vision of changing the world one relationship at a time,” said Don Burton, president, Evergreen Home Loans. Evergreen associates engage and support the Evergreen Cares Foundation through financial donations matched by Evergreen, receiving paid hours for volunteer work, nominating organizations for grants provided by the foundation, or serving on non-profit boards and committees. If you’re looking for a company that helps associates give back to their communities, celebrates individual growth, and truly lives its unique and award winning culture, visit its Careers page.
An experienced Controller is being sought by a small-to-medium sized correspondent mortgage lender awarded 5X INC 5000 Fastest growing companies in America, Crain’s Chicago Fast Fifty, and Top Mortgage Employer by NMP Magazine. Must have 5 years of experience as a Controller at a Correspondent mortgage lender. Experience in working with Loan vision accounting software preferred. Email me for a confidential meeting.
Brad Blackwell (Wells Fargo EVP of Housing Policy and Homeownership) announced his final WF exit. “I have had the privilege to work with amazing people and, together, accomplish much for homeownership in this country. I am looking forward to the next chapter, whatever that may bring.”
Lender’s products & services
You can just focus on the transaction and have a customer for a day, or you can offer so much value that you gain a customer for life. Human relationships are the one constant in today’s digital world. We trust the people we know. We listen to people we like. And we are more apt to do business with companies that have already proven they can deliver. Did you know a 5% increase in customer retention can increase a company’s profitability by 75 percent? Loan officers cannot afford to lose track of their customers after the paperwork is signed. Marketing automation is the only viable way for loan officers to nurture relationships with their existing customers as they look to grow their business. Read the Total Expert blog: “Marketing Automation Empowers Loan Officers to Build Customers for Life.”
Every mortgage company is unique and recruiting the right producers for your organization is vital for long term success. Model Match is a leader in strategic growth and our talent management system is changing the way the industry recruits. CLICK HERE to read about our award winning TMS and full recruiting services. Whether you’re an individual leader or an entire organization, we offer solutions to help find and attract quality talent which will increase your overall production and bottom line. Let us show you how CLICK HERE. Model Match is at it again, sharing our headhunting secrets and creating value for the industry through our FREE monthly educational series. Please join us Wednesday, September 12th at 1pm EST as we discuss, “Cold Call Reluctance: A Deeper Dive” CLICK HERE to register.
“100% LTV Home Equity Loans Are Back. Are you looking for an alternative to high rate Cash-out Refinances? Do you need a piggyback loan to avoid MI or Jumbo Pricing? Spring EQ, the nation’s premier non-bank home equity lender, is now offering its broad home equity product guidelines to brokers. Brokers will now have access to expanded home equity loan options to help customers get cash with FICO’s as low as 640 and CLTV’s as high as 100%. Spring EQ has developed an innovative process that typically requires only 4 documents (proof of income, mortgage statement, proof of hazard insurance and a photo ID) and customers can get their money in as little as 2 weeks. Ken Turner, Director of Wholesale Lending, is overseeing Spring EQ’s wholesale channel. Become a broker partner and offer your customers standalone or piggyback home equity loans.” Just contact Ken Turner (215-515-4109) to sign up today.”
Kurt Reisig, Chairman of American Pacific Mortgage, and Bill Lowman, CEO, invite you to APM’s 2018 Fall Symposium: The Power of You. The Symposium will be held in San Diego on September 13-14 and is crafted specifically for mortgage originators and branch managers to interact and collaborate with leadership, top producers and other industry leaders. For example, on Friday afternoon I will be interviewing renowned industry leader, Angelo Mozilo, to discuss the early days of Countrywide, how the company was built and grew into the largest mortgage company in America. Also, the role culture played in attracting and retaining employees, and how they approached creating experiences that matter for their consumers. “We will also have the opportunity to explore his thoughts on our current economic and political climate. Come join us as our guest and discover first-hand how APM operates and commits to supporting our originators with the tools, inspiration and resources to deliver exceptional customer experiences to sustain and grab market share in 2018. Click here to register or contact Dustin Block (303.378.3166) with questions.”
Join the National Mortgage Professional Magazine’s complimentary webinar Why Non-QM Should be Part of Your Origination Mix on Thursday, September 6 at 1PM EDT. The mortgage lending landscape is constantly changing making alternative lending more important than ever. Non-QM products offer innovative quality solutions created as an answer to today’s challenging market. Join our informative webinar with Tom Hutchens, Executive Vice President of Production with Angel Oak Mortgage Solutions. You will learn what alternative lending means now and why you shouldn’t ignore non-agency options. Register for the complimentary webinar here.
On Saturday, October 20 more than 1,500 independent mortgage brokers, loan originators and processors will come together at the AIME Fuse 2018 National Conference to learn from industry experts about how they can access the best technology, originate more loans each month and become a marketing expert for their own business. AIME Fuse will unite the nation’s most passionate mortgage professionals around a singular focus: to celebrate and enhance the value of independent mortgage brokers. This is the inaugural national event for the Association of Independent Mortgage Experts (AIME) and will be held at Bellagio Las Vegas. Use code FUSEEARLY18 to register for only $75 ($125 value) until August 31st. Register for AIME Fuse 2018 here.
The MBA’s National Conference is next month in DC – hope to see you there. I received this note from ex-president Dave Stevens. “Rob, Even as I exit MBA, and I will not be able to attend annual, I encourage all to try this. I always believed that this 3 days at MBA Annual was the most valuable way for an employee in mortgage banking to get fully up to speed on every issue facing our industry, to be exposed to new and innovative changes, to hear from the most senior public officials, and to network with other committed professionals. It’s a concentrated period of massive learning that simply is unavailable anywhere else. For the investment-return measure, it is hard to match. Now with the link to the justification letter, any reader of Chrisman can simply do what good sales people do – just ask and see if you can get approved to attend. It’s a great investment for your employer as well.”
As noted above, “Model Match is at it again, sharing our headhunting secrets and creating value for the industry through our free monthly educational series. Wednesday, September 12th at 1PM ET we’ll discuss, “Cold Call Reluctance: A Deeper Dive” CLICK HERE to register.”
PRMG has a full lineup of September webinars…see what’s new and register too.
Registration is underway for the Arch MI September webinar offerings. Attend on your desktop computer or laptop. Audio streams through your device; no phone connection required.
National MI has two webinar sessions available in September brought to you by its MI University: How to Avoid the Email Delete Barrier and Get More Replies on September 12th and How to Use Instagram to Grow Your Business on September 20th.
If you haven’t registered for the 2018 VMLA Annual Convention, now is the time. It’s right around the corner, September 20th and 21st at the Hilton Norfolk The Main.
Lenders One CEO Michael Kuentz will be hosting a CEO Symposium in Fort Worth, TX, September 26-27 for prospective members to share his vision for the future of the Lenders One mortgage cooperative. Lenders One recently rolled out several new solutions at its Summer Conference in Salt Lake City including a total eClose solution with DocMagic; an MSR optimization engine with Incenter; an M&A connector; and a talent acquisition and retention offering with Hoops HR. If you are interested in joining Michael in Fort Worth, reach out to Michael Kuentz by September 5.
On Tuesday September 11th attend a webinar titled, “You Can’t Afford to be Wrong: Overcoming Construction Loan Compliance Challenges.” With a new regulatory alert issued every 7 minutes, how do you ensure compliance throughout your construction loan portfolio? Join Asurity Mortgage Group and Land Gorilla on September 11th at 10:30AM PT to learn how to create compliant construction loan packages to improve efficiency, mitigate risk, and avoid costs. Save your seat!
Register for the NE Conference of Mortgage Brokers and Professionals held at Harrah’s Resort and Convention Center – September 23rd-25th. Transitional Mortgage Licensing and other changes to New Jersey Residential Mortgage Lending Act are a few of the topics that will be explained at the conference. Click here for the conference program and registration details.
On Friday the U.S. 10-year closed last week at 2.85%… Zzz. Investors were more focused on getting away from work than the tariffs on $200 billion worth of imports from China likely going into effect this week. Other news to close the week centered around the longevity of the agreement President Trump made with European Commission President Jean-Claude Juncker to suspend tariffs while negotiations take place. President Trump previously said that it would be insufficient for Europe to remove tariffs on auto imports if other barriers remained in place. Don’t forget the folks to the north (or southeast if you’re in AK). Focus this week on a macro level will be how Canada is included in the latest NAFTA talks.
Markets return today to a busy, shortened week of economic data which starts with final August Markit PMI, and is followed shortly thereafter by July construction spending and August ISM Manufacturing PMI. The final release of the day will be August vehicle sales this afternoon.
Tomorrow we have the Weekly MBA Mortgage Index, July Trade Balance, and August ADP Employment Change, followed by Jobless Claims, July Factory Orders, and August ISM Services on Thursday. The week concludes with August Nonfarm Payrolls and the Unemployment Rate. Ahead of all that news we find the 10-year starting the week yielding 2.87% and agency MBS prices down/worse a few ticks (32nds) versus Friday afternoon. The doldrums continue.
Words can’t express how much I hate World Emoji Day.
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, “What Does Affordable Housing Mean? 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.)
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