Aug. 8: Ops, AE, LO jobs; credit, doc. products; vendors raising money & offering free inv. prop. appraisals

Are there “non-profit” lenders and/or real estate companies in the private sector? (I’m talking business model, not tax status.) Sure there are. Here’s a quick example: Homewise in New Mexico. But in my talks with lenders around the nation, profit is the name of the game, and non-bank lenders are always watching bank and credit union activity in residential lending. Market share is always shifting. There are lots of smart folks who will tell you that banks are no longer as attracted to the current legal and regulatory “resi” environment, nor the volatility in volumes and profits, and that perhaps the residential borrower is not viewed as the cornerstone of banking that they once were. Change is a constant!

Employment

Bell Bank Mortgage, based in Fargo, North Dakota has announced the opening of a new office in Albuquerque, part of the successful mortgage company’s expansion in the Southwest which includes an additional group of experienced lenders setting industry standards for excellence and integrity in Santa Fe, Clovis, and Albuquerque NM. Yvette Klinkmann, New Mexico area manager for Bell Bank Mortgage, will move into the new Albuquerque space at 2440 Louisiana Boulevard N.E., Suite 110. Bell Mortgage is a division of Bell Bank, one of the nation’s largest privately held banks, known for its family atmosphere and award-winning culture and consistently named a top workplace regionally and nationwide.

“Thanks to the incredible success of the NONI, theLender has become the fastest growing NonQM wholesale lender in the country (+1,067% growth!). As Congress ponders what to do with the GSE “patch”, theLender is already prepared for the shift. We’ve made a significant investment in the non-owner space and are proud to announce we can close NONIs in 5 days or less. That’s right, no TRID timeline restraints preventing loans from funding and no GFE/TIL to deal with. Since these 1-4-unit non-owner-occupied properties are true business purpose loans, you can now utilize theLender’s exclusive business purpose process. Additionally, we’ve made updates to licensing requirements allowing brokers to expand their state footprint as well as enhancements to our business purpose pricing. You can learn more by registering for our webinar Aug 15th at 10am by clicking this link https://lnkd.in/g-ZaAWf. If you want to work for theLender email recruiting@theLender.com.

Caliber Home Loans, Inc. is having an awesome 2019! Last month we funded over $6 billion overall and prior to that reported originations 13% over our sales plan for the first half of the year. Our business is growing and we’re hiring nationwide for several in-demand positions for all sales channels. Caliber is having an Employee Referral Bonus Bonanza too and has extended it to Friday, August 30th. This month Caliber employees can now earn $1,500 by referring qualified candidates to our Operations department. Eligible candidates can apply online, or if you know a Caliber employee, let them refer you to us– it’s a win-win!”

Are you ready to grow your business with the help of the top real estate company in the Greater Charleston, SC area? If you are a purchase-oriented loan officer or junior MLO in the Summerville/Charleston, SC area, NewRez wants to talk to you about an opportunity in its joint venture partner Carolina One Real Estate in Carolina One Mortgage. “We have a tremendous position available for a hungry and dedicated loan officer,” said Kim Shelpman, President of Carolina One Mortgage. “A spot inside one of the busiest offices for the #1 real estate company in the region creates a fantastic opportunity to significantly grow your income.” Contact Vince Daino, VP of Recruiting and Business Development to learn how to step into an origination role with an in-house audience, and to find out about additional roles for loan officers and producing managers throughout the country within NewRez’s other real estate partnerships.

“Interest rates continue to drop at a historic pace. For borrowers currently looking to build a home, the lower rates may equal greater access to products and potential savings. Even better, GSF Mortgage Corporation offers customers a Float Down option for Single Close Construction loans. The feature protects your borrowers by automatically lowering the interest rate and monthly payment if interest rates are lower when their home is complete. A Single Close Construction loan provides customers with the peace of mind in knowing their interest rates and monthly payments before construction begins and when construction is complete. GSF Mortgage Corporation offers more choices to our customers than most other lenders, to buy or build their dream home. If you’re an Originator with construction experience, please contact our VP of Retail, Frank Papaleo, for information on our growing Single Close Construction program.”

A quarterback doesn’t carry the entire team alone. They need linebackers, safeties and running backs to succeed. QLMS continues adding more MVPs to its team and the results speak for themselves. From Q2 2018 to Q2 2019 QLMS doubled its number of broker partners and tripled its closed mortgage volume. This growth is a result of the record number of AEs and Operations team members who joined the company within the last year. Now QLMS is looking to add even more all-stars. QLMS is hiring hundreds of team members, from AEs who maintain relationships with partners to Operations team members who make sure loans make it to the closing table. The team isn’t complete without mortgage professionals like you. Become a part of this banner year – and every successful year to come after. Click here to if you’re ready to join the fastest growing lender serving brokers.

Lender products & services

THE COMPLIANCE NEWSHUB is your mortgage credit and compliance resource library. Join the thousands of industry professionals who’ve subscribed to ARMCO’s Compliance NewsHub, the mortgage industry’s first free comprehensive searchable online resource for regulation-related news and information. The Compliance NewsHub provides mortgage lenders with fast and easy access to the most comprehensive source of current information on a full range of regulation-related topics—from investor guidelines to state law and CFPB mandates. ARMCO’s Compliance NewsHub provides the latest compliance news and announcements by category: federal legislation, legal, industry, agency/GSE, disaster and state. The Compliance NewsHub Calendar offers a searchable library of past and future regulation announcements that users may search according to date, industry and regulating body. Subscribe to the ARMCO Compliance NewsHub Bulletin and get a free Checklist on How to Survive an Onsite Audit.

Are you looking for ways to get loans off your books faster? Then you should check out a webinar that TMS and Ellie Mae will be hosting on August 15th at 2pm EST. The topic is Ellie Mae Encompass Investor Connect™, a huge driver of innovation in the correspondent lending industry that takes the traditional and frustrating manual loan package delivery process and upgrades it for today’s digital mortgage age. To learn how you can improve pricing tiers and purchase times, work faster while ensuring accuracy and audit info with ease, register now

Freddie Mac Single-Family is ALL FOR reducing barriers and raising hope. Freddie Mac is expanding the thinking around affordable lending and inspiring others to do the same. With All For HomeSM, we’re leading the way through providing insights, education, mortgage products and business solutions that address the needs of today’s borrower and of The Borrower of the FutureSM. Rising home prices and interest rates, coupled with a lack of entry-level inventory, are increasing affordability challenges. Demographic and cultural shifts, migrations from rural to urban, first-time homebuyers with thin-credit files and complex processes pose additional barriers to achieving the American dream. It takes collaboration and partnership to innovate solutions that make a positive impact. Learn more about All For Home, discover key insights to inform your business and take advantage of solutions and tools that will enable your borrowers to make Home Possible®. All in. All of us. All For Home.

Borrower preference for mobile loan applications reached the tipping point in 2Q19. According to SimpleNexusmobile loan applications accounted for more than 50% of the 37,157 applications originated on its platform in May. This finding comes as SimpleNexus is clocking record loan application submissions and growing at an unprecedented rate. The firm’s triple-digit growth and enthusiastic adoption by LOs, real estate agents and borrowers is testimony that it’s delivering on a market need for a mobile origination toolset that accelerates pull through and production. For more info on how SimpleNexus can empower your LOs to get more loans to the finish line, faster, request a personalized demo. And if you’ll be in San Diego for the CMBA’s inaugural Tech Innovators Conference, stop by the SimpleNexus booth (#404) or catch our CEO Matt Hansen moderating Sunday’s opening panel, which explores the question: “What do lenders need out of their tech partners?”

Floify just announced three new integrations with leading credit reporting agencies, including CIS, Informative Research, and SettlementOne, which have all joined the ranks of its massive suite of impressive third-party solutions. As many tech-savvy LOs know, Floify’s powerful integrations with credit agencies have made it incredibly easy for mortgage teams to seamlessly pull and receive a prospect’s tri-merged credit report, all from within Floify. Additionally, LOs are able to first collect a prospect’s eConsent and Credit Authorization in just a few clicks via the system’s built-in capabilities. Once a prospect has authorized the credit pull, an LO can configure their Floify to automatically retrieve credit reports upon converting a prospect loan application into a live loan, or the LO has the option to quickly order credit from any in-progress loan. To see how Floify and its growing list of integrations will help you streamline your lending operation, request a demo.

Name changes

Shamrock Financial turned 30 years old on July 19th and celebrated with a rebranding to Shamrock Home Loans (August 1st.) The company is one of the longest standing privately owned IMB’s in southern New England. The founder and CEO, Dean Harrington, is the most recent past president of Rhode Island Mortgage Bankers Association. Shamrock’s president, Rod Correia, is a former Major League baseball player with the California Angels and has been with the Shamrock for 20 years.

Don’t forget that Sun West Mortgage Company, Inc. (“Sun West”) changed its registered name in Arizona from ‘Sun West Mortgage USA, Inc. (FN)’ to ’Sun West Mortgage Company, Inc.’ So Closing Protection Letter and Homeowner’s Insurance documents for properties located in Arizona must mention ‘Sun West Mortgage Company, Inc.’ as loss payee instead of ‘Sun West Mortgage USA, Inc. (FN)’. Contact Customer Care (844-978-6937) with questions.

Vendor news

There are vendors raising money, the latest example being Morty raising $8.5 million.

And how about Velocity Mortgage Capital giving out free appraisals and promotional marketing material that “equip brokers with everything they need to connect with borrowers seeking residential and small commercial investment property loans”?

Opendoor launched a new home buying service that “helps buyers find the right home and buy it at the best price, with a buyback guarantee that provides peace of mind. We’ve built an experience that empowers buyers throughout the journey with on-demand self-tours for any home on the market, all-cash offers, and our 90-day buyback guarantee. This integrates the Open Listings platform, which Opendoor acquired 10 months ago, into Opendoor and marks a major advance toward Opendoor’s vision to deliver a frictionless, all-in-one home buying and selling experience at the tap of a button.”

In Kansas City nbkc bank has selected the Total Expert Marketing Operating System® (MOS) to propel its marketing and sales efforts, leverage customer data to make informed decisions and enhance the customer experience. nbkc was one of banking’s earliest pioneers in the online mortgage market, and its originators run almost $3 billion annually, nationwide. Total Expert serves 8 of the top 15 mortgage lenders in the country and offers versions of its enterprise-grade marketing operating system to banking, credit union, real estate and wealth management organizations.

Capital markets

At the Lenders One conference this week the recent rally and potential margin calls seemed to be on everyone’s mind. Lenders using bid tape assignment of trade (AOT) executions may be able to mitigate these margin calls thanks to immediate AOT acceptance. This is one feature of bid tape AOT that differentiates it from legacy AOT. You can find a full list of these differences, along with background on the economics and automation tools, in MCT’s bid tape AOT guide.

U.S. Treasuries rallied again on Wednesday, driving yields on longer-dated Treasuries to year-to-date lows, including the 10-year closing -6 bps to 1.68 percent. First, there were three rate cuts from Asia-Pacific central banks (New Zealand, Thailand, India), with the Reserve Bank of New Zealand announcing a larger than expected cut. Then the People’s Bank of China fixed the yuan just below 7.00 per dollar, but it weakened past that level later in the day. Finally, it was a disappointing day from Europe, where Italy’s Deputy Prime Minister Salvini cautioned that Italy’s deficit-to-GDP ratio will not be below 2.0% in 2020, Germany’s June Industrial Production decreased beyond expectations, and the U.K.’s July Halifax House Price Index missed expectations.

Here in the U.S., as far as UMBS went, it was hit with a 2018 vintage agency prepayments figure well above expectations, 70 percent versus 40 percent predicted. Overall FN30 speeds were near expectations on average, rising 16 percent, while GNIIs prepaid slower than expectations at 9 percent.

Today’s calendar began with initial claims for the week ending August 3 (209k, the labor market continues to be solid). Later this morning brings June wholesale inventories and some Treasury auction and refunding announcements. We begin the day with the 10-year yielding 1.72% and agency MBS prices nearly unchanged.

The human mind is amazing. Like a veteran loan officer in 2006 filling in the missing pieces of borrower information, check out this black and white photograph and what your brain does to it.

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, “Residential Lending, Banks, and Market Share.” 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.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of 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 2019 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.)