Feb. 5: MLO jobs; training, digital, subservicing products; events & training coast to coast

Let’s take any brokerage or small mortgage banker, 10 loan officers doing an average of 3 loans per month for 30 loans/month. The company has the operations staff to handle the current amount, probably more. Does it make more financial sense to go out and hire a recruiter and/or pay a signing bonus for another LO, or increase the efficiency of the existing LOs through better marketing, training, and improving the process? Let’s say all you had to do was move MLOs from 3 loans to 3.5 loans per month. I’m no math whiz, but that’s 5 more loans per month, about the same as hiring 2 new LOs. And while you’re at it, have your Ops staff take advantage of training and conferences that are out there, many at no cost. Makes all the sense in the world to me, and it’s a mystery while lenders focus so many resources on finding and training new staff rather than focus on honing your existing group. Just think of all the money you’d save on signing bonuses or guarantees! (Lots of training & events are coming up, many of which are listed below.)

Employment & transitions

My apologies to Gold Star Mortgage for posting an incorrect website address yesterday. Gold Star Mortgage, an award-winning leader in process automation technology, announced the addition of proprietary artificial intelligence to its digital lending platform, ConnectGS. This AI identifies probable purchase and refinance opportunities within the MLOs own database and delivers MLO alerts as well as message-specific communications to their clients in real time. Gold Star also offers MLOs its Preferred Lender status with Craig Proctor Coaching, unlimited access to top-producing Realtor Teams from coast-to-coast, its FastPass Pre-Approval that levels the playing field against all-cash offers, and refreshingly direct access to senior execs (and the leading regional margin they’re able to offer as a result). For more information, go to www.JoinGoldStarMortgage.com.

 

American Financial Network, Inc. (AFN; NMLS 237341), a national mortgage lender entering its 19th year in business, finished strong in 2019 as it shattered previous records and continued to gain brand recognition and strengthen its position in the mortgage banking industry. As AFN continues to gain momentum across America, it is partnering with entrepreneurs who want to maintain their autonomy, while having the opportunity to become an integral part of something bigger. AFN proudly brings experienced branch managers and loan originators into the fold, supports them in their endeavors by offering training, branch support, highly experienced operations staff, sales coaching, real-time branch accounting, an amazing culture and cutting edge technology, and helps them to meet and exceed their production goals year-after-year. Product offerings are unrivaled as AFN has programs to suit all borrowers’ needs. To learn more about AFN and join a nationwide award-winning team, visit AFN online at joinAFN.com.

Planet Home Lending, LLC, is pleased to announce Brandon Rizk, a proven industry leader, has joined Planet Home Lending in Nevada. Planet posted phenomenal growth in 2019 with volume approaching $9 billion, a servicing portfolio cresting $18 billion managed by a highly rated division dedicated to retaining customers, award-winning corporate and operations leaders, plus Non-QM, State Bond, Jumbo and a great suite of Home Renovation Loans on tap. To discuss distributed retail opportunities at Planet Home Lending, contact Robert Tyler-Cook (844-254-8966) or Brandon Rizk (702-800-2118).

“The numbers from 2019 are in: It was officially another powerhouse year for #TeamPrimeLending, and we’re celebrating the amazing feats of our Loan Officers and Branches. We broke records, won awards and invested in our future. Speaking of records, we set a new standard with $15.6 billion in retail funding, which was made possible by 600 of our loan officers who experienced their best year ever. We also continued to rake in awards for our best-in-class culture, nabbing Best Workplace in Financial Services and Insurance, as well as a Best Workplace for both Women and Millennials by Great Places to Work®. We also added a new LOS, Blue Sage, and a new marketing platform, Total Expert, to our tech suite. 2019 was an amazing year, and the momentum has carried over into January with another powerful month being recorded. If you want to be a part of PrimeLending’s continued growth in 2020, contact Nic Hartke to take the first step.”

“Our growth plan is to expand in target markets, especially New England”, says Jenni Connor, National Business Development for Pacific Residential Mortgage (PacRes), headquartered in Oregon. “We have a high-performance culture, a sales environment that provides weekly coaching tools to help loan officers grow their production. Pacific Residential is a boutique type mortgage bank for high performers, leveraging coaching tools like Tod Duncan that exemplify Sales Mastery strategies to grow their market share and their personal income. We underwrite to no overlays, and have an efficient loan closing process, so we recruit top Branch Managers and Loan Officers to our company. With newly added states like Indiana, Illinois, North Carolina, Alabama and Florida, we are expanding throughout the South East and Midwest as well as New England with our new office in Massachusetts/Connecticut.” Regional Production Leaders, Branch Managers, and LOs should email Jenni Connor, National Business Development, call 828.238.8963, or e-mail JoinPacRes@pacresmortgage.com. Check out PacRes’ Ad for consumers and to learn more about how PacRes Approves Dreams Daily.

String Real Estate Information Services has hired Joe Salmons as VP of Sales, responsible for managing and growing String’s relationship with key clients, and Rob Dace as Senior Account Executive responsible for bringing String’s offering to new clients.

Lender products

If you’re planning to attend MBA’s Servicing Solutions Conference in Orlando, February 23-26, be sure to set up a meeting with the TMS Team. Learn how they are reinventing subservicing with Total Home Servicing to help you cultivate a relationship with your borrowers that lasts for the life of their loan. Because when it comes right down to it, it’s about homes, and the people in them. Either set up a meeting with them at subservicing@themoneysource.com or stop by booth 901 to see how they’re taking the sub-par out of subservicing!

Speed is going to be everything this year, so get a seamless experience with Rescore and Supplement Express! Informative Research, a Tier 1 CRA and fintech leader, is now offering its clients an easier solution so they can order Rescores and Supplements in 5 clicks or less. Going straight from the credit report, users can take advantage of Informative Research’s new Express Portals to get the fast service that they need to close a loan file on time. The loan process is already bogged down by manual work. Make it easier on yourself by working with a partner that considers your ease-of-use, can cut down on the noise, and get you closer to a TRUE DIGITAL mortgage process. Click here to reach out (800-473-4633) for more information to start getting the service and solutions you deserve.

The results are in, and XINNIX EDGE graduates continue to outperform the industry averages reported in the most recent MBA Commercial/Multifamily Quarterly Databook. Click here to view XINNIX’s latest EDGE™ Scorecard. EDGE™ is a Performance Training Program equipping experienced loan officers with sales and marketing strategies and tactical solutions to grow purchase production in any market. Could your experienced salesforce benefit from a 40% lift in their production? Registration is now open for the next EDGE™ class beginning Thursday, March 5. Register today! For information about The XINNIX System™ of Training, Accountability, and Coaching, schedule a call with a XINNIX Account Executive.

February & March training and events

The Americatalyst Conference offers a unique look at our industry and is scheduled for February 11th-12th in Dallas. The conference will look at the future of mortgage banking, non-bank lending, technology and its influence, government policy and more and has some great speakers.

National MI is excited to offer a few key training webinars through the National MI University. Upcoming webinars include 2/18’s Underwriting the Self-Employed Borrower and 2/19’s Cultural Outreach & Message in a Bottle: Content that Connects on Social Media.

MGIC’s exclusive webinar, “Preventing Mortgage Fraud,” is on Feb. 20. Learn how to identify red flags and ask the right questions to maximize effectiveness and value to borrowers and your company. MGIC offers complimentary webinars every month to help customers succeed in today’s mortgage insurance industry. View the full MGIC training calendar here.

Genworth Mortgage Insurance provides complimentary courses to help customers manage, protect and grow their business, delivering you-centric solutions that matter. February kicks off new webinar learning series focused on Credit Unions. View the February Training Calendar.

The month of February offers a variety of training opportunities such as Negotiate the Numbers Applied: Sole Proprietorship, Review and Calculate Miscellaneous Employment Income, Preventing Mortgage Fraud and Cultural Outreach, and Message in a Bottle: Content That Connects Social Media. Click Franklin American Mortgage Wholesale Customer Training Calendar.

Plaza Home Mortgage’s February Training offerings include new webinars such as Fall in Love with Plaza’s Non-QM Programs, How to Review and Calculate Military Income, and Facebook Strategies for Mortgage Professionals.

Register for Mountain West Financials February 7th webinar GSFA Open Doors Program. This program provides homebuyers in California down payment assistance (DPA) that can be coupled with seller paid closing costs and the MCC program. Join Meagan Harris (GSFA) and Barbara Burton (Gateway Mortgage Group) as they talk about this new program which can provide up to 6% down payment and closing cost assistance that is not limited to first time homebuyers.

On February 12th, MBA St. Louis is hosting a discussion, led by speaker Charles Gascon, on the risks facing the U.S. economy in 2020 and how the St. Louis area economy may fair in the year ahead. Mr. Gascon is a regional economist and senior coordinator in the Research division at the Federal Reserve Bank of St. Louis. This discussion will be held at the Orlando’s Events Centers, 2050 Dorsett Village in Maryland Heights. Registration is required.

The South Los Angeles Chapter of CAMP is holding a free event February 12th where Charles Ludlam will be discussing the recent changes FHA has made and Q&A with a resident expert from HUD. The location is at the University of Phoenix in Gardena, CA, from 10am to 12pm. Questions? solacamp@gmail.com

The Mortgage Collaborative will host its winter conference in New Orleans on February 16-18. TMC’s conferences boast the highest LTV (lender to vendor) ratio of any industry conferences and are an incredibly interactive and impactful experience for its lender members, whom TMC allows to dictate the content, format, and agenda for their events. For questions contact COO Rich Swerbinsky.

On February 19th, in the evening, the Charlotte Regional Mortgage Lenders Association is having its monthly meeting. Come on by and say hello!

Registration is already underway for the Texas MBA Southern Secondary Market Conference, February 18th and 19th at the Omni Houston Hotel in Houston. “2020 Vision” will include speakers from various companies including the Federal Reserve Bank of Dallas, both GSEs, Goldman Sachs, and leading industry partners providing their perspectives.

March 1-4 the Lenders One Summit is about new connections, ideas and opportunities. “We are excited to continue the momentum in Miami this March, as we celebrate the 20th anniversary of the cooperative. In this challenging market, we’re focused on continuing to bring new solutions to support your business. Our member and provider networks are the keys to driving our co-op ahead in this industry, and we’re excited to gather at Summit to provide a forum for you to grow and learn from thought leaders and peers.”

On March 4th in Oakbrook, IL the Illinois Mortgage Bankers Association is hosting its 2020 Mortgage Lending Industry Conference. The IMBA has been around since 1920, and members are from mortgage banking firms, commercial banks, savings banks, credit unions, title and mortgage insurance companies and other organizations that service the mortgage banking industry. Hear from the MBA’s Joel Kan, Bill Cosgrove, Paul Diamond, Bill Giambrone, and others!

The Independent Community Bankers of America’s 2020 national convention, ICBA LIVE®, is March 8 through 11th in Kissimmee, FL featuring more than 60 learning labs and seven tracks, including lending and deposits, risk regulations and exams, and technology, payments and innovation. The convention will also showcase the participating fintech companies from its second ICBA ThinkTECH Accelerator program in partnership with The Venture Center.

MBA is offering School of Mortgage Servicing, March 9th-19th. This 7-session, hands-on, instructor-guided online course instructors guide participants through comprehensive material, using real-life examples to illustrate the complexities of servicing, important correlations and interconnectivity between business units, and compliance risks of not applying appropriate processes.

The MMLA Sales Symposium is scheduled on March 11 at in Novi, MI. Speakers include Josh Pitts and Tammy Butler. Great for loan officers, independent mortgage brokers, sales managers should invite their teams.

Register for one of two available FHA Credit Underwriting Trainings in Omaha (La Vista), Nebraska. Tuesday, March 17th or Wednesday, March 18th Both trainings are conducted by Insuring and Underwriting staff covering a wide range of topics including FHA’s Single-Family Housing Policy Handbook 4000.1, credit, income, assets, manual underwriting, refinances, endorsement protocols, Loan Review System (LRS), and more. Advance registration is required for both dates no later than March 10. Seating is limited and available on a first-come, first-served basis. Registrants must include their email address.

Valuation 20/20, MARCH 19-21, in New Orleans will focus on meeting your peers, new clients, and more interactions with vendors to learn about new products and services. While we all love social media, it doesn’t replace human interaction and relationship building. There will be pre and post CE courses offered by various education sponsors and up to 15 hours of continuing education credits will be available.

Capital markets

Fixed-income prices dropped, and rates slid higher yesterday, as a) Apple’s suppliers expect to resume full-scale production on Monday, and b) the number of confirmed coronavirus cases in China exceeded 20,000 with the death count surpassing 400, but there was some hope for a return to normalcy. China is about to find out whether its mass quarantine of 50 million people in more than a dozen cities has effectively contained the coronavirus. President Xi Jinping warned it may impact the nation’s social stability. The domestic release of the day, December Factory Orders, increased beyond expectations.

Did you know the 10-year yield fell 20 bps last week, boosting prepayment speed predictions into March? This morning we learned that mortgage applications for the week ending January 31 increased 5 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Markets have also received the print for ADP employment (291 jobs added, the most in five years!). The quarterly refunding details come out today; look for $38 billion 3-years, $27 billion 10-years, and $19 billion 30-years along with more guidance regarding the upcoming new 20-year issuance. Today’s economic calendar is rounded out by the December trade deficit ($48.9 billion), Final January services PMI, and January ISM non-manufacturing PMI. After the economic calendar closes, the Desk will conduct a UMBS30 FedTrade operation targeting up to $789 million 3 percent ($547 million) and 3.5 percent ($242 million). Finally, Fed Governor Brainard speaks in the afternoon. We begin the day with Agency MBS prices worse .125 and the 10-year yielding 1.65 percent after closing yesterday at 1.60 percent on the strong ADP employment data.

Like to bake? Tired of people asking you for your recipe? Here you go. (Page down once.)

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, “Home Ownership is Still Part of the American Dream” If you have the 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 2020 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.)