May 14: LO jobs; cap. mkts/MSR, customer service products; training & conferences coming up soon

What’s in a name? Lots. Try asking someone what “gluten” is. (Here’s a comical look at that.) Try asking someone in our business what the difference is between a “mortgage” and a “deed of trust.” How about new MLOs knowing the difference between an index, a cap, a start rate, and a margin? Depending on the week and lender, 5-10% of applications are adjustable rate loans. There are hundreds of billions of residential ARMs being serviced, and markets for cash products and derivatives are progressing toward Libor replacement. But they are taking slightly different approaches. Cash markets are leaning toward a forward-looking term Secured Overnight Financing Rate, while the derivatives industry appears to be embracing a compounded SOFR in arrears. ARM servicers await…

Jobs & personnel moves

“Are you looking for a new opportunity? Where innovation, hard work and tenacity is rewarded? Meet Motto Mortgage. We believe our network deserves the very best which is why we empower each and every Motto Mortgage loan originator with the right tools and training to stay ahead of the competition. In fact, the Motto Mortgage network is aggressively recruiting for loan originators in the following states: Georgia, Illinois, Nevada, New Jersey, Ohio, Pennsylvania, Texas, and Virginia. With over 100 franchises sold and nearly 90 offices open in 30 states, our national presence continues to grow. If you’re ready to take that next big step, contact us (866.668.8649) to see why Motto Mortgage could be the perfect opportunity you’ve been waiting for.”

After six months, 30 lender interviews, lots of spreadsheets and due diligence, 27-year mortgage veteran Kenn Bartley made his decision to join Canopy Mortgage as the Pacific Northwest Business Development manager and is inviting others to join him as part of a branch, move an existing branch, or operate independently on their own! Watch this video announcing Kenn’s decision to join Canopy, and then contact him to see if you match this innovative new model where efficiency, technology, low rates and high compensation merge.

In reports just released for year 2018, Cornerstone Home Lending, Inc. closed its VA loans almost a FULL WEEK quicker than the national average! This is yet another testimonial confirming Cornerstone’s commitment to serving veteran. Cornerstone’s average VA loan closing was 29.8 calendar days vs. the average of 35.1 days for the rest of the country’s VA lenders. Reports like this give traction to the innovation Cornerstone is pouring into the mortgage industry. Not only are loans getting to closing faster, but borrowers are spending only minutes at the closing table with Cornerstone’s EXPRESS CLOSING. If you are a top producer that takes pride in the highest level of service, reach out to Todd Sanguras.

It’s big news when this industry’s Rock of Gibraltar makes a move. Yes, industry veteran Allen Friedman has joined forces with one of the leading lenders in the market today, Cardinal Financial. Cardinal reports that as VP and Market Leader, Friedman will assist in building the Cardinal footprint nationwide. When asked what motivated him to align with Cardinal, Friedman states, “It is clear that a limited number of lenders are poised to excel in this market. Size, financial strength, technology, ease of service, and stability matter. Cardinal is perfectly positioned to continue its expansion on all fronts.” If you’re interested in having a discussion with Friedman or gaining his perspective on 2019 and beyond, feel free to call (415) 298-2500 or email him directly. This commentary has been following both Friedman and Cardinal for some time. We share in his optimism and wish great success in his new endeavor.

Lender products & services

Compass Analytics and MountainView Financial Solutions have announced the industry’s first integration of third-party MSR marks and pipeline hedge analytics. Through this integration, mutual MountainView and Compass clients will be able to access loan-level MSR prices and durations generated by MountainView MSR models within the CompassPoint™ pipeline hedge analytics solution. The technology integration of MountainView’s MSR market pricing will help originators to value MSRs far more accurately in rate sheets, pricing engines and best execution retain/release decisions while supporting better MSR hedge decisions. Dave Bennett, Managing Director of Sales at MountainView, explains, “Our customers will have much cleaner valuation discovery so they can retain undervalued MSRs (and vice versa), minimize capitalization vs. new loan value disconnects, and properly manage the fluctuating pre-MSR values immediately from the day the loan is locked. With increasing demand on pricing granularity, this partnership with Compass solves a critical business need.” For more information about the benefits of MSR valuation integration contact info@compass-analytics.com!

CMOs are expected to both mastermind creative projects and optimize data-focused conversions. The CMOs most likely to succeed at these wildly different tasks are those who have teams that are both data literate and creative. So how can you build that kind of unicorn-like team? Read the Total Expert blog, How CMOs Can Attract & Retain Creative Data Experts, for three strategies that will help.

Your 2019 revenue goals are at risk if you don’t have the 3 Ps when it comes to your partnerships and loan workflow: 1) Protection: make sure you have access to critical data right when you need it, 2) Process: guard your workflow and keep it moving without interruption and 3) Profit: Keep your growth initiatives on track with vendor system reliability and redundancy. Are you lacking one or more of these crucial elements to a successful workflow? Informative Research has a proven track record in all 3 areas and supports their clients at every step with guaranteed reliability and complete redundancy. For more details, click here to talk to an IR team member today and start getting lower costs, better service, and reliable solutions.

Find the right home lending software. For in-house teams who are still evaluating and testing digital lending platforms, Blend has compiled a guide of our customers’ collective advice. We hope it shines some light on what can be an incredibly intimidating process. Download the guide.

Trainings and Events to finish May and enter June

Join us for National Mortgage Professional Magazine’s complimentary webinar “Why Brokerage is Back and So Much Better,” on Thursday, May 16 at 2 pm Eastern/11 am Pacific featuring Ward Morrison, President, Motto Franchising, LLC, and best-selling author, Ginger Bell. In today’s hyper competitive world of online applications, super mortgage shops and technology overload, there is an emerging trend to bringing the local mortgage broker back into the community. This informative webinar will show you why brokerage is back and better than ever. Ward and Ginger will explore the history of mortgage brokerage’s ups and downs, why mortgage brokerage is a compelling business for you and your customers, important information on what it takes to get started, and you will walk away with all of the options available to make the process of starting your own mortgage brokerage easier. Register for this complimentary webinar here.

National MI is pleased to invite you to join its upcoming Mortgage Leadership Roundtable, titled ‘Digital Transformation of Mortgages and MI”. The event is at the Granite Links Golf Course in Quincy, MA. June 18th. Explore automated MI pricing and Best Execution (Best EX), We have a winning lineup of guest speakers including Billie Jo Simoneau (Manager, Professional Services, SourcePoint), Keven Foley (Sales & Business Development Compass Analytics), Keith Anderson (VP, Sales, Optimal Blue), Arvin Sahakian (Co-Founder BE SMARTEE), and Michael Piombino (SVP, National Sales, EMPOWER). Also featuring National MI’s Mike Dirrane, CSO, Senior Managing Director and Mohammad Yousaf, VP, Business Development & Technology Partnerships, with special thanks to our special Sponsor Accenture. Please RSVP as space is limited directly to Nancy Early.

For any lenders, servicers, or vendors doing residential business in California, the California MBA is offering three great incentives to “Start a Conversation” and join in May: 50% off first year dues, double the value of their 3Under35 program, and $1,000 off on sponsoring either 2019/2020’s Mortgage Innovators Conference.  Click here to find out more.

Join Clark Schaefer Hackett for a webinar on how to mitigate cyber risk and diminish threats specific to the construction and real estate industries on Wednesday, May 15th at noon (ET).

President Donald Trump will address the National Association of Realtors at the Realtors® Legislative Meetings & Trade Expo in Washington, DC on May 17 at the Marriott Wardman Park Hotel. Contact Mantill Williams for info.

Fannie Mae is gearing up for the MBA’s Secondary Conference and sharing tools designed to optimize lender’s liquidity. Fannie’s SVP of Capital Markets, Renee Schultz, will share “Perspectives from GSE Leadership” on Tuesday May 21 at 11:15 a.m. as well as “Transitioning the Mortgage Market Away from LIBOR” on Tuesday May 21 at 1:45 p.m. Fannie Mae will also share insight on digital mortgages at the Closing General Session in an informative session “Secondary Market Considerations for Digital Mortgage” on Wednesday May 22 at 9 a.m., featuring Shane Hartzler, Director of Product Management.

All in One LoanTM, Training Event: Join CMG Mortgage Inc., Correspondent Lending on May 20th at 2PM ET in SUITE 463, Marriott Marquis to learn how the All in One LoanTM works and what it can do to improve your product offering. During this session we will discuss how the All in One LoanTM functions like as an Offset-Mortgage, recent product enhancements, repayment statistics, payment acceleration, customer banking experience, and how to successfully deploy as a Correspondent Partner. Email Gina Paola to RSVP.

U.S. Bank Home Mortgage is partnering with MGIC for an exclusive Temporary Buydown Webinar on Thursday, May 16th.

Freedom Mortgage Wholesale is providing two online training sessions for the Freedom Flex 95% LTV/CLTV Cash-Out with no MI. Available training dates: Friday, May 17th and Monday, May 20th.

The Oklahoma Mortgage Bankers Association has its annual conference on May 21st and 22nd in Tulsa OK.  The speaker line-up includes: Frank Abagnale, who inspired Catch Me if You Can; MBA’s Tricia Migliazzo, leading an mPower panel of Oklahoma women in leadership; MBA’s Chairman, Chris George; Federal Reserve Associate Economist, Megan Williams; and more, including a VA training session covering their newly released guidelines.

Join the MCPAOA on May 22nd for an informative hour discussing the pending rule for Temporary Licensing Authority/Transitional Licensing with Haydn J. Richards, Jr., Partner with Bradley, Arant Boult Cummings, LLP. Listeners will hear information on Section 2155 of the federal Economic Growth, Regulatory Relief and Consumer Protection Act going into effect on November 24th, 2019.

FHA is offering a FREE, On-Site FHA Credit Underwriting Training in Denver, CO. on the following dates: May 21st from 8:00-4:30 and May 22nd from 8:00-4:30. And a FREE, 2-Day, On-Site FHA Credit Underwriting Training in Portland, OR on Thursday, May 30th, and Friday, May 31st from 9:00-5:00.

June 9-11 is NYMBA’s 5th Annual Convention at the Albany Marriott.  Sponsors & Exhibitors are encouraged to sign-up early.  Guest speakers include MBA Chair Chris George, mPower’s Marcia Davies, Economist Marina Walsh, Mike McAuley, Jack Konyk and yours truly, Rob Chrisman. Register TODAY. Discount hotel room rates are guaranteed through May 13th. On the menu: API, CEO Roundtable, Compliance, Marketing to Millennials and Beyond, review of Affordable Housing Programs with Fannie Mae, Freddie Mac, SONYMA, USDA; NYS DFS Deputy Superintendent and more. Don’t miss this premier event.

Loan Servicers are invited to register for MBA’s Advanced Servicing Workshop June 5th & 6th in Dallas. This course covers all essential servicing topics geared towards experienced professionals.

Are you ready for the new URLA? Register for the Sacramento CUREN Meeting on Thursday, June 13th. John Haring with Ellie Mae will be discussing what you need to know to prepare for the upcoming changes to the URLA. John Templeton with Arch MI will be giving an update on what’s new at Arch MI and hosting the social event.

In a purchase market, relationships are key, and HousingWire has designed a super session at its engage.marketing summit to deliver the practical tips you need for finding, building and creating strategic referral relationships with Realtors, builders, financial planners and other valuable sources at this two-day summit, June 13th-14th in Charlotte, NC.

DIEHL Mortgage Training & Compliance, an industry leader in FHA training since 1983, has developed an FHA Manual Underwriting Webinar scheduled on June 14th from 8:00-12:00 ET.

Optimize your CECL methodologies, implementation and reporting efforts for an accurate and timely submission at the 6th Edition Credit Risk Modeling, June 12th-14th in Chicago. Attendees will hear the latest updates and feedback from the regulators to help them drive their implementation efforts. Delegates will have a chance to benchmark their efforts around credit card modeling and will walk away with the best methods to gather and analyze the granular data required for CECL submissions.

Top of Mind is hosting its annual Surefire Summit 2019 in Las Vegas on June 4 where a group of industry thought leaders, partners and peers will show how Surefire complements top sales and marketing strategies to unleash potential. Not a Surefire user? Attend anyway and learn strategies that are useful outside the platform as well. This event is for loan originators, marketing and sales managers, and leaders within the mortgage industry who are looking to maximize their productivity and profitability. Register today to reserve your seat for this free event and save $200 on your Mastermind ticket.

Capital markets

Yesterday rates improved (the 10-year closed yielding 2.41%) as global uncertainty surrounding the trade war between the U.S. and China hurting our economy grabbed headlines. China’s Ministry of Finance announced that tariffs on $60 billion worth of U.S. goods will be increased on June 1. U.S. Trade Representative Robert Lighthizer is reportedly preparing a 25 percent tariff on all remaining imports from China. President Trump said he will meet with China’s President Xi Jinping as well as Russia’s President Vladimir Putin at the G-20 summit in Osaka at the end of June. Geopolitical uncertainty has historically been beneficial for homeowners looking for lower rates, so developments on the trade front could strongly dictate refinance volumes going into the future.

For today’s news we had the NFIB Small Business Optimism Index (improved in April) and April import prices (+.2%, missing forecasts). There are three Fed speakers scheduled: New York’s Williams already delivering remarks in Europe; Kansas City’s George, and San Francisco’s Daly take the stage later. Also today, FHFA Director Calabria speaks on the GSEs before NAR’s Regulatory Issues Forum in Washington, D.C. Tomorrow, PIMCO Mortgage Income Trust (PMGT) is scheduled to raise $1 billion (50 million shares at $20) and price after the close, targeting mostly RMBS. We begin today with Agency MBS prices unchanged and the 10-year yielding 2.40%.

“Sarcasm will get you nowhere in life,” my boss told me.

“Well it got me to the ‘International Sarcasm’ finals in Santiago, Chile in 2009,” I informed him.

“Really?” he asked.

“No,” I replied.

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, “Are You Ready for CECL?” 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.)