Nov. 15: AE, QC, LO jobs; accounting, subservicing, warehouse products; Freddie & Fannie changes roll on

With only week until Thanksgiving there’s a lot going on – every one of these stats impacts lenders. CoreLogic tells us that there are 48,390 homes at risk from the current California wildfires. Believe in climate change or not, or in science or not, one study shows 386,000 homes are said to be at risk in the coming decades due to rising sea levels and coastal flooding. And according to the RV Industry Association, there are now a million Americans living in RVs full time. (Try counting them in the census, figuring out where they vote, where/if they pay taxes, or if 500 KOA Kampgrounds are enough.)

Jobs

A heavily-capitalized wholesale lender is looking across the country for a sales team to join its growing company. This nationwide lender offers competitive rates alongside a vast product portfolio and can leverage a centrally located and seasoned fulfillment team to scale quickly. Deeply experienced and committed leadership is looking to explode into the market in 2019. If your team is ready to kick off the new year with new opportunities, send me a note.

The Lakeview Wholesale team continues to grow and is pleased to announce the “recent additions of Account Executives Dan Tyner and Brandi Green-Lozano to serve our Southern California brokers. Having grown over 700% since 2017, Lakeview is one of the fastest-growing wholesale lenders and features innovative products such as No MI Platinum, an aggressively priced alternative to LPMI loans. ‘If a loan officer is even thinking about an LPMI loan, they’re crazy not to price it out against our No MI Platinum,’ says Greg O’Connor, Head of Wholesale Lending. ‘We’re extremely aggressive with our pricing on it and it’s a great option for first time homebuyers.’” The Lakeview Wholesale team has open positions with large territories for experienced Wholesale Account Executives in Arizona, Seattle and Northern California. Interested parties should contact Michael Cullen.

The Compliance Group, Inc. is seeking a full-time Quality Control Loan Processor and a full-time Quality Control Administrative Assistant. QC Loan Processors perform loan processing activities in accordance with agency requirements, government agencies and private investors, and can work at a remote location. QC Administrative Assistants perform administrative and reporting functions to support our QC Team in managing client projects. The QC Administrative Assistant would work in our Carlsbad, California office location. “We would love for you to be a part of our growing team!” Qualified applicants please send resumes to Michelle Doyle.

Fidelity Bank Mortgage is headquartered in Atlanta, Georgia with Retail Mortgage production offices throughout the Mid-Atlantic and Southeast. Since 2008, the Mortgage division has grown to over 36 offices and over 500 employees. Fidelity Bank Mortgage is a Fannie Mae, Freddie Mac and Ginnie Mae seller/servicer offering specialty products such as Portfolio Doctor Loans for eligible doctors, Construction-to-Permanent Loans, Escrow Holdback, and more. “The majority of our operational support is in the local markets, providing for the best possible customer service. Fidelity Bank Mortgage has one of the highest production averages per Loan Officer according to MBA/STRATMOR Peer Group Surveys and boasts well above average Performance and Loan Officer Loyalty. We are expanding into new markets and interested in Top Sales and Leadership Talent. Click here to contact David Rapson, Senior Vice President, Mortgage Production Manager, for more details.”

PrimeLending’s VA No Lender Fee home loans are a game-changer for veterans and active military looking to achieve their homeownership goals. Our heroes deserve a simple and stress-free home loan process with significant savings and benefits, and that’s exactly what they get with the PrimeLending VA Loan Program. Along with exclusive no lender fees, veterans also benefit from no down payment, no private mortgage insurance and competitive rates — that’s a combined savings up to thousands of dollars in upfront costs alone. With all of the VA perks, it’s easy to see why PrimeLending is a premier lender for VA homebuyers across the country. If you’re ready to deliver the ultimate VA loan experience, close more VA loans and help more military members become happy homeowners, contact Brian Miller today.

Lender products and services

As of October 2018, 100 mortgage lenders have signed with Loan Vision to utilize its financial management and accounting solution. Martin Kerr, President of Loan Vision shared, “On a monthly basis there is approximately 60,000 loans and $14 billion being accounted for across the US using Loan Vision. When you annualize that, those numbers are staggering to me. We absolutely believe the lenders embracing Loan Vision are doing that to have best in class systems across the organization, to streamline their whole organization to better serve the borrower.” For more information, read the press release about Loan Vision’s

journey to 100 customers or contact Carl Wooloff.

Join National Mortgage Professional Magazine for another complimentary nmp Webinar How to Generate More Referrals with Social Media” Today, November 15, 2018 at 2:00 PM EST sponsored by REMN Wholesale. Millions of people are flocking online every day to buy, sell, collaborate, and connect. We know that the attention is no longer on worn out billboards or bulky yellow pages. But how can you stand out in an over saturated digital marketplace where the technology and the rules are constantly changing? In this 60-minute webinar, social media influencer Michaela Alexis, will take you behind-the-scenes to show you the secrets of success when it comes to leveraging social media to drive your pipeline forward. Register for this free webinar here.

Unfortunately, as we have all witnessed, natural disasters and hurricanes will happen. The real question, though, is do you know if your subservicer is prepared to handle the aftermath of the crisis? Don’t wait until it’s too late to test the strength of your subservicer. They need to be proactive — not reactive! To help ensure your borrowers move through the recovery process as efficiently as possible, run through this new checklist from TMS that goes through everything your subservicer needs to be doing to successfully navigate a crisis.

Are you looking for a warehouse lender that understands your business needs? Maybe one that is not competing for market share with your branches or correspondent division? Comerica Bank’s approach to warehouse lending spans six decades and is just one piece of a much-larger, diversified business banking strategy. Comerica Bank is a $71 billion bank that focuses on serving the needs business owners. At Comerica Bank, our relationship begins with you, the mortgage banker. Please allow us the opportunity to tailor a warehouse solution to support your strategy and goals. With lines of credit from $5 million to over $100 million, we are proud to serve a broad spectrum of mortgage companies across the country. To see how Comerica Bank can raise your expectations of what a bank can be, contact Von Ringger (313-222-9285). Member FDIC. Equal Opportunity Employer.

Fannie & Freddie don’t stop

Let’s play some catch up on Agency news. It’s good to see what they’ve been up to in the primary markets over the last several weeks to keep things in context, especially as lenders inevitably follow their lead. So, in no particular order…

The Freddie Mac Guide Bulletin 2018-20 provides temporary selling requirements and flexibilities for certain mortgages secured by properties, or for borrowers with places of employment (as applicable), in eligible disaster areas impacted by Hurricane Michael.

announcing an update to our Private Mortgage Insurer Eligibility Requirements (PMIERs), which will become effective on March 31, 2019. Many of the changes to the eligibility standards have been previously announced via the PMIERs Guidance. Our announcement underscores Freddie Mac’s commitment to working with the Federal Housing Finance Agency (FHFA), mortgage insurers and other stakeholders in the housing industry to strengthen the housing finance system.” For more information see PMI Eligibility Requirements and Frequently Asked Questions.

So yes, under the direction of the FHFA, Fannie Mae has worked jointly with Freddie Mac to update the Private Mortgage Insurer Eligibility Requirements (PMIERs), which were issued Sept. 27. The effective date for these PMIERs is March 31, 2019. Refer to FHFA’s news release and Fannie Mae’s Mortgage Insurers page for more information.

Freddie Mac has expanded its support in shared equity and sweat equity . Read the Single-Family News Center article to learn more about financing opportunities for rural housing and preserving affordable housing.

For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. The rural high-needs appraisal waiver seeks to help low- to moderate-income borrowers avoid unanticipated, potentially high-cost, post-purchase repairs. This offer will be considered only for property locations designated as rural high-needs by the Duty to Serve requirements. Click here to view a heat map of the High Needs Counties throughout the United States.

Freddie Mac has a Loan Advisor tool… its Condo Project Advisor. Request unit-level condo waivers for existing condo projects that need special review or consideration.

It’s well known that Native Americans face homeownership challenges, which has made them one of the most underserved populations in the country. To better understand this group’s unique cultural views on homeownership, Fannie Mae has conducted interviews with a small sample of lower-income Native Americans who plan to purchase, or have recently purchased, a home on tribal lands. Read the blog by Kellie Coffey, product development manager for rural initiatives at Fannie Mae, or check out the full report.

You can now submit to Loan Product Advisor® and start delivering Freddie Mac’s consolidated Home Possible® mortgage – with new flexibilities for your borrowers with very low to moderate incomes. Read the Single-Family News Center article for additional information on what’s been added to Home Possible and how it can help you expand your business.

As part of normal operations and prudent risk management, Fannie Mae is implementing DU® Version 10.3 the weekend of Dec. 8th. The release notes have been updated to include a reserve requirement for cash-out refinance loan casefiles with debt-to-income ratios exceeding 45%. This update is a part of adjustments to the DU credit risk assessment to account for 2018 market conditions (rising interest rates, waning refinances, and higher loan-to-value lending). Refer to the “Debt-to-Income Ratio” section of the release notes for details.

Fannie Mae issued a reminder that applications for DU Refi Plus™/Refi Plus™ under the Home Affordable Refinance Program® (HARP®), will be accepted through the end of this year. DU Refi Plus/Refi Plus applications must be started no later than Dec. 31, and loans must be delivered by Sept. 30, 2019. Visit the Making Home Affordable page for more information.

Freddie Mac has released its third, fourth and fifth white papers of the eight-part Duty to Serve series designed to shed light on underserved multifamily housing markets. The papers examine state incentives through the Low-Income Housing Tax Credit (LIHTC) program that encourage affordability in high opportunity areas, and the use of mixed-income housing in areas of concentrated poverty.

Fannie Mae has updated the Servicer Self-Assessment to help you effectively manage the Fannie Mae loans you service and ensure that you meet its requirements. Two new sections, “Master Servicer Oversight” and “Shared Processes,” will provide additional guidance. Visit the STAR Program page to find more resources, and contact your Fannie Mae account team if you have questions.

Capital markets

Rates have slid lower with the 10-year settling last night at 3.12%. Why? Thoughts that the Administration’s policies are hurting the U.S. economy, more international geopolitical news, this time surrounding Brexit. British Prime Minister Theresa May announced that her cabinet has approved the draft withdrawal agreement. Elsewhere, the Italian government replied to the European Commission’s request for a corrected budget, but the main points of the plan were left unchanged. The European Commission will issue a formal reply next week. And China reported disappointing Retail Sales for October (+8.6% YoY; expected +9.2%).

Domestically, CPI figures point to a firming in consumer inflation, which fits the Federal Reserve’s inclination to raise rates again in December. Markets this morning are digesting remarks from Fed Chair Powell and Dallas Fed President Kaplan, though neither showed much wavering in the Fed’s commitment to hike rates December, with odds still over 75%.

 

We’ve already had a busy economic calendar today: Retail Sales (+.8% vs. expected unchanged), import prices (expected unchanged, imports were +.5%), weekly jobless claims (216k, about as expected), and both the Empire State (expected to decline, it rose to “23.3”) and Philadelphia Fed’s (down to “12.9,” as expected) manufacturing indices. September business inventories are seen increasing 0.3% MoM versus 0.5% previously. Today’s Fed speak calendar also starts at 10AM ET with Governor Quarles, Chair Powell, Atlanta’s Bostic, and Minneapolis’ Kashkari all on the docket. After the initial spate of news, we find rates slightly lower with the 10-year at 3.10% and agency MBS prices better by .125. Deceleration?

 

(Thanks to Rich B. for this one.)

A loan officer took his real estate agent client to an NFL game one Sunday afternoon. They had great seats right behind their team’s bench. After the game, the LO asked him how he liked it.

“Oh, I really liked it.” the agent replied, “Great game, exciting, but I can’t understand why they were killing each other over 25 cents.”

Dumbfounded, the LO asked, “What do you mean?”

“Well, they flipped a coin, one team got it and then for the rest of the game, all they kept screaming was…’Get the quarterback! Get the quarterback!’ I’m like…Helloooooo? It only 25 cents!”

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: Don’t Underestimate Liquidity.” 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 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.)