month that starts on a Sunday contains a Friday the 13th.
The superstitious sufferers of “triskaidekaphobia” try to avoid bad luck
by keeping away from anything numbered or labelled thirteen, while
others, such as some attorneys for whatever reason,
believe it to be lucky. But some companies and manufacturers often use
another way of numbering or labelling to avoid the number: see if your
airplane has a 13th row or your building a 13th
floor. (Who says you don’t learn anything from
reading this commentary?) Wells Fargo, which has managed to stay out of
lawsuit headlines as of late, didn’t have any luck yesterday when
California filed support for Oakland in
Wells Fargo mortgage suit
for discriminating against, or giving higher cost mortgages to, minorities. Lawyer up! The fun never ends.
lender experiencing massive growth headquartered in Scottsdale AZ, is
looking to add to its’ executive team by hiring a CFO by the end of the
company started in August of 2017 with 4 loan officers and no outside
funding, and in August funded over $200,000,000 in volume; with
projections crossing $275,000,000 funded by December. Licensed in over
30 states, it is primed to continue its explosive growth
and needs a candidate with exceptional leadership and accounting acumen
to elevate the organization to the next level. The candidate should
have extensive knowledge of mortgage specifics, warehouse lending, and
the ability to operate in a fast-paced environment. “Our
culture is one built around being elite at everything from client
service to production to accountability; all while keeping team members
positive and loving their careers.” Please email all resumes to Chrisman
for forwarding; specify opportunity
a nationwide and heavily capitalized lender, is looking for experienced
Account Executives with an entrepreneurial spirit to join its growing
are available in the following areas under their respective Regional
Managers: Arizona, Florida, Nevada, San Jose and San Diego, California (John
Western PA (Shawn
Wisconsin, Minnesota, Tennessee, and Houston, Texas (Tony
“We are excited to expand the team with new talent in new territories,”
says Mark Melini, VP National Wholesale Sales Manager. “Our growing
product suite, flexible lending guidelines and fast broker onboarding
process makes NewRez a great place to take your
career to the next level.” To learn more about available opportunities,
products & services
you going to the NAMB National 2019 at Caesar’s Palace this weekend. If
so, stop by booth 1111 and meet James Hooper and his team from NMSI
Wholesale to learn more about one of the fastest growing wholesale
lenders in America. Learn first-hand how NMSI is
positioned for growth and prepared to serve the Mortgage Broker
community with our aggressive product offering featuring everything from
Agency, Jumbo, Non QM and even 2nd liens, Not to mention our competitive pricing, and our propriety technology
called that brokers are raving about with how easy and transparent it is.
more details or email email@example.com.”
now’s the time to go in(to) reverse…mortgages, that is. Regulatory
changes to the reverse/HECM program have made this once-maligned
product safer than ever for senior borrowers to leverage as part of
their overall retirement strategy. What’s more,
it’s even easier for brokers to add this product to their mix thanks to SimpleReverse
by Mid America Mortgage.
With SimpleReverse, brokers have access to Mid America’s team of
reverse mortgage experts, ensuring brokers can offer this highly complex
and heavily regulated product with confidence. In just 5 easy steps,
brokers can get from inquiry to closing while still earning
their normal commission. For more information on the
SimpleReverse program, call 833-765-LOAN or contact
Home Loans, Inc.
has become the first lender outside of Figure Technologies to originate
home equity lines of credit directly on the Provenance blockchain
By originating, servicing and financing loans on Provenance, Caliber
looks to deliver an outstanding consumer experience, while lowering
costs, reducing risk and improving financing execution throughout the
entire loan process. Sanjiv Das, Chief Executive
Officer of Caliber said of the new HELOC platform, “We think the ease
and speed of this process is truly unique. Unlike traditional home
equity lending timeframes which often stretch out for weeks, our
borrowers can now complete the entire process digitally
and access their funds in days. We think that’s a great solution and
gives our customers tremendous flexibility.”
origination volume continues to grow exponentially even in the face of
historically low rates, and as we near the finish line for 3Q 19’, the
velocity of growth, interest in the product, and capital investment are
at an all-time high. Deephaven Mortgage is
committed to helping the industry continue its upward trajectory. To
help originators & executives learn more about the Non-QM
marketplace & how to make it a part of their business plan,
Deephaven co-hosted a webinar recently with LoanScorecard; visit
to catch up on the market and continue building your Non-QM knowledge.
Deephaven has a diverse array of products, technology, and 7+ years of
Non-QM expertise to aid the originator at the point of sale. Non-QM is
the 100% focus at Deephaven, get in touch with us today by contacting us
(Wholesale) or firstname.lastname@example.org
remains a cornerstone of the American dream, but the rising cost of
originating mortgages is pushing that dream out of reach for more and
more Americans. Lenders are drinking from a firehose right now thanks to
low-interest rates, but the underlying problems
– high costs and inefficient systems – haven’t gone away. When the
euphoria calms down, those problems will still exist and lenders will
have to deal with them. This is a problem specific to mortgage
production: mortgage origination costs have been climbing
for more than a decade, and everyone involved is starting to feel the
strain. Rather than focusing solely on the customer-facing portions of
the process, mortgage tech must streamlinethe back-end components that account for the biggest delays. Cloudvirga Co-founder Kyle
Kamrooz explores the the
current state of the cost of mortgage origination costs and the vision to reduce costs while making borrowing more accessible.
Conventional Financing, Down Payment Assistance, and No Mortgage Insurance.
Wholesale is offering a conventional first up to 97% LTV with no
mortgage insurance, plus an interest only DPA community second of up to
4% for down payment, and closing costs (lesser of purchase price or
Finish the year strong by increasing your high LTV and first-time buyer business. Currently available in select states.
here to learn more.
can you get 11X return on every dollar you spend? There
is only one place smart lenders go to get these returns consistently: Sales Boomerang. Why
would you say no to 11X or better ROI? You can’t, and you shouldn’t.
Believe me, your stake holders will thank you. “Now, we don’t let
opportunities walk out the door thanks to timely notifications,” Michael
Guidotti from American Pacific Mortgage. Lenders
get on average an 11X return but many are posting 15X, 20X, 25X and all
the way up to 60X returns from every dollar invested into
Sales Boomerang. “Sales Boomerang is a game changer for us, because
we’ve never had access to such information before,” Stephen
Barton from Eustis Mortgage. If volume is not your problem today then
profit and customer retention need to be at the top of your list. Check
out the long list lenders already using Sales Boomerang and then
schedule your demo.
& disaster news
the U.S., the number of National Flood Insurance Program policies
has fallen from 5.65 million in 2011 to 5.2 million flood insurance
policies in 2018. In the 59 counties that saw evacuation orders
related to Hurricane Dorian, the number of flood insurance
policies drop 31 percent over the period, from 734,445 policies to
508,731 last year. In Palm Beach County, the number of federal policies
37 percent over the period.
Yet the Federal Emergency Management Agency has set a goal of doubling
the number of Americans with flood insurance by 2023. Good luck.
September 18th, learn about PRMG’s FHA
the mortgage insurance for Disaster Victims program, which allows for
up to 100% financing for the purchase of a new home for borrowers who
owned or rented a home in a Presidentially-Declared Major Disaster Area
(PDMDA) that was destroyed or damaged to such
an extent that replacement is necessary.
is providing a
free, online webinar
covering ML 2019-14: Updates to FHA’s Loss Mitigation Options for Borrowers in Presidentially Declared Major Disaster Areas (PDMDA).This webinar is offered on Thursday, Sept 26th.
AmeriHome suspended fundings due to the National Weather Service
predictions for Hurricane Dorian along the Eastern Coastline. AmeriHome
is lifting the remaining funding suspensions for the Florida, Georgia,
and South Carolina counties.
is monitoring Hurricane Dorian and will be providing updates and
guidance as the impact of the hurricane becomes clear. All previous
restrictions for counties in Florida, Georgia and North Carolina
have been removed. South Carolina counties still impacted include Berkeley, Charleston, Dorchester, Georgetown and Horry.
Dorian has moved north up the coast and Plaza Home Mortgage® has
resumed funding throughout Florida and Georgia. The pause in funding remains in place for the Carolinas and Virginia during the continued monitoring of the storm path.
includes information on FHA’s Mortgagee Letter 2019-11 / FHA Fixed and
ARM Matrix, FHA’s Mortgagee Letter 2019-13 Condominium Project Approval
Requirements and Nebraska’s Disaster Announcement Update.
has been approved as a Ginnie Mae Servicer Seller for VA loan
production in addition to being approved to issue Ginnie Mae I and II
securities for FHA multi-issuer securities. “The Ginnie Mae
single-family program provides critical mortgage financing for our
nation’s veterans and active duty military, after Ginnie Mae’s review
showed NewDay USA’s prepayment reduced speeds, meeting Ginnie Mae
guidelines. Based on current origination volume, NewDay USA is projected
to be a top five VA lender in the U.S. in 2019.”
has been nearly a year that markets have been dealing with the
increasingly escalating trade war between the US and China. The next
round of talks between the countries will take place in October in
Washington and while the markets hope for a deal (yeah, right)
at the conclusion of those meetings, both sides have large demands from
one another. In the manufacturing sector, more firms reported
contraction in the latest ISM survey which fell below the demarcation
level of 50 between expansion and contraction for the
first time since 2016. Services, which are a larger part of the
economy, rose to 56.4. Should new tariffs go into effect, however, it
may erode consumer purchasing power and therefore consumer spending.
Last week we learned that nonfarm payrolls declined in
August to +130,000 with 25,000 the result of temporary hiring for the
2020 census. Despite a general slowdown in hiring that has persisted
throughout the year, hourly earnings increased 0.4 percent and are up
3.6 percent over the last three months. The Fed
will have to weigh slowing business conditions with good consumer data
when they meet next week to update monetary policy. Most market
participants expect a 25bps reduction to the Fed Funds Rate as they
expect the committee to continue to support the current
U.S. economic data continues to be mixed with consumer data remaining
positive and business and manufacturing data eroding. While not all
industries reported contraction, those that did included: apparel,
fabricated metals, transportation equipment, primary
metals, plastics and rubber, paper and electrical equipment. Business
productivity has been increasing throughout the year and was up at an
annual rate of 2.3 percent during the second quarter as labor market
remain tight. The trade gap narrowed slightly in
July to -$54.0 billion although at the current level it might still be a
drag on Q3 GDP. All this as well as the escalating trade uncertainty
between the US and China will be on the minds of Fed officials when they
meet next to discuss monetary policy.
The markets have priced in a greater than 90 percent likelihood of
another 25bps rate cut following the conclusion of the FOMC meeting.
at yesterday, U.S. Treasuries experienced a volatile Thursday session,
first facing some selling pressure after President Trump indicated that a
5 percent tariff increase on imports from China will be postponed for
two weeks and reports Chinese officials are
considering a removal of restrictions on imports of American farm goods
like soybeans and pork. Then, the latest policy statement from the
European Central Bank called for a reduction to the deposit facility
rate that will exempt some bank reserves from negative
rates and a resumption of monthly asset purchases in the amount of
Central Bank President Draghi called on fiscal authorities in the
eurozone to commit to more spending in order to lift long-term yields.
His press conference was partially responsible for the reversal in bonds
when he highlighted the limits of monetary policy
(and the negative implications of negative rates for pensions) and said
that fiscal policy could speed up the effects of monetary policy so
rates could go higher. The ECB lowered its outlook for 2019 growth in
the eurozone. And thus Treasuries reversed course
after the euro nearly hit a fresh 2019 low which wasn’t helped by a
tepid $16 billion 30-year bond reopening, and the 10-year closed the day
+6 bps to 1.79 percent.
calendar began with August Retail Sales (+.4%) and Import/Export Prices
(-.5%, -.6%), and later July business inventories, preliminary August
We begin the day with Agency MBS prices worse a solid .125 and the 10-year yielding 1.82%.
4 of 5 of “Books Never Written.” (Yes, my mind spends a lot of time in 3rd grade. Warning: Rated PG for bawdy humor.)
in the Tree Top by Hugh Goostamooce
in the Bathroom by Heidi Ingthe Tub
to Eat Cereal by Poor A. Bowl
Stuff by Anita Bath
Lonely by Shenita Mann.
in the 21st century by Rob Ott
Hitchiker’s Guide To Not Getting Killed by Ren Tacar
Go To The Bathroom by Think L. Maket, Illustrated by Betty Went, Published by Doris Laukt
Sit Still by Ivan Auflitch
with Terrorists by Eve Hill
Must Go Again by D. I. Aria
for more information on our industry partners, access archived commentaries, or to subscribe to the
Mortgage News and Commentary.
If you’re interested, visit my periodic blog at the STRATMOR
Group web site.
The current blog is, “Mortgage
Rates: Thinking the Unthinkable.”
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.
data provided in partnership with MBS
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
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
By Shannon Ireland
The scent of pumpkin spice has begun to fill the air, sweaters are moving toward the front of the closet, and leaves are changing from their summer green to the vibrant hues of fall.
But before you cozy up with a fleece blanket and a cup of tea, take the time to tackle a few home maintenance projects.
Why is seasonal maintenance important?
The answer is simple: Seasonal maintenance can help keep your home looking and functioning properly, and save you money because you’ll catch problems before they get out of hand.
Plus you’ll get the added bonus of sleeping easier at night knowing you’ve taken all necessary precautions.
‘Tis the season to …
1. Rake it in
Few things are more beautiful than a yard speckled with crimson, gold and tangerine-colored leaves. But failing to dispose of them can kill your grass and inhibit growth in the spring months.
Grab your rake and enjoy the crisp temperatures of the season. You can always treat yourself to a pumpkin treat when the raking is done.
2. Clean the gutters
Speaking of leaves, when they clog your gutters, rainwater can’t flow through and will eventually spill over. So what, right? This overflow can damage your home’s siding, roof and foundation.
It’s better to remove the leaves from your gutters than to chance the buildup turning into a costly problem.
3. Check the roof
While we’re on the subject of the roof, fall is a great time to check that all shingles are in place and in good shape before winter snowstorms pop up on your radar.
4. Conduct a walking inspection
Take a walk around the exterior of your home, keeping an eye open for damage along the pathways leading to your doors. Cracks could mean loose cement or gravel, increasing the likelihood that someone could trip or slip and fall.
To ensure the safety of visitors, seal any cracks you see. Be sure to inspect the siding and foundation while you’re at it, and tackle any repairs as soon as possible.
5. Cracks and gaps can cause problems indoors too
When you shut doors and windows, make sure there aren’t any spaces allowing air to escape. If there are, seal them.
You may not think much of these little gaps right now, but you will when you open your heating bill and see how much you’re paying to keep the whole neighborhood warm, or when you find out that a mouse has made your cabinet his home for the winter.
6. Store summer staples
Patio furniture is susceptible to damage from winter weather. Since you probably won’t spend as much time outside – except for roasting marshmallows over the fire pit – move outdoor furniture, trampolines and other summer staples into storage.
7. Make it a clean sweep
Schedule a time to have your chimney and heating system cleaned and maintained, including swapping old filters for new ones. It’s important that everything is in good working condition to decrease the likelihood of house fires.
8. Pipe down
Shut off the water supply to exterior faucets and insulate your pipes before the weather dips below 32 degrees. This will help prevent pipes from freezing, bursting and flooding your home.
9. Take time to vent
Your dryer vent, that is. Cooler weather means more static electricity, which means lint buildup in your dryer can ignite more easily. Clean your dryer vent to help prevent this problem and keep it working more efficiently.
10. Testing … 1, 2, 3
Test safety devices, such as smoke alarms, and check the expiration date on your fire extinguisher. In case a fire ignites, it’s important to know that you and your family will be alerted and able to get out of the house quickly and safely, or able to extinguish smaller fires before significant damage is done.
11. Check your home insurance coverage
Can your insurance weather the storm? The final item on your fall home maintenance checklist should always be to call your insurance agent. Arrange a time to walk through your coverage to ensure your home will be protected, no matter what situation may arise.
- Why Halloween Scares Insurance Providers (and Should Scare You)
- Insurance 101: Review Your Insurance Policy at Renewal
- 12 Tips for a Safer, More Organized Home
Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.
Originally published October 2016.
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