LenderNews by Rob Chrisman
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Apr. 26: AE, Sales & Ops mgt. jobs; vendor news incl. non-QM warehouse; AOT mini-bulk execution; Fannie & student loans

April 26, 2017

How about this quote from the tech world? “If you’re not paying for the product, you are the product.” If you don’t want companies to collect and sell your data, like your e-mail, you can disconnect it from Google’s security page. Go to "Connected apps & sites" click "Manage apps."
 
Jobs
 
Continuing its national expansion, Florida’s Hamilton Group Funding, an independent mortgage banking firm, is seeking a VP of Regional Lending to help develop its growing branch network. The ideal candidate will reside in the Midwest or South Central U.S., and have at least 15 years of increasingly successful sales and lending leadership in residential mortgages. Hamilton is an equal opportunity employer and was recently named one of South Florida’s Top Workplaces by the Sun Sentinel Media Group. Inquiries can be made in confidence to Amanda Smith, VP of Human Resources.
 
A retail mortgage banker, based in the Los Angeles area, is seeking a motivated DE underwriter for an Underwriting Manger position. The candidate must have at least 7 years of continuous experience in conventional and government underwriting and guidelines, and their responsibilities will include but are not limited to managing underwriting pipeline and the team, underwriting files sales scenarios, and escalations. Great benefits and positive work environment. The Lender is currently licensed in California but has pending approvals in several other Western states. It is a direct lender/correspondent and a HUD DE and VA Approved office with over 30 LOs. Confidential resumes can be submitted to me for forwarding; please specify opportunity.
 
Planet Home Lending, LLC, a national mortgage banking platform with rapidly growing wholesale and correspondent channels, continues its push into key markets with the addition of Greg Schatz as Regional Manager of Wholesale and Emerging Banker. Greg, who was previously President of the NYMBA, brings 25 years of mortgage banking experience to Planet’s wholesale and emerging banker division; Greg can be reached herePlanet Home Lending is rapidly growing its Wholesale division and is looking for the right AEs to fuel its growth in IL, NJ, PA, GA, FL, and both Northern and Southern CA. And Planet Home Lending’s Correspondent division, which purchases loans in all 50 states, is actively recruiting Funder/Purchaser positions in CA and FL, and Underwriter positions in CA. Planet Home Lending is an approved Fannie, Freddie, FHA, VA and USDA direct lender and $13 Billion mortgage servicer. Planet offers competitive compensation, great benefits, and a rewarding work environment. Please direct inquiries and resumes to Chase Gonzalez.
 
Products
 
For brokers, Orion Lending announced the release of STAR, a propriety advanced broker portal and pricing engine. STAR utilizes state-of-the-art technology to allow approved brokers access to UW income calculations, real-time disclosure tracking with LE/CD visibility, a live concierge chat function, loan origination system, along with many other advanced features. As the Digital Mortgage landscape continues to evolve at a rapid pace, Orion Lending is committed to exceeding the needs of our broker partners and outperforming the competition. Equally unwavering is the commitment Orion has to its incredible staff and calibrated evolution as we reach new heights and milestones. For those interested in learning more, send a note directly to the executive team at Executives@orionlending.com.
 
I get asked often to predict if technology will replace loan officers. The reality is technology should be helping humans, not making them more anxious and inefficient. Sure, people make mistakes (they’re humans after all), but only people can add value through expertise, knowledge and advice that would be difficult to replace with technology. Maxwell recently published a great piece, “The Secret to Winning in the Mortgage Business,” on how technology can be used to create a world of technology-assisted humans — empowering loan officers to do what they do best and ultimately win in the mortgage business. This world where technology and loan officers co-exist and thrive shines a bright light on the future of the mortgage industry for both borrowers and lenders. Download the piece for the story of one originator’s secret sauce.
 
“Manual underwriting is time-consuming, prone to human error, and puts you at risk for Fair Lending violations. Yet agency AUSs can’t be customized to reflect the underwriting guidelines of your specific portfolio programs. Portfolio Underwriter from LoanScorecard can help improve efficiency, ensure compliance with the upcoming HMDA rule, and mitigate Fair Lending implications by automating decisioning and underwriting for your non-agency loans and HELOCs. To learn more, join LoanScorecard Executive Director Ben Wu for a free live webinar, “Fair Lending in a New HMDA World,” on May 4th at 11AM CT.
 
(While we’re on webinars, HUD is offering the U.S. Department of Housing and Urban Development invites you to join “Introducing the American Housing Survey,” a webinar which will take place today, April 26th from 11-12PM ET. “During the webinar, HUD’s experts will provide an overview of the American Housing Survey (AHS)— our nation’s most comprehensive study on housing in the United States. The AHS provides vital information on topics that impact communities in every corner of the nation, including housing quality, health and safety hazards in homes, housing costs and value, food security, and neighborhood demographics.” Any questions following the event may be submitted to Hang.Liu@hud.gov.)
 
“Are you getting the most out of your warehouse partnerships in an evolving market? There’s never been a better time to assess your most critical relationships to ensure they are adding maximum value to your business. BofI Federal Bank would like to help align your objectives, product offerings and discuss a potential Warehouse partnership that makes sense for this market. Our Warehouse division provides $5MM – $100MM facilities to fund agency, non-agency, FHA, VA, USDA, and a broad spectrum of non-QM loans seamlessly in one competitive facility with exceptional operational support for your staff. Feel free to call us at 888-764-7080 or email Robert Martini or Robert Norine to see if a new partnership makes sense.  We would love the opportunity to show you what we have to offer.”
 
Congrats to Indecomm Global Services, a leading provider of business process as a service (BPaaS), software as a service (SaaS) technology, and learning products for the mortgage industry. In 2017 it has been selected for the sixth year in a row as a member of the IAOP Global Outsourcing 100 (GO100). “Indecomm is again a Super Star of the list and recognized for its sustained excellence. This achievement is grounded in Indecomm’s notable customer references as well as awards and certifications. The GO100 provides a list of outsourcing firms that deliver excellence and value to companies seeking their expertise and technology innovation. For more information contact Linda Bomar, VP of Sales.
 
S&P Global Ratings the world’s leading provider of independent credit risk research announced the approval of Recovco Mortgage Management LLC as a third-party due diligence firm. S&P indicated that in their opinion Recovco meets the assessment factors discussed in their criteria: “Incorporating Third-Party Due Diligence Results into the U.S. RMBS Rating Process” published March 14, 2014. (Founded in 2009 and directed by mortgage industry veterans, Recovco Mortgage Management is a leader in both quality and operational excellence and provides clients with auditing, due diligence, fulfilment, quality control, servicing solutions, and valuations for banks, mortgage companies, and market participants.)
 
New agency & lender products, or tweaks on old products 
 
Fannie Mae turned heads by launching several new programs for borrowers saddled with student loans to reduce their interest payments or help them buy a home. One of the programs allows homeowners to refinance by combining their mortgage with student loans, which may result in a sizable drop in monthly payments. For a homeowner to qualify for refinancing under the Fannie May program, the consolidated total of the mortgage and student loan cannot exceed $424,100.
 
The homeowner must also meet other borrowing criteria for the loan. For potential new home buyers, Fannie Mae said a consumer saddled with student loans would be able to exclude debt such as credit cards, auto loans, and student loans paid by someone else from their debt-to-income ratio. It will also allow lenders to accept student loan payment information on credit reports, making it easier for borrowers with student debt to qualify for a mortgage, the Washington-based mortgage finance agency said. But hey, don’t take my word for it – read Fannie’s fact sheet.
 
And for those in the biz who have been pushing for the Fannie-Fannie and Freddie-Freddie condo piece for years, here you go: “Project Eligibility Review Waiver for Fannie Mae to Fannie Mae Limited Cash-Out Refinances.”
 
Brokers should know that Orion Lending announced the addition of a competitively priced Alt-A product to its lineup. “Alt A has a strong place in the current lending arena and we are pleased to offer a real-world product that will benefit both our Broker partners along with their borrowers” said Curtis Edwards, EVP. The product features a 40 yr. I/O term, Bank Statement and Asset Utilization options, 95% cash-out with no MI, loan amounts up to 2.5M, and more.  For more information or to speak to an Orion AE, please reach out to info@orionlending.com.
 
Peoples Bank announced that, effective April 17, it has partnered with Freedom Mortgage in a new Pilot Program for FHA loans with a FICO score of 619 or less. The FHA Pilot Program is Non-Delegated, which means that Peoples Bank will originate, process, close, and fund the loans. But the underwriting of the loan and the Clear-to-Close will be performed by Freedom Mortgage.
 
Bank of the West announced that its mortgage program is now available to international clients who meet certain employment and financial requirements, but have no credit history in the United States.
 
Citi Correspondent Lending’s recent bulletin covers general policy updates including foreign assets, multiple properties: agency loans and property appraisal sales comps.
 
LoanStream Financial has bank statement loans, fixed rate, 5/1 and 7/1 ARMs up to $2,000,000 and interest only options available. For more information contact, LoanStream Wholesale.
 
Pacific Union Financial has a new Stand Alone Down Payment Assistance (DPA) Program approval policy. It will review Stand Alone Down Payment Assistance (DPA) programs for eligibility and publish a list of approved programs. Delegated Correspondents are not subject to this policy but must represent and warrant that a DPA meets requirements for the applicable loan program.   
 
NewLeaf Bank Statement program guidelines have been updated to include a 12-month Bank Statement option, Interest Only amortization, 2-4 unit properties and reduction in seasoning requirements for major derogatory credit events.
 
PRMG has updated its product profiles.
 
Capital Markets
 
Franklin American Mortgage Company Correspondent Lending announced the industry’s first mini-bulk execution permitting assignment of trades (AOT). “The new Hybrid Mandatory program employs Compass Analytics’ CompassBid and BidAOT services to streamline mini-bulk bids and AOT processing. Mini-bulk sellers can now receive mini-bulk pricing levels and assign applicable trades on a loan-level basis to eliminate bid-ask spreads, loan sale/pair-off timing, and cash-flow mismatches without completing burdensome AOT paperwork.”
 
For lack of anything more pressing to focus on, the U.S. markets have latched on to the French elections which favor keeping the EU intact. But U.S. economic data was better than expected, which serves to nudge rates higher: new home sales were strong, running at an eight-month high despite some inclement weather in March, and the Case-Shiller 20-city Index of house prices climbed at its fastest pace in nearly three years. Yet the $26 billion 2-year Treasury auction was met with the highest indirect bid since 2009, indicating very strong demand from abroad. The 10-year sold off .5 and its yield hit a high of 2.34% and in MBS-land Tradeweb reported above-average volumes as current-coupon mortgage-backed securities worsened .250-.375.
 
But that was so… yesterday. This morning we’ve had the MBA’s application survey numbers from last week: up nearly 3% with refis jumping 7% but are still 34% below last year. And that does it for scheduled news. We begin the day with rates a shade better than last night: the 10-year is yielding 2.33% and agency MBS prices are better a tick or two (32nds).
 
 
(Thank you to Mark S. for this one.)
A husband had just finished reading a new book entitled, "You Can Be THE Man of Your House."
Finding new courage that he never knew he had, he strode purposefully into the kitchen and announced to his wife, "From now on, you need to know that I am the man of this house and my word is the ‘Law’. You will prepare me a gourmet meal tonight, bring it to me, and when I am done eating my meal, you will clear the dishes and serve me a scrumptious dessert.”
He went on. “After dinner, you are going to go upstairs with me and we will make love the way I want! Afterwards, you are going to draw me a bath so I can relax. You will put on soothing music, wash my back and towel me dry and bring me my robe. You will massage my feet and hands to relieve any last bit of tension so that I can sleep like a baby. Then tomorrow, guess who’s going to dress me and comb my hair?"
The wife replied, "The funeral director would be my first guess, unless I decide to have your carcass cremated."
 
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, “Does Everyone Want a Job?” 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 over 300 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 2017 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.)