LenderNews by Rob Chrisman
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Aug. 23: AMC sales, LO training product; upcoming events of all shapes & sizes; vendors partnering up

August 23, 2017

Trends? A few weeks ago, Ally offered to beat any other lender’s price. And last week 360 Mortgage Group announced a new platform that will allow customers to receive approval for a loan in just 15 minutes and cuts down the closing process to as few as eight days. The company’s NOLO platform (“No Originating Loan Officer”) lets customers “complete the mortgage lending process entirely online without ever having to speak to a loan officer.
 
Products & opportunities
 
MLOs should know that Cindy Ertman is excited to announce she is accepting applications for her next Mortgage Mastermind Elite (MME) coaching group starting this October. MME brings together a vetted community of High-Performance Mortgage Professionals committed to sharing best practices, increasing their income, and expanding their referral partner network. Cindy was one of the Top 100 Mortgage Loan Originators in the U.S. for over a decade and will teach you her Total Success Blueprint to drive results and grow your pipeline with proven lead-generating strategies and help you break-free from what’s been holding you back. Learn more here and receive a FREE copy of Cindy’s ‘Time is Money Guide.
Floify, the mortgage automation solution for top-producing mortgage professionals, has done it again! The Floify team, in partnership with MLO Shift, just integrated some incredibly powerful CRM functionality into Floify’s existing feature-packed platform, resulting in a complete CRM and mortgage automation solution. Now, during the 1003 loan application process within Floify, your borrowers’ contact information will be automatically and instantly synced with MLO Shift. Floify’s new integrations, including this robust CRM and many more exciting features on the way, has enabled their mortgage automation solution to help LOs close loans an average of 8x faster, increase annual loan volume by more than 11%, and reduce workload by up to 5 hours/week while maintaining existing staff levels and loan volume. To see how Floify can help you streamline and expedite your loan processing workflow, request a live demo; or, to get behind the wheel and take Floify for a spin, sign up for a free trial.
 
Valuation Partners, a leading national Appraisal Management Company is looking for an experienced sales STAR to join our winning TEAM. We rank in the Top 10 of privately held AMC’s with a goal to be NUMBER 1. As Vice President- Regional Manager, the successful candidate will be responsible for increasing sales in the Southeastern Region. We are seeking an individual based in Florida or Georgia with client relationships throughout the Southeast territory.  Strong networking skills, a deep mortgage lending rolodex and proven sales results are critical success factors for the position. For confidential inquires or resumes, please send to humanresources@valuationpartners.com.”
 
United Wholesale Mortgage announced the promotion of Sarah DeCiantis to Chief Marketing Officer. DeCiantis had served as VP of Marketing since joining the company in early 2014 and will spearhead marketing and strategy for UWM. “Since joining UWM in early 2014, DeCiantis has built out a 30-person Marketing team and transformed it from sales support to a driver of sales growth – playing a key role in becoming the top wholesale lender in the nation.”
 
Upcoming events & training; webinars & nearby events help with travel budget cutbacks
 
Between summer vacation and children going back to school, Ron Vaimberg, President and Head Coach of nmpU has extended the $300 early registration discount for nmpU’s Purchase Bootcamp to Wednesday, August 30th. It’s being held at the beautiful Hyatt Regency, located in downtown Sacramento, on Thursday and Friday, September 7th and 8th, and is limited to only 40 originators.  The event is already more than half sold out. The limited number of attendees creates an environment of interaction between Ron and the attendees that does not exist anywhere else.  nmpU Purchase Bootcamp is for the veteran originator, not beginners, who want to rapidly increase their purchase business.  The average income of attendees at the last event in San Diego was more than $165,000 per year. This is not a beginner program. For more information and to register please click here for the latest video for this event, and don’t forget to use the code “Chrisman” and save an additional $100.
Wells Fargo Funding, in cooperation with Fannie Mae, is hosting an in-market, first-time homebuyer/affordable product events in Oakland, California (Sept. 12).  The event runs from 11:00-3:30 p.m. Pacific – and is focused on helping lenders gain market share in the affordable/first-time homebuyer space, including details about homebuyer demographics, Fannie Mae’s HomeReady and in-depth insight into the Oakland market. LOs, sales/production/affordable lending managers, underwriters, and marketing teams should consider attending. Approved and prospective Wells Fargo Funding are welcome. If interested, contact a member of your regional sales team or send an email to CorrespondentDiverseSegments@wellsfargo.com.
 
Have you reviewed your institution’s fair lending compliance program recently? Noncompliance with fair lending regulations (even if unintended) can bring a host of regulatory enforcement actions, penalties, civil liability and negative publicity. Developing and maintaining a sound fair lending compliance management program is your best line of defense. Join Clark Schaefer Hackett’s Leonard Wagers and Tricia Lynn on September 7th for an informative webinar.
 
Get the latest updates with Arch MI’s convenient webinars, online sessions on key topics like appraisals, processing, underwriting fundamentals, mortgage fraud and more. Register for any of the complimentary September sessions including: Analyzing Appraisals: Identifying the Key Areas of the Uniform Residential Appraisal Report. Seizing Market Share in a Purchase Market: Creating Separation Between You and Your Competitors. Conquer the Components: Understanding the Aspects of a Loan File. Negotiate the Numbers: Understanding Self Employed Borrowers and Business Tax Returns. Mortgage Fraud: Everything Old is New Again.
 
All September long, there are online and classroom training from AllRegs by Ellie Mae. From underwriting, compliance and servicing courses, to essential mortgage banking and quality control courses. Fundamentals of FHA Underwriting  Begins September 5th. Advanced FHA Underwriting  Begins September 5th. Intermediate FHA Underwriting  Begins September 6th. Analyzing Alternative Income  Begins September 7th. Process Made Perfect – Begins September 7th. Mortgage Compliance for Origination – September 12th – 14th in Tampa, FL. Essentials of Mortgage Banking – Begins September 19th – 22nd in Pleasanton, CA
 
The Mortgage Professionals of Iowa is holding its annual convention in Norwalk September 13-14.
 
The Mortgage Bankers Association has a few shindigs coming up. There’s the Human Resources Symposium, the Regulatory Compliance conference, Risk Management/QA/Fraud Prevention Forum, its Annual Conference (Denver), and Accounting and Financial Management Conference. Find it all at www.MBA.org.
 
Zia Consulting invites you to join mortgage industry advisor, Stan Pachura, for one of two complimentary mortgage-industry “lunch and learns” showing how best-of-breed technologies can cut costs while providing an exceptional employee and customer experience. These informative events will be held Sept. 12th, 11:30AM–1:30PM PT in Los Angeles at The Standard Hotel and  Sept. 28th, 11:30AM–1:30PM CT in Chicago at the Sweetwater Tavern & Grille (Registration link: https://chicago-mortgage-event.eventbrite.com). The event includes a three-course plated meal and the opportunity to network with others in the industry. 
 
Then there’s the Benzinga FinTech Summit that will be in San Francisco for the first time on September 28th. This event features companies at the forefront of innovation in finance and entrepreneurship, and discussions around artificial intelligence, machine learning, deep learning and blockchain tools. The event will provide an opportunity to meet founders and C-suite executives from fintech companies, brokerages, banks, quants, hedge funds, VCs and more.
 
It’s the only Mortgage Event exclusively for mortgage women—by mortgage women. Karen Deis announces the 2017 Mortgage Girlfriends Mastermind Retreat: Finding Your G.P.S – Growth. Power. Strategies. November 2-3, 2017 in Shamburg, IL. Awesome speakers, workshops, mastermind sessions, and food. Click here for topics, speakers, location, hotel and registration information.
 
Vendor news – lots of courting and marrying going on
 
Vantage Production has chosen Optimal Blue as their partner to provide a unique digital mortgage experience. “This enterprise integration allows a Vantage Production VIP user to incorporate accurate, compliant, real-time product and pricing information directly into consumer quotes and sales presentations. Todd Ballenger, EVP of Vantage Production, stated, “This deepening of our relationship enables our VIP clients to create and share Optimal Blue’s real-time pricing with prospective customers to increase sales and reduce compliance risk.”
 
The Mortgage Collaborative has partnered with Notarize, the first digital platform to enable an entirely legal and compliant online mortgage closing process. Notarize is closing mortgages online in partnership with major lenders and title underwriters/agencies. Verified by Fannie Mae and Freddie Mac, the Notarize for Mortgage platform digitizes the entire closing process with technology to securely coordinate lenders, title companies and borrowers online. Notarize for Mortgage’s online closing platform offers borrowers a fundamentally better experience, reduces costs for lenders, accelerates the sale of loans into the secondary market and gives every constituent greater trust and visibility into the validity of mortgage documents. Notarize plans to expand across the country through their strategic partnerships.
 
Here’s a piece on how Unison uses AI to help lenders automate the mortgage loan process.
 
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, is pleased to announce that its eRecording services are now available in 1,000 counties across the country. With this expanded footprint, Indecomm reaches 64% of the US population. eRecording is available in 1,700 counties of 3,600 recording jurisdictions nationwide. As of August 1, 2017, 80% of the US population lives in a recording district that is eRecording enabled, according to the Property Records Industry Association (PRIA). Email efile@indecomm.net or visit Inteledocdirect.net for more information.
 
Arch MI announced its integration with OpenClose, a multichannel loan origination system (LOS) and mortgage software solutions provider. “The new integration allows for immediate access to Arch MI RateStar pricing from within the OpenClose LenderAssist LOS. At the press of a button, LenderAssist users can receive instant RateStar pricing, then view side-by-side comparisons of multiple live Arch MI products and rates, ensuring that users can select the best mortgage insurance option available.”
 
Arch MI announced its integration with Mortgage Cadence’s Loan Fulfillment Center (LFC). The new collaboration will allow LFC users to seamlessly access RateStar, Arch MI’s risk-based pricing engine, without leaving the platform. The integration also provides LFC users a new option to order non-delegated MI. In addition, users of Mortgage Cadence’s Imaging Center can deliver non-delegated loan documents to Arch MI without using external websites, providing a completely on-platform and simplified user experience.
 
Western Oregon Mortgage has selected ReverseVisions’s RV Exchange (RVX) LOS to support its Home Equity Conversion Mortgage (HECM) operations. WOMC has been originating HECMs on a small scale for more than a decade. The lender’s recent selection of RVX was spurred by growing interest in HECM origination among its loan officers. According to WOMC President Teresa Rose, RVX is an especially good platform for “new to HECM” loan officers because of its built-in education and safeguards. The system encompasses everything from point-of-sale, processing and underwriting to funding, post-closing and secondary marketing.
 
WFG National Title Insurance Company has successfully deployed a series of online transactional dashboards to keep consumers, Realtors and mortgage lenders updated in real time as to the status of the real estate transaction during the settlement process. The dashboards are known as My Home and have been deployed nationally with more scheduled for roll out shortly. 
 
Capital markets
 
Interest rates: up a little, down a little. U.S. Treasuries finished Tuesday on a lower note due to encouraging comments made by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell regarding the September 29 deadline to raise the debt ceiling. Both Mr. Mnuchin and Mr. McConnell said they are certain that the debt limit will be increased without a hitch. A separate report from Politico about President Donald Trump’s team making significant progress on a tax reform proposal kept the bond market under pressure while boosting equities.
 
Fortunately for mortgages, the MBS “basis” rebounded from Monday’s underperformance to close tighter vs. treasuries and swaps. This means that mortgage prices didn’t move lower as much as other securities. The 10-year yield touched an afternoon high of 2.22% with the range we’ve been in most of the summer firmly intact, worsening more than .250 whereas agency MBS prices only worsened about .125.
 
This morning we’ve had the application data from last week (hardly changed at -0.5%, refis +0.3%, purchase apps -1.5%). Markit will release its preliminary August releases for both the Manufacturing and Services PMIs, and also coming up is July new home sales. The 10-year is currently yielding 2.20% and agency MBS prices are better nearly .125 versus Tuesday’s close.
 
 
(Thanks to Kansas’ Mike J. for this one.)
Only a few of my friends know that I nearly became a doctor. But this is what happened.
When I was young in the 1970’s, I decided I wanted to a be doctor so I took the entrance exam to go to Medical School.
One of the questions asked of us was to rearrange the letters PNEIS into the name of an important human body part which is most useful when erect.
Those who answered “spine” are doctors today.
The rest of us are sending jokes via email!
 
 
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.)