LenderNews by Rob Chrisman
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Dec. 5: LO jobs, promotions; QC & fulfillment products, Alt-doc webinar; recapitalize the Agencies?

December 5, 2018

There’s a saying: “You may not remember exactly what someone said, but you’ll remember how they made you feel when they said it.” Are you looking for a good article on what happens when loan officers work to improve the borrower experience? STRATMOR Group worked with Certainty Home Loans on this case study that offers insights into the seven commandments for achieving borrower satisfaction and real-life examples from loan officers who make providing a superior borrower experience a priority. Check out the article, “How Important Are Satisfied Borrowers to Growing Your Business?” at MortgageSAT.com.
 
Employment
 
To remain relevant in this industry, it requires passion, tenacity and integrity. Montana-based Mann Mortgage is Tried, Trusted and Proven and is looking for likeminded branch managers and loan officers to join its cooperative-based company. “As we start our 30th year in business, Mann is focused on the next 30 years with exciting recent branch additions in Virginia, Oregon, Montana, Minnesota, and Hawaii, adding to over 40 branches in 13 other states. Mann Mortgage has successfully launched two new game-changing products and services: a MannMade Construction Loans program (1-time closing construction-to-permanent loan), and borrowers, LOs, and processing teams are loving our new SimpleApp technology which allows for originating and closing loans faster and more efficiently! We offer the unique ability to work under our simplified expense management model, retail model and/or our HUB opportunities, and offer compensation plans with options! Finally, meet our Director of Risk Management and you’ll quickly understand why our Branch Managers keep calling him back with new ideas! If you are ready to do something with that entrepreneurial spirit of yours, please reach out to CEO Jason Mann.”
 
The Movement Mortgage Marketing team continues to push the envelope to support its LOs. The top 10 retail lender is surrounding Loan Officers with the air cover of a corporate social media, technology and branding strategy that promotes its unique position in the market. Movement then delivers a consultative, agency-modeled, full-service marketing team that provides LOs with personal coaching, branding and digital marketing. It’s one of the reasons Gary Vaynerchuck and VaynerMedia invited VP Jake Fehling to speak at his Agent 2021 event in Miami. Watch this hilarious new video explaining Movement’s unique approach. If you’re not being supported with aggressive, innovative and customized marketing support, check out the tools Movement offers here. You can also learn about career options by emailing Matt Hill.  
 
Nations Lending “is excited to welcome these new employees to our family of branch managers:  Brian Klotz (San Marcos, TX), Brian Clark (Greenwood Village, CO), Randy Epley (Charlotte, NC), Greg Franks (Southlake, TX), Adalgisa Aquino (Cranford, NJ), Jennifer Nina (Miramar, FL), Sheila Herring-Nelson (Bay St. Louis, MS). Our new retail platform is focused on growth and personal attention to each customer – with the very latest tech tools available for branch managers and LOs. We believe these next generation of branch leaders will help take our proven success to the next level – from coast to coast. Nations Lending, is an Ohio-based, full-service national lender licensed in 47 states. For more information and opportunity on how to join our growing organization, please visit the company’s website.
 
For Loan Officers or Branch Managers looking for a change, MortgageRight sets itself apart from other companies by offering lower rates, better pricing and higher compensation. MortgageRight is making a name for itself across the nation by operating with thinner margins than other industry players due to several key strategic factors put into place by ownership in order to help their producers win in a market like this one. Very simply, they can offer lower rates and/or a higher comp and they can back their claims up 100%. But don’t take their word for it. They’ll put any candidate in touch with recent hires and existing LOs to discuss their strengths along with everything else they have to offer. For a pricing engine walk through, contact Mike Russo (866-425-5456) or visit www.branchright.com.
 
Guardian Mortgage, a division of Sunflower Bank, N.A., continues its nationwide expansion with two new branch locations: College Station, Texas, and Spokane, Washington. The company also announced the hiring of a Branch Leader in Albuquerque, New Mexico. These openings and new hires highlight the focus on growing in established markets, and new markets such as Spokane – Guardian’s first entry into the Pacific Northwest. “Our ability to continue growth through key alliances, adding experienced branches and proven producers in existing and new markets underscores our company’s strength. And we’ll continue to look for new opportunities with high performing teams and individuals.” said Guardian Mortgage president Mischelle Weaver. College Station is helmed by Dell Seiter, the Spokane office is led by Josh Martin. The new Albuquerque office is directed by Mitch Hollinger. Guardian Mortgage is enjoying rapid growth, and they’re always looking for top performers. Please visit its website for more.
 
Lender products, events, & services
 
Don’t miss this great opportunity to give back. For each new lender that signs up with TMS before Dec. 31st and becomes approved, TMS will donate $250 to Family Reach —a national non-profit dedicated to alleviating the financial burden of cancer. You can sign up here.
 
The Great Leads Debate: Why Purchasing Leads Sucks and What Can Be Done About It
Join this strikingly candid webinar where Jason Frazier, The Agent Marketer and long-time opponent of lead shops, will go head-to-head with Heather Bauman, GM of MortgageLead.com, the revolutionary new lead delivery platform for loan officers. They will discuss and debate hot topics surrounding online lead generation in the mortgage and real estate industry, and answer questions from attendees in real time. Click here to register: https://agentlink.io/mortgagelead.
 
Join National Mortgage Professional Magazine for a Deal Desk webinar focusing on Alternative Documentation products on Thursday, December 6 at 2:00PM EST / 11:00AM PST. Each DealDesk is product focused, quick (30 minutes) and only featuring lenders that can offer originators unique and/or proprietary loan programs. This DealDesk will feature Deephaven Mortgage and their alternative documentation product. This is an opportunity to discover how other successful originators use the features of these products to put more borrowers in loans in addition to being able to ask your own questions. Register to submit your questions here, ask them live, or eavesdrop on what other attendees are asking.
 
“Simplified mortgage originations with Trelix. Trelix offers an industry-leading suite of fulfillment, quality control and due diligence products and services that can help you manage risk and lower costs in a complex industry. If your goal is to grow quickly, dramatically lower costs, and attract top producing loan officers, the Trelix end-to-end solution is perfect for your business. Lenders who utilize our end-to-end services experience up to 40% reductions in manufacturing costs while helping to significantly improve the borrower experience.” To learn more, connect with Justin Vedder.
 
Fannie & Freddie don’t stop
 
Yes, the hearings on FHFA were postponed today. But 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 recent weeks to keep things in context, especially as lenders inevitably follow their lead. Hey, you wanna read 11 pages on recapitalizing Freddie and Fannie? Here you go.
 
In comments to the Federal Housing Finance Agency, which is overseeing the planned merger of government-sponsored enterprises Fannie Mae and Freddie Mac into the uniform mortgage backed security platform next year, SIFMA called for clarification on a number of issues. Christopher Killian, managing director of securitization and credit markets at SIFMA, noted the FHFA has "a supreme amount of power over the GSEs and should lay out how they will handle the UMBS market in writing."
 
Fannie’s trading desk reports that, “Whole Loan and Loan Delivery will be updated the weekend of Dec. 8 to include the 2019 loan limits for loans delivered to Fannie Mae on or after Jan. 1, 2019. For loans or pools delivered through ASAP Plus or ASAP Sale, the new loan limits will not be effective until Jan. 1, 2019. The 2018 loan limits apply to any loans or pools funded in an Early Funding transaction prior to Jan. 1, 2019, even if such loans are intended to go into an MBS that will be issued in 2019.”
 
In recent months Freddie Mac announced organizational changes in its Multifamily business. The promotion of Robert Koontz to SVP, Multifamily Capital Markets and a new organizational structure for its Multifamily Capital Markets department. The changes integrate two functional areas: Multifamily Investments and Advisory and Multifamily Research and Modeling into the Multifamily Capital Markets department under Koontz. In his new role, Koontz will oversee these areas, while continuing his core responsibilities, including pricing, structuring, investor relations and sales, and securitization. Freddie Mac Multifamily is the nation’s multifamily housing finance leader. Historically, nearly 90 percent of the eligible rental homes we fund are affordable to families with low to moderate incomes. Freddie Mac’s Duty to Serve plan aims to expand affordability and address America’s most persistent housing problems.
 
The following statement was released September 27, 2016 by Freddie Mac and is attributed to Gina Healy, vice president of credit risk transfer of Freddie Mac’s Single-Family Business:
“Freddie Mac continually explores ways to responsibly broaden access to mortgage credit while reducing risk to taxpayers. This is fundamental to our effort to build a better housing finance system. To better manage the counterparty risk underlying the important role that mortgage insurers play in high-LTV lending, the eligibility requirements are designed to cover minimum financial and operational requirements for private mortgage insurers approved to do business with Freddie Mac and selected by lenders.
 
Capital markets
 
They’re closed today, but the Treasury market saw a further yield curve flattening Tuesday, with the U.S. 10-year losing 7bps to close at 2.92% amid diminished confidence of a near-term solution to U.S.-Sino trade tensions. President Trump tweeted that Bob Lighthizer will take over from Steve Mnuchin, Larry Kudlow, Wilbur Ross, and Peter Navarro in future tariff negotiations. China is said to be considering a cut to the tariff rate on U.S. auto imports from 40% to the original 15% by the end of the year. President Trump tweeted on Monday that China had agreed to reduce and remove tariffs on imported cars from the U.S.
 
The 30-year dropped 10bps while shorter dated Treasuries only fell two to three bps, and the 5-year yield (2.79%) fell below both the 2-year (2.80%) and 3-year (2.81%) yields. That inversion with the flattening action triggered the economic slowdown narrative, which diminished investor confidence in the stock market (the S&P closed -3% on the day) and spurred some safe-haven positioning in the Treasury market. New York Fed President Williams said there are signs the economy could be slowing more quickly than thought, though the baseline economic view remains very positive.
 
Despite today’s bond markets being closed in honor of President Bush, several economic events will still take place as scheduled. We have the MBA mortgage applications figures for the week ending November 30. (Mortgage apps were +2% last week with refis contributing 40%. Yes, they’re still out there! For you FHA lenders, FHA biz is about 10% of overall apps.)
 
On the Fed front, the Fed will still release the latest Beige Book at 2PM ET and Fed Governor Quarles will speak at Stanford University. Tomorrow’s calendar is even busier than usual, with some of today’s usual scheduled releases being moved back a day. Thursday’s calendar includes several employment related releases including job cuts from Challenger, ADP employment, initial jobless claims for the week ending December 1, Q3 (final) Productivity and unit labor costs, the October trade deficit, Markit Services PMI, ISM nonmanufacturing PMI, and October factory orders before Atlanta Fed President Bostic, NY Fed President Williams, and Fed Chair Powell all take the stage.
 
 
(Warning: rated PG for being a bad pun.)
There is a factory in Northern Minnesota which makes the Tickle Me Elmo toys. The toy laughs when you tickle it under the arms.
Well, Lena decides to give up the real estate biz and is hired at The Tickle Me Elmo factory and she reports for her first day promptly at 8:00 am.
The next day at 8:45 am there is a knock at the personnel manager’s door. The foreman throws open the door and begins to rant about the new employee.
He complains that she is incredibly slow and the whole line is backing up, putting the entire production line behind schedule.
The personnel manager decides he should see this for himself, so the 2 men march down to the factory floor. When they get there the line is so backed up that there are Tickle Me Elmo’s all over the factory floor and they’re really beginning to pile up.
At the end of the line stands Lena surrounded by mountains of Tickle Me Elmo’s. She has a roll of plush Red fabric and a huge bag of small marbles.
The two men watch in amazement as she cuts a little piece of fabric, wraps it around two marbles and begins to carefully sew the little package between Elmo’s legs.
The personnel manager bursts into laughter. After some hysterics, he pulls himself together and approaches Lena.
“I’m sorry,” he says to her, barely able to keep a straight face, “But I think you misunderstood the instructions I gave you yesterday.”
“Your job is to give Elmo two test tickles.”
 
 
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.)