LenderNews by Rob Chrisman
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Feb. 8: Servicing, AE, LO jobs; upcoming events and conferences on origination, secondary, cybersecurity, M&A, etc.

February 8, 2018

People are usually surprised to learn there are more boating licenses issued in Wyoming then in Hawai’i. Arizona and flooding? CoreLogic research finds 23% of residential and commercial properties in the US are at a “High” or “Moderate” risk of flooding, but are outside of designated special flood hazard areas, based on its proprietary analysis. The top 5 states with the greatest percentage in this grouping of the total properties analyzed are: AZ (68%), FL (54%), LA (49%), ND (40%), and NM (37%). Meanwhile, states at the other end of the spectrum with the lowest percentage in this grouping are: DC (4%), TN (9%), PA (10%), MO (10%) and NC (11%).
 
Employment, products, promotions
 
PRMG Retail continues to expand its footprint nationwide by opening 6 new branch locations during the month of January!  Along with the drive and ambition to bring the American Dream of Homeownership to all cities across the country, PRMG has now opened its doors in Fayetteville, ARGlendale, CAOntario, CAOrland Park, ILTurnersville, NJ and Fort Worth, TX.  PRMG is devoted to growing their retail platform and is always looking for Motivated Loan Originators to support the mission to being “Progressively Better in All that They Do”. Voted TOP 5 of the 50 Best Companies to Work for in America, No. 1 Best in the Desert 2017, OC Register Top Workplace 2017, NMP Visionary Organization 2017, CAMP Corporate Affiliate of the Year 2017 and TOP 25 of 100 Mortgage Companies in America! PRMG employs nearly 1,700 people!  If you’re ready to join a top-tier team and company, then contact Chris Sorensen at 909.262.0452.
 
FUNDLOANS.COM is a residential wholesale jumbo A/non-QM lender with loan amounts between $400k-$15 million. “At FundLoans.com we take a common-sense approach to looking at your loan. We don’t underwrite like a bank, we underwrite like a private fund. We thrive in the super jumbo area and love working with self-employed borrowers. FundLoans.com, is looking for experienced Account Executives who thrive when challenged and inspired to deliver a level of service unparalleled in the mortgage industry. Elevated compensation for AEs with current book of Jumbo A/Jumbo QM business. Come join the nation’s newest Jumbo A/ Non-QM lender as we grow and thrive in this lucrative new space. We are hiring in the following markets: CA, FL, TX, AZ, CO, WA, OR, UT, MT, and MI. Please send all resumes to EVP David Hidy.
 
Wright-Patt Credit Union (WPCU) and its wholly-owned mortgage subsidiary, myCUmortgage (myCU), continued to grow membership, loans, mortgages, and assets at impressive rates in 2017 and into 2018. Within the past two years, myCU took the unique step to build an in-house servicing function, bringing all its loans back from a subservicer. The new platform is designed to focus on the unique relationship credit unions have with their members. WPCU is seeking to fill a new position of Director of Default Services to support myCU’s growing servicing operation. The position will report to the President of the mortgage subsidiary and has everything to do with keeping members/borrowers in their homes while protecting the assets of investors. The Director will be responsible for running operationally successful and compliant business units for collections, loss mitigation, default, bankruptcy, foreclosure and liquidations and will have strong leadership skills as well as a deep background in loss mitigation and default services for Fannie, Freddie and Ginnie lending. For consideration, email Marsha Pfeiffer.
 
BankUnited’s Mortgage Warehouse Lending division provides competitive warehouse lending rates and terms to mortgage bankers nationwide who originate agency/government and Jumbo mortgage loans across all origination channels. Its dedicated team of professionals has over 150 years of combined experience and offers personal best-in-class service with a competitive suite of products to get you to the next level. Features include: commitments up to $100 million; an expansive mortgage loan product set; comprehensive Treasury Management services; and a late daily funding window. The application and implementation processes are simple, straightforward, and efficient. To learn more about what BankUnited Mortgage Warehouse Lending can do for you, call Paul Tirella, Business Development Manager at 646-630-0295.
 
Two weeks ago loanDepot announced its expansion into the real estate market by launching mello Home, a network of local real estate experts for loanDepot customers who are prequalified for a mortgage, and now we learn that Chris Heller, former Keller Williams CEO (world’s largest realty firm) is joining mello Home as its new CEO.
 
Upcoming events
 
Michael Kuentz, the President of LendersOne, sent some observations on the current conference and industry climate, some of which I include here. “This is one of the best times for lenders to be attending conferences. We’ve heard from many of our members that they’re concerned about the year ahead and how to be profitable in this market, and sessions focused on this will be critical…Perhaps the topic we’re hearing about the most is the digital mortgage evolution, and how our members can respond to new entrants and large banks investing heavily in technology. During our March event we’ll have a panel of several of our members speaking on this very topic. We’re also excited to be launching a new eClosing solution we’ve been working closely with our members to pilot and launch. Based on initial conversations with some of our early adopters, I really think the time is right for eClosings to become commonplace in 2018. Digital isn’t the only thing on lenders’ minds, but it will be a major differentiator amongst lenders choosing to embrace it.”
 
Click here to check out the Franklin American Mortgage Wholesale training calendar for February. A few of the educational opportunities include “Explore the Possibilities with Home Possible”, “Mortgage Fraud”, “Time Management”, “Evaluating Borrower Assets”, “Artificial Intelligence, Bitcoin and the Future of Mortgage”.
 
ditech has release its February Client Development Calendar offering a comprehensive training curriculum on ditech products and processes. Various Government Basic Sessions (FHA, VA and USDA) and other customized sessions have been scheduled throughout the month. ditech has also started posting recorded process sessions to WebEx.
 
Mayer Brown has launched a Mortgage M&A Podcast designed to keep you up to date on the latest M&A trends in the residential mortgage industry. Information, just 25-30 minutes long, will include insight on legal issues in the mortgage industry relating to mergers and acquisitions and touch on relevant and timely topics. Session 1: Introduction on Trends in Mortgage M&A. Listen now. Session 2: Build v. Buy Strategies. Listen now. Session 3: Diligence and Regulatory Compliance Matters. Listen now.
 
Stop by the Fannie Mae booth in THE HUB during the MBA National Mortgage Servicing Conference & Expo and share in the innovative solutions for bringing simplicity and certainty to servicing. And be sure to catch Fannie Mae speakers during the conference: Jake Williamson, "Information Sharing for Effective Property Maintenance Solutions" today and Todd Barton, "Servicing Super Session," on Feb 9.
 
CAMP Silicon Valley Chapter is hosting its monthly breakfast meeting on February 9th. The topic of discussion is the “Scary” new tax rules for 2018.
 
The Mortgage Collaborative will host its 2018 Winter Conference in San Diego this Sunday through Tuesday. Contact Rich Swerbinsky for more information.
 
CalyxVision 18 starts this weekend. Receive 50% off your CalyxVision registration using discount code 50CV18. Register today!
 
Get your registration in today for next week’s 2018 Eastern Secondary Market Conference. Yes, the MBA of Florida’s 15th Annual Eastern Secondary Market Conference & Exhibits is coming up starting February 14th.
 
Join NAMB for NAMB Focus: Sales and Marketing Conference, February 15-17 at the Hilton Sandestin Beach Golf Resort & Spa in Miramar Beach, Florida. NAMB Focus will feature sales and marketing focused breakout sessions, a large exhibit hall and plenty of opportunities to network.
 
On February 12th, Plaza is offering the second of its 3-part Fundamentals series, learn about loan types and programs, questions to ask while completing the loan application, the importance of processing and complete documentation.
 
We have the MAA Quarterly Advocacy Update Webinar. Hear from Bill Killmer, SVP for Legislative and Political Affairs, along with MBA’s Legislative and Political Affairs team, on the current MAA Calls to Action and other topical issues impacting you and your business in the coming months.
 
Join the MMBBA on February 15th at 2:30 for Death by Cliché and Other Business Buzzwords with Steve Richman. Explore common business clichés and actions to update your business plan, improve communications and differentiate yourself from the competition.
 
AmeriHome’s underwriting management team will be offering additional dates in February for the Core Jumbo Underwriting Webinar. Thursday, February 15, 10AM PT, Thursday, February 22, 9AM PT.
 
Join MBA ST. Louis for lunch a discussion on the impact of the 2018 Tax Reforms on the housing industry and your business with Rubin Brown. This luncheon is on Thursday, February 22, 11:30 AM – 1:00 PM.
 
Register for “Zillow Consumer Insights for Mortgage Lenders” with Mary Kaye O’Brien, Director of Customer Insights at Zillow Group webinar on February 22nd at 2PM EST. This presentation will provide you insights from the Zillow Group Consumer Housing Trends Report.
 
On February 27th at 2PM EST, join special guest, former Special Agent Scott E. Augenbaum of the FBI’s Computer Intrusion/Counterintelligence Squad for the “Cybersecurity and You” webinar. Registrants will learn the best and easiest ways to protect yourself from cybercriminals.
 
If you would like to learn the “Top 10 Mistakes Made By Underperforming Lenders & How to Avoid Them” by industry veteran Joe Garrett of Garrett, McAuley & Co., register for this webinar scheduled for March 5th at 2PM EST.
 
National MI is hosting a couple webinars. On Thursday, March 8th, Creating Engaging Social Media Videos, 12:00 PM PST – 1:00 PST, presented by Scott Weghorst of Diehl Mortgage Training and Compliance. And Thursday, March 15th, Top 2018 Social Media Trends, 12:00 PM PST – 1:00 PM PST, Presented by Kristin Messerli of Cultural Outreach & Mortgage Women Magazine.
 
The Illinois Mortgage Bankers Association (IMBA) is sponsoring a one-day conference on March 14 at the Doubletree Hilton Oak Brook Hotel, 1909 Spring Road, Oak Brook, IL
 
Get ready for the all new Atlanta Mortgage Expo, being held Thursday, March 15 (with a bonus 8-hour NMLS class there on Friday, March 16). The Atlanta Mortgage Expo has numerous valuable sessions.
 
The National Association of Professional Mortgage Women will hold its Annual Education Conference at Harrah’s Casino in Las Vegas April 4-6. This year’s theme will be “Unmasking Mortgage.” Contact Tobi Libbra, Rolanda Legg, or Robin Hart for more information.
 
Join the MBA’s National Secondary Market Conference & Expo May 20-23 in New York. This conference brings together over 1,500 secondary market professionals.
 
NC Bankers American Mortgage Conference April 30th -May 2nd, brings together leading experts in the financial services industry, mortgage practitioners of every kind, policy makers and investors to discuss important issues in the mortgage field and to analyze what progress is being made in Washington.
 
Early Bird registration prices are underway the May 10, 2018 Annual MMBBA Conference for a limited time. Prices will increase on April 1.
 
Capital markets
 
Federal Reserve Presidents have been telling us for a long time that rates were heading higher. Believe them yet? The rise in yields continued Wednesday and the 10-year Treasury note finished the day yielding 2.84 percent, the highest since January 2014. This came amid more volatility and a weak 10-year note auction which saw a below-average bid-cover ratio and drew a high yield of 2.811 percent. It was also reported that the Senate reach a two-year budget deal that would see an increase in military and non-defense spending as well as an increase in disaster relief without any offsetting cuts. The deal would require more debt to be issued to pay for the spending, but there was no agreement reached regarding the debt ceiling and the deal still needs to pass the House. With more debt issuance on the horizon and the Fed balance sheet normalization also adding to supply, one would expect yields to continue to rise.
 
The calendar remains quiet today with initial jobless claims (hitting 221k – strong!), natural gas inventories, and a $16 billion 30-year Treasury bond auction at 1PM ET. As we saw with rates going up yesterday after the open, anything can happen during the day, but we start Thursday with rates versus last night: the 10-year is yielding 2.86% and agency MBS prices are worse .250.
 
 
(Part 2 of 2. Feel free to pass along to your kids taking physics or chemistry! And no, I don’t understand all of them, so don’t ask.)
Q: What to do with dead chemists? A: Barium.
Two chemists walk into a bar. The first one says, “I’ll have H2O”. The second one says, “I’ll have H2O too”. The second one dies.
Schrödinger’s Cat Food. Half the price but a 50-50 chance of the tin being empty. Or not.
In a dictatorship, do you think Ohm would join the resistance or flow with the current?
Neutron is out driving and gets pulled over, Electron and Photon are in the back seat. Electron: “Oh no, we’re all going to jail!” The others: “Stop being so negative!” Police officer: “Do you know how fast you were going?” Photon: “That’s all relative. But if you really want to know, call Heisenberg, he doesn’t know where we are.” Neutron: “Don’t worry guys, I know there’s going to be no charge.”
y = ln(x/m – as)/r^2
 
 
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: All It’s Cracked Up to Be?” 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 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.)