As mortgage rates currently continue to “behave themselves,” lenders continue to focus on helping customers, improving efficiency, and monitoring the technology offerings by vendors with an eye on price. Meanwhile they keep an eye on demographics: what difference do great service and products make if there are no houses to lend on? But at some price, people will sell their dwelling and move. Sure, they have to live somewhere, but given the lure of the right number of doubloons, they will sell. For example, the San Francisco Bay Area is seeing an increase in inventory. Of course, those selling their houses are going somewhere, and it appears that living in Montana might be their goal. (I don’t know about you, but I’m getting tired of being part of a major historical event.) Let’s see what’s going on out there.

Saturday Spotlight: Interfirst Mortgage Company, creating a superb lending experience for customers who work with us.

   

In 3-5 sentences, describe your company (when was it founded and why, what it does, where recent growth and plans for near-term future growth).

Interfirst Mortgage Company was founded in 2001, offering brokers and investors competitive rates and a best-in-class online experience, including our broker-centric portal. Our focus is on giving our clients the edge they deserve, from a mortgage lender that can help you sell more. We will continue to bring innovation to the industry and expand our reputation for quality, top rates, service, and speed: for example: we recently launched our industry-first “ONE” product for non-owner-occupied properties that will create an easier process for buyers and investors.

 

Tell us about what type of volunteer work employees are encouraged to engage in, or charities Interfirst supports, and why.  

 

Our company recently partnered with A Safe Haven Foundation in its Annual Walk/Run to end homelessness. Employees were encouraged to walk/run together (virtually or in-person) and donate to our team’s fundraising page. Additionally, we are working to partner with a non-profit organization that aligns with our values and gives employees more opportunities to volunteer and give-back.

  

What does your company do to help elevate your employees’ growth? Describe any mentoring programs, outside classes or training, in-house training. How does the company help people develop?

We invest in you and have an extensive seven-week onboarding program that includes paid training, paid state certificates, and paid testing and multistate licensing completely covered by us.

Tell us how Interfirst maintains its culture in a work-from-home environment, or how you plan on bringing employees back into the office, if applicable.

We have 100s of employees working in our Chicago and Charlotte office locations. To ensure our employees are safe, we follow our state’s Covid-19 regulations and work diligently to keep a clean workspace. We maintain our culture in a work-from-home environment by utilizing Slack and Zoom as our main form of communication and keep meetings fun and lite to avoid work-from-home fatigue.

  

Things you are most proud of that doesn’t have to do with sales.

Our people. We are versatile and nimble and growing our teams in order to reach our goals of building a brand and launching innovative products that provide solutions to our clients.

  

Fun fact about Interfirst Mortgage Company.

Our team members come from all different backgrounds which makes for a very fun and engaging workplace. We work hard and play hard.  We are truly like a family and enjoy one another’s company. Whether in person, or on Zoom, laughter resonates throughout our meetings. We have sharks and fish on our walls, cardboard cutouts of people looking out office windows, and employee camaraderie second to none.

(For more information on having your firm, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt.)

Vendor bits

Lenders can take the Systems Survey of STRATMOR Group’s 2021 Technology Insight^® Study providing insight into the CRM, Point of Sale, Origination, eClosing, RON and collaboration tools in use in the mortgage industry today. The 10-minute Systems Survey allows participants to receive data on all these systems and more for FREE just for participating. Who wouldn’t want to know that three POS hold more than 50% percent of the market or what STRATMOR’s exclusive Lender Loyalty Score^® analysis shows about their Loan Origination Systems?

HomeLight, the real estate technology platform transforming the home buying and selling process for the top real estate agents and their clients, has opened a regional hub in Tampa for HomeLight Closing Services™, its title and escrow division. HomeLight continues to expand HomeLight Closing Services™, along with flagship financial offerings, HomeLight Cash Offer™ and HomeLight Trade-In™, to new markets across the country. HomeLight Closing Services™ has quickly grown to serve thousands of transactions across the country, with offices in California, Texas, and now Florida.

Tavant announced the availability of its new Touchless Lending^TM platform. This AI-powered lending-as-a-service platform maximizes the use of data-driven processes to provide an end-to-end loan manufacturing experience. Touchless Lending’s first product line is mortgage-centric and designed to address key pain points within the mortgage industry. By reducing lengthy origination cycles and removing unnecessary touchpoints, Touchless Lending enables lenders to originate more mortgage loans faster, while also reducing costs. “On average, mortgages are taking 51 days to close, which is unacceptably slow in our on-demand world. Underwriters and processors do not have the tools they need to get the job done efficiently and effectively. Touchless Lending focuses on these overlooked middle and back-office associates, now enabling them to make a clear-to-close decision in as little as five days, handle five times as many mortgages at once and reduce processing and underwriting costs by over 75% per mortgage.”

The adverse market fee

As mentioned in this Commentary, the removal by FHFA under acting Director Sandra Thompson could very well be a sign of how the change in leadership at the FHFA has increased its willingness to listen to the MBA and other industry sources. Rough calculations from various analysts show that Fannie Mae and Freddie Mac purchased over $1 trillion in refinances above $125,000 since December 1, .5 yielding more than $5 billion in adverse market refinance fees.

Earlier this week the Commentary noted “Experienced mortgage loan originators (MLOs) know that a rate lock is a rate lock. The removal of the adverse market fee of .5 for conventional conforming refis above $125,000 has caused conversations about pricing, borrower, and profit strategy. One veteran MLO wrote to me and stated, ‘If the price had worsened, we wouldn’t be going back to borrowers for that difference. It’s not a one-way street. My borrowers don’t know what the FHFA is, but know their locked rate. My company is not repricing its entire locked refinance pipeline. If asked, and I doubt if I will be, I will explain to my borrowers that a lock is a lock. And none of them want to start the process over again with a new lender for .125 in rate when rates are already great on a refi.’ A veteran capital markets gal joked to me, ‘Any MLO that encourages repricing should lose their license. Let’s start there.’ But then continued, ‘A deal is a deal. Any price change needs to follow normal process and we will not be removing the fee from existing pipeline.’ And a retail CEO wrote to me, affirming, ‘We’re going to use the .5 to offset what was a poor 2^nd quarter, margin-wise, for us.’

A capital markets vet subsequently wrote, “I’ve had that conversation a few times over the last few days. I tell LOs the majority of my pipeline, underwriting through docs back, has already been committed to agency contracts, with the price we receive already set. My argument also rests on the fact I had an entire pipeline of locks back when FHFA rolled out the adverse fee that I took a loss on and didn’t go whining to the branches about clawing anything back.”

Brian S. writes, “Your opening paragraph reminds me of an experience I had in the early 90’s. I was the head of Mortgage Operations for American Savings Bank (later bought by WAMU). A customer was angrily complaining up the chain of command about not being able to reprice down 1/2% on the rate. I can’t recall why, but the movement had been huge for a one-day change. The guy’s name and number ultimately made it to my desk.

“I called the customer and he answered, “This is Mike, Trading Desk.” I didn’t introduce myself. I merely said, “Given how you answered the call, you understand why I can’t give you the lower price.” There was silence for a few moments, and then, “Yeah, your right. But I figured it was worth the ask”. I thanked him for his business and said goodbye.”

But originators across the nation were swift with their thoughts.

From Texas came, “I’m surprised at your reader’s conclusions quoted in your commentary. Why would we rather the company keep the ‘refund’ and not the customer? It seems to be against everyone’s best interest except the company itself. The overall opinion is definitely not as one-sided as today’s newsletter made it seem. The company I work for is going through our entire pipeline & cutting rates where applicable. Our unofficial motto is ‘people over profit.’ I personally would not want to work for a company who did anything different.”

From Colorado. “Those other LO and CEO comments are disgusting. Our bank indeed offered a solution to the .50 bps. Lower the rate OR issue the equivalent for a credit for rate to eat costs, for all deals in the company pipeline, mindful of rate & term refi max allowable funds back etc. That makes me proud to be where I am now.”

Lindell S. sent, “The comments from lenders (regarding why they won’t pass along the savings they will experience as a result of the elimination of the agency refinance fee) are extremely weak, based on the opinion of this retired mortgage banker after spending 45 years in the business. Another example of why CFPB exists.”

From Southern California came, “The FHFA decided end the adverse market fee. Great. I didn’t like the fee from the beginning. But in the beginning, if the FHFA needed to pad their accounts with extra money in case of additional costs or challenges from the pandemic, ok. They write the rules, so they can do it. Lenders ultimately had time to adjust for the fee, after some initial pushback.

“Now that FHFA is cancelling the fee as of a certain date of loan delivery, the lender should reprice the loan to the borrower if possible. Keeping the adverse market fee when the lender is not being charged the fee is wrong. These lenders are screwing the borrowers so they can earn bigger profits. If the lender is delivering the loan during the time when the adverse market fee is being charged, then charge it. But, if the lender is able to deliver the loan into another pool and not be charged, the lender should not keep the windfall profit.

“This is another reason why borrowers do not trust mortgage lenders, because some of them give all of us a bad name, just greedy people. If they didn’t hedge well enough and lost money, or their poor procedures lead to market losses, then accept your mistake and adjust future loans. Can’t you earn an honest profit? Don’t screw your clients.”

And there was, “The removal of the adverse marketing fee saved my borrowers an average of $2,000. Cash to close became cash back in some cases. My borrowers were surprised and grateful. I like positive surprises that benefit my borrowers.”

From Kansas came, “It’s easy for those higher ups to say, ‘a deal’s a deal’ or that an LO’s license should be revoked. Those are some strong words. I have a feeling if the company they work for had their names were attached to it, they might be worded a little bit or a lot different. I bet a lot more locks drop if borrowers knew that’s what was being said at the company they are locked with in the background. They don’t sound like the folks that actually talks to the borrower. They also probably don’t see any meaningful impact to their income if they lose a few deals to this madness (I lost $2 million in locks in one day over it). They aren’t the ones developing relationships with these borrowers looking to you for help and guidance and trusting you’ll advocate for them.

“Now, I’m very lucky that the bank lender where I work allows me to confidently know we’re doing what’s best for borrowers and I’ve gotten a few deals saved with some renegotiations. Did I encourage those? Absolutely not. But, when questioned about it, I was able to write some long emails explaining what’s going on and what I can do. Some work, some don’t. But upper-level executives that are only looking at this as a nice little windfall to make up for a bad quarter are 100% detached from what LOs, at least most, I’m hoping, are trying to do. And that’s helping folks.”

Ohio. “I disagree with your reader’s comments. Unless there is a need for, say, cash out to fulfill an obligation, the typical borrower has no urgency to close on a refinance. As easy as it was for them to get financial documents to me (mostly electronic), they can cancel my lock an apply elsewhere. Normally, had bond and MBS pricing been steady for the past few weeks, the adverse fee would be a non-event. Now that we have seen rallies, my clients do notice it.

Most of my pipeline are purchases-so they are not as likely to try to reprice or apply elsewhere. They may breach their purchase contact and not close on time. I do have one rate/term refinance ($450,500) where, if they repriced with us that day, they would receive a .625% price enhancement, or $2,812.50. This also means that they can find a similar deal elsewhere. Their sunk cost with us is $475.00 (the appraisal fee), so losing that is not a detriment.

“Now, I’m not calling them and our rate lock policy does not address repricing. But if they call me and I reply, ‘a lock is a lock,’ it’s not going to be well received. Moreover, when they sign the closing documents, the right of recission will give them a fair amount of time to think about this and serve as a reminder to see what they have with me and what they can get elsewhere. Curse you Reg Z!”

I thought the dryer made my clothes shrink. Turns out it was the refrigerator.

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, “A Primer on What Originators Should Know about the Fed”. The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

qoɹ

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is designed for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman.)

 

Source: Rob Chrisman

How do you know when someone has too much money? How about when they pony up $16k for Tarzan’s 1932 loin cloth? (“Gosh, if that loin cloth could talk…”) LendingClub is going to have less money to the tune of $18 million due to charging customers hidden fees despite its marketing material saying, “No Hidden Fees.” In his latest Musings, attorney Brian Levy points out that in LendingClub Agrees to Pay $18 Million to Settle FTC Charges, LendingClub’s own compliance people even told them it was a problem to do that. Always listen to compliance! And this West Palm Beach Man is going to come out on the losing end of this Florida mortgage fraud case. How about some good news? We rode out a recession last year. The National Bureau of Economic Research, which is in charge of discerning the beginnings and ends of U.S. business cycles, tells us that the recession that began in February 2020 ended in April 2020 after two months. That’s the shortest on record after the 1980 recession which lasted six months. Though short, it was very bad: there were 22 million jobs cut, unemployment hit 14.8 percent, gross domestic product (GDP) fell over 10 percent, and the effects have been long-lasting with seven million fewer jobs in the economy compared to before the pandemic. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology.)

Employment 

 

HilltopSecurities’ Housing group is looking for a rock-star Post-Closing Auditor in Encino, CA. If you enjoy minimum supervision, wish to work with professionals and you feel confident in exercising independent judgement with reviewing and approving compliance files, join our team in a stress-free environment! You’ll expand your knowledge and work hundreds of lenders who participate in affordable housing programs helping first-time homebuyers. For 75 years, HilltopSecurities has helped Housing Finance Agencies make housing more affordable in their communities. If you want to learn more, reach out and send your resume to Nick Cendejas.

“Strong Home Mortgage is expanding our consumer direct services with two new locations in Kansas City, MO and Las Vegas, NV. Leadership is committed to providing a team driven culture with an amazing customer and employee experience. SHM is licensed in 46 states and built an organization with effective and experienced leadership, passionate team members, unparalleled customer service and an overall infrastructure. Strong is seeking leaders ready for the next level as a Branch Manager in one of these new locations. We are also looking for seasoned Mortgage Loan Officers who are focused on elevating their career with a team and platform that will support their goals and aspirations. We provide high quality leads from a consumer trusted brand affiliated partner. If you are a high-level, self-motivated loan originator with leadership qualities who is looking for a great opportunity by building a successful team, our Branch Manager position is for YOU! Please contact Joe DeStasio, Regional VP of Sales, if you are interested in this opportunity.”

Are you competing for all the top brokers in your market? Can’t call on them because someone else has their account? Stuck in a no-win AE comp package? Time to make a move? Well, you’re in luck, because for AEs, the timing couldn’t be better to join Loan Simple. Loan Simple has an awesome TPO platform (Wholesale and Non-Delegated) and, up until this point, it has been growing rapidly just by word of mouth in the broker community. Now, Loan Simple is going to crank it up to build the best sales force out there to work with the best brokers. So, all those brokers you can’t touch? Well, now they can be yours. In a market that’s shrinking, Loan Simple is growing and offering AEs the perfect opportunity to grab market share. Okay, one final question: what’re you waiting for? Apply now.

Kind Lending, founded by industry veteran Glenn Stearns, is continuing to build a uniquely upbeat identity within today’s mortgage environment. If you’re ready to put people first, Kind Lending wants to hear from you. Currently Kind is seeking an experienced Human Resource Director to manage daily HR functions while supporting a growing team of Kind Ambassadors. Get your resume to the top of the pile by emphasizing your skills in benefits administration, payroll and recruiting, together with your background in the mortgage industry. Experience with Loan Officer Compensation is a big plus. You can work remotely. Kind is also looking for an experienced VP Controller to build its accounting department based in Santa Ana, California. The successful candidate will have a solid mortgage lending background complete with GAAP and regulatory know-how. Ready to join the Kind Movement? Reach out immediately for a confidential interview with Suzy Lindblom.

“I am on vacation reflecting on what systems will help loan officers grow their production. For most companies it’s a marketing talking point, but they fail at substantiating that promise”, says Rick Roque, Corporate Vice President at Shamrock Home Loans. “The sales structure I have implemented revolves around local leadership in target markets across the United States. We added an office in Louisiana that suffered from poor leadership previously, and our focus is positive leadership and then aggressive growth.” This is why Shamrock is one of the fastest growing companies and is ranked Top 5 Mortgage Banks to work for in the United States. “If you want to grow a market to $250M++ a year, and work with me at the executive level to grow it, give me a call at 413.297.6895. Shamrock’s flexible pricing and compensation strategies, along with a national platform for recruiting to help you grow, is at the heart of our growth. Watch this and call me.”

Evergreen Home Loans recently announced two notable promotions on its executive team: Don Zender and Todd Miles have been promoted to the role of EVP, Loan Production, where both will lead sales originations company-wide, oversee recruitment and assist the company as it continues to redefine the mortgage experience by way of innovative products and services.

Products & services

“Is keeping up with the new FNMA 1033 form taking a toll on your staff? Market Valuation Services (MVS) can help. While the 1033 form has been shown to offer over 80% cost savings than a traditional field review, it can also increase the workload for lenders. Let MVS’ team of appraisal management pros lighten the load, freeing up valuable time and resources.

As a full-service appraisal management company, we also offer traditional appraisals, alternative valuation services and field reviews. View our full range of services to see how we can best support your team. Contact MVS today to get the answers you need.”

Let your people work from home while improving efficiency with a virtual assembly line. Henry Ford reduced car production-time from 12.5 to 1.5 hours with an assembly line. The benefits were shorter timelines, increased efficiency, near-zero errors, plus the ability to employ both high and moderately skilled workers to get work done. The same has proven true for mortgages. 2021 has seen more mortgage operations move to a “virtual assembly line” model to produce higher volumes and shorten “lead-to-close” timelines. Case in point: A division of American Pacific Mortgage quadrupled their volume and produced 280% more revenues after implementing TeamworkIQ, a simple task-based-workflow platform that drives virtual assembly lines. Work moves forward faster. bringing the right task to the right person at the right time with the right priority. And some tasks can even be automated to achieve even greater efficiency. See the case study and request a test-drive.

Insights into Mortgage QC Trends: A Light at the End of the Tunnel. After analyzing 100,000 quarterly post-close quality control reviews from 2020, ACES Quality Management’s EVP, Nick Volpe and President, Phil McCall share their findings in this on-demand webinar. Watch today as they discuss key takeaways and trends from 2020 and then turn to current hot topics. In this webinar, you will hear about, highlights from the Q4 2020 ACES Mortgage QC Industry Trends Report, Early Payment Default analytics, CARES Act & Forbearance updates, and how servicers need to beware and how they can best prepare. Watch Today.

Western Alliance Bank’s Specialized Mortgage Services Group continues to be solution-oriented in changing markets in providing various financing vehicles. Warehouse Lending finances a wide spectrum of loan types including Agency, FHA/VA/USDA, Jumbo and Non-QM, funds until 2:30pm PST and works with borrowers to customize terms to meet investor and execution needs. MSR financing provides lines of credit that leverage Fannie Mae, Freddie Mac and Ginnie Mae collateral. Lines can be annual revolvers or longer-term interest only draw periods followed by term finance. Flexible structures provide solutions to accommodate originators’ MSR retention strategy. Additionally, the Specialized Mortgage Services Group provides Note Financing, Treasury Management Services, Working Capital Lines and Commercial Real Estate solutions across the country. Member FDIC.

“Loan Originators looking for solutions to be more competitive and to close more loans, Symmetry Lending is the HELOC expert that you need. As an alternative to the difficulty of jumbo financing, or to simply provide your clients with increased liquidity, flexibility, and purchasing power, experience the Symmetry HELOC as a Piggyback behind your conforming or high-balance conforming 1^st mortgage! If you haven’t used Symmetry’s HELOC solutions, ask a colleague about their experience. Or simply Contact your Area Manager and let us walk you through the process. Impress your real estate referral sources by providing strategic financing options that help them sell more homes! Symmetry’s team of HELOC experts is here to deliver our signature Service, Speed, and Simplicity. And don’t forget, connect with us on LinkedIn, Facebook, and Twitter.”

Have you heard the biggest news in NOO investments? Yesterday, Interfirst launched ONE, a non-owner-occupied investment product designed to address the gap in the NOO market with ONE Rate @ 3.99% and no adjustments. Say goodbye to multiple rate sheets and sign up today to begin taking advantage of this amazing opportunity.

 

Lenders: Do you have a plan to stay profitable as the housing market slows down? June home purchases were down 24% year over year. That means now is the time to focus on the aspect of your business you CAN control: your efficiency. The truth is, more than 50% of the cost to close a loan is labor. If you can boost your team’s productivity, you can transform your bottom line. The latest eBook from digital mortgage platform Maxwell lays out the top four areas that hold untapped potential for better, more efficient lending. Want to prepare your team for the market ahead and eliminate costly bottlenecks and busy work? Click here to download Maxwell’s free eBook, “The 2021 Guide to Lending Efficiency.”

 

Shifts in lender & investor processing

Following the successful completion of a pilot program, Chase is expanding its eNotes program to all its correspondent clients and will include all Agency, Non-Agency, and Chase Advantage transactions. For all Agency transactions, Chase will begin accepting eNotes from Chase correspondent clients immediately when all requirements outlined in the last bulletin are met. For all Non-Agency transactions, Chase began accepting eNotes on loans locked on or after May 26, when all requirements are met.

July 31 marks the start of Phase 1 for the Uniform Closing Dataset (UCD) critical edits transition to convert a number of edits in the UCD Collection Solution from “warning” to “fatal.” Fannie Mae published a Quick Guide to answer common questions that lenders and correspondents may have throughout this transition. In addition, access to other UCD critical edits transition resources are available.

PennyMac Correspondent Group allows off rate sheet flexible pricing options. Find the perfect rate and perfect term. Read Announcement 21-54 for more information.

Don’t forget, and the USDA reminds us, that the American Rescue Plan (ARP) Act of 2021 appropriated additional funds, to remain available until September 30, 2023, with a focus on refinancing existing Section 502 and Section 504 borrowers who have received a payment moratorium related to COVID-19. Information on requirements to be eligible for refinance under this temporary authority is provided in a May 12, 2021, Unnumbered Letter available under Housing Programs.

Capital markets

Yesterday was a good example of Treasuries rallying a couple basis points, and mortgage-backed securities tagging along, for no particular reason. Economic reports were mixed, showing sales of existing U.S. homes rose (+1.4 percent month-over-month) for the first time in five months, while jobless claims unexpectedly climbed by 51k. Look a little closer and it isn’t so rosy. The initial claims figure was the highest it has been since the spring and is not in-line with an improving economy. And the inventory of existing homes for sale remains extremely limited, driving up the pace of price increases well beyond the pace of income growth. Finally, the Primary Mortgage Market Survey from Freddie Mac saw both 30-year and 15-year fixed rates fall 10 bps to 2.78 percent and 2.12 percent, respectively.

The end of week session is light on data with just preliminary July Markit PMIs, whatever those are, due out in mid-day. The NY Fed Desk will purchase up to $5.3 billion 30-year 2 percent and 2.5 percent MBS over two operations. We begin this summer Friday with Agency MBS prices worse nearly .125 from Thursday and the 10-year yielding 1.30 after closing yesterday at 1.27 percent.

Thanks to Dave S. who reported, “The doctor asked if any member of my family suffers from insanity. I replied, ‘No, they all seem to enjoy it.’”

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, “A Primer on What Originators Should Know about the Fed”. The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

qoɹ

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is designed for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman.)

Source: Rob Chrisman

How would you like to compete against a company whose tagline is, “We Do It All, Guaranteed!”? The program is part of an existing Weichert Realtors’ offering called “All Under One Roof” that gives consumers brokerage, mortgage, insurance, and other services. Reducing the friction between taking an application and servicing the loan is the name of the game, right? Closing departments everywhere are watching Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act of 2021, H.R. 3962. And capital markets everywhere took note of Freddie Mac, “friendly competitor” of Fannie Mae, following up its announcement last week but issuing Single-Family Seller/Servicer Guide (Guide) Bulletin 2021-26 regarding the elimination of the 50 basis point, “market condition credit” fee in price for certain cash-out and “no cash-out” refinance mortgages and effective for mortgages with settlement dates on and after August 1. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology; today’s includes Part Two of an interview with Candor CEO Tom Showalter on the ROI of an efficient underwriting process.)

Employment & recruiting

 

Academy Mortgage Corporation has teamed up with several non-profit organizations to Inspire Hope in Paradise, California, a community that was largely destroyed by one of the most devastating wildfires in California History, the 2018 Camp Fire. Over 80 employees from across the company donated their time to serve the community of Paradise by building planter boxes, sheds, and picnic tables. Over a two-week period, volunteers worked tirelessly to build a home for Beckie, an 84-year-old resident of Paradise who lost her home in the fire. Watch this video to see how Academy’s employee-sponsored Service Expeditions change the lives of not only the participants, but the communities served. Providing opportunities to serve our local neighborhoods and worldwide is a big part of the culture at Academy. Want to join a company that inspires hope in communities around the world? Contact EVP of Growth Patrick Welberg to learn more about how you can make a difference. 

 

Agility 360, a mortgage recruiting and project staffing firm based in Dallas, Texas, continues to expand its capability matching qualified candidates with employers in today’s hot job market. “With interest rates recently falling and expected to stay on this trajectory, clients are contacting us to help meet their growing need for originations AND servicing personnel. Since 2014, Agility 360 has leveraged its unique methodology and proprietary candidate network to place experienced processors, underwriters, and various mortgage personnel across the country for long-term employment or short-term contract positions. We always meet our goal of finding “the right person for the job” because THIS IS ALL WE DO. By focusing solely on the mortgage industry, we’ve created and tested a highly successful model that consistently delivers results for our clients. If you want to stop wasting time and money with other companies, please contact Raj Sharma at 469-208-6337 or Cesar Hernandez.”

Lender & broker products and services

A new Mortgage Market Opportunities Report published by Sales Boomerang offers a juicy look at the leads that may already be living within your own contact database… Or your competitor’s. Designed to shed light on today’s greatest areas of mortgage lending opportunity, the quarterly report showed a promising 163% uptick in new listing alerts in the second quarter that could herald the start of the purchase wave we’ve all been looking to ride. Meanwhile, servicers will need to keep a wary eye on their portfolios in the coming months, as Sales Boomerang reported nearly 2 out of 5 customers triggered a risk and retention alert last quarter. Get the full report here.

“1 UW Touch on 70% of loans!” With Candor you can reduce fallout, improve your hedge, and banish repurchases. Top Lenders keep Candor to themselves to widen the divide between them and their competitors. “It’s a no brainer!” You can be up and running in 30 days. Request a demo.

Reminder! In celebration of the recent National Mortgage Brokers Day on Sunday, July 18^th, 2021, Orion Lending is giving Brokers $500 Off Underwriting Fees on all loans uploaded through Saturday, July 24! While many have cashed in on this epic Brokers Day special, there are only 2 days left to take advantage of the discounted UW fee! Keep in mind, new brokers can get Express Approved by clicking here and start submitting loans by the end of the day! Additionally, Orion Lending offers a 15 BPS New Broker Price Special* on all products! Orion has a loan program to fit your qualified borrowers’ needs. With a broad range of new products and more on the horizon plus our 24-Hour SLA’s on select Purchases, now is the time to hyper speed your business with Orion! You’re Not Just Another Broker. We’re Not Just Another Lender.

Did you know the FFIEC has outlined that financial institutions MUST have a social media risk management program? Surprise! Under this guidance, lenders are required to monitor and control social media related to their brand as if it were traditional advertising. This also means social media must be archived to meet state record retention laws. Unsure about advertising record retention requirements? Check out ActiveComply’s Mortgage Advertising Record Retention Requirements by State Geomap to see individual state requirements. Failure to meet monitoring and archival requirements may result in regulatory audits, penalties, and even citations. ActiveComply helps lenders meet both responsibilities through our compliance system technology: find all company and LO accounts related to your brand, examine profiles for NMLS IDs, Equal Housing information, and company specific disclosures. Ensure post content is compliant and flag for inappropriate or political terms (image scanning included). Visit activecomply.com today to learn more.

 

Mortgage Brokers that have signed up to ReadyPrice are loving the free broker account that gives them access to a nationwide community of wholesale lenders and creates a seamless loan origination process for them. “I’m so glad to have found ReadyPrice. The features and interface are fantastic! The lender-sponsorship allows me to use this technology free of charge. They even include welcome emails and full video tutorials and took my call over the weekend! Not only is it a great, easy-to-use product, but the ReadyPrice team operates with excellence as well! As a broker who is just getting started, I find this product to be paramount to my organization. I highly advise anyone on the fence to sign up.” – Eassa, Mortgage Loan Originator. If you’re a mortgage broker that’s been considering ReadyPrice, sign up today for instant access to this powerful pricing platform!

MCT® is dedicated to ensuring client success through variable market conditions. In its new Hedge Advisory Video, MCT outlines how the Hedge Advisory team combines market guidance, award-winning software, and customer service to help clients of every size achieve their goals. This comes of the heels of several new educational content releases. Join their industry webinar on July 27^th, Leveraging Diversity as a Competitive Advantage, where MCT and NAMMBA plan to discuss the power of diversity and inclusion in the mortgage industry. Other content includes their new whitepaper on How Credit Unions can Benefit Members Through Investor Set Optimization. This whitepaper outlines how investor optimization can be used by Credit Unions to get the best rate or price for their members. To stay informed of their upcoming content releases, join MCT’s newsletter today.

Greg was tasked with the seemingly impossible job of finding a partner to help his company close more loans, faster, while providing better customer service. He wanted to ensure the solution he found would support borrowers, loan officers, and support staff. He spoke with other industry leaders, and they recommended Capacity. Katherine Campbell from Assurance Financial proudly reported that with Capacity, over 96% of all inquiries were now answered 24/7/365 without any human involvement within 1.6 seconds, freeing up her team’s time for relationship building and revenue generating activities. If Capacity could integrate with all of Greg’s company’s applications, it would be a perfect fit. He decided to book a demo on Capacity’s website to learn more. He couldn’t wait to tell his manager the great news!

Do you refer buyers to your Realtor partners? You know that referring a buyer to a Realtor is the holy grail in our industry, the problem is how to predict which of your past borrowers will be in the market for a new loan or a new home. Well you’re in luck. Check out this game-changing new app from Usherpa that uses SmartScore™ technology to help you do just that. UsherpAlert™ purchase notifications have a 297% higher likelihood to close! UsherpAlerts™ are based on data intelligence and machine learning algorithms that comb Loan Officer’s databases for opportunities and serve up past customers most likely to be in the buy zone for a new mortgage. Learn how you can double your production with Usherpa’s Smart CRM: schedule your personalized demo! While you’re at it, check out this free e-guide about what top producers do to increase their purchase business.

How to treat customers

“Customer Experience” is the hot topic du jour for lenders, particularly as the signs of rising interest rates foreshadow the dawn of a renewed focus on purchase transactions. In STRATMOR Group’s July Insights Report, Sue Woodard, Chief Evangelist at Total Expert and consulting with STRATMOR to provide expert CX Strategy advice, authors the lead article, “The Customer Experience (CX): Create Business Success through a Culture of Excellence.” Per Ms. Woodard, “Customer experience is often seen as the critical differentiator, even though it is often missed or misunderstood. The key is to change your vantage point and honestly look at your own customer experience from the outside in, rather than from the inside out as we naturally do.” In her article, Woodard unpacks the importance of customer experience, how to intentionally create, measure and track it, and the immediate steps lenders can take to level up their approach organization-wide. Don’t miss this important analysis in the July Insights Report.

News on non-Agency products

Non-QM investors, and those specializing in jumbo loans, certainly have their volume “chains yanked” as FHA, VA, Freddie, and Fannie’s policies and guidelines shift. Non-QM and other non-Agency lending, such as jumbo, represents less than 10 percent of industry volume, but can be a critical component for lenders. Some, like ACC Mortgage, never ceased offering its non-QM products to brokers. Let’s take a random look at non-Agency developments.

Refinances provided much of the vigor that fed a hefty 54% increase in issuance of jumbo MBS in the second quarter, according to a new ranking and analysis from Inside Nonconforming Markets. Some $14.7 billion of prime jumbo MBS was issued in 2Q21, compared to $9.6 billion in the first three months of 2021. Refis accounted for the bulk of the increase, as volume in the category soared to $10.4 billion from $5.8 billion.

Flagstar Bank revised the reserve requirements for the Jumbo Fixed product: Read the announcement for details.

Wells Fargo Funding increased its maximum loan amount for Non-Conforming Loans to $2 million. As a result of this change, Seller Guide Section 825.11: Appraisal Requirements have been updated which are determined by the total loan amount provided by Wells Fargo for the subject property. Wells also updated its bankruptcy, foreclosure, deed in lieu of foreclosure, and loan modification requirements for Non-Conforming Loans to clarify that retention modifications or lender-initiated rate reductions are not considered adverse credit.

PCF Wholesale introduced its Jumbo Fixed and Jumbo Express and is now on Loan Sifter. Click here for more information.

Athas Capital is accepting submissions for 100% Financing. The 80/20’s require no down payment assistance, no governmental insurance, no MI, and no seller carry back. Contact

George Naoumovitch (818-823-0023). Yes, Non-Prime 100% Financing is back at Athas. Contact Brian O’Shaughnessy for details (1-877-877-1477 x1555).

Borrowers with great credit but no steady monthly income? Use assets to qualify for a mortgage with LendSure’s Asset Qualifier Program. Contact Kelly Brown (949-887-4399).

Non-QM updates from A&D Mortgage include Super Prime loan amounts up to $4M and

Max LTVs have been increased. No Cash in hand limit for LTV < 55% for all programs. Contact Jerry Mojarro for details.

Capital markets

It is a pretty quiet news week, but that doesn’t preclude some movement in the bond markets which seem to have a life of their own sometimes. After Treasury yields fell for most of last week, they rose yesterday for the second straight day, and MBS prices tagged along. Without any substantive news, traders and investors latched on to mediocre demand at the day’s $24 billion 20-year bond reopening as the reason. Really? Black Knight reported that the national delinquency rate dropped in June to its lowest level since the onset of the pandemic. There are still more than 1.5 million seriously delinquent (90+ days) homeowners, the vast majority of whom are in active forbearance plans. At the current rate of improvement, there will still be about 1 million serious delinquencies when the first wave of final forbearance expirations began in September.

Today’s economic calendar is under way with the latest monetary policy decision from the ECB, and stateside with the usual weekly initial jobless claims (419k, up from 360k, worse than expected; continuing claims were -29k to 3.236 million) in addition to the Chicago Fed National Activity Index for June (down to +.09). Later this morning brings June existing home sales, Freddie Mac’s Primary Mortgage Market Survey and KC Fed manufacturing. We begin the day with Agency MBS prices better .125 and the 10-year at 1.27 after closing Wednesday yielding 1.28 percent.

MS sends, “After my husband died, I couldn’t even look at another man for 10 years. But now that I’m out of jail, I can honestly say it was worth it!”

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, “A Primer on What Originators Should Know about the Fed”. The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is designed for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman.)

Source: Rob Chrisman

Experienced mortgage loan originators (MLOs) know that a rate lock is a rate lock. The removal of the adverse market fee of .5 for conventional conforming refis above $125,000 has caused conversations about pricing, borrower, and profit strategy. One veteran MLO wrote to me and stated, “If the price had worsened, we wouldn’t be going back to borrowers for that difference. It’s not a one-way street. My borrowers don’t know what the FHFA is, but know their locked rate. My company is not repricing its entire locked refinance pipeline. If asked, and I doubt if I will be, I will explain to my borrowers that a lock is a lock. And none of them want to start the process over again with a new lender for .125 in rate when rates are already great on a refi.” A veteran capital markets gal joked to me, “Any MLO that encourages repricing should lose their license. Let’s start there.” But then continued, “A deal is a deal. Any price change needs to follow normal process and we will not be removing the fee from existing pipeline.” And a retail CEO wrote to me, affirming, “We’re going to use the .5 to offset what was a poor 2^nd quarter, margin-wise, for us.” Of course, improving efficiency also helps the bottom line, and today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology; today’s includes an interview with Candor CEO Tom Showalter on how the underwriting position is evolving from task based to outcome based.

Employment & business opportunity

 

A large and well capitalized national lender is seeking to acquire or incorporate a small to midsize lender (size is of no consequence) with Agency approval. Government lending approvals are an added bonus but not required, nor is a servicing portfolio. This Lender has the administrative infrastructure, capital, and experience to grow rapidly, and will provide a great compensation, culture, and career opportunities to the team. The option exists for a complete buy out, create a P&L type operation, or fold your organization entirely into the company with continued employment! Be part of a larger organization to increase your volume and product offerings. If you are interested, please send your confidential note of interest to Chrisman LLC’s Anjelica Nixt for forwarding specify this opportunity.

Evergreen Home Loans™ is excited to introduce Evergreen Advantage™, a powerful end-to-end technology suite that improves the customer experience. Designed to put loan officers in control, Evergreen Advantage takes home financing and customer data management to the next level. With features like a mobile app, a powerful CRM, eClose, and a personalized loan servicing app, loan officers stay connected to their customers from the beginning of the transaction until after the loan closes. Additionally, real estate professionals can expect their customers’ to close faster and easier than ever before. Evergreen Advantage combines the company’s signature customer service with intuitive technology systems that help originators improve their productivity. Streamlined, simplified, and superior, Evergreen Advantage is an ideal way to increase customer retention and develop new agent relationships. If you’re interested in working with a company that combines innovative technology with local human kindness to improve your business, visit the Careers page.

Finally, there’s a better business model that provides LOs with ultimate control, unmatched pricing, and a proprietary LOS that promotes faster closings! See how top producing loan officers are leveraging digital storefronts to expand market reach and increase volume. Canopy Mortgage is hiring top producing Loan Officers and Branch Managers. Build your business the way you want, Join Canopy to stand out in the following markets: CA, CO, FL, GA, HI, IL, NC, SC, TN, TX, and WA. Reach out to Josh Neumarker at Canopy Mortgage for more information (801-330-5016).

New, innovative products are rolled out monthly at Thrive Mortgage, where advancements in Specialty Jumbo products, Construction, and even Reverse are the norm. One such new product is an in-house, FHA-backed program allowing FICO scores down to 540. “No one is working harder to provide home ownership opportunities to more consumers,” says Tay Toliver, Director of Community Advancement.  Also, in response to the cap restrictions imposed by Fannie and Freddie for NOO properties, Thrive rolled out a Non-Agency, in-house program for Investment and Second Homes which was not impacted by drastic rate increases seen in the market. “To offer our clients this flexibility across the spectrum, and offering these products with in-house underwriting, is another example of the innovative culture of our company,” stated Randell Gillespie, EVP for Thrive. “We are setting a new standard unlike anything our industry has ever seen.” To learn more, contact Thrive Mortgage at [email protected].

Services and products

XINNIX has released a first-of-its-kind Performance Training Program, ASCEND™, for experienced operations professionals looking to transition from a Loan Processor into a Junior Underwriter. The ASCEND™ Program covers advanced conventional mortgage loan knowledge and world-class underwriting skills: Everything a mortgage loan processing veteran needs to become a Junior Underwriter. “We have had this program in development for nearly a year. The pilot ended last month, and the results have exceeded our expectations,” said XINNIX Founder & CEO, Casey Cunningham. “ASCEND also provides an excellent opportunity for mortgage companies to provide a solid career-path for their processors who are looking to advance their career in the industry and to be market-ready fast.” If you’re ready to help your team ASCEND™ to the next level of their career, schedule a call with a XINNIX Account Executive today!

Opteon, an international provider of property and advisory services, is thrilled to announce the acquisition of The William Fall Group (WFG) and its related brands, Valuation Partners and Summit Valuation Solutions. The strategic move will help Opteon fortify its U.S. entity, Apex Appraisal Services (Apex), as it continues to push forward innovation and technology within the appraisal industry. Opteon is delivering same-day appraisals in Australia and New Zealand and developing a similar customized solution for the U.S. The acquisition builds upon a strong foundation for this vision, providing Apex with expanded national coverage, an Eastern office, and priority access to staff appraisers. Read the press release for more exciting details.

It’s no secret that borrowers with complex income situations can create incremental work for mortgage lenders as they look to review and approve homebuyers for financing. The new “All Employers Within 36 months” taps into the nearly 115 million active records on The Work Number database helping lenders review income that may sit outside of calendar/tax years to more quickly identify income trends or earnings potential that may indicate better continuity and ability to pay. “Most mortgage applications that come in with complex income will require two years of tax returns but pulling all employers from the past 36 months from The Work Number can show lenders data from an expanded timeframe that helps give them better context on the borrower,” said Joel Rickman, SVP of Verification Services at Equifax Workforce Solutions.

Tired of using multiple rate sheets to price a loan for your NOO investments? ONE is a unique mortgage loan product independent of the government that simplifies the loan process by eliminating the need to use multiple rate sheets to price a loan or having to continuously make adjustments as loan parameters change. With ONE there is only ONE rate and no adjustments, regardless of the scenario. Register for the free webinar tomorrow to learn more. Don’t wait – the first 50 to register and attend the webinar will receive a ONE branded Tile, a simple device that helps digitally track your things.

Did you know that retail lenders made up 90% of the market last year in Jumbo originations? That’s $425 billion dollars! This large number of jumbo production presents a massive opportunity for brokers to capture in the marketplace. Stearns Wholesale is providing brokers with the tools and products to compete with the banks in jumbo. The rates on Stearns’ six jumbo products are currently the best in the nation. Not only are they #1 in jumbo pricing, but Stearns is amplifying its virtual resources with five upcoming training sessions throughout July covering all things Jumbo. If you would like to register for one of these Stearns Jumbo Product Trainings, click here. If you’d like to partner with Stearns or learn more, click here to be contacted.

Today, thousands of potential homebuyers will lose bids on houses that their families fell in love with. They’ll lose the bids because they didn’t know that their payment would only go up $45 per month if they offered $10k more. They’ll lose bids because they didn’t know exactly how much cash they would need to come up with. They’ll lose bids because they were confused about what the financing looked like after consulting with a random online mortgage calculator. Confused buyers don’t win bids. Confident buyers win bids. When you send a buyer off with a PDF pre-qualification letter and closing cost summary, you’re not arming them with what they need to compete in this market. When you send them a QuickQual, sent right from within your LOS, you’re creating a confident and assertive buyer who will convert. See the future of pre-approval letters by checking out QuickQual by LenderLogix, and they’ll text a demo right to your phone.

New functionality on Richey May’s RM Analyze is coming your way in August! Don’t wait for annual peer group reporting; our real-time metrics provide visibility into data broken out monthly, with daily updates to inform you of where you stand before month end or quarter end.  Gain additional insight into how your production and operational metrics measure up against your peers in real time with Peer View Ops. This tool is a great compliment to the existing Richey May peer to peer financial comparison tool and our business intelligence platform and is a seamless integration into existing RM Analyze dashboards. Not yet on the RM Analyze platform? Get a demo of RM Analyze today and get a sneak peak of the new Peer View Ops functionality coming soon!

Glen reread last month’s numbers and shook his head. He let out a sad sigh, scrolled to his partner’s name and tapped out a text: Our cost per lead is over $100 and our cost per acquisition is close to $2,000. I don’t know how much longer we can do this. He hit ‘send’ and counted the seconds as he waited for a response. Finally, George replied: Glen, I have the answer. Yesterday I was referred to Sales Boomerang, and they can take our leads from the past 12 months and bring them back to life. I hear it’s amazing and the cost comes out to around $10! Glen sighed again, but this time, it was a sigh of relief. Minutes later, he was booking a demo on the Sales Boomerang website, and he couldn’t believe how many top lender logos he saw there! Things were looking up already.

Customer service tips

Have you ever seen the television show American Ninja Warrior and secretly wished you could compete? You might actually be closer than you think if you’ve ever helped a borrower through the gauntlet that is the mortgage loan process.  Both can be a mix of thrill and agony. Both have high stakes and plenty of potential pitfalls. And both give you only once chance to get it right, at great cost if you don’t. A pristine mortgage loan process, one without any critical miscues, generates an NPS of 96. Contrast that with the average NPS of -1 when any one of the seven commandments of the customer experience are missed. How can you ensure your borrowers stay on track and finish as triumphant, raving fans? STRATMOR MortgageSAT Director Mike Seminari gives you a game plan in his July Customer Experience Tip, “Competing for “Raving Fan” Mortgage Borrowers.”

Events & webinars to finish off July

“TCS Forum,” is today at 10AM ET, on “Mortgages 2021 & Beyond: New technologies and growth models.”

Katherine Campbell from Assurance Financial, Alex Kutsishin from Sales Boomerang, and David Karandish from Capacity have, today at 1PM ET, Sales Boomerang’s Top Gun School.

ONE simplifies the loan process by eliminating the need to use multiple rate sheets to price a loan or having to continuously make adjustments as loan parameters change. Register for the free webinar tomorrow: The first 50 to register and attend the webinar will receive a ONE branded Tile, a simple device that helps digital tracking.

Stearns Wholesale is offering training sessions covering all things Jumbo. If you would like to register for one of these Stearns Jumbo Product Trainings, click here.

The National Association of Realtors^® will host its Real Estate Forecast Summit: Global Update on Monday, July 26th. NAR Chief Economist Lawrence Yun and several leading international economists will discuss foreign buying trends in the U.S. housing market, and the top countries for Chinese buyers. For questions about the summit or NAR’s upcoming 2021 Profile of International Transactions in U.S. Residential Real Estate report, please email Troy Green.

Friday, July 30^th is the next edition of The Mortgage Collaborative’s Rundown with Rich and Rob. Rich Swerbinsky, the COO of The Mortgage Collaborative, and I will be covering current events in the mortgage market for 30 minutes starting at 3PM ET: “The Rundown with Rob and Rich.”

Capital markets

Obtaining “Best Execution” in Capital Markets has always been important, but recent tightening of agency and investor guidelines has emphasized the need to expand loan sale strategies. Mortgage Capital Management (MCM) is leading the way with its Total Sale Optimization platform. MCM’s Total Sale Optimization (TSO) system was designed and built not only to maximize each lender’s returns from individual loan sales and/or bulk sales, but to maximize all sales executable. TSO takes advantage of an AI programming technique that incorporates each client’s available executions including Cash Window vs Securitization, Low Balance Securitization with Stips by product, loan balance and coupon levels; High Balance pooling limits to eliminate HB LLPA’s, Rate, Loan Balance, Location, FICO, and State combinations. The system also simultaneously evaluates all other executions including: AOT, Co-Issue, and Best-Efforts pricing to arrive at a sale plan that optimizes the overall execution. Why settle for less? Compare before you buy… Contact [email protected] today.

Rates go up, rates go down. Concerns about the virus to open the week that had gripped markets were put in the rearview mirror. Because. A mixed Housing Starts and Building Permits report for June showed better than expected starts while permits, a leading indicator, missed estimates. Permits declined across all regions for single-family units, suggesting there will be a slowdown in building activity related to higher costs, a lack of available labor, and/or high selling prices offsetting buyer demand.

Mortgage applications decreased 4.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 16. The previous week’s results included an adjustment for the Fourth of July holiday, though mortgage rates did drop during the reporting period. This afternoon brings results from a $24 billion 20-year Treasury bond auction. The NY Fed Desk will purchase up to $5.3 billion of 30-year 2 percent and 2.5 percent. We begin the day with Agency MBS prices worse a few 32nds and the 10-year yielding 1.24 after closing yesterday at 1.21 percent.

Kris W. writes, “The guy at the furniture store told me the sofa would seat five people without any problems. Then it occurred to me, I don’t think that I know five people without any problems.”

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, “A Primer on What Originators Should Know about the Fed”. The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

qoɹ

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is designed for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2021 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman.)

Source: Rob Chrisman