LenderNews by Rob Chrisman
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June 22: LO & AE jobs, personnel moves internal audit service; vendor updates inc. Alight’s capital raise

June 22, 2017

This week’s Sindeo’s closure reminds lenders of the basic premise: if you didn’t make money in 2016, what makes 2017 any different? Your competitors won’t wait for you. Correspondent, wholesale, and warehouse partners won’t “look the other way” and be too lenient when there’s a lot of money at stake. Trust but verify the financial soundness of your counterparties! Here’s today’s second public service note. Anyone with a website knows that the Title III of the Americans with Disabilities Act (ADA) requires that businesses and nonprofit services providers make website accessibility accommodations to enable the disabled public to access the same services as clients who are not disabled. You can listen to my commentary by pressing “listen” at the top right. If you have questions about your site, or want to know how to do this, contact Ed Rosenthal at Higher Source Sites. (And no, this is not a paid ad.)
 
Jobs & personnel moves
 
Retail LOs should know that Caliber Home Loans has launched the Ultimate Home Buying Experience, an online application that can be processed through a loan officer’s portal or over the phone. With a fully digital documentation process, applications can be approved in less than 7 minutes. Additionally, properties can be eligible for a digital instant appraisal on eligible purchases and refinances. “With the addition of our new online application and eClose capabilities, Caliber is providing a digital mortgage that results in a less-complicated process for customers and a more-streamlined process for loan officers. Both eClose and the Ultimate Home Buying Experience are available in all 50 states. The new and improved process includes benefits such as applications that take minutes; instant paperless underwriting approvals; digital appraisals; transaction times that can be as fast as eight days and an eClosing/eSign process that can be completed in minutes. The result is a faster, more enjoyable mortgage process that lets consumers move into their new home on their timeline, not a timeline dictated by mountains of paperwork!”
 
“Are you ready to take your career to the next level? A competitive, So Cal-based lender with over 25 years’ experience is pursuing branch managers, area managers, and sales staff for both Wholesale and Retail channels, predominantly in San Diego, Orange, Los Angeles, Kern, and Ventura counties. Local Operations, Career Development including the proprietary Loan Officer Training, an integrated LOS/CRM interface, and industry leading marketing with available co-branding are just the beginning. Enjoy access to several exclusive products in addition to all the standard and high balance products you may already offer: FNMA, FHLMC, & GNMA approved. Send confidential resumes to me, and specify the opportunity.
 
New home construction is on the rise with new communities and groundbreakings happening enthusiastically nationwide. “loanDepot is leading the game, coming in as the #1 private lender to new construction homebuyers in the U.S. in 2016. Not only has it established preferred-lender relationships with 5 of the nation’s top 25 builders, but one of loanDepot’s Retail divisions’ total purchase volume last year was made up of more than 50% builder and new construction business. This company is leading the way in new construction financing by offering some of the most competitive products geared towards builders including Forward Commitments, Lock & Sell, Long Term and Extended Rate Locks, all with minimal overlays and jumbo capability. For those of you attending Pacific Coast Builders Conference (PCBC) next week in San Diego, please stop by to meet loanDepot at the Hub for Social or check out our Building America Together brochure to learn more.”
 
There’s still time to join top industry players at the Lenders One 2017 Summer Conference in Minneapolis, August 6-9 at The Hyatt Regency. For this exclusive, member-only event, Lenders One has developed a program that will SPARK new ideas for action and uncover solutions in an evolving market. We’ll be joined by Freddie Mac Executive VP, Dave Lowman who will bring his unique perspective to a conversation on the industry and Ron White, a top memory expert who will share tips on how to develop quick, sharp brains. With impactful education session tracks and members-only networking opportunities, you can also expect a generous dose of fun with activities and surprises you won’t want to miss. Join us for an exciting week! Click here to register today and contact Lauren Ketchum to learn more. Interested in membership with Lenders One? Contact Michael Kuentz.
 
Clayton Holdings LLC, a leading provider of loan due diligence, surveillance, REO management, consulting, valuation, title and settlement services to the mortgage industry, is actively performing internal audit services designed to develop, manage, and enhance risk and control programs for banks, lenders, and servicers to comply with new GSE and CFPB requirements. Leveraging the company’s in-depth industry knowledge and seasoned professionals, the program delivers operational efficiencies and helps strengthen internal audit activities. According to Jeff Tennyson, president of Clayton, “Our new offering helps clients identify gaps and inadequacies in existing functions before GSE and regulatory reviews, and to design and build stronger processes.” Specifically, the company provides internal audit risk assessments, performance assessments, design and development, enhancement, and remediation. To learn more, visit clayton.com or email nfrench@clayton.com.
 
Assurance Financial, a full-service residential lender, continues to grow! “We’re now hiring experienced MLOs for our branch in beautiful Charlotte, NC. What makes Assurance Financial different from other mortgage companies? We close loans on time. Assurance Financial’s business model is different. We believe in supporting our LOs first, last, and always. Our operation is built around the branch, and the branch is built around our MLOs. Their success is our success. Assurance is also seeking LOs in CO, AZ, NM, LA, TX, MS, AL, TN, OH, FL, GA, AR, NC, and SC. Find out more from Paul Peters, CMB at 225-239-7948, or visit LendTheWay.com/careers.
 
Northpointe Bank welcomes Robert Ross as SVP of correspondent lending, where he will be responsible for leading channel operations and production. Twenty-year vet Ross has been with Arch MI, BOK Financial, Genworth, and Goldman Sachs.
 
Guild Mortgage has promoted Gemma Currier to vice president of national retail sales operations. She will oversee the company’s sales technology, sales training and development, retail administration and project management.
 
Congratulations to Dave Weatherford who has joined the Quicken Loans Mortgage Services team as a Regional VP responsible for managing all Account Executives along with overseeing the wholesale broker, community bank, credit union and correspondent banking partner relationships across the Midwest. Dave will be joining the team led by Paul Saurbier, VP of Market Development for the Central and Northeast regions of QLMS.
 
Partners Credit & Verification Solutions, a leading provider of credit, verification and technology solutions, announced that Andy Van Wagnen has joined the company as National AE responsible for business development and account management of large regional and national lenders.
 
loanDepot announced the appointments of Eric Gutierrez as EVP, Marketing, and Pat Flanagan as EVP, Next Generation Lending. Both Gutierrez and Flanagan will step into newly-created roles as members of loanDepot’s executive team, reporting to CEO Anthony Hsieh.
 
And there are two new hires to the Premium Title team: 28-year vet Deborah L. Shepherd and 15-year vet Aaron T. Fain, both as Title Services National Sales Executives. “They will be focused on delivering title and closing solutions to top- and mid-tier mortgage, home equity and reverse mortgage lenders.”
 
Vendor updates in no order, with no grouping
 
Alight Inc. “just closed our Series A funding round and it includes a significant investment by one of America’s greatest and most technologically innovative companies, Caterpillar. What does this mean? It means Alight just became an even stronger partner for the mortgage industry. It will help our company grow faster, our solutions be better and our team be stronger.”
 
Calyx Software announced Portfolio Underwriter, an advanced automated underwriting system (AUS) from LoanScorecard, is now available to Point and PointCentral clients. “Portfolio Underwriter allows portfolio lenders to customize credit decisioning and safely originate non-agency loans that they intend to put on their balance sheets. Portfolio Underwriter seamlessly integrates with Calyx Point and PointCentral loan origination systems.”
 
Built, a provider of construction lending automation software, announced that its collaboration and draw management platform will be available through Ellie Mae’s Encompass all-in-one mortgage management solution. “The seamless integration allows Encompass users to efficiently manage construction loans from pre-closing through post-closing via Built’s construction lending automation software. Built’s collaboration platform enables lenders to connect with borrowers, builders, and draw inspectors, bringing transparency and efficiency to the entire draw process for everyone involved. The integration will be available to all Encompass customers in summer 2017 and Built has already begun reserving implementation slots.”
 
What’s a Morty? “It’s a fully-automated mortgage marketplace, where homebuyers can shop, compare, and close any loan option from among its network of lenders. Morty is initially rolling out with 10 major lenders across 10 markets in the United States, with plans to expand nationally by the end of 2017.” According to the press release, in the over one thousand real-life loan scenarios it has run for homebuyers, Morty has observed rate and fee variances across lenders that can add up to tens of thousands of dollars in fees and monthly payments.
 
Secure Insight celebrates its 5th anniversary in June, having begun vetting settlement professionals in June 2012 after several years of research and development. As the first to bring third party vetting to the marketplace they endured significant pushback in the early years, however the acceptance of vendor management across the industry has seen their national database of vetted agents grow from 1163 professionals at the end of 2012 to more than 60,000 vetted as of this year. Renewal rates for agent risk profiles are over 87% and the company has serviced more than 100 banks, credit unions, warehouse lenders and mortgage lenders providing oversight for more than 3 Million successful closings. Secure Insight President Andrew Liput said that “We knew we would get here eventually as our goal was to become an industry utility. We now have the largest and most reliable live database of settlement professional risk data anywhere and are about to launch a significant new technology enhancement, first of its kind, which will solidify our position as thought leaders. It’s been a bumpy but exciting ride and we would not have made it except for our terrific staff and amazing board of advisors.”
 
The Mortgage Collaborative has partnered with Mortgage Quality Management and Research, LLC (“MQMR”), a risk management and compliance services. Now Mortgage Collaborative’s members will receive discounted pricing on MQMR’s services, including internal audit, vendor management, servicing QC and subservicer oversight, and compliance support. MQMR gains the ability to extend its reach to assist more lenders in navigating the increasingly regulated market.
 
"Two major announcements for leading mortgage document provider, Lendsnap. First, Lendsnap is now on the list as a prospective vendor for Fannie Mae Day 1 Certainty. Our ability to provide original statements and data for Day 1 Certainty is truly unique, and our progress with FNMA provides a unique opportunity for a lender partner. Additionally, Lendsnap now delivers transactional data for closing table verification of assets (VOA). Lendsnap still provides the actual W2s, pay stubs, bank statements, tax returns, and more, but now also offers the ability to generate recent account history statements to instantly validate borrower activity and current balances. Brokers and lenders should contact Mike Romano to learn more."
 
Optimal Blue has partnered with Capsilon Corporation to provide a unique digital mortgage experience with highly accurate, real-time product eligibility and pricing content. “By integrating Optimal Blue’s real-time product eligibility and pricing content directly into the upcoming Capsilon mortgage point-of-sale solutions, joint clients will be able to improve overall compliance, create numerous process efficiencies, and deliver an engaging origination experience.”
 
Capital markets
 
Yesterday was a snoozer (a very technical description) in the bond market. In fact, aside from some very minor shifting between coupons, securities, and maturities, U.S. Treasuries were mostly unchanged but the yield curve flattened a bit as WTI crude fell to a seven-month low. The 10-year note closed at 2.16% (again) and agency MBS prices were pretty much the same as Tuesday evening.
 
This morning we’ve already had initial jobless claims (+3k to 241k, close to four-decade low). Coming up is the FHFA House Price Index for April (from the overseer of Freddie & Fannie), as well as May Leading Economic Indicators and the dollar amounts of next week’s 2, 5, and 7-year Treasury auctions. We find rates nearly unchanged versus last night as the 10-year is hovering around 2.16% and agency MBS prices aren’t doing much of anything.
 
 
A truck driver was driving along on the freeway and noticed a sign that read, “Low Bridge Ahead.”
Before he knows it, the bridge is right in front of him and his truck gets wedged under it. Cars are backed up for miles.
Finally, a police car drives up. The cop gets out of his car and walks to the truck driver, puts his hands on his hips and says, “Got stuck, huh?”
The truck driver says, “No, I was delivering this bridge and I ran out of gas.”
 
 
Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “Does Everyone Want a Job?” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.
Rob
 
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are over 300 mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2017 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)