LenderNews by Rob Chrisman
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Nov. 2: LO, AE, sales mgt. jobs; warehouse, subservicing products; lender disaster news; non-QM securitization

November 2, 2018

Many states “gain an hour” Sunday morning by setting clocks back. Robots don’t care what time it is – will they build your next house? Companies like Modular Home Builder or Baltimore’s Blueprint Robotics Inc. are attracting attention. Houses are built on an assembly line, using robots that fire thousands of nails into studs each day without missing. Other machines cut, sand, drill, and insulate. These factories are filling in for a shortage of skilled workers that’s crimped construction of residences across the country. Weather isn’t a factor, houses are constructed off-site for less money, and in a fraction of the time. These aren’t trailer homes, or Sears’ kit homes from the early 1900s. Builders and developers use the modular factories as subcontractors to produce homes in sections, which are then assembled on-site by local laborers like Legos. There are transportation costs and hassles to be considered, and possible restrictions on size loads on highways. But the technique is gaining in popularity.
 
Jobs, business opportunities
 
Are you a Wholesale Account Executive that’s ready to elevate your business in the Atlanta market? “Step into a prime opportunity with Plaza Home Mortgage. One of our talented reps has moved to a different territory, and we have more than 40 approved accounts in Georgia – plus a pipeline of active loans for a sales-superstar to take over.  Enjoy exclusivity as the only Plaza AE in that market. With Plaza, you have one of the most extensive product offerings in the country, no traditional retail to compete with your brokers and the latest technology to keep your clients happy. You also have access to Non-Delegated and Delegated Correspondent channels.” For a confidential conversation to learn more, contact Plaza Sales Manager Mark Boleky at 904-207-3688 or visit the Plaza Career page
 
Ginnie Mae Director and Experienced Loan Originators: With over 25 years of mortgage lending, one of the largest independent lenders in the Greater Philadelphia / Delaware Valley area is expanding and is looking for someone local to lead its Ginnie Mae operations with a very competitive compensation package along with flexible work options. Must have significant experience in issuance of Ginnie Mae securities, sub-servicer oversight, and investor reporting. To further expedite its growth, the company is also seeking experienced loan originators and are offering top level compensation packages. Please send confidential inquiries to me for forwarding.
 
NOVA® Home Loans is excited to announce that Dave Heuermann has joined the company as National Sales Manager. Heuermann, a leader in mortgage lending, will be responsible for NOVA® Home Loans’ business and sales efforts at both local and national levels. “We are very excited to welcome Dave Heuermann to the NOVA® family,” said COO Lance Dickson. “Dave has had tremendous success in leading successful mortgage teams all while improving operations and providing systematic growth in both Arizona and California. We are confident that his experience and unique outlook on business will further our commitment of providing the best mortgage products and outstanding customer service.” With 30 years of experience as a leader in the mortgage lending industry, Heuermann is known for building successful and highly industrious teams. “I have a vision for NOVA ® and I look forward to creating strong and fruitful relationships” said Heuermann.
 
“Are you a branch manager who wants a bigger piece of the profitability you bring to your company? At Network Funding, we have a Producing Branch Manager compensation plan that puts the branch manager back in the driver’s seat with branch P&L visibility, control, and a bigger piece of the pie. Call or e-mail Executive Vice President, Brett Snortland (832-545-4653) to get your piece of the profit.”
 
A thriving independent mortgage banker with a dynamic platform, excellent support, diverse product offerings, and exceptional, engaged leadership, is looking to expand in to the Colorado Springs market. The ideal candidate will be a seasoned Branch Manager with a minimum of five years’ experience in mortgage banking. Excellent leadership and recruiting skills a must. Send confidential resumes to me for forwarding and specify opportunity.
 
Blue Water Financial Technologies has added to its growing executive team and hired Jason Sweeney as Executive Director, Business Development where he will be responsible for new client acquisition, overseeing all outbound business development efforts. Congrats!
 
Lender products & services
 
For more than five years, Floify’s next-generation point-of-sale platform has been improving loan origination workflows through their constantly evolving and expanding mortgage automation engine and robust suite of integrations. Now they’ve got their eye on completely revolutionizing the process lenders use to manage, send, and receive loan disclosures, via the new and improved Floify Disclosure Desk. Enterprise lenders seeking to streamline the time-intensive and error-prone disclosure process will find tremendous value in the ability to deliver these sensitive documents, into the same secure point-of-sale system their clients know and love, in only two-clicks! If you’ve been considering incorporating an end-to-end point-of-sale solution like Floify into your lending operation, now is the perfect time to take advantage of this comprehensive system. Request a demo to learn more.
 
Are you a hunter or a farmer? And what’s that got to do with subservicing anyway? According to the new TMS white paper, make sure you don’t lose the cost of acquiring a new customer (“Hunting”) by handing them over to a subservicer who doesn’t help you retain (“Farming”) that customer for future value. Choose a subservicing partner who will deliver the same level of customer service your customers have come to expect from you. See how one bad customer service experience can have a lasting negative effect on business. 
 
Are you looking for a warehouse lender that understands your business needs? Maybe one that is not competing for market share with your branches or correspondent division? Comerica Bank’s approach to warehouse lending spans six decades and is just one piece of a much-larger, diversified business banking strategy. Comerica Bank is a $71 billion bank that focuses on serving the needs business owners. At Comerica Bank, our relationship begins with you, the mortgage banker. Please allow us the opportunity to tailor a warehouse solution to support your strategy and goals. With lines of credit from $5 million to over $100 million, we are proud to serve a broad spectrum of mortgage companies across the country. To see how Comerica Bank can raise your expectations of what a bank can be, contact Von Ringger (313-222-9285). Member FDIC. Equal Opportunity Lender. Loans subject to credit approval.
 
Disaster updates from Agencies & lenders
 
The Freddie Mac Guide 2018-18 announced Updates to the Loan Collateral Advisor® score structure, feedback messages and eligibility for representation and warranty relief for property value only. It also includes updates to condominium projects requirements and flexibilities for condominium project reviews, Freddie Mac Condo Project AdvisorSM and a New Guide chapter with requirements and flexibilities for properties affected by disasters, including the major disaster plan.
 
Fannie Mae issued a reminder to those impacted by Hurricane Michael of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages. Homeowners impacted by Hurricane Michael are eligible to stop making mortgage payments for up to 12 months, during which time they will not incur late fees during this temporary payment break and will not have delinquencies reported to the credit bureaus. Servicers are authorized to suspend or reduce a homeowner’s mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Payment forbearance of up to 12 months is available in many circumstances.
Servicers must suspend foreclosure and other legal proceedings if the servicer believes the homeowner has been impacted by a disaster. Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit www.knowyouroptions.com/relief.
 
ClosingCorp, provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today estimated that more than 1,600 pending mortgage transactions currently in progress are in jeopardy, because of Hurricane Michael. The loans, which are being originated by more than 100 different lenders, have a combined value of more than $400 million. ClosingCorp based its estimate on “in-flight” mortgage applications in 13 Florida counties that are due to close between now and the end of December. The counties are: Bay, Calhoun, Escambia, Franklin, Gulf, Jefferson, Leon, Liberty, Okaloosa, Santa Rosa, Taylor, Wakulla, and Walton. While some of the properties are at Low or Moderate risk of damage, in many cases, new inspections and often new appraisals will be required before the mortgages can be approved and the sales completed. In some instances, the damage will result in significant delays or cause deals to fall apart. ClosingCorp is proactively notifying its lender clients about which loans within these counties and will be working with them on expanded reviews as requested.
 
Mortgage Solutions Financial posted an announcement pertaining to Wisconsin Severe Storms.
 
Pacific Union Financial continues monitoring the impact of Hurricane Florence and the resulting damage and flooding currently affecting North and South Carolina. Any properties located within areas identified by the Federal Emergency Management Agency (FEMA) offering private assistance will require confirmation, per its published guidelines, that the subject property has not been affected by the hurricane. This confirmation includes borrower written certification of the condition of the property prior to clear to close by Pacific Union. The counties of Chatham, Durham and Guilford had been added to the North Carolina disaster declaration.
 
AmeriHome Mortgage posted the following Hurricane Florence update: on 10/26/2018, with DR-4393, FEMA granted federal disaster aid with individual assistance to 3 additional North Carolina counties to include Chatham, Durham and Guilford affected by Hurricane Florence during the period of 9/7/2018 to 9/29/2018.
 
Mortgage Solutions Financial posted a revised announcement regarding the Hurricane Michael- Disaster Alert.
 
For FEMA declared disaster areas of Wisconsin, loans submitted with an appraisal dated on or before the incident period end date of September 14th or for those submitted without an appraisal, Sun West Mortgage Company, Inc. will require an interior and exterior inspection prior-to-funding or purchase of any loans with subject properties that are determined to be at risk. The inspection must verify that the property is sound, habitable and in the same condition as when it was appraised.
 
Fifth Third Correspondent Lenders must adhere to Fifth Third’s Disaster Policy located in Chapter 7, Section C of the Correspondent Seller Guide Underwriting Guide and the disaster policy overlay in the Overlay Chart. Choose a link below to view the most recent FEMA disaster declarations. Florida Hurricane Michael,, Georgia Hurricane MichaelNorth Carolina Hurricane Florence, and Wisconsin disaster areas.
 
loanDepot Wholesale posted an announcement with update information on its Jumbo Advantage Program and the Hurricane Michael Disaster.
 
Capital markets
 
Redwood has successfully completed its sixth securitization of the proprietary Redwood Choice loan program, further solidifying it as the premier buyer of expanded prime and Non-QM loans. Each of Redwood’s expanded prime and Non-QM programs continue to grow in popularity with originators as they realize it’s the same Redwood process and seller experience only now they can cast a much larger net. Redwood’s partnership with its sellers on these programs allows loan officers to create deeper relationships with their customer and referral base. Redwood is excited to offer their partners the tools to thrive in a challenging market. Redwood encourages loan officers at all their partners to experience the ease of dealing with the number one purchaser of jumbo expanded prime and Non-QM loans.
 
Optimal Blue’s Digital Loan Trading Platform, Resitrader, has announced the next phase of its lights-out integration with Freddie Mac’s Loan Selling Advisor®. Built upon the automated pricing and commitment integration announced in August, this phase fully automates cash pricing and commitments to include cash pay-ups for fixed-rate mortgages across all specified loan attributes. Replacing Freddie Mac’s manual spot bid process, Resitrader extends its integration with Freddie Mac’s Loan Selling Advisor® and the associated committing API to enable a fully-automated cash contract commitment process for mortgages with original note amounts less than or equal to $200,000, investment property mortgages, mortgages in the state of New York, mortgages with credit scores below 700, 10-year term mortgages, and super conforming mortgages. Available immediately to all Resitrader clients without the burden of time-consuming system upgrades, Optimal Blue has once again demonstrated to its clients their commitments of ongoing innovation, meaningful automation, and first-to-market advantage.
 
Yesterday the benchmark U.S. 10-year at 3.14% as Treasuries across the curve mirrored a similar rally, the 2-year, 5-year, and 30-year all following minimally in the same direction taking place against the backdrop of receding rate hike expectations. The implied probability of a rate hike in December decreased to 74.3% from 77.3% yesterday, as Q3 productivity surpassed Q2 printed figures, double the prior 10-quarter average increase, which should signal a better standard of living. Internationally, the Bank of England voted 9-0 to leave its bank rate and asset purchases unchanged at their respective 0.75% and GBP435 billion
 
Turning to today, we have October Nonfarm Payrolls (250k, topping forecasts, but with a back-month revision down), Average Hourly Earnings (+.2%), and the Unemployment Rate (3.7%). The Trade Deficit widened to $54 billion. This was the final jobs report before next Tuesday’s congressional elections. Coming up is the minor September Factory Orders at 10AM ET. After the strong employment data rates are higher versus Thursday’s close: the 10-year is yielding 3.17% and agency MBS prices are worse .250.
 
 
(Thanks to Tony H. for this one.)
In any 2-horse race (politics included) they both tell the truth.
Winner: “I won, you lost.”
Loser: “No, I came in second place, you came in next to last.”
 
 
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, “The Rise of the Credit Unions.” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.
 
 
 
Rob
 
(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are hundreds of mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2018 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)