LenderNews by Rob Chrisman
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Oct. 3: LO, AE jobs, promotions; vendor primary & secondary market updates; HomeStreet restructure

October 3, 2017

Sunday this industry lost a brother and a friend in the senseless and selfish Las Vegas massacre. Brian Fraser was an awesome husband, father, originator, leader, and coach. Todd Duncan and High Trust have created the brianfraserfund.com to raise money to help Brian’s wife Stephanie and their four children as they navigate this tragic loss.
 
Hiring, promotions, rebranding
 
The Angel Oak lending platform (including Angel Oak Home Loans LLC & Angel Oak Mortgage Solutions) continues to expand with the addition of Lee Williamson. Lee will oversee Business Development across all the Angel Oak affiliated lending companies. “As a great addition to the Angel Oak team, Lee will be responsible for seeking regional leaders, branch managers and loan officers for retail and account executives for wholesale/correspondent platform. He’ll be creating and maintaining a national recruiting platform, promoting consistent growth, and assisting with building national brand recognition.” If you are interested in seeking career opportunities with Angel Oak’s lending companies, please contact Lee (678-641-6249).
 
Prime Source Holdings, Inc. (PSHI) and Prime Source Mortgage, Inc. (PSMI) are delighted to announce the appointment of two key executives. Tricia M. Bailey has accepted the position of President and CEO. Tricia comes to PSMI with proven mortgage banking experience that includes Retail, Wholesale and Correspondent lending. In her more than 25 years in the mortgage lending industry she has held executive and Senior Vice President positions with several finance companies. Also appointed to an executive position was Bill Lawton. Bill will serve as EVP, National Production, responsible for the expansion of PSM’s nationwide retail branch system. Bill brings over 30 years of experience to PSM. Prime Source Mortgage, Inc. is a wholly owned subsidiary of PSM Holdings, Inc. For more information on positions contact hr@psmortgage.com.
 
“Here we grow again! WesLend Financial is aggressively expanding its wholesale platform and is seeking highly motivated AEs nationwide and Sales Managers for the Southeast, Pacific NW, Southwest, Mountain and Mid-West regions. As a mortgage banker licensed in 46 states and Washington, D.C., with aggressive pricing and extensive product offerings that go beyond the basics and includes Co-ops, Non-QM and much more, top producers find a steady flow of revenues along with one of the most competitive comp plans in the industry (up to 40 bps on Gov and 30 on Non-QM). Our Account Executives experience little to no overlap and have full access to all operational personnel including our underwriters. But, it’s not just about full-service. It’s about outstanding service and support. If you are ready do more than simply set goals and are ready to be a part of the next generation of leaders and exceed your goals, contact Thomas Michel, EVP of Wholesale.”
 
SocialSurvey continues to grow and add new products to its Enterprise Platform. Management is now looking for several additional RVP candidates for the Southern California, Midwest and Plains Territories. There’s still time to come onboard before the MBA conference in Denver. SocialSurvey provides a platform for our clients to collect customer feedback, share it on social media, boost SEO, retention, recruiting, and social proof. SocialSurvey is offering salary, commission and equity. Send confidential resume and contact info to CEO Scott Harris.
Santander Bank is in the midst of an ambitious growth plan and is currently hiring for experienced, top-performing Mortgage Loan Officers across its footprint (MA, RI, CT, NH, NY, NJ and PA). As a major mortgage lender, Santander leverages the benefits of local processing, underwriting and closing, and provides its Loan Officers with outstanding sales management support from a team of experienced, non-producing Sales Managers. Santander brings many benefits to the table for its Loan Officers including a superb product line-up (including an attractive jumbo balance sheet product), competitive rates, exclusive assigned retail branches and referral opportunities, a competitive commission plan and a great menu of employee benefits (including medical, dental, vision and 401K). If you are looking to build your list of contacts and grow your career as a Loan Officer with Santander, please e-mail Matthew Oliveira (401-435-1265).
 
Orange Coast Title Company, an industry leader since 1974 and one of the largest independently owned title insurance companies, is growing again and has an excellent opportunity for a National Sales Executive. As our National Sales Executive, you will acquire, build, and maintain strong, long-lasting client relationships with the top mortgage lenders in the country. The ideal candidate will possess a broad knowledge of the loan origination and servicing space, have sales experience with a proven track record of exceeding goals, and be self-motivated to succeed in a fast-paced, competitive environment. Interested candidates should send their resumes to Tim Curtis, National Sales Manager. 
 
PrimeLending announced the promotion of Steve Thompson, former EVP of National Production, to the role of President effective immediately. As President, Thompson will continue to lead the company’s 1,300-plus loan originators nationwide, as well as taking on responsibility for National Operations, Capital Markets, Joint Ventures and Marketing. He will also lead the national campaign to add new branches in the nation’s fastest growing markets over the next 18 months. Under Thompson’s leadership as the EVP of National Production, PrimeLending has consistently performed as one of the best in the industry, ranking in the top ten in purchase volume each year since 20121. The company has maintained a 96% customer satisfaction rating2, earned more than 5,000 5-Star ZillowÒreviews and been recognized as a top workplace in several categories by Great Place to WorkÒ
 
As of October 2nd, Starkey Mortgage has officially rebranded to Certainty Home Loans, LLC. “The Certainty Home Loans name reflects the company’s core promise of delivering confident closings, with the terms agreed upon, and the timing promised.” With the name change comes a new website, CertaintyHomeLoans.com is a resource for prospective homebuyers researching their home financing options.
 
HomeStreet’s mortgage operation is restructuring. No inventory means fewer loans in many markets, and staff is being cut. Isn’t the first, won’t be the last…
 
Vendor-a-rama – let’s play some catch up
 
According to the 2016 STRATMOR Technology Insight report, 41 percent of lenders felt that their functionality of the LOS at implementation was less than expected.  Did your implementation deliver all the functionality it promised? The LOS is the single most important piece of technology in your company and it is critical that you share your experience about how your LOS performs. 2017 STRATMOR LOS Technology Insight Survey is the industry’s most important and comprehensive study of mortgage technology.  This is the last week to participate in this important survey. There is no charge to participate and Lender respondents will receive a high-level summary of overall market share by vendor. To participate in this important survey, click here.
 
CBCInnovis, a provider of credit reporting and data validation services, announced its alignment with data and analytics company LexisNexis Risk Solutions to offer the LexisNexis RiskView Liens & Judgements Report. “This new FCRA product enables lenders to fill the gap left behind when the National Credit Reporting Agencies cease offering access to most liens and judgement data in two months.” (And a quick Happy Birthday yesterday to David Muschott with CBCInnovis!)
 
Equity National Title has unveiled an “e-closing” hub, titled “e-Ways,” for mortgage lenders designed to advise of the types of digital closings available at a zip code level.
 
Built was named to The Mortgage Collaborative’s Preferred Partner Network, providing solutions for digital draw management and collaboration software for the network’s lenders active in construction lending. With Built, members of The Mortgage Collaborative will simplify construction loan administration with real-time transparency and faster access to draws. With a completely digital process, lender members will be able to use the data for proactive risk management and portfolio insights.
 
Optimal Blue LLC recently announced the introduction of a comprehensive new Enterprise Secondary Marketing Solution for credit unions. This new solution includes a note rate hedging module specifically designed to support how credit unions sell loans to the GSEs.
 
LendingQB announced a new partnership with ValueInsured which embeds +Plus SM down payment protection directly into its loan origination platform. “By making +Plus down payment protection a turnkey solution in the existing LendingQB system, lenders can easily add down payment protection to their mortgage programs and provide borrowers with a greater choice when selecting a mortgage.”
 
Veritas Funding, a Utah-based mortgage company, has partnered with San Francisco-based Blend, to launch the SmartApp digital mortgage platform. This new technology will simplify the mortgage application process, by allowing customers to submit using a computer or mobile device while securely uploading payroll information, tax returns and bank statements. The SmartApp connects to systems used by mortgage processors and underwriters, which can shorten loan approval times, provide more accurate data and streamline the closing process. The average time to complete the mortgage application process is 14 minutes.
 
In the latest episode of America’s Mortgage News presented by Credit Plus, AMN headed to Nashville for The Mortgage Collaborative’s 2017 Summer Conference. While on location Don interviewed industry veterans to get their perspectives on matters affecting the day-to-day business of mortgage lending. 
 
MortgageFlex Systems, Inc., a provider of enterprise-level loan origination technology, released a White Paper entitled “Reducing the Sprawl in Mortgage Lending” which speaks to the problems lenders are experiencing when they employ multiple loan origination systems within the same enterprise. In the new paper, the company tracks the evolution of the modern LOS and explains how tech sprawl came to be such a dominant factor in technology management for many lenders. The paper outlines the common problem institutions face when they try to maintain multiple LOSs and proposes a solution.
 
eValuation ZONE, Inc, announced it has been named to the 2017 Inc 500/5000, an exclusive ranking of America’s fastest-growing private companies. eValuation Zone ranked No. 776 based on a three-year growth rate of 589 percent. eValuation Zone ranked in the top 15% of all firms based on a three-year growth rate of 589 percent.
 
Resitrader Inc. announced that it will be providing the Resitrader platform as a private label product to members of The Mortgage Collaborative. The platform, called "TMCDirect," will provide TMC members with full access to Resitrader’s trading platform, as well as special incentives and benefits for TMC members.
 
MortgageHippo has partnered with Optimal Blue to “help clients deliver a wholly transparent borrower experience with accurate loan programs and rates in real-time using the Optimal Blue API. This enterprise integration allows MortgageHippo clients to customize their own pricing configurations seamlessly for the benefit of borrowers through the OB platform. 
 
Indecomm Global Services, a provider of business process as a service (BPaaS), software as a service (SaaS) technology, and learning products for the mortgage industry, has been named to the 2017 IDC FinTech Rankings. This is the fifth year in which Indecomm has been selected for this elite group. Email Linda Bomar with questions. 
 
LBA Ware has implemented CompenSafe to automatically calculate commissions for its loan originators and operations staff located in 24 branches across the United States. CompenSafe integrates directly with US Mortgage Corporation’s loan origination system (LOS) Encompass to extract loan pipeline information and calculate compensation in real time, and LOs can access this information at any time to get an up-to-date accounting of their anticipated compensation.
 
Clayton Holdings LLC announced that it is offering a comprehensive securitization readiness solution for non-agency assets. The end-to-end offering includes advisory and preparedness support for pre-securitization due diligence review, originator and guideline assessment and ongoing monitoring structure and setup. The solution is designed to help lenders and aggregators prepare for compliance with the new requirements and expectations for private label securitizations (PLS), and to assure that asset reviews and reporting capabilities will meet current guidelines prior to issuance.
 
CoreLogic has introduced CondoSafe Express a new online, self-service version of its condominium project review solution, that offers easy registration and transactional credit card payment capability. “Through CondoSafe Express, community lenders will now have instant access to condominium project information such as the CondoSafe Report with Investor Eligibility Alerts and Required Condominium Project Documents, including CC&Rs, Budgets, Master Insurance Information, Litigation…”
 
Capital markets
 
U.S. Treasuries began the first day of the final quarter of the year on a very quiet note although the 10-year did hit a high yield of 2.37%. (It closed yielding 2.33%.) Fortunately for us in mortgage-land, MBS spreads “tightened” a few ticks versus treasuries and swaps (prices did a little better) since MBS saw better buying all session.
 
Given a lack of news, aside from the usual chatter from Fed Presidents around the nation, attention has shifted to the tax plan. Digesting the GOP tax plan from last week, Moody’s announced that the tax framework would likely increase the budget deficit and total debt, which would be a negative for the U.S. government credit rating.
 
Today has no headline economic releases, but we do have September Auto Sales figures –forecast to be up from August but still light, as well as Fed Governor Jerome Powell speaking, and FHFA Director Watt testifying before the House Financial Services Committee at 8:30 ET on sustainable housing finance. We begin Tuesday with rates a shade higher versus yesterday’s close with the 10-year yielding 2.35% and agency MBS prices down a few 32nds.
 
 
(Thank you to Scott T. for this one; Rated PG.)
What’s the difference between a redneck and a hillbilly?
When you make a redneck mad, he’ll kill you.
When you make a hillbilly mad, he’ll keep you.
 
 
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, “Will User Names and Passwords Go the Way of Thermal Fax Paper?” 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.)