LenderNews by Rob Chrisman
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Oct. 8: AE, LO jobs, Chase cuts; reverse mortgage outsourcing & margin control products; training & events coming up

October 8, 2018

A running joke with loan officers is how real estate agents always seem to find their high school prom photos for their business cards and “for sale” signs. Thanks to Shelagh S. for sending along this story about how real estate for sale signs are changing.
 
Jobs, promotions, and business opportunities
 
A national title company is looking for lenders that are interested in partnering to open a title and settlement company. The ideal lender must be closing over 50 units a month. “Please email us with information on your company.”
 
Galton Funding continues to grow its non-agency conduit and is pleased to welcome Brad Young to its Correspondent Business Development team. Brad, located in Dallas, will serve correspondent lenders headquartered in Texas and the surrounding states. Galton continues to build its nationwide Correspondent Business Development team and its Minneapolis, MN based Credit/Ops team. Interested parties should email careers@galtonfunding.com. Galton Funding is focused on expanded prime borrowers offering both 1st and 2nd liens with innovative jumbo and non-agency product alternatives. Highlights include LTV’s to 95% without MI, cash out to 95% LTV, aggressively priced investor loans, and 40 year I/O. Most recently, Galton added a Streamlined First Lien Program that utilizes FNMA DU eligibility (up to $2.5MM) to qualify borrowers for its jumbo/non-agency program guidelines. If you will be in DC attending the MBA Annual Convention and wish to meet and learn more about Galton programs, please contact a Galton Business Development representative to set up time.
In hiring news, Bay Equity Home Loans has hired Renee Blackwell-Hildebrand as Senior Vice President of Strategic Development. Renee has an extensive background in growing production including expertise in affinity relationships and joint ventures. Bay Equity is expanding its retail footprint and is looking to leverage its fulfillment expertise with strategic partners. Please reach out to Renee if interested in a conversation about Bay Equity.
 
For a job in the financial services sector, due to continued growth, Inheritance Funding Company, Inc. is looking to hire an additional Funding Officer for its San Francisco Financial District home office. Inheritance Funding Company, Inc., and I am on the board of directors, has provided heirs waiting for their inheritance distribution with capital advances for nearly 25 years. "With nearly $200M advanced to heirs in all 50 states, IFC is the oldest and largest purveyor of inheritance advances in the country. With continued growth in this lucrative sector, IFC is looking to hire the right talent to catch up with increased demand. Inheritance or probate experience is neither expected nor required. The right candidate will have a blend of sales expertise, analytical reasoning, and strong client communication skills. Competitive base salary and uncapped incentive pay for strong performers." Contact Eric Holdsworth, VP of Marketing.
 
Mega Capital Funding, known for aggressively-priced conventional, jumbo, FHA, VA & USDA, MEGA also offers a suite of ATR products such as 40yr. Fixed, Interest Only to 90% with no MI, No Employment non-owner, and a recently enhanced SIMPLY STATED Jumbo @ 70% LTV to $1mm (CA only for Simply Stated). EVP Greg Handy and Regional V.P. Keith Stubbs are in need of some sharp Account Executives to cover open territories in Northern Ca, Texas, Florida, Colorado, Washington and Oregon. (More below.)
 
Lender products & services
 
Calling all mortgage lenders: Are you worried about miserable margins?  Want to ‘variablize’ your costs to align with unpredictable mortgage volumes? String Real Estate Information Services can help you – immediately. For over 15 years, String has fanatically focused on mortgage lender profitability. By offloading back-office work to String, clients save up to 70%. Even in today’s world of penurious profits, every single String client is profitable. That’s why 70% of our business comes from current client referrals.  Post-closing review, trailing documents, and pre-underwriting are just three of the many solutions that we can expertly complete for you. Meet with us at the MBA Annual Conference in our hometown of Washington, DC and we can strategize about the best ways to improve your margins, shorten your cycle times, and increase your happiness. (That last one can’t be quantified.)  To schedule a meeting, email Karen Schluckebier or use our Calendly Scheduling Page. 
 
Momentifi CEO Gibran Nicholas is excited to release the 2019 Certified Mortgage Planning Specialist (CMPS) curriculum. CMPS is designed to enhance your digital mortgage process by empowering your MLO’s to be highly-valued trusted advisors. Plus, they become accredited to teach CE classes to real estate agents, CPAs and financial advisors in their local market. “Retail loan originators are losing 70%+ of their sales leads to the competition,” says Gibran. “We are focused on helping LO’s modernize their scripting and sales skills so they can win more deals in today’s digital environment. Even a 3% improvement in your team’s lead conversion rate could produce an extra 300 loans for every 10,000 leads your team generates!” Click here to view a 3-minute video. Click here to email Gibran directly or schedule a discussion with him at the MBA convention next week.
 
While shrinking margins have other wholesalers scrambling to survive, Mega Capital Funding continues expanding into new states including VA, MD, GA, DC, IL & NJ.  Best known for aggressively-priced conventional, jumbo, FHA, VA & USDA, MEGA also offers a suite of ATR products such as 40yr. Fixed, Interest Only to 90% with no MI, No Employment non-owner, and a recently enhanced SIMPLY STATED Jumbo @ 70% LTV to $1mm (CA only for Simply Stated). EVP Greg Handy and Regional V.P. Keith Stubbs are looking to add talented broker partners. 
 
“Moving Forward In Reverse Has Never Been Easier.” “Faced with lower refinance volumes and rising interest rates, many companies are looking for new product options for their customers. A reverse mortgage is the only mortgage product designed exclusively for the senior segment which has amassed over $6 trillion in home equity. When a cash-out refinance or home equity loan does not fit a senior customer’s needs, a reverse mortgage may be a great option. Mortgage companies, banks, credit unions, and servicers can monetize more of their customer portfolio and increase point-of sales originations by adding reverse mortgages to their product mix, and Liberty Home Equity Solutions, Inc. is pleased to introduce the “SNAPP Processing Program” which only requires originators to take a customer application with a HUD Counseling Certificate. Liberty will do the rest including processing, underwriting, closing and funding the loan with faster cycle times than a traditional forward mortgage (average cycle times of 32 days). To learn more, connect with Liberty at the MBA Conference Oct 14-17 or contact Garrett Kolb, VP-Business Development.
 
Layoffs of Unusual Size (LOUS)
 
Wells Fargo announced it was laying off 26,000 bank-wide a few weeks ago. (Recall that Wells laid off 650 mortgage employees in August.) Now comes news that JPMorgan Chase is laying off about 400 employees in its consumer mortgage banking division (out of 34,000 mortgage banking employees). Watch out Jacksonville, FL, Columbus, OH, Phoenix, and Cleveland. Fewer servicing personnel are needed as JPMorgan’s delinquencies have fallen, dropping about 22% in August from the year prior, according to spokeswoman Trish Wexler. She noted that JPMorgan’s consumer home purchase application volume rose year-over-year in August and September.
 
Lender events & training
 
Industry professionals will gather to discuss the issues around Lending in today’s environment at the upcoming Mortgage Leadership Roundtable on November 8th, starting at 9:30 and ending at 4:00 pm in Tempe, Arizona. The free event is being sponsored by National MI, a subsidiary of NMI Holdings, Inc., a California-based private mortgage insurer, along with Freddie Mac and Capital Markets Cooperative. Guest Speakers include Sam Luna, Freddie Mac, Rex Lau, CMC, Dana Wasson Accenture, Kristin Messerli, Cultural Outreach Solutions, Fletcher Wilcox, Grand Canyon Title Agency, and Paul Imura & Gene O’Bryan with Home 123. The event is being held at THE YARD located at 149 S. Farmers Ave., Tempe. To register for the event, please contact Nancy Early. The event will host lunch and a reception to follow the day’s activities.
 
With Q4 just on the horizon, mortgage professionals are feeling the pressure to close the year out strong after battling margin compression and rising loan origination costs in 2018. Tomorrow, October 9th at 12:30pm MST, Maxwell—the industry leading digital mortgage provider— will present a webinar, “The Mortgage Executive Q4 Outlook,” featuring a panel of seasoned mortgage industry executives sharing their own focus areas for Q4 and discussing how mortgage companies can navigate market challenges. Panelists include Maureen Sammon, CEO, Berkshire Hathaway’s HomeServices Lending, Brad Phillips, VP of Sales, American Mortgage Service Company, and Rich Swerbinksy, COO, The Mortgage Collaborative. This is a must-attend webinar for mortgage professionals and executives looking to see a profitable conclusion to 2018.  
Offering a bid tape AOT loan sale delivery option has rapidly become a priority for leading correspondent investors. Courtesy of MCT, the benefits and challenges of these new bid tape AOT executions will be presented in a complimentary industry webinar hosted by Phil Rasori, COO and Head Trader, on Thursday, October 11, at 11AM PT. A recording will also be sent to all registrants. 
 
Attend a live webinar session on October 11th with Mark Reeve, VP, Reverse Mortgage Division at Plaza, and he’ll tell you everything you need to know about this program. You’ll learn about Plaza’s reverse loan products, the origination process, compensation, recent industry changes, and more.
 
AllRegs customers can have a quick “sneak peek” of the new AllRegs Online if they are attending the MBA Annual at the Grand Hyatt. “The new product is so exciting, I can’t wait to share it with our loyal customers at the Grand Hyatt.” AllRegs is used by thousands of mortgage professionals every day to reference Agency and correspondent investor guidelines, products, and forms and to research state and federal compliance statutes and regulations. Ellie has been hard at work to give this industry workhorse a face lift and new features that will help lenders save time and ensure loan quality, eligibility and compliance.
 
On Tuesday, October 16th MWF is offering an opportunity to learn about Fannie Mae’s affordable housing solution that offers as little as 3% down payment and lower MI costs. Join Tonya Todd, SVP Affordable Housing along with special Guests Gale Bryce, Senior Business Manager, and Paul Eberwein, Selling Guide Support Lead with Fannie Mae.
 
Don’t miss the opportunity to register for The New Needs Of The 2018 First-Time Homebuyer 60-minute webcast on October 18th. Elisa Vitalo of Edelman Intelligence will share key takeaways from a recent study Essent commissioned on the 2018 first-time homebuyer.
 
Learn how HomeReady® mortgage can help more of your low- to moderate-income borrowers become homeowners with as little as 3% down. Join Fannie Mae on October 18 at 2PM ET for a live webinar geared toward loan officers (but open to all lenders and housing professionals). This webinar will demonstrate how HomeReady features can help you serve more borrowers and grow your business and discuss flexibilities specific to HomeReady and has a Q&A.
 
On October 24th attorneys with the Offit Kurman Financial Institutions Regulatory practice group will discuss aggressive but compliant options for implementing cost cutting and revenue production strategies in its webinar: Responding to a Changing Market.
 
Register for MBA’s Whole Loan Trading Workshop, November 7-8 in Houston to get expert insights on the latest trends in the markets for scratch and dent, NPL, and RPL loans.
 
Capital markets
 
The bond markets are closed today, but it is good for originators to have a general idea about what the economy is doing and why rates have moved higher. The bond market continued its selloff, and 10-year Treasury yields climbed higher, last week as strong economic data once again remained in focus. The ISM manufacturing survey eased slightly in September to a level that indicates more manufacturers have a positive view of business conditions than negative.  The ISM non-manufacturing index rose in September with both the business and employment components increasing.
 
Wednesday saw the ADP Employment Report show 230,000 jobs gained in September and raised expectations for a strong nonfarm payroll print on Friday.  Friday’s official employment numbers fell short of expectations with only 134,000 new jobs added in September, but that number was influence by the impact of Hurricane Florence. (Last year’s storms saw similar effects to the initial payrolls figures that were later revised upwards so the market likely looked beyond the headline number.) The unemployment rate, which is less impacted by hurricanes, fell to 3.7 percent; a number not seen since 1969. As you may recall, the weekly unemployment insurance claims are also at levels not seen since the late 1960s. Nothing from last week’s data should change any expectations that the Fed will continue to gradually increase rates as both employment and inflation are within their targets.  
 
 
Instead of a joke today, a short note about Jay Kislak who passed away last week at age 96. Our industry is aging and I can’t make note of everyone who leaves us, but Jay and J.I. Kislak Mortgage, with their sterling reputation, were my pipeline hedging client in the late 1980’s through the mid-90s. J. I. Kislak was a major force in FHA and bond lending from Miami Lakes, Florida, especially in the 1990s. I was fortunate that he gave me a private tour of the museum in his office, filled with maps, autographs, and other priceless documents from the early days of Florida, and throughout much of his life was a huge benefactor to charities and educational organizations. He’ll be missed.
 
 
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.)