LenderNews by Rob Chrisman
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Sep. 12: Ops & LO jobs, email webinar; lenders adjust to disaster areas; Lenda’s capital raise

September 12, 2017

The group doesn’t garner as much press as others, but the U.S. Asian population is growing faster than any other U.S. racial or ethnic group, climbing 72 percent between 2000 and 2015. Asian Americans are projected to eclipse Hispanic Americans in 2055 to become the largest immigrant group in the country! Will they continue to put multiple generations in one house, or spread out? When land is cheap, builders love sprawl. Per Wikipedia, for perspective, Milwaukee is 96 square miles; hemmed in by water Boston has 48, San Francisco 46, and Manhattan is 22 square miles. Houston is over 600 square miles.
 
Opportunities, recruiting, training
 
Guardian Mortgage is pleased to announce the appointment of Mischelle Weaver as the company’s new President, “leading the expansion of Guardian’s footprint by prioritizing and executing the company’s vision. With 36 years of experience in the mortgage industry, she brings experience in a variety of roles and has made significant leadership contributions during Guardian’s recent merger. Mischelle’s philosophy related to work and achieving success is to treat everyone in your path with dignity and respect. “When in a leadership role, mentoring before managing allows others to bring out the best in themselves,” she shares. “And always, communicate, communicate, and communicate.” With more than 22,000 current satisfied customers and over $2.5 billion in its servicing portfolio, Guardian Mortgage is rapidly growing and seeking additional colleagues in multiple departments. If interested in working with a best-in-class mortgage company, contact Guardian’s HR Manager Beth Fisher. Guardian Mortgage, a division of Sunflower Bank, N.A.
 
Doorway Home Loans is expanding its retail presence in six key markets: Austin, Fort Collins, Fresno, Los Angeles, San Diego, and Seattle. The company’s proprietary Power Producer program is designed for Loan Officers seeking a career (not just a job) in a values-centric culture with high professionalism. The program offers dedicated production and marketing resources as LOs grow their volume. Doorway’s new leadership team has built a service-centric workflow that embraces ultra-fast underwriting and authentic care for Loan Officers and their borrowers. Doorway Home Loans, a direct lender headquartered in Southern California and licensed in 14 western states, recently changed its name from International City Mortgage to better reflect its 30-year commitment to educating borrowers. LOs and branch managers who want to grow professionally as well as financially should contact Sara Cramlet at 775-376-7353 or go to www.doorwaycareers.com.
 
“Branch managers and team leaders have the constant challenge of managing a growing business: How do you attract and keep the best LO talent? As the workforce shifts, whoever can attract talent and retain rock stars will have a leg up. What’s interesting is that the mortgage industry is not the first industry to experience this challenge — learning how companies in other industries attract and retain can provide insights and tactics that even a branch manager can put into action. This new ‘Attract & Retain’ playbook is being distributed exclusively to Rob Chrisman readers today. Download your free copy here.”
 
Michigan Mutual, Inc.’s Anaheim Branch welcomes broker & business partners to their new office during an Open House TOMORROW Wednesday, September 13 from 10AM-2PM PST. Come visit with Regional Sales Manager, Andrew Ryan and his team, enjoy a delicious lunch catered by The Habit Burger Grill and attend informational presentations on Escrow Hold Backs and 203k Renovation Loans and Solar and How it Affects Your Financing. The classes will be led by their National Director of Wholesale Lending, Greg Campbell and their Wholesale Underwriting Manager, Pamela Donlyuk, respectively. The Open House will be held at the Michigan Mutual office located at 2390 East Orangewood Ave., Suite 560, Anaheim, CA 92806. Please follow THIS LINK to register for one or both of the presentations mentioned above. We can’t wait to see you there! Michigan Mutual is an agency direct/seller/servicer/issuer established in 1992 and based in Port Huron, Michigan.
 
Are you looking to become a better communicator through email?  Are you trying to be more efficient and effect in writing “the perfect email” to you partners and clients? If you answered YES, then you should join the Sierra Pacific Mortgage’s webinar on Tuesday, September 19th.  This workshop is designed for participants using Outlook to improve their skill level. Tips and techniques covered are ways to control your daily flow of emails and be more effective with email. This useful hour will reveal simple basic tools with Outlook that can help you improve your productivity immediately.
 
Lenda, a platform that allows homeowners to refinance or originate mortgages completely online, today announced the closing of a $5.25M Series A financing led by SF Capital Group. Additional investors in the round include CreditEase Fintech Investment Fund and inside investor, Rubicon Venture Capital. The company will use the new funding to fill key management positions, expand its reach to more states and increase its investment in the company’s innovative software platform.
 
SoFi’s CEO Mike Cagney plans to step down from his CEO role at the end of the year. Social Finance entered the mortgage banking arena three years ago, and is known as an online lender that is one of the more prominent financial technology start-ups.

 

Lender & investor disaster updates
 
Conditions are subject to change; check with investors if you have questions.
 
NewLeaf has temporarily ceased funding all loans currently in its pipeline with properties located in the state of Florida and will continue to monitor any residential property damage caused by Hurricane Irma. For loans with properties located in the state of Florida, NewLeaf will determine where post-disaster inspections are required prior-to-funding after Hurricane Irma’s impact is determined.
 
As the recovery from Hurricane Harvey takes hold in Texas and Louisiana, another destructive storm commands the focus of the nation as Hurricane Irma advances. Fannie Mae’s hurricane relief flyer for homeowners provides information on mortgage relief options and resources for those affected by these hurricanes. Share this information with homeowners to get the word out to families and communities in need. The goal is for homeowners know what help is available, how to reach out for help, and how to access additional information and resources.
 
Mortgage Solutions Financial has updated it disaster policy guidelines which includes any property area located in a FEMA declared disaster area requiring individual assistance or as determined by MSF. Click the link to search for a specific property.
 
As a reminder, 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. For properties located in a FEMA declared disaster area, the specific property valuation requirements must be followed. Loans purchased by FTMC that are subsequently impacted by a disaster area prior to agency sale will require the Correspondent Seller’s full cooperation in obtaining a property inspection and Borrower Property Condition Certification to ensure salability to the Agencies.
 
Pacific Union will allow loans to be funded in areas impacted by Hurricane Harvey subject to the inspection requirements detailed within its Disaster Policy. Impacted counties include: Aransas, Austin, Bastrop, Bee, Brazoria, Calhoun, Chambers, Colorado, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Hardin, Harris, Jackson, Jasper, Jefferson, Karnes, Kleberg, Lavaca, Lee, Liberty, Matagorda, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Jacinto, San Patricio, Tyler, Victoria, Walker, Waller, and Wharton.
 
Due to the potential impacts of Hurricane Irma to the southern Florida coast, at this time, and until all affected areas have been identified by the Federal Emergency Management Agency (FEMA) and other sources, Pacific Union Financial, LLC will temporarily suspend the funding of loans secured by properties in the anticipated landfall areas identified in or near Miami (South Florida area).
 
With Single-Family Seller/Servicer Guide (Guide) Bulletin 2017-16, Freddie Mac announced temporary changes to its selling requirements for mortgages secured by properties located in Eligible Disaster Areas that were impacted by Hurricane Harvey. The changes are effective for mortgages that have application received dates on or before, and note dates after August 25, 2017.
 
Secretary Carson participated in several media interviews to discuss HUD’s disaster recovery efforts in response to Hurricane Harvey. “In the 39 affected counties in Texas, there are 61 public housing authorities affecting the lives and families of over 48,000 people, and then there’s the multi-family units that are supported by HUD – over 20,000 families. We are assessing where those people are, looking at the units that they were in, rapidly getting them restored [and] getting people back into the places that can be inhabited and finding transitional housing for others.” If you would like to hear more of Carson’s interviews, click here.
 
Earlier this year, John Hope Bryant, founder, chairman, and chief executive officer of global financial dignity and economic empowerment nonprofit, Operation HOPE, launched the HOPE Disaster Fund (Fund) to enable a first line of response for financial recovery to disaster survivors. The Fund will underwrite efforts to provide necessary support to victims of natural and man-made disasters through the National Call Center, resources on the ground to provide financial recovery guidance, and sustainable support for the many months that it takes for individuals, families, and small businesses to rebuild and recover from the financial challenges created by disasters. A longtime supporter of Operation HOPE and its various initiatives, CoreLogic has contributed to Operation HOPE’s financial dignity education and economic empowerment programs since 2006. Currently, CoreLogic® has seeded Operation HOPE’s new Disaster Fund with $250,000. If you would like to contribute to the HOPE Disaster Fund, contact Anita Ward
 
Plaza has paused funding on loans with properties located in the following areas: All 67 Counties in the State of Florida and the following Counties in the State of Georgia; Bryan, Camden, Chatham, Glynn, Liberty and McIntosh. Plaza will continue to monitor the path of the hurricane Irma and provide updates as needed.
 
MBA is updating its Hurricane Harvey page to also be relevant to consumers impacted by Irma.  That page is now at www.mba.org/hurricanerelief.  Importantly, the page includes contact information for residential loan servicers who service loans in the affected areas. If you service loans in any of the areas expected to be impacted by Irma, please send the best company contact number, e-mail address and website link (if applicable) that borrowers should contact if they need assistance following Hurricane Irma to irmarelief@mba.org
 
AmeriHome has suspended loan purchase activities in 45 Florida counties, these counties are not listed in the Disaster Database on SellerWeb at this time. Re-inspection requirements, as implemented, will be announced separately in an AmeriHome Disaster Announcement.  
Additionally, governors of the following states have declared states of emergency: North Carolina, South Carolina and Georgia.
 
That said, AmeriHome will not require disaster re-inspections for the 5 Louisiana parishes included in FEMA EM-3882, irrespective of valuation type or appraisal date. And it will not require disaster re-inspections for 16 of the Texas counties included in the Texas governor’s State of Disaster declaration for Hurricane Harvey, irrespective of valuation type or appraisal date. Please see the announcement for details and Seller responsibilities.
 
Capital markets
 
“The smartest guys in the room” who earlier this year predicted the 10-year Treasury yield would be near 3% by this point were wrong. We’re not even near 2.50%. Now others are speaking up. "We’re in a disinflationary environment that will be with us for several years," said Dimitri Delis, senior econometric strategist at Piper Jaffray, who has predicted a 2.1% year-end yield since March. Once again, individual originators are less focused on rates and more focused on inventory available for sale as well as getting the deal done for their borrower.
 
Unfortunately, good things led to higher rates on Monday – not the first time that’s happened. Prices fell, and rates went up, due to a global increase in risk appetite: North Korea’s Founder’s Day went by without a missile test, and Hurricane Irma didn’t obliterate Florida. The United Nations Security Council is expected to pass sanctions that will limit North Korea’s crude and petroleum exports, but will not freeze the assets of North Korea’s leader, contrary to the wishes of U.S. officials. The 10-year note price worsened nearly .625, closing with a yield of 2.13%. The 5-year note and agency MBS prices worsened about .250-.375.
 
Today is another day of no market-moving scheduled news, and the NFIB Small Business Optimism Index, Redbook weekly chain store sales, and job openings from JOLTS pale in comparison to global or nature-related events. We will have, however, a $20 billion re-opened 10-year note auction. Until then, we find the 10-year yielding 2.15% and agency MBS prices are worse a tad compared to Monday’s close.
 
 
The Italian Mother
Giuseppe excitedly tells his mother he’s fallen in love and that he is going to get married.
He says, "Just for fun, Mama, I’m going to bring over three women and you try and guess which one I’m going to marry." The mother agrees. 
The next day, he brings three beautiful women into the house, sits them down on the couch and they chat for a while.
He then says, "Okay, Mama, guess which one am I going to marry?" 
Mama says immediately, "The one on the right." 
"That’s amazing, Mama.  You’re right.  How did you know?"
Mama replies:  "I don’t like her."
 
 
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.)