LenderNews by Rob Chrisman
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Sep. 14: MI, Ops, & Capital Markets jobs; M&T re-enters wholesale; vendor updates; primer on Angel Oak’s non-agency deal

September 14, 2016

With my current travel taking me through Florida, Milwaukee, and now Savannah, geography is on my mind and yesterday I noted that Maine is the only state with one syllable. This prompted stickler Doug B. to counter with, “Actually, ALL states have 1 syllable; 49 of them have additional syllables as well.” In nearby 4-syllable Alabama, Regions Bank has agreed to pay more than $52 million to resolve yet again another FHA set of allegations.
 
Recently acquired by Incenter, IMA MSR Advisors is undergoing a dynamic build out of its analytic service offerings. To complement its industry leading MSR brokerage advisory, IMA is enhancing its MSR valuation solutions as well as adding MSR hedge and Regulatory advisory services including CCAR. “IMA is bringing to the market a first of its kind end to end solution including MSR valuation, hedging, financing and brokerage to both bank and non-bank clients that is unmatched in the industry. To support both the existing success and expansion of offerings, IMA is seeking a motivated Sales Assistant to work out of its Denver offices to contribute to the team’s goals. Please submit your resume to Tom Piercy (303.302.9234) if you are ready to make a difference.”
 
Private Mortgage Insurance company Genworth Financial is seeking a Marketing Program Manager for the Housing Finance Agency Segment. This position is a key leader in enhancing Genworth’s value proposition and building our market share in the HFA segment, and the candidate will leverage their significant mortgage industry expertise to align internal, vendor, investor, and customer needs and create differentiated value for customers. The key responsibilities of this role include driving profitable growth in market share in the HFA segment, hone an already solid understanding of HFA mortgage insurance needs, identify new ways to communicate the advantages of our value proposition in the segment, managing trade association relationships in the HFA segment, and expanding existing customer relationships or have a proven track record of customer relationship building in the mortgage industry. We are looking for someone with 5+ years of mortgage experience, customer-centric leadership, demonstrated project management, analytics experience, and the ability to travel. This position will be based out of USMI headquarters in Raleigh NC, exceptions could be made for a remote location. Interested Candidates should send their resume to Kristin Miller.
 
Congrats to Jeffrey Clark, Branch Manager of Finance of America Mortgage LLC, who will be hiring and training loan processors, underwriters, and loan officers throughout Los Angeles, CA. As a strong member of the community, over the past 24 years, Jeffrey has been a member of the National Association of Real Estate Brokers, the Asian Real Estate Association of America, the National Association of Hispanic Real Estate Professionals and is currently the Vice President of the Los Angeles Chapter of the Veterans Association of Real Estate Professionals.
 
And to A.W. Pickel, III, who has joined Houston-based AmCap Mortgage as president of its newly-formed Midwestern Division. As of October 15th Pickel will be responsible for growing AmCap Mortgage’s retail brand and physical presence in the Midwestern states and beyond, through both acquisition and organic growth. (AmCap Mortgage is currently licensed in 32 states, originates over $2 billion in retail government and conventional mortgages annually, has approximately 800 employees in over 75 branches, and services its own loans.)
 
A very well-known and well-capitalized company in related industries is preparing to enter the mortgage business and is looking for someone to be its Head of Capital Markets “with the experience, vision and passion to help build a world-class mortgage business. This position reports to the Head of Mortgage and will be based in Dallas. We need a leader with the industry expertise to build from scratch and the management capabilities to oversee the operation once it is built. The Director of Underwriting will assist in the phased maturation of our technology to build an industry changing LOS: we are looking for people to rethink the business from the ground up. Recruitment and retention of top talent will be a priority, capacity management will be of paramount importance, and we will need a leader with familiarity in FNMA, government, and portfolio loans. The candidate will partner closely with the Director of Production to manage our pipeline and ensure service level agreements are met – customer satisfaction, cycle times, and hitting closing dates are the name of the game.” Resumes should be submitted to me; please specify opportunity.
 
Time flies, and National Mortgage Professional Magazine and Mortgage News Network are returning with their successful holiday networking parties! On Tuesday, December 6 they celebrate in Irvine, CA, they continue on Thursday, December 8 in Sunrise, FL and wrap things up on Thursday, December 15 in their hometown – Long Island, NY. The parties start off with complimentary business building workshops for mortgage professionals. Then the party begins with a relaxed trade show atmosphere with holiday music, food and festivities. They are looking for sponsors for all three of their party locations. If you would like an opportunity to network with mortgage professionals while celebrating the festive holiday season, a sponsorship is great fit for you! Click here for more information and to secure your sponsorship today or contact Beverly Bolnick, V.P. Sales and Marketing (516.409.5555, ext. 316).
 
In wholesale news, M&T announced a “renewed commitment to the Wholesale lending channel,” reengineering its workflows. M&T’s Business to Business Lending Center, found at www.mtbcl.com, is being enhanced to include information for the Wholesale lending channel. “We have put together a comprehensive program manual to assist our Broker customers in conducting business with us. This manual can be found within the MEME InfoCenter on the tab titled ‘Wholesale Program Manual.’ As always brokers should read the bulletin for details such as, “It is M&T’s policy that we will prepare the initial and all subsequent Loan Estimates on all transactions” and “M&T does not charge an Origination Fee for any loan program.”
 
As lender rely more and more on specialization to help them during the lending process, vendors are increasingly taking a dominant role. Let’s see what some have been up to lately.
 
Mortgage Coach, ranked the #1 Mortgage App by USA TODAY, launches the availability of seamless integration within LoanEngage from Velocify tomorrow. “You are invited to have a first look at a new approach to automated marketing for modern mortgage lenders. Join President of Mortgage Coach, Joe Puthur, and Director of Business Development for Velocify, Chris Backe, for an overview of 5 key retail lending trends and demonstration of this innovation. Sign up here to see how LoanEngage can help more borrowers make a confident decision with the Mortgage Coach integration.”
 
Equator, a provider of default software solutions, announced the launch of Equator Agent Elite, a premium suite for REO real estate agents that adds transparency and actionable insight to the REO market. Equator Agent Elite provides agents with access to Equator’s local market data and insights, platform and REO certification, real-time notification of new REO assets and communication capabilities with servicers. Agents now have the opportunity to utilize Equator’s evolving tools and market intelligence to help drive their business growth and gain a competitive advantage in today’s data-driven REO marketplace. Equator Agent Elite is designed to help REO real estate agents stand out and land more REO business by providing a deeper understanding of local market activity, platform certification and facilitating proactive communications with servicers.
 
Interactive Mortgage announced its partnership with Lendsnap “in creating a truly interactive borrower experience. Interactive Mortgage believes this partnership will not only help to accelerate our growth but push the mortgage industry to automate and offer the borrowers a better lending experience. Lendsnap automates borrower documentation during mortgage application by linking to borrower financial and employer accounts, enabling quick and secure collection of W2s, pay stubs, banks statements, and full tax returns. (Contact Mike Romano for more information.)  Interactive Mortgage is currently located in Orange with a move planned to its new 40,000 sq. ft. headquarters within the next 30 days. (Interactive Mortgage is always looking for quality employees and offers employment both in house as well as remote.  Contact us today at info@interactivemortgage.com.)
 
AFR’s MyLoanCenter is a FREE, white-label technology solution that will streamline the way brokers communicate with their customers, offering customizable options to provide optimal service. Complete with real-time updates, innovative features, and mobile-friendly experiences.
Visit American Financial Resources, Inc. website for more information.
 
Roostify announced that its company has joined the Preferred Partner Network for The Mortgage Collaborative, an independent mortgage lending network. Roostify provides lenders with a complete digital mortgage platform from application to closing which can be platform can be accessed from anywhere, including a mobile device. Consumers can complete a mortgage application in under 20 minutes through Roostify’s intuitive interface, then submit, review and sign all documents and disclosures from within the Roostify platform, with real-time updates from their loan officer. The digital document and communication tools allow lenders to automate time-consuming manual processes and focus more time on closing loans.
 
FirstClose announced that Holston Methodist Federal Credit Union has selected The FirstClose Report for its Home Equity Lines of Credit (HELOCs) and Home Equity Loans. With instantaneous title search, flood certification, valuation and property information with lien protection insurance. The FirstClose Report delivers all necessary documents instantly, which allows lending operations to reduce closing times from 40+ days to less than 10 days, reduce costs by an average of 40% and reduce risk with $500,000 of A+ XIII rated lien protection insurance per loan. In other news, First Lenders Data (FirstClose) has aligned with Dart Appraisal allowing home equity lenders an expanded number of appraisal vendor options when they order the patent-pending FirstClose Report, an instantaneous data delivery solution that gives lending operations title search, flood certification, valuation and property information with $500,000 of A+ XIII rated lien protection insurance.
 
Indecomm announced that its InteleDoc Direct (IDD) eRecording Platform with Recopedia has been integrated with the ResWare title production platform. This collaboration brings Indecomm’s latest innovations with the Recopedia toolkit, to ResWare’s title platform. Indecomm is the only company in the industry to enhance a web-based eRecording platform with a toolkit that provides current county specific requirements and fee calculations for all real estate document recordings, rather than just prompts and tips about eRecording only county requirements. The inclusion of this breakthrough technology into ResWare will dramatically boost the efficiency of title agents, enabling them to meet all their business processing and recording needs in a single platform.
 
The markets, and in turn lenders and LOs, have been watching the non-agency markets with rapt attention. Banks and portfolio lenders, for the most part, have been perfectly happy to add non-agency (jumbo and non-QM jump to mind) loans to the asset side of their balance sheets. They shouldn’t forget, however, that late last month Angel Oak announced a $132.65 million securitization of non-agency residential mortgages. AOMT 2016-1 was a $132.65 million securitization primarily backed by non-Qualified Mortgages (non-QM), and was Angel Oak’s second securitization.
 
As lenders know, investor demand drives the primary markets. Angel Oak Capital’s two securitizations are primarily backed by mortgages originated through the firm’s two affiliate residential mortgage lenders — Angel Oak Mortgage Solutions LLC (wholesale) and Angel Oak Home Loans LLC (retail). Angel Oak Capital (through one of its accounts) retained 5 percent of the offered securities, to satisfy risk retention requirements of the Dodd-Frank Act, and 100 percent of the remaining classes of subordinate securities.
 
CEO and CIO Sreeni Prabhu stated, “Our lending platforms are on pace to originate approximately 3,100 loans totaling approximately $800 million by year end. Angel Oak Capital will continue to selectively purchase the loans we feel fit best within securitization parameters and meet investor requirements.” And Capital Markets’ John Hsu followed with, “There is a stark difference between the collateral in our non-prime loans today and the subprime products issued prior to the financial crisis. Today’s loans adhere to the ‘ability-to-repay’ (ATR) regulation and require significant down payment.”
 
Keeping on with the markets, we did see some intra-day volatility Tuesday, resulting in price changes from lenders, and by the time the dust settled things were markedly worse, in both stocks and bonds, to where they were Monday night. It didn’t help that the $12 billion reopened bond auction was poorly bid, and the supply of corporate debt being sold kicked in. A piece from Cantor Fitzgerald noted that, “All-in-all no one reason for today’s sell-off but the reversal in EGBs (10 year bunds back to 7 cents), supply (both Treasury and IG) and technicals as we have broken support all played a part.”
 
But the NY Fed will continue to buy about $11 billion per week, rain or shine, using money from prepayments. The 10-year note worsened .5 in price ending with a 1.73% yield and the 5-year worsened by .250. Mortgage-backed securities fared better, worsening only about .125.
 
Leading up to tomorrow, which is a huge news day, we’ve already had the MBA’s retail application figures for last week announced through CNBC: +4.2% with purchase apps +9%. We’ve also had the August import and export prices (-.2%, -.8%, respectively). The 10-year’s yield is 1.71% with agency MBS prices better by .125.
 
 
(Thanks to MT for this one.)
“Will you marry me?” = A marriage proposal.
“Will, you, Mary, me?” = a foursome inquiry.
(Yes, punctuation matters.)
 
 
If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “The Fed’s QE: Help or Hindrance to Lending?” 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 2016 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.)