LenderNews by Rob Chrisman
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Sep. 26: AE, LO, sales management jobs; new lender products incl. cybersecurity guide; USDA rural status

September 26, 2017

Don’t you hate it when the dog tracks muddy footprints into the house? It certainly doesn’t help if you’re trying to sell your house. What if the footprints were millions of years old? In Colorado, for a pittance, you can buy a house/ranch with dinosaur footprints. Along those lines, for me last week included Portland, San Francisco, and Hilton Head, and this week is Las Vegas, Denver, and San Diego, so I see some pricey real estate. But $350 million for a house? Yes, Jed’s home can be yours for that price. The Clampett Mansion from “The Beverly Hillbillies” is up for sale.
 
Opportunities
 
In today’s competitive housing market, Sierra Pacific Mortgage understands the importance of having superior mortgage options for the jumbo buyer. Sierra Pacific offers competitively priced Jumbo A products, as well as Jumbo non-QM products. A few of the Jumbo non-QM features are DTIs greater than 43%, non-warrantable condos, and asset depletion used for income qualifying. Contact your Sierra Pacific sales professional for all the details!
 
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.
 
In TPO job news, “Speaking of no limits, a fast-growing national lender with aggressive hiring goals & high standards could be your perfect fit! You’ll sell a full menu of Fannie/Freddie, FHA, and VA, and highly competitive non-QM Bank Statement, Asset Qualification, and Investor Programs. The catch? You can sell to Wholesale, Correspondent, AND Non-delegated channels. We’re on the hunt for you, from CA to FL, and NY to Chicago, and many metros in between. Newer to the industry? Perfect, as long as you’re hungry, and gunning for the top producer spot. Submit your resume here.”
 
Planet Home Lending is hiring branch managers nationwide. “Join the winning team and experience the Planet Home Lending difference. A marketing team creating custom collateral and local leads just for you. Transparent accounting with detailed P&Ls, custom warehouse data, and access to financing. Transition pros to ensure a quick and efficient changeover to the Planet Home Lending team. Dedicated underwriters, processors, and closers keep loans flowing toward closing. A secondary department that’s second to none. Ready to roster? Contact John Cutajar (949-860-1925).
 
New lender products
Greenbox Loans’ Mini-Correspondent division has the latest announcement from the ‘out of the box’ residential lender with unique proprietary Non-QM/Non-Prime loan programs. Greenbox is launching its Mini-Correspondent division as of October 1st. Greenbox is providing real lending solutions for its broker partners with an exception minded mentality and a committed approach to specialty lending. With a 3-year history and expertise with this Non-QM specialty, Greenbox is offering TEN unique programs that provide solutions for any Non-QM/Non-Prime Borrower. The full menu of loan programs includes FOUR different bank statement programs to accommodate A+ borrower to Non-Prime borrowers with 580 Fico score, THREE Non-Prime Full Doc programs for the Jumbo A+ Fall out to the borrower with recent foreclosure and 500 Fico score, TWO Investor based programs with No Income, No Employment, and ONE Foreign National program. Contact the Sales Team by email or call 800-490-2274. Greenbox is actively hiring Sales and Operations staff nationwide as part of its expansion plans. Send your resume to careers@greenboxloans.com or call 213-235-4204.”
 
Maxwell addressed cybersecurity. “The massive breach of over 143 million personal records has sure put security top of mind in our industry. No matter your size, you are not immune to a hack and providing a secure process for your borrower as you exchange sensitive information process should be your highest priority. This recently published data security playbook provides guidance and immediate steps to improve security in your day-to-day. A must read for all mortgage originators, managers, and executives.” Download your free copy here.   
 
MGIC has a new mobile app that will provide the simplest way to answer all your MI-related questions. Available now at the App Store or Google Play.
 
Caliber Home Loans, Inc., has introduces CaliberRUN, its web-based Portfolio scenario and pricing tool which also provides the ability to input and compare several loan scenarios for the following loan products. To learn more about CaliberRUN, go to Caliber’s website and follow the links to CaliberRun.com or email the team for more information.
 
Loan Stream has made Guideline and Price Enhancements to Proprietary NonQM Offering. Excellent for Business Owners with Write-Off’s, FIX Rate, 5/1 and 7/1 ARM’s up to $3,000,000 and 40 Year Loan Term Interest Only Options are Available (amortized over 30 years). For more information, contact LoanStream Wholesale (800.760.1833).
 
News for NYCB Table Funding Clients: In conjunction with NYCB’s sale of the mortgage business, the eSign closing option has been discontinued, effectively immediately, for NYCB pipeline loans. All loans will be closed using established “paper out” procedures.
 
Plaza has the rolled out a new simultaneous closed-end second lien loan program. Plaza’s seconds are eligible with a concurrently closed Fannie Mae eligible new Plaza first lien. Refer to its Closed-end Second Lien Program Guidelines.
 
A WesLend Financial program update includes a new Program Suite, Weslend Portfolio: Agency Plus, Alt Doc, and Alt Investor. WesLend Portfolio became available on the rate sheet and Lending QB on September 18, 2017.  
 
PennyMac announced the addition of the 4.060% interest rate for Conventional 25/30 Year Fixed products onto its Best Effort rate sheet.
 
Mountain West Financial, Inc. announced that starting July 26, 2017, the CalHFA EEM is back. This first mortgage with a grant for energy improvements is the perfect loan to give borrowers non-repayable assistance to make their home energy efficient and comfortable.
 
Citibank Correspondent is offering Community Reinvestment Act (CRA) premiums on eligible loans. The premiums offered for the following MSAs will change effective with locks on/after Tuesday, August 1, 2017.  Refer to the updated Citi CRA Premium Schedule for complete details.
 
To help consumers finance their home improvement projects, reduce the cost of higher interest debt, or pay for college, Santander Bank is offering an innovative Home Equity Line of Credit (HELOC) rate. Consumers who apply for a HELOC between now and December 31, 2017 and are approved, will receive an introductory variable rate of Prime -1.01% (currently 3.24%) for 24 billing cycles or Prime -.51% (currently 3.74%) if the home is in NY or MD, after the account is opened. If you are interested in speaking with someone from Santander to learn more about this offer, contact Nancy Orlando.
 
USDA Fiscal Funding
 
Read the USDA Fiscal Year 2018 Conditional Commitment Notice here.
 
USDA once again announced an anticipated temporary lapse in funding for the Single-Family Housing Guaranteed Loan Program effective with the start of the new fiscal year October 1, 2017. During this time, Rural Development will issue Conditional Commitments “subject to the availability of commitment authority” for purchase and refinance transactions. Please note that this will NOT affect Plaza’s ability to fund/purchase USDA Guaranteed Rural Housing program loans. Click here for a link to the notice from the USDA.
 
On September 21, 2017, USDA Rural Housing Development announced that funding will not be available for a short period of time at the beginning of Fiscal Year 2018, which starts October 1, 2017. During the interim period, while USDA awaits Fiscal Year 2018 funding, AmeriHome will require the following: The unexpired Conditional Commitment must be in the loan file prior to purchase by AmeriHome. The Conditional Commitment may be subject to the availability of commitment authority. Sellers are responsible for providing a copy of the Loan Note Guarantee (LNG) with amortization schedule to AmeriHome’s Final Documents Custodian the sooner of: Within 45 days after Mortgage Loan close, or Before the loan becomes 30-days delinquent. If the LNG cannot be delivered in the required timeframe due solely to USDA’s availability of commitment authority, the LNG should be delivered as soon as it is available.
 
During the USDA lapse in funding, beginning October 1st, Flagstar Bank will continue to process, underwrite and fund loans submitted under the Guaranteed Rural Housing program, Doc. #5830 and GRH Streamlined-Assist program, Doc. #5831.
 
Pacific Union let clients know that for “Effective with Conditional Commitments issued on or after October 1, 2017… As occurs at the beginning of each USDA fiscal year, funding for the Single-Family Home Guarantee Loan program (SFHGLP) will not be available for a period of approximately two weeks. During the temporary lapse of funding, Rural Development (RD) will issue Conditional Commitments for purchase and refinance transactions ‘subject to the availability of commitment authority.’
 
Pacific Union Financial, LLC will continue business as usual. Loans that were issued a Conditional Commitment ‘subject to the availability of commitment authority’ may be closed as scheduled. The application processing workflow will be as follows: RD will continue to accept complete SFHGLP applications for purchase and refinance loan transactions; RD will process, approve, and issue Conditional Commitments (Form RD 3555-18) for those applications that are eligible “subject to the availability of commitment authority”; When funds become available, RD will obligate funds for Conditional Commitments issued for loans subject to the availability of commitment authority; Once loans are obligated, RD will process Loan Note Guarantee requests as soon as the loan closing is verified and all conditions of the Conditional Commitment are satisfied.
 
Capital markets
 
Turning to capital markets, U.S. Treasuries traded positively on Monday, mostly due to increased tensions from geopolitical rhetoric with North Korea, though the 2-10 spread flattened. We certainly don’t want to be hoping for war to drive down rates. Other headlines involved gains in the German federal election for the far-right nationalist Alternative for Germany party, despite Angela Merkel winning a fourth term as chancellor, and Moody’s downgraded UK credit rating to ‘Aa2’ from ‘Aa1’due in part to concerns about the UK’s Brexit position. Additionally, Japanese Prime Minister Shinzo Abe called for snap election to be held October 22, and we had some Fed speak, with New York Fed President Dudley (FOMC voter) saying he sees scope to keep gradually removing accommodation, while Chicago Fed President Evans (FOMC voter) saw the current policy stance as being appropriate.
 
Turning to today, we will have the S&P Case-Shiller Home Price Index (7AM MT), September Consumer Confidence and August New Home Sales (8AM MT), as well as speeches by Fed Governor Brainard and Fed Chair Yellen. But really, is anyone from the Fed going to say anything new? If you have some spare change in your car’s ashtray, put them to work in the $26 billion 2-year note auction. It’s quiet out there, rate-wise. We start Tuesday with the 10-year unchanged from Monday’s close, yielding 2.22%, and agency MBS prices unchanged.
 
 
It is a well-known fact that when Kit Carson was done exploring the West, he lived on a small farm in Fort Lyon, Colorado. One day, the famous frontiersman decided to surprise his wife Josepha with eggs and fish for breakfast.
Rising early, he went down to the henhouse and collected some fresh eggs. There were only six. On the way back, he stopped at the pond and landed a magnificent large-mouth bass. He wasn’t sure how to carry everything – then he had an idea. He carefully dropped the eggs inside the fish and started for home.
Suddenly, the hero found himself confronted by a mean, hungry looking wolf. Fearing that he might become a meal for the canine, he threw the bass aside and hurried up a nearby tree. From there, he watched as the wolf grabbed his fish and eggs and ran off.
When Carson got back home empty handed, he related the adventure to Mrs. Carson, who responded, saying, “You shouldn’t have put all your eggs in one bass, Kit.”
 
 
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.)