TD research finds rising home prices have driven up equity so much that 33% of millennial homeowners now say they are considering applying for a home equity line of credit in the next 18 months. I wonder if any of them are included in the CFPB's report that shows 8% of people pay 75% of all bank overdraft fees. How are those for trends?
Vendors & products
Mortgage automation platform, Floify, announces the release of its mobile mortgage automation app, which allows LO's to manage their loan pipeline from any Android or Apple device, including the iPhone, iPad and Apple Watch. Loan officers can monitor each loan's status and will be able to send real-time notifications to borrowers and referral partners from anywhere, at any time. Borrowers can securely send mortgage docs by taking a photo from their phone and uploading directly to their lender's Floify dashboard, which increases the speed and quality of the document collection process. "The app reduces everyone's dependency on email and voice mail while creating a more positive borrower experience and referral opportunity", stated Dave Sims, Floify CEO. Loan officers and their teams can get a demo of the new mobile app as well as other Floify features here.
Everyone is talking Digital Mortgage. Do you wonder if your company is on pace with peer lenders when it comes to implementing Digital? For the rest of this week, STRATMOR is offering a Spotlight survey on the following Digital topics: Consumer Interaction, Automated Data Verification, and Database Marketing. It is free to participate, so click here to be a part of the STRATMOR Spotlight survey: Lender Adoption of Digital Mortgage Survey. For questions, contact STRATMOR at spotlight@stratmorgroup.com.
Chain Business Insights, an independent research firm focused on the application of blockchain for supply chain management and trade finance, has announced the launch of its membership services. It has also published its debut eBook titled Blockchain Meets Supply Chain: Rewiring Business Operations for the Digital Age. Its eBook is a primer for those who want to learn about blockchain basics and potential applications in supply chain management.
ValuAmerica has partnered with Pavaso, Inc. This partnership will allow customers to implement digital closings into their workflow to conduct hybrid eClosings. In a hybrid eClosing, select documents, such as the Deed and Note, are printed and "wet-signed," but much of the closing package is executed electronically. Pavaso's Digital Close also provides built-in eSign and eNotarization capabilities, allowing borrowers to sign and notaries to verify and stamp documents digitally. Although there are still some traditionally wet-signed documents, this allows most the closing package to be executed more efficiently and securely.
Optimal Blue unveiled its new Application Programming Interface (API) initiative. The first deliverables available through Optimal Blue's new API platform, allow secure access to pricing for eligible products for both consumer direct and loan officer implementations. The APIs may be used by customers who wish to integrate product and pricing data with proprietary website, mobile, or point-of-sale solutions, and by vendor partners whose solutions are enhanced through the integration of originator-specific price data for eligible products. Through this API initiative, the company will enable an ecosystem of third party developers serving Optimal Blue customers.
And OB announced a business intelligence tool providing real-time visibility into a lender's market share. Market Share Insight provides lenders with the ability to review and analyze current and historical market share by lock request volume in comparison to all other lenders using the Optimal Blue platform. Lenders can track their ranking by metrics such as price, rate, loan amount, FICO and product type and can also compare changes in their volume against overall market performance. Market share can be evaluated over any period based on MSA and loan attributes, and lenders can view results online or schedule reports for automatic delivery via email.
Credit Plus credit reports are available through Ellie Mae's point-of-sale solution, Encompass Consumer Connect, an extension of their Encompass all-in-one mortgage management solution. The integration allows Encompass Consumer Connect users to verify and share their credit reports with lenders.
A while back Zelman & Associates served as Underwriter for Invitation Homes' (Ticker: INVH) successful $1.8 billion Initial Public Offering that priced January 31. "This demonstrates Zelman's continued ability to serve as the investment banker and financial advisor of choice for the industry's leading housing companies and financial sponsors invested in housing, with whom Zelman has executed over 70 transactions totaling nearly $9 billion of transaction value. This transaction also demonstrates Zelman's ongoing Investment Banking and Institutional Research commitment to the single-family rental industry, having published over 100 company-specific and 'White paper' reports, as well as underwriting 75% of IPOs and serving as strategic and financial advisor relating to M&A in the space.
Maxwell unveiled a partnership with Equifax Inc., that will provide Maxwell customers and their borrowers with a faster, more seamless experience, beginning with automated employment and income verification through its proprietary database, The Work Number. Equifax is a launch partner for Maxwell's newly released "Connected Apps" platform built on its powerful API, enabling lenders to customize the experience for their borrowers.
NAMB+ announced Avantus as its newest endorsed provider. NAMB+ brings everything from compliance, digital mortgage platforms, lead generation, phone services, social media, custom canvas prints and much more to NAMB members as part of the NAMB+ program. NAMB members who utilize the offerings of Avantus will benefit via free on-site inspections; free setup of a personalized StartMyApplication web site for all loan officers; unlimited use of CreditXpert's Credit Score Improvement tools; and a free cost analysis.
Trainings and Events:
nmpU Purchase Bootcamp - West is coming to San Diego on Thursday - Friday, May 11 and May 12. This exclusive two-day event is a high impact, complete success program for developing your purchase business and to radically increase your current efforts. Presented personally by nmpU President and Head Coach, Ron Vaimberg, nmpU Purchase Bootcamp is a private event that is limited to only 40 attendees. Attendees will be taught thirty-one no cost / low cost lead generators along with all the skills needed to convert leads into closed loans. This is only the first week of promoting the event and already 1/3 of the seats are sold. If you want to take your purchase business to an entirely new level then Please Click Here for more information and to register before the event is sold out. Enter code "Chrisman" and save $100.
What are the 8 things people should know about reverse mortgages? The product is "new and improved" (after some nice changes in 2013 and 2015). This webinar on April 11th is "fun and fast paced - straight talk about reverse mortgages."
Also on April 11th/ Tuesday, at 2PM ET, Jennifer Whip talks about "Why Agency Approval is More Important Than Ever - For All Mortgage Lenders". Registration link is here.
And on April 18th/ Tuesday at 1PM ET, Ryan Abbe of JMP Securities talks about "M&A Opportunities in Title Industry."
Who can't afford free? There is an upcoming free webinar presented by the Mortgage Technology & Marketing Committee (MTAM) on designing, building and measuring your mobile strategy featuringHubSpot's Sam Mallikarjunan. How do you win on mobile? Sign up for this April 18th webinar and find out.
In Colorado, CMLA's 26th Annual Rocky Mountain Mortgage Lenders Expo includes Pro Football Hall of Fame Class of 2017 member Terrell Davis featured as the keynote luncheon speaker. This one-day event, April 20th, combines industry education and an opportunity to learn about the latest trends in technology, lending, compliance, and marketing.
Capital Markets
If news of higher future interest rates reflects a shift in the stance of monetary policy, then one would expect it to lower projections for real GDP growth and raise projections for unemployment. The data, however, point to quite different conclusions. And who doesn't like puzzles?
Rate-wise, nope, not much going on out there. Yesterday Treasuries, and MBS prices, spent most of the session confined to a relatively narrow range, also in light volumes. There just wasn't any news to move things one way or the other, and the 10-year note improved about .125 (closing at 2.36%) whereas 5-year notes and agency MBS prices were better slightly.
Today promises to not be much more active. We're had the March NFIB Small Business Optimism Index, but coming up is job openings from JOLTS (for February) will be released at 10AM ET, and the Treasury will sell $20 billion of 10-year notes. To start Tuesday, we find the 10-year yielding 2.34% and agency MBS prices better by .125 versus last night's close.
Jobs and Announcements
In wholesale news, PacificBanc Mortgage, a 26-year old mortgage banker is re-branding the company by adopting the original holding company name of Royal Pacific Funding. "Royal Pacific Funding is expanding rapidly, having tripled production in 2016. We're licensed in 14 states with more coming soon and we're looking to hire talented account executives. If you're interested in growing your business while becoming part of one of the most dynamic and uniquely enjoyable work environments in the industry, please contact Michael Clary, COO."
Provident Bank, a full-service financial institution headquartered in Riverside County California since 1956, is seeking experienced Mortgage Loan Officers and Mortgage Production teams throughout California for our mortgage lending division, Provident Bank Mortgage. Provident offers decentralized funding with in-branch underwriting, funding and processing, as well as a full menu of Conventional, FHA, VA, Jumbo and Portfolio Products. We offer competitive compensation, excellent benefits and a great work environment. For additional information, please contact Amy Fishel, Recruiter, at (951) 782-6184, or email your resume to resumes@myprovident.com. AAP/EEO Statement: Provident Bank is an equal opportunity employer. It is the bank's policy to grant equal employment opportunity (EEO) to all qualified persons without regard to race, sex, religion, age, national origin, physical or mental disability, or veteran's status. The bank provides equal opportunities in employment, promotion, wages, benefits, and all other privileges, terms, and conditions of employment. It is our policy to make reasonable accommodations for the disabled. We will endeavor to concentrate on the disabled person's abilities and not disabilities. This policy has the support of the highest levels of management. Provident Bank is an "at will" employer.
"An accomplished senior-level marketing and business development professional is seeking employment or consulting opportunities. He has had consistent success in analytical business planning, strategy development and brand management resulting in profitable market growth. He has led the marketing and business development functions for a Top 15 mortgage banking operation, as well as for another Top 50 lender. He has also consulted with several other mortgage industry companies. His background includes being an SVP/Business Development and VP/Marketing for several national and international corporations, advertising agency experience (as a brand manager and creative director), and as a marketing agency founder providing strategic and integrated marketing planning and execution." Interested parties may send a note to me at rchrisman@robchrisman.com.
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).
Assurance Financial has a solid reputation for closing loans on time. It's what we do. Our back office supports its mortgage loan originators and branch managers so they can focus on originating more new loans rather than worrying about closing their pipeline. Assurance is expanding its footprint, selectively hiring branch managers and MLOs in good markets. For more information, contact Paul Peters, CMB at 225-239-7948 or visit www.LendTheWay.com/Careers.
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