“Adam and Eve were the first people not to read the Apple terms and conditions.” Who has actually read their phone’s manual? Technology marches on, with or without us. Two major public home builders, Taylor Morrison and PulteGroup, recently piloted programs where buyers can choose, design, and finance a new home virtually and add it to their shopping cart. A Realtor pal in Marin sent a note on days on the market of existing homes. “In May 2020, the average was 47 versus May 2021’s 26. It is difficult to see how it could get any lower than that. MLS stops counting days on market once a home goes pending, and most homes are still being financed, and loans take a while to get approval, usually 20 days or so. So if the home is on market 7 days before offers are taken, that would be 27 days total. Cash of course closes faster. The biggest slowdown in the market right now is getting appraisals done in a timely fashion. Appraisers are all very busy, and trying to get one done now is usually a very difficult and time-consuming process. It used to be that 15 days was plenty of time for an appraisal, but now it is strictly on a case-by-case basis.” And lender’s technology is a big deal: available here, is sponsored by Origence, and features an interview with Michael Farris, their VP of strategic solutions. We discussed recent mortgage tech advances and how they can solve real-world challenges that lenders are facing.

Broke and Lender Products and Services

Have you lost a borrower to a credit union? You need a credit union on your side! Advancial Federal Credit Union shines in the portfolio lending market with a variety of unique programs and competitive pricing. Niches include Loans to 3.5mm including cash out, hobby farms, unique homes, non-warrantable condos, condotels, co-ops, no credit work, student and other visas, asset depletion, RSU and stock options as income and much more! Lending in all 50 states. Call Advancial today! 888-876-2328 or email VP & COO John Burkel.

BluePoint Mortgage, founded in 1991, celebrated its 30th anniversary this month! “Our vision has always been focused on customer loyalty while building long-term relationships that benefit our broker partners and employees,” says CEO Sam Soliman. Through this vision, BluePoint Mortgage has flourished in the housing market over the last three decades. Soliman credits his team for the company’s success, whose leadership includes COO Mark Matta, Managing Partner Allen Samuel, and CFO Dawn Narken Hill. “Our philosophy is that the simpler we make the products and process for our customers, the quicker we close loans for the borrower(s), and as an employer, our culture is second to none.” BluePoint Mortgage continues its commitment to partnership today with its industry-known turn times, best-in-class service, and a broad range of product offerings, including Non-QM. Based in California, BluePoint Mortgage is licensed in over thirty states and continues to expand its footprint.

“How did TMS become one of the nation’s Top 10 subservicers in only seven years? Well, we remained committed to our vision of growing happiness by thinking differently and challenging the status quo in servicing. As a new article in DS News explores, the cornerstone of TMS’s success is putting the “service” back in subservicing by investing in our people and integrating technology to provide rewarding and transparent experience for our customers and our clients. All of our customer service representatives (CAREologists) receive more than 220 hours of annual training, empowering each to solve any customer issue. They leverage great tech, starting with SIME (Servicing Intelligence Made Easy) so that customers and clients have 24/7 insights at their fingertips. Servicing more than 350,000 active loans, we deliver 92% first-call resolution, 98% customer satisfaction, and a <5% abandonment rate. Want to learn more? Check out the full article at the link below. Read more on page 21, here.”

Verify 1099 contractors at gig economy companies on Truework! The team at Truework continues to listen to lenders about their biggest pain points in the underwriting process and one of the most common challenges is verifying 1099 gig economy workers. Truework can now verify 1099 drivers at companies like Uber, Lyft, Doordash, Postmates and Instacart. Truework is building the ultimate verification platform, and currently has instant verifications for over 35 million employees and is the exclusive verification provider for millions. For the tech-oriented folks, its API is easy to integrate and your dev team can do it in minutes.

Non-Agency and Jumbo Production

Stearns Wholesale offers a wide variety of Jumbo Products that feature an aggressive pricing model, flexible options, and the depth to fit any unique borrower situation. Its new Preferred Jumbo Program recently launched with criteria allowing for 80% LTV up to $1.5 million, with an industry leading price. This jumbo has Cash Out options and is a great High Balance alternative in those counties where Agency High Balance is not available. With 6 total Jumbo Product offerings at Stearns Wholesale, they each provide the opportunity to expand your high balance sales volume and give you the edge you need. If you’d like to partner with Stearns or learn more, click here to be contacted.

Wells Fargo Funding added clarification to its Seller Guide Section 825.08(b): Credit Evaluation, specifying when an authorized user account is eligible for use as a tradeline on Non-Conforming Loans. There are no changes to policy. Wells has expanded its policy to allow borrowers who have a minimum of 84 months’ reestablished credit after a short sale are now eligible for Non-Conforming loans, and updated Non-Conforming underwriting guidelines to better define a flip transaction. Refer to Section 825.15(b). Flip transactions continue to be ineligible for purchase. And expanded its policy for Non-Conforming Loans to borrowers with multiple owned properties. For primary residence transactions, borrowers who own more than four properties are now eligible.

Wells Fargo Funding Sellers can take advantage of certain flexibilities for Non-Conforming Loans that are Qualified Mortgages (QMs) based on annual percentage rate (APR) to average prime offering rate (APOR) spread under the Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition Final Rule (amended QM Final Rule). Refer to the Seller Guide for complete information.

Chase Correspondent Lending is making the following Non-Agency product guideline updates based on our ongoing evaluation of the current market environment. The updates are revisions to the temporary COVID-19 Non-Agency product limits announced in bulletins CB20-14 and CB20-26 last year. Chase Correspondent Lending is making the following updates effective with Best Efforts loans locked on or after 6/30/2021:

Non-Agency Debt to Income (DTI) ratios for Self-Employed transactions. The Non-Agency product guides and Chase Advantage Non-Agency product guide and matrix will be revised to reflect a maximum DTI of 43.00% (previously 35.00%) for self-employed transactions. (Refer to the product guides for all requirements, including but not limited to the maximum LTV/CLTV, minimum credit score and eligible markets.)

Non-Agency Cash-Out refinances. For eligible markets, the Non-Agency Amortizing Fixed, Non-Agency Amortizing ARMs, Product Quick Reference – Non-Agency Amortizing Fixed and ARMs and Chase Advantage Non-Agency guides will be revised to allow Cash-Out for Non-Agency transactions up to $500,000. (Refer to the product guides for all requirements, including but not limited to the maximum LTV/CLTV, minimum credit score and eligible markets.)

Finally, Chase addressed Non-Agency Delayed Financing (Technical Refinances). The Purchase, Refinance, Land Contract, Construction to Perm – Non-Agency topic will be updated to align Non-Agency Delayed Financing (Technical Refinance) requirements with Agency requirements. (Refer to the product guides for all requirements, including but not limited to the maximum LTV/CLTV, minimum credit score and eligible markets.)

loanDepot’s Announcement discusses Conventional Escrow Eligibility Expansion, updates to it Conventional Lending Guide regarding Consolidated New York Mortgages (CEMA) and Employment Section plus information on the Jumbo Advantage EXPRESS.

LendSure Mortgage Corp. offers Jumbo loans up to 3 million with a Super Jumbo loan option that allows cash-out up to 1 million.

First Community Mortgage now offers 15-Year amortization on its Jumbo Express Fixed product.

LoanStream Wholesale’s new AltONE Investor Loan Program, an alternative to conventional investor loans, is available for Purchase, Limited Cash-Out Refi, and Cash-Out Refi transactions, loan amounts up to 1.5 million. 

For over 22 years, ACC Mortgage has specialized in ITIN and a multitude of other Non-QM loan programs.

Flagstar made enhancements to its Jumbo Fixed and Jumbo 5/6 and 7/6 ARM.

LendSure Wholesale Mortgage offers Full Doc & Bank Statement Investor Loans, up to 2 million. Check out the Lendsure Non-QM Loan Programs

A&D Mortgage Non-QM products have received major updates, effective June 14th, which include reduced pricing and underwriting requirements.

Looking for a Jumbo offering up to $500,000 Cash Out, up to 89.99% LTV? Land Home Financial Services JetOnJumbo, a Jumbo with a purpose.

Recent updates by Angel Oak Mortgage Solutions made its non-QM products  even more competitive and flexible so when Agency won't work, they can quickly pivot to another loan product with no delays. For example, there is a no income Investor Cash Flow product, an easy and quick loan to help your borrowers with a 1031 exchange.

Capital Markets

Rates: a little up, a little down. Rates exhibited little movement yesterday despite the receipt of some strong home price and consumer confidence data. Consumer confidence soared in June to the highest level for the index since the pandemic began last March, thanks to more positive views about the economy and job market. Consumer spending activity is expected to remain robust in the short-term, evidenced by a rise in plans to take a vacation and an increase in the proportion of consumers planning to buy automobiles, major appliances, and homes.

The pace of new and existing home sales eased in May as prices have pushed some buyers back to the sidelines. Despite seeming like the inventory for new homes is about five days, it was at 5 months’ worth and existing homes’ inventory increased to 2.5 months. Over the last twelve months new home prices were up 18.1 percent and existing home prices were up 23.6 percent. In regard to buying homes, U.S. home prices jumped the most since 1988 in April, with property values rising around 15 percent from a year ago. Note that a year ago, the entire U.S. was in lockdown, though looking at historical data, it would seem COVID only exacerbated an existing supply problem. That supply and demand imbalance should get some relief as lumber prices fall, and the foreclosure and eviction moratoriums expire. The question now is how long mortgage rates and demand for properties have fueled the market for more than a year will continue?

Returning to news du jour, today brings a preview of Friday’s payrolls report in the form of ADP. We’ve received that (+692k) as well as mortgage applications from the MBA, which decreased 6.9 percent from one week earlier for the week ending June 25. Later this morning brings Chicago PMI for June and the Pending Homes Sales Index for May. Two Fed presidents are also scheduled to speak starting with Atlanta’s Bostic followed by Richmond’s Barkin. The Desk of the NY Fed will purchase up to $5.2 billion of 30-year 2 percent and 2.5 percent MBS. We begin Hump Day with Agency MBS prices up/better nearly .125 and the 10-year yielding 1.45 after closing yesterday at 1.48 percent.

Jobs

In 2020, Union Home Mortgage TPO channel secured more than $1.5 billion in funding. To continue its year-over-year growth, Union Home Mortgage Corp. is actively seeking experienced Account Executives nationwide, with a focus on AZ, NM, and TX markets. With an emphasis on expansion and responsible lending, Union Home Mortgage President and CEO, Bill Cosgrove, “is committed to being ALL IN to grow Union Home Mortgage’s broker and non-delegated space on a national level.” Union Home Mortgage supports both NDC and Wholesale Business Partners. No matter where you are in your career, you’ll receive world-class onboarding and ongoing support as you build your business. From high-level coaching to fireside chats with leadership, you’re set up for success from the very beginning. Explore our new TPO site, and to be considered for AE positions contact Jim Wickham, VP - Third Party Origination, at (248) 318.8553.

An established TPO lender, with over 20 years in the industry, is searching for a proven Senior Sales Leader to aggressively expand its Wholesale and Correspondent channels in the Non-QM space. Licensed nationally, this direct lender offers a complete suite of Non-QM, Conventional, FHA, VA, and USDA products, competitive pricing, and superior customer care. The ideal candidate will have experience recruiting Account Executives and driving Non-QM volume for inside and outside sales teams. This is an opportunity for the right sales leader to have a meaningful impact on technology enhancements, team dynamics, and realize uncapped financial and professional growth. For confidential consideration, please email your resume to Chrisman LLC’s Anjelica Nixt for forwarding.

Evergreen Home Loans™ continues to grow and is pleased to announce the promotions of Don Zender and Todd Miles to the positions of Executive Vice President of Loan Production. In these new roles, they will lead and grow sales originations, oversee recruitment and retention, and spearhead the implementation of innovative products and services. Zender and Miles each have over 30 years’ experience in home lending including previous roles as loan officers and branch managers. Under their leadership, the company has achieved record breaking purchase growth, consistent best workplace awards, and record digital closings. The executives are focused on serving loan officers through the introduction of innovative programs that appeal to real estate professionals including a cash offer pilot program in select states. If you’re looking for a company that invests in programs that support loan officer growth while helping real estate agents win business, check out Evergreen’s Careers Page.

Looking to take the next step in your sales career? Impac is actively seeking experienced Account Executives to support our Wholesale division growing throughout 2021! As a veteran Wholesale and Correspondent lender, Impac offers a complete suite of innovative loan products, robust territories, competitive compensation, and outstanding benefits with almost immediate kick-in (i.e. multiple medical plans & 401k match). Impac is recruiting nationwide. To be immediately considered, please email Lisa Livingston.

“Citi is strategically positioned for continued growth and is making significant investments to seize the purchase market with tools for both our clients and loan officers. Our Mortgage Originations channels are hiring sales and operations professionals to support our growth. Whether you are looking for a new place to work, or to take your career to the next level, now is the time to make the move! Citi is actively filling Operations positions nationwide, including remote Senior Underwriter positions. Additionally, we’re looking for Direct to Consumer Sales professionals for our St. Louis, Dallas, and Detroit markets: St. Louis Direct to Consumer Sales Mortgage Representative, Dallas Direct to Consumer Sales Mortgage Representative, Detroit Direct to Consumer Sales Mortgage Representative. Nationwide opportunities in Operations and Support can be found here. We look forward to your application!”

LoanStream Mortgage is excited to welcome Donna DelMonte as EVP of Operations. She has over 20+ years of experience in leading mortgage operations and is skilled in Non-QM. We are thrilled to welcome her to LoanStream. We also welcome Will Fisher as EVP of Non-Conforming Lending. Will Fisher brings many years of Non-QM-related experience, including playing key roles in the development of Non-QM lending at Citadel Servicing now Acra and Arc Home. In this new role, Will Fisher will continue to drive Non-QM & Jumbo process and product initiatives to help the company deliver an excellent experience for mortgage brokers, bankers, business partners, and customers. LoanStream is committed to advancing its mission as “The One Lender” and innovator in the mortgage space. If you’re interested in joining a company that invests in people, processes, and technology to improve the customer experience and strengthen your referral business, check out the Careers page for the latest career opportunities.  

Calling all originators! Are you looking for a unique opportunity with a Consumer Direct group? One heavier on purchase then refinances? How about one with portfolio products with in-house underwriting? If so, let’s chat. Ask yourself these questions: If your leads and closed loans are overwhelmingly refinance; what are you going to do when rates inevitably rise? Do you feel things tightening up at your current company? Are you getting more and better leads or less with lower quality? Do you have the products needed for the changes in the market? Is your paycheck growing or decreasing? It’s time to talk to Angel Oak Home Loans, the market leader in Non-QM & Jumbo financing! Don’t wait until the last minute to figure things out! A phone conversation won’t hurt you… it will only make you better informed to take control of your future! For a confidential conversation call Sarah @ 602.475.6460 or apply at one of these links: Charlotte or Atlanta.

Finally, there’s a better business model that provides LOs with ultimate control, unmatched pricing & a proprietary LOS that promotes faster closings! See how top producing loan officers are leveraging digital storefronts to expand market reach and increase volume. Canopy Mortgage is hiring top producing Loan Officers and Branch Managers. Build your business the way you want, Join Canopy to stand out in the following markets: CA, CO, FL, GA, HI, IL, NC, SC, TN, TX, and WA. Reach out to Josh Neumarker at Canopy Mortgage for more information 801-330-5016.