What is your, and your company’s, value proposition? Lenders must be vigilant, which means paying attention to trends, big and small. For example, on the large scale, more and more analysts are talking about talking about the Federal Reserve tapering off on its asset purchases, given the potential expanding U.S. economy. It seems that only the Fed is hesitant talking about it! But at some point, it is believed that the Fed will acknowledge the situation, and some of the emergency actions taken a year ago will begin to be removed. On a small scale, while some have been fretting about Amazon entering residential lending for years, how about watching those actually impacting their business? For example, “millennial and Gen-Z-focused” home buying platform Lower, announced the launch of its mobile app and new FDIC-insured deposit account, “HomeFund.” Lower will match dollar for dollar up to the first $1,000 saved in HomeCash. While future homeowners are earning HomeCash toward their home buying goals on each deposit, they’re also accruing interest. It’s good to know who’s doing what. Speaking of which, today’s audio version of the commentary is available here, this week’s is sponsored by Shamrock Home Loans, committed to building the next generation Mortgage Lender and expanding across the United States.

Lender and Broker Services and Products

Orion Lending is proud to announce the release of its new Titan Non-Agency Programs. As the behemoth of all loan programs, the series includes Prime Jumbo, AUS, and DSCR offerings! Program highlights include Titan Prime Jumbo loan amounts up to $3 Million, Titan AUS loan amounts up to $2 Million and Titan DSCR 1.15% minimum DSCR Ratio, to name a few. Additionally, Orion’s HyperTrackTM Broker Training Program will be offering recurring trainings on the new Titan Program to ensure Broker success. To view the complete calendar, please click here. If you are ready to Hyperspeed your Product portfolio, click here to get approved today and start submitting loans by the end of the day! You’re Not Just Another Broker. We’re Not Just Another Lender.

Two out of every three American homes include a pet, with Generation X and Millennials making up more than two-thirds of all pet owners. So what better way to build a lasting relationship with today’s home buyers than customized pet tags as closing gifts?! Operation Fido by LenderLogix automates closing gift fulfillment right from your LOS. When a loan officer submits an application, the borrower automatically gets a text message asking if they have any pets. They answer a few questions about names and sizes, and when the loan closes, Fido gets a welcome package from the lender with tags that include their new home address. Would you spend a few bucks to deliver that kind of joy to your borrowers? Check out Operation Fido, it's Myrtle approved and basically the coolest closing gift ever.

Need a streamlined mortgage to finance a 5–8-unit multi-family or mixed-use property? Visio Lending has expanded the eligibility of its market leading Rental360 SFR rental loan program to include these commercial properties. This innovative program offers rates starting at 5.1%; qualifications based on DSCR, no NOI; and a simplified process, no tax returns required. Earn up to 5 Pts, YSP available.

Events and Training

What’s better than reading Rob Chrisman’s dad jokes in this daily newsletter? Hearing him tell them live, of course! Rob will be the featured speaker in a free webinar tomorrow (Tuesday, May 25) at 11 am PDT / 2 pm EDT put on by Triserv Appraisal Management Solutions. Join us for a “May Real Estate State of the Union” where Rob and Triserv’s President Joe Bryant will discuss capital markets, interest rates, a possible housing bubble, and more. Get updated on the mortgage industry before your Memorial Day holiday. More info or register here.

Did you know that customer retention rates fall to 24% two years after closing and tumble down to 15% by year five? Luckily, a solid retention strategy can help drive repeat business and keep pipelines pumping in a purchase market. For tried-and-true retention strategies, Mind featuring special guest Sales Boomerang Founder and CEO Alex Kutsishin this Wednesday at 2:30 pm ET. Show hosts Maddie Hughes and John Hardesty join Alex to discuss how mutual users can leverage Sales Boomerang intelligence in Top of Mind's state-of-the-art marketing automation platform to achieve a 30% lift in volume. All attendees will receive a special product offer. Register now.

ESG is emerging as a more important consideration for investors. How robust will they be in their decision-making process? On May 25th, join Speaker Dave Lowery, Preqin’s Head of Research Insights for "Private Capital Markets – Further Progress Post the Pandemic".

Reggora: a live webinar on Tuesday, May 25 at 1pm ET entitled Efficient Appraisal Ordering: Leveraging Automation for Increased Control.

In an exclusive session on Wednesday, May 26th, Bronwyn Morrissey shares two important leadership and communication tools to master communication – Thinking Above the Line and The Seven Levels of Leadership. These tools offer new ways of approaching challenges that create stronger, more consistent action to hit your desired goals through deeper team collaboration and communication to ensure total success. Register for Lenders One Leading With Effective Communication.

Join RiskSpan on Wednesday, May 26th for a Free Webinar: Is Your Pricing Methodology Compliant With Rule 2a-5? A panel of experts will convene to explain and respond to questions about what the new requirements are, who is impacted and when, implementation best practices, potential issues with Rule 17a-7, and modeling considerations, including assumptions, back-testing, calibration, and data management.

James Brody, Chair of Johnston Thomas's Mortgage Banking Practice Group, as well as The Mortgage Collaborative, are co-hosting a complimentary webinar at 10:30 AM PST, on Wednesday May 26, titled "Loan Officer Compensation Update: Tips and Trends to Gain a Competitive Edge in 2021 and Beyond".

Register for the Wednesday, June 2nd, business development webinar Seizing Market Share, led by Arch MI Senior National Trainer and Instructional Designer, industry expert and Certified Speaking Professional (CSP) Blaine Rada.

Register for the MCT Industry Webinar on June 9th for the debut of BAM Marketplace, a new program that facilitates whole loan liquidity between clients. MCT’s Phil Rasori and Justin Grant will discuss the role of BAM Marketplace in assisting the secondary market during the 2020 liquidity crisis, key functionalities and benefits, the process of selling loans on BAM Marketplace, how bids are facilitated between unapproved counterparties, and the future of BAM Marketplace.

Register for the MISMO Sprint Summit, taking place online June 7-10 and featuring an exciting slate of “Going Digital” sessions and speakers. Agenda is here and registration link is here.

The New England Mortgage Expo is June 10 & 11 to the Mohegan Sun Resort & Casino. Register to join, and use code OCNFREE* for complimentary registration.

LBA Ware will be sponsoring the next edition of The Mortgage Collaborative’s Rundown with Rich and Rob on June 11. Lori Brewer will be leading the discussion with Rich Swerbinsky, the COO of The Mortgage Collaborative, and me in covering current events in the mortgage market for 30 minutes starting at 3PM ET: “The Rundown with Rob and Rich.”

Come join OC/SOLA CAMP for its first live, in-person event on June 16th for a cruise around Newport Harbor. Meet special guest “Undercover Billionaire” Glenn Stearns, CEO / Founder of Kind Lending. Network with local industry professionals. Appetizers and drink tickets. Register now for Cruising with CAMP! CAMP members $35.00, Nonmembers, $40.00.

The Mortgage Bankers Association of Florida’s Secondary and Convention is from June 22-24 in Orlando.

Registration is now open for the Lenders One Summit 2021, August 8-11 at the Omni Orlando Resort at Champions Gate. Access early bird rates when you reserve your spot by June 18th.

Monday, August 9th includes keynote speaker Frank Abagnale, renowned cybersecurity and fraud prevention expert, bestselling Author, and subject of "Catch Me If You Can".

The California MBA holds the fabled Western Secondary in person from August 24-26 in Orange County, California.

In Texas we have the 105th Annual TMBA Convention: August 29-31 at the Omni Ft. Worth Hotel, Ft. Worth, Texas.

Join the Florida Association of Mortgage Professionals for the 2021 State Convention and Trade Show at Hilton Orlando Bonnet Creek from September 1 - 4, 2021.

The Five Star Conference and Expo is all-in, and committed to the mission of preserving and protecting the American dream of homeownership, September 19-20 at the Hyatt Regency in Texas.

The MBANJ Regional Conference of MBAs, "Simply The Best", is back and in-person on October 3rd -7th at the Hard Rock Casino Hotel in AC.

The MBA’s Annual Conference is in San Diego from October 17-20, in person.

Capital Markets

Last week in the bond market ended quietly. Given that supply, and not demand, is what’s restraining many parts of the economy, some members of the FOMC commented that it may be appropriate begin to talk about easing the pace of asset purchases that have supported lower interest rates. Both Dallas Fed President Kaplan and Philadelphia Fed President Harker made remarks along the lines that they prefer to talk about tapering asset purchases sooner rather than later. While there is no talk of increasing the Fed Funds rate yet, a reduction in MBS purchases by the Fed would put upward pressure on mortgage rates. The Fed conducted its largest reverse repurchase operation in nearly four years on Friday with the total take-up reaching $369 billion, up from $351 billion on Thursday and $294 billion on Wednesday.

On Friday we learned that existing home sales decreased 2.7 percent month-over-month in April to a seasonally adjusted annual rate of 5.85 million, below expectations, though total sales in April were up 33.9 percent from a year ago. While these figures were severely distorted by figures from the early stages of the pandemic, in the January-April period, they were up 20 percent year-over-year. For buyers, the limited supply is driving up the pace of prices well beyond the pace of income gains, creating affordability pressures. Housing supply over the last year has been limited as low mortgage rates and a shift in buyer preference to more space boosted single family home sales for both existing and new homes.  The re-opening of the global economy has put all manner of raw materials including building materials and labor in short supply. For April, single family housing starts were 13.4 percent below March’s level due in part to wet weather in the South and Midwest as well as the input shortages. Despite the headwinds facing the homebuilding industry, homebuilders remain optimistic.

Ahead of the Memorial Day holiday Monday we have a raft of housing-related releases including housing price indexes and new homes sales, consumer confidence/sentiment, durable goods, and PCE. The second look at Q1 GDP will also be released on Thursday. Today’s schedule is light on data with just the Chicago Fed National Activity Index for April (+.24 percent), but we will receive remarks from several Fed speakers. These include Governor Brainard, Cleveland’s Mester, Atlanta’s Bostic, and Kansas City’s George. Today also sees the largest daily support on the current MBS purchase schedule at $7.8 billion. We start the last week full week of May with Agency MBS prices a tick or two up/better and the 10-year yielding 1.61 after closing last week at 1.63 percent.

Employment

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 be 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 on-boarding 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 at uhwholesale.com and to be considered for AE positions, Contact Jim Wickham, VP - Third Party Origination (248.318.8553).

“Now hiring: Temple View Capital! Our strong 2020 growth continues into 2021 with new financing partnerships in place that provides billions for the company to allocate to DSCR, Fix & Flip, Ground Up Construction, and Bridge loans to borrowers nationwide. Our products are designed using common sense underwriting approaches, making them perfect both for direct lending to borrowers and also as a white-label solution for brokers & correspondents. They are competitively priced as wel: Please visit TempleViewCap.com to see our latest DSCR and Fix & Flip rates. We are constantly innovating with new technology and honing our processes to ensure quick, easy, and consistent approvals making it smoother than ever to close deals. Because of our growth, Temple View is adding experienced BDMs, Loan Officers, Underwriters, Analysts and more. Want to be part of the fastest-growing private lender in the US? Email Doug Perry today for full-time and partnership opportunities!”

“Towne Mortgage Company continues to demonstrate strength and stability as a lender and as an employer. Our AEs have numerous opportunities in all channels: Wholesale, Non-Del, and Full Delegated offering single AE territories in large markets. Towne offers an extremely competitive compensation and benefits package to our Account Executives. Our AE's have access to a full FNMA/FHLMC/GNMA agency product set, renovation (203K & FNMA HomeStyle), manual underwrites and more! Let Towne’s years of experience in this space help you generate more business from your clients. Towne also offers flexibility based on client’s needs but can provide all in-house fulfillment, from disclosures to retention of loan servicing. Towne is interested in filling opportunities in the following markets: WA/OR, CO, VA/MD/DC, OH/IN, TX, FL, TN/AL/KY, LA/MS/AR, NC/SC/GA and the New England Region. Please send your confidential inquiries to Mark Zierott.”

If you are interested in joining a team that is dedicated to creating exceptional customer experiences, loanDepot Wholesale is the place for you. loanDepot is hiring internal Account Executives across the country and outside Account Executives in Houston, Central Texas, Tampa, Nashville, Louisiana, and The Carolinas. Check out LD’s current job listings and apply today!

“At NewRez, our well-established footprint has led us to a significant existing customer base with a rapidly growing new customer base. Resulting from our growth of more than 5,000 employees, NewRez is now actively seeking for a Product Specialist – FHA-VA out of Fort Washington, PA, Columbia, MD, Jacksonville, FL, Tempe, AZ, or Charlotte, NC. Primary function: Assist internal and external customers with interpretation of NewRez and investor guidelines, market surveillance, and analytics. The ideal candidate will have 5+ years of relevant work experience, including a strong understanding of mortgage loan products, programs, and guidelines (GSE, FHA, VA, USDA). What are you waiting for? Click to apply today or contact our recruiting team: Product Specialist - FHA-VA or email recruitingteam@newrez.com.”

It’s one thing to say you support the military, but it’s quite another thing to actually show up for them. Ask the military families who were helped this past holiday season by volunteers from two of Caliber’s employee resource groups, BOLD and MVRG. The employees teamed together and made a monetary donation to The Family Place to help supply diapers and toiletries to 39 military families in need. BRAVO Caliber employees! Thank you for knowing what it means to serve. Join the Caliber Team! If you want to work with a team that cares about the health and welfare of military families, join the team at Caliber. Email Jonathan Stanley for Operations positions or James Hecht for Sales positions. Honoring Service & Sacrifice: Watch a special Memorial Day, Caliber-sponsored event honoring the service and sacrifice of military families.