This morning I am in Detroit, which has seen its share of population movement. The Census Bureau has released statistics for movers between metro areas between 2009 and 2013. The migration flows tables show how many residents move (or flow) from one county or metro area to another during the course of a year. In addition to the new metro-to-metro migration flow tables, the annual county-to-county migration flow tables are now available. The county flows can also be accessed through the Census Flows Mapper. About 8.5 million people moved between metropolitan areas. The county-to-county migration flow tables show there were about 16.7 million people, or 5.4 percent of the U.S. population age 1 or over, who lived in a different county within the U.S. one year earlier.

Training and events of note? There are plenty!

It's the final countdown for TRID implementation and a shocking number of people are still in the dark on how the new regulations will impact the industry. Are you ready? HomeBridge will be hosting its final webinar on TRID implementation this Thursday, September 24, at 2PM EDT. The webinar will recap HomeBridge's last five webinars on the subject and highlight the critical things you need to know regarding TRID's October 3 implementation. More information, along with educational videos, can be found online here. (HomeBridge is one of the nation's largest non-bank mortgage lenders and is looking for new branches to join its growing family. Experienced branch managers who share HomeBridge's dedication to customer service and quality in the lending industry should visit www.homebridge.com/careers for more information.)

If you're tired of TRID, join National Mortgage Professional Magazine on Thursday, September 24 at 2PM EDT for a free webinar on, "Expanding Homeownership Opportunities in Today's Restrictive Lending Environment". This webinar, presented by Caliber Home Loans, addresses the current credit and guideline requirements and how to solve for them while creating new opportunities for prospective homeowners. Attendees will learn financing options returning to the marketplace while restrictive guidelines are now expanding, the reintroduction of risk-based pricing ... Higher rates associated with non-agency products versus the potential cost of waiting, and the return of private capital and how it can help today's borrowers.

LDWholesale rolled out its "TRID Thursdays". Every Thursday for the month of September, LDWholesale is focusing on all aspects of TRID and detailing the positive effects it has on the company, the industry and American borrowers.

Compliance Ease is hosting a live, complimentary webinar titled, "Are You Ready to Pinpoint TRID Issues?" on Wednesday, September 23. Speakers will include Donald Lampe (Partner - Morrison & Foerster, LLP), Jason Roth (SVP Product Management - ComplianceEase), and Lisa DeFors (attorney - ComplianceEase).

On September 22, 23, and 24, 2015, AmeriHome will present a TRID webinar addressing its approach to implementing the TRID requirements. Click here to access Seller/Web login prompt and choose Resources/Training tab. Click the "Click Here to Register" link that displays to go to the registration site. AmeriHome sales representatives are also sending a TRID Webinar email invitation. A registration link is provided at the bottom of the email.  In addition, AmeriHome has provided a TRID reference guide in word format which can be re-branded for your internal use. Both word and PDF documents can be accessed via the sellerweb under the resources tab. 

Broker partners with Mountain West Financial Wholesale are encouraged to sign up for its implementation of TRID Training September 23rd.  Instructional materials and videos are also available at the MWF Compliance Resource Center.

Settlement Agents are required to coordinate with MWF regarding fees for disclosure in the CD via the Collaboration Portal. Training will be made available to Settlement Agents in advance of the October 3 implementation date. Additionally, during October & November, an email with a link to pre-recorded training on how to use the Collaboration Portal will be provided to the Settlement Agent at the loan level. This short pre-recorded training from MWF vendor on using the Collaboration Portal is available for review.  In addition, a more detailed video is available here.

Stonegate Mortgage still has one TRID webinar available today, Tuesday September 22nd.

Specific company news?!

It isn't the first, and won't be the last. PIMCO added to its PHH stake (PIMCO owns about 11% of PHH) by purchasing a steak, uh, stake in First Guaranty Mortgage Corp., a $4 billion a year lender. Yes, bond investing giant PIMCO has purchased a sizeable stake in First Guaranty Mortgage Corp., Frederick, MD, a nonbank that is on track to originate at least $4 billion in home mortgages this year. The acquisition was made through PIMCO's Bravo Fund II and the investment represents a "huge infusion of capital which will allow FGMC to make an exponential move in growth very rapidly." A few of the big players have been trying to better get more vertically integrated so as to control the collateral from start to finish.  Different pools of money can own different parts of the risk and their Alternatives platform can invest in Equity such as this. The small independent mortgage bankers competing with the likes of PIMCO and Blackstone will be interesting.

What do Wells Fargo and Chase have in common? They are both trying to send a message to HUD. Yesterday the commentary discussed recent Wells Fargo moves, and later in the day Chase turned heads with a story on CNBC mentioning what many in the industry believe about comparing FHA loans to subprime. Smaller companies to originate FHA loans can't help but notice. Some in the industry believe that the FHA has lost its target market and it is just randomly targeting irrational avenues for business and to take market share from Fannie & Freddie. And some suggest that the FHA would be better off raising the FICO min to 600, increasing the reserves to 4-6 months, and removing some of the existing restrictions such as those involving short sales, foreclosures, and re-establishing credit.

NewLeaf Wholesale is requiring properties located in six different counties (Amador, Butte, Calaveras, Lake, Napa and Solano) to provide evidence that the subject property did not experience any fire damage due to the Northern California wildfires. "If a property is located in one of the counties with a completed appraisal before September 11th, a 1004D re-inspection completed by the appraiser is required. For appraisals on or after September 11^th the appraiser must comment on the condition of the property and any effects to the marketability. If there is fire damage, the extent of the damage must be indicated. If the subject property sustained minor damage, repairs must be completed before closing or if damages are structural or major, the loan will be declined."

Homestead Funding discontinued its one close construction disbursement product due to the lack of guidance by the CFPB. (Remember Wells did something similar with that product.)

Titan Capital Solutions is leaving the jumbo space, rumored to be winding down the pipeline rather than any dramatic shift in strategy. Sources say that there is no concern that investors will not purchase those loans, and attention will be shifted to Titan Lenders Corp. (Editor's note: yes, the jumbo space is crowded, the tolerance for any error is so very low, and pricing is always an issue - it's the mortgage industry!)

Up in California CalHFA will be discontinuing the CHDAP product on September 24. Lenders such as Mountain West Financial alerted clients that all loans with a CHDAP must be locked on or before Sept 24th. "There will be no exceptions beyond these dates. The longest lock available for a CHDAP is 30 days, so plan accordingly." "We would like to thank all of our lending partners for helping to make the CHDAP program a success over the years. CalHFA is proud to say that since its inception in 2000, this program has successfully contributed over $360 million in down payment assistance to help over 54,000 families achieve the dream of homeownership."

Where are rates going? No one knows for sure, and if someone charges you for forecasts, well, what's that worth? But there are plenty of smart folks who have some guesses, and Mike Fratantoni, MBA's Chief Economist, writes, "We continue to expect that rates will trend up over the medium term.  Mortgages rates, which have been just above 4 percent recently, are likely to end 2015 closer to 4.3 percent, and could reach 5 percent by the end of 2016.  This increase in rates will lead to a reduction in refinance activity. The continued strengthening of the job market, however, will more than offset the gradual increase in rates, and we continue to forecast stronger housing markets in the year ahead." There we have it - check back with Mike at Christmas time.

Rates didn't want to go down any more on Monday so they decided to go up. Frankly, I didn't hear any better reason, although oil prices tracked higher and the U.S. stock market rebounded somewhat from Friday's sell-off. And looking at today things were pretty quiet overnight and the only news is the July FHFA Housing Price Index at 9 AM Michigan time and a $26 billion 2-year note auction. We saw a 2.21% close on the 10-year Monday and this morning we're back down to 2.16% with agency MBS prices better between .125-.250.

Jobs and Announcements

The fourth quarter of 2015 "will be one of growth for Overland Park-based CapWest Mortgage, who announced earlier this year it is being acquired by Prospect Mortgage, one of the nation's largest independent mortgage lenders. CapWest is hiring several Senior Loan Officers with proven track records of consumer direct selling to join its Sales team and take advantage of its industry-leading technology. CapWest is also seeking to hire Producing Sales Team Managers who are interested in both a leadership opportunity and the ability to generate personal production." To inquire about these opportunities, go to joincapwest. com or contact Tony Thole, National Sales Manager.

Fifteen hundred miles away Frost Mortgage is seeking a branch partner in the San Diego area. Frost's entrepreneurial operating platform and revenue sharing business model is worth your serious evaluation. Click Here to schedule a confidential interview with Greg Frost.

Triserv Appraisal Management Solutions, one of the fastest growing AMC's in the industry, is actively seeking a Regional Director-Sales for the Midwest region to assist with its continued strong growth. "With a relentless focus on risk management and compliance, Triserv AMC provides a differentiated approach to appraisal management for lenders assuring that all appraisals will be conducted by a Certified and FHA approved appraiser who is local to the market, and is timely paid twice per month for all completed orders. Additionally, Triserv provides a 100% manual review of all appraisal orders by actual licensed appraisers who are full-time employees. Triserv is fully integrated with the leading Loan Origination Systems and provides lenders with an annual SSAE-16 audit along with a CFPB/AIR business process audit.  Please send your confidential resumes or questions to Joe Bryant, President.

In other job news, eLEND, the technology driven consumer direct division of American Financial Resources, Inc. is searching for a National Sales Manager. The candidate would lead the dynamic originations team and responsible for the oversight of its channelized origination sales team comprised of over 50 contact center loan originators. The job itself is located at the company's national headquarters in Parsippany NJ or additional locations. The person must be technology-savvy and have a forward thinking mindset aimed at continuing AFR's amazing growth story. Please email a confidential cover letter and resume to Robert Pieklo or connect with an AFR executive at one of these upcoming industry events: Originator Connect in CT, MBAMW Mid-Atlantic in Fairfax, VA, the NAMB National in Las Vegas, or the MBA Annual in San Diego. AFR is an equal opportunity employer.