As I head to head to Chicago today to attend the Illinois MBA Conference, I won’t win any Brownie Points mentioning that a United Van Lines National Movers Study finds that last year, IL was the state where the most residents moved out. But those moving in still need mortgages, right!? A whopping 63% of moves there were outbound. IL was followed by NJ, NY, CT and KS who rounded out the top 5 outbound states. The states seeing the biggest inbound activity were VT (#1 at 68%), followed by OR, ID, NV, and SD. Some trends are unmistakable. For the third consecutive year, the percentage of Hispanics who own homes rose in 2017; the only demographic in the U.S. for which that statement is true.
Reverse News in the Primary Markets
Reverse Mortgage Funding LLC is offering a free, in-person “Reverse Mortgage Jump Start” accelerated learning course — one in Redondo Beach on Wednesday, March 21, and another in San Diego on Thursday, March 22 . Each half-day session will be from 10:30 a.m. to 3:00 p.m., with lunch included. Find out how you can easily add this missing piece to your product mix, with a team of industry-leading professionals on your side. If you’re originating mortgage refinancing, home purchase loans, and/or lines of credit and not offering reverse mortgages, you’re missing out on a huge market opportunity — homeowners and homebuyers age 62+. This is a great way to learn the ropes and how you can get started. Admission is free, but seating is limited so reserve your place today!
The National Reverse Mortgage Lenders Association released two free toolkits for real estate agents and homebuilders who work with older homebuyers. The guides explain a mortgage financing option specifically for buyers aged 62 and older called “HECM for Purchase.” The Home Equity Conversion Mortgage for Purchase is a federally insured reverse mortgage that allows seniors to buy a new principal residence using loan proceeds from the reverse mortgage, without requiring a monthly principal or interest payment. Using a Reverse Mortgage to Buy a Home: A Toolkit for Real Estate Agents includes an overview of HECM for Purchase, a profile of buyers who may benefit from this option, a quick reference guide and glossary of key terms, tips for writing the contract, and guidance for finding a qualified reverse mortgage professional.
But wait… there’s more! HECM for Purchase: A Homebuilder’s Toolkit includes an overview of HECM for Purchase, a profile of buyers who may benefit from this option, a quick reference guide and glossary of terms, and guidance for finding a qualified reverse mortgage professional
The free toolkit is available for download from NRMLA’s resource page for Builders and Remodelers.
Trainings and Events
AmeriHome’s underwriting management team will be offering new Core Jumbo Underwriting Webinars on several dates in the month of March: March 15th at 11:00, March 20th at 11:00, March 22nd at 2:00, March 27th at 2:00, March 29th at 11:00.
Following the highly speculated PHH verdict, find out what impact the decision has on your overall business compliance and what it means for the future of referral partnerships. Register for the PHH: Now We Know webinar on Wednesday, March 14th.
The Southern Los Angeles County Chapter of CAMP’s upcoming meeting on March 14th features Edward Wilson, tax consultant. Ed who has served five terms as Mayor, will be presenting on how the new tax code affects mortgage and real estate professionals and their clients. This event will be hosted at The Grand in Long Beach. Registration begins at 10:30, lunch at 11:30 with the presentation beginning at 12:00, RSVP on its website.
On March 15th, Plaza is offering a free webinar titled “Realtor Reality”. This webinar will cover Who’s buying and who isn’t. Transactional v Relationship Sales. The 4 things everyone wants from your company and the 3 things everyone wants from you.
Mobile has changed everything influencing buying behaviors. California MBA’s MTAM is offering a free webinar, Friday, March 16th on Mortgage Lender Marketing in the Age of Micro Moments.
Mark your calendar for the first MORPAC Quarterly webinar on March 21st. MORPAC will hold a free webinar each quarter to highlight MORPAC’s role in the industry's advocacy efforts and how you can participate and make a difference. In this webinar, you will hear from MORPAC Chairman Rick Arvielo, CEO & President of New American Funding, along with staff as they discuss why political advocacy matters.
Registration is underway for NYMBA’s Annual Convention April 3rd-5th, “Exceeding The Vision”, at the Marriott Hotel in Albany, NY. This years’ key note speaker is U.S. Congressman John Fasso.
The 27th Annual Rocky Mountain Mortgage Lenders Expo returns to Sports Authority Field at Mile High on Thursday, April 12, 2018. This one-day event will feature educational tracks for Sales, Operations and Compliance, and Leadership in the mortgage industry. Outdoor adventurer Luis Benitez, who led the first blind man to the summit of Mt. Everest, will highlight the Keynote Luncheon with his “Discover Your Everest” theme. The program runs from 10:00 a.m. to 6:00 p.m. with lunch and a cocktail reception. 80 exhibit booths featuring mortgage products, services, and technology round out the day.
The all new Motor City Mortgage Expo will be held Thursday, April 12, at the DoubleTree by Hilton Detroit -- Dearborn with a bonus 8-hour NMLS class there on Friday, April 13th. There will be a variety of sessions available such as how the new TRID 2.0 will affect you, competing in a robot mortgage world and an interactive session on the Whole Tale of Wholesale. Packed with great networking opportunities, prizes throughout the conference, food and beverages, and the chance to win tons of prizes and giveaway, find out details and registration information now.
If you are a Designated Broker or Licensed Loan Origination of a mortgage brokerage firm operating in Washington State under the MBPA, you are invited to the next Washington State Mortgage Broker Forum meeting. It will be held on April 19th from 10:00-12:00 at the Highlands Neighborhood Center, 800 Edmonds Ave NE, Renton, WA 98056. While no pre-registration is required, please send suggested topics and questions to Jeffrey Lorsch, Evergreen State Mortgage (206-200-5363).
With no major economic releases, Monday was a quiet day of trading. Better than expected demand at the day’s Treasury auctions helped “the back end of the yield curve” (10 or 30-year Treasury securities) and allowed the 10-year to recoup what it lost on Friday. The $28 billion 3-year note auction and the $21 billion 10-year note both saw bid-to-cover ratios above the average of the prior 12 auctions.
Today, the last operation on the current schedule, will see the Desk target 30YR conventional, before releasing a new two-week schedule and announce reinvestment purchases for the March 14 - April 13 period. As far as economic releases go, the February NFIB Small Business Optimism Index was released, and hit its second highest level in history. Coming up is the Consumer Price Index for February. Will inflation heat up? The markets expect both the headline and core to increase 0.2% MoM and 2.2% and 1.9% YoY. Later this morning, we have the Redbook Same-Store Sales Index. In the very early going agency MBS prices are pretty much unchanged from Monday night and the 10-year is yielding 2.88%.
Loan Officer and Lender Products
“PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting our customers funding requests. That is why we make the funding process simple; “Express Funding” is how we help our customers reduce time needed to get their loans funded. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is 1 loan or 100 loansExpress Funding is an easy and efficient way to get the funds they need quickly. In addition, we offer a growing list of 2,000+ closing agents with No Doc funding requirements and funding turn times averaging under 30 minutes. We believe in consistently providing service to exceed our customers’ expectations.” If you are interested in having a conversation about PlainsCapital Bank National Warehouse Lending please contact Pamela Robinson, SVP National Sales, or Deric Barnett,EVP National Warehouse Lending.
Resitrader reports on-going interest in buyers and sellers moving to its secondary market digital platform due to internal and external audits. “Our clients are getting pushback on e-mailed bid tapes, whether they’re password protected or not, due to NPI [Non-public Personal Information] data transmission through e-mail being insecure. And that’s driving them to online platforms,” said John Ardy, CEO of Resitrader. “We hear from our larger buyers, especially the regulated institutions, that the days of the emailed bid tape are numbered.”
LendingQB has finished a multi-partner Integration between Indecomm's IncomeGenius and Advanced Data's Tax Return Verification service. Mortgage lenders utilizing these mutual services within LendingQB have the benefit of a simplified and seamless automated income analysis process. Any tax returns ordered through LendingQB's integration with Advanced Data are available to be used in IncomeGenius, providing a convenient and automated method for performing income analysis. For more information visit www.lendingqb.com to schedule a demonstration.
Hispanics represent the fastest growing segment in housing. Don’t leave your message to chance and make sure your message on point to this important segment. NAHREP Consulting Services now offers a Multicultural Marketing Analysis helping clients stay on message with this diverse population. Their multicultural experts will propose a marketing approach that resonates with your multicultural consumer. Email Maria Vergara for more or go to Marketing Analysis.
Mortgage technology innovator, Alight Mortgage Solutions, is looking for a team player with a positive, service-oriented attitude, a startup mindset, and work experience in FP&A in mortgage banking or financial services to join its professional services team. “At Alight, we understand that to help our mortgage lending customers succeed in an environment of constant change, we need to be part of ensuring they’re ready for whatever comes their way. As a Professional Services Consultant, you will be an integral member of our project team, working directly with senior management customers to identify and understand their needs while guiding them through the implementation process and training them on our cloud-based enterprise planning and forecasting applications. Are you a resourceful self-starter — someone who thrives on tackling challenges head on and will take the initiative to deliver timely solutions? Then we've got the job for you. We offer competitive salaries, benefits and a culture that supports a life outside of work. Contact Alight to learn more.”
Center Street Lending needs a customer-focused Vice President of Sales to lead a nationwide sales team. Responsibilities include sales strategy, sales management, growing the sales team and increasing monthly production. The ideal candidate understands wholesale and retail sales, customer motivation, has a track record of successfully developing and implementing growth plans and knows how to inspire a sales team. The position is based in its headquarters in Irvine, California. “Center Street Lending has built a reputation as a premier private money, portfolio leader focused on residential real estate entrepreneurs and customer obsession. Established in 2010, Center Street Lending has consistently and profitably grown year over year, with volume doubling in 2017.” Email Center Street Lending at if you are interested in joining its growing team.