First off, best wishes to Quicken Loans’ owner Dan Gilbert who was hospitalized Sunday after experiencing stroke-like symptoms. As the lending industry sees 19-month lows in rates (the 10-year hit 1.37% in mid-2016) and focuses on the future and ruminates on the latest big M&A deal (RoundPoint, with its $91 billion of agency servicing and its LO/correspondent origination channels, will become a wholly-owned subsidiary of Freedom Mortgage), we continue to be reminded of the problems that the financial services sector faces. Namely, as was noted in this commentary Saturday but is worth repeating, First American’s data leak has exposed sixteen years of borrower data. Hopefully there was no large-scale unauthorized access – but hope is not a strategy. What is your company doing to avoid this, and the corresponding financial liability?


Lender Products and Services

JMAC Lending is pleased to announce the addition of four key industry veterans to the sales team as Sr. Account Executives: Kris Varia, Tom Bennett, Jeffrey Warner and Tamara Webster. Kris, Tom and Jeffrey will service accounts in the Southern California area. Tamara works in Northern California and the San Diego area. “Each of these individuals has a service-first mindset along with outstanding TPO and correspondent skills fit for today’s market,” Regional Sales Manager Al Gruzdis says. “We’re excited to add these lending pros to our very strong sales team.” To meet and work with our new Sr. Account Executives, please contact Visit to learn more.

MortgageFlex Systems believes in the power of integrations and adding value to its lenders. Most recently, a MortgageFlex customer implemented MortgageHippo, a digital POS lending platform. Verity Credit Union wanted to maximize conversions and increase efficiency. MortgageFlex Systems was happy to help them by providing this efficient solution while offering lower costs. Now MortgageFlex is working with MortgageHippo to offer a best of breed partner approach with bundled costs. MortgageFlex is more than a vendor. We are a partner who wants to see you succeed. Our lenders are closing more loans per FTE per month (3.5) to be exact. Let us add more to your lenders while lowering your cost to originate. If your tired of a system that isn’t customizable or reliable reach out to us! or 904-356-2490. We’d be happy to discuss an efficient solution.  

Caliber Home Loans, Inc. is excited to launch its Nationwide High Balance Fixed Rate Mortgage today. The high balance loan program offered by FNMA/FHLMC is great for high-cost markets on the coasts, but doesn’t solve a growing need in other states and markets. Until now, customers outside of defined high cost markets are forced to select a Jumbo loan product. Customers seeking a loan amount between $484,351 and $726,525 now have another choice with Caliber! The FNMA/FHLMC high balance product will continue to be available in eligible markets at Caliber.

PHOENIX recently completed an asset sale on behalf of Nationwide, comprised of $750M+ FNMA/GNMA/PLS MSRs, $46.5M GNMA EBO Whole Loans and $7.3M Scratch & Dent Whole Loans. This transaction superbly highlights the depth of our team’s experience and capabilities. PHOENIX Mortgage Services completed pre-sale due diligence, which enhanced our Whole Loan and MSR trading desks in carrying out a sale that successfully liquidated the portfolio with no fallout.

Prime Mortgage Lending, Inc transitions to GoPrime Mortgage, Inc. on June 1, and the “go” in our new name simply emphasizes our dedication to taking action for our clients and our employees. The same company, the same unbeatable service, the same dedication to the best back-office support and top-notch technology – GoPrime Mortgage, Inc. will continue to go above and beyond for our team members so they can stay focused on delivering extraordinary service to their clients. We are thrilled to take the next step in customer service and community connections as GoPrime Mortgage, Inc. For more information about our new look, please visit our blogs at”

Todd Duncan’s High Trust Company proudly announces Morgan Stanley’s Vice Chairman and Managing Director, Carla Harris, as the Sales Mastery 2019 keynote speaker. A powerful businesswoman and passionate speaker, Ms. Harris is responsible for increasing client connectivity and penetration, enhancing revenue across Morgan Stanley. She is committed to providing you with tools, strategies, and pearls of wisdom honed by her extensive experience. For nearly 30 years, Sales Mastery has been equipping professionals like you with powerful tools, experience-based insights, and clear strategies that help you make more money, impact more people, and enjoy a more balanced and rewarding life. Come learn from Carla Harris and a host of other impactful guest speakers at Sales Mastery 2019, the #1 life-changing event in the financial services industry. Become FIT! FAST! FORWARD! You owe this to yourself, your family, and your team. Learn more and secure your spot TODAY!

Regulatory Chatter

Contrary to what some believe, the CFPB has not gone away, and in fact is very active – just not in the headline-grabbing enforcement actions and penalties. Automated valuation models? Yup. On May 22, the Office of Information and Regulatory Affairs released the CFPB’s spring 2019 rulemaking agenda. According to a Bureau blog post, the information presented represents regulatory matters it “reasonably anticipates having under consideration during the period of May 1, 2019, to April 30, 2020.”

Residential lenders are particularly interested in what the CFPB is doing in terms of Property Assessed Clean Energy Loans (PACE). On March 4, the Bureau published an advanced notice of proposed rulemaking (ANPR) and request for comments in response to Section 307 of the Act, which amended TILA to mandate the CFPB propose regulations related to PACE financing. The regulations must carry out the purposes of TILA’s ability-to-repay requirements, and apply TILA’s general civil liability provisions for violations. Buckley LLP did a write up about it.

HMDA/Regulation C is on the table. On May 2, the Bureau issued a notice of proposed rulemaking (NPRM) to raise permanently coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the HMDA rules. Specifically, the NPRM would raise permanently the reporting threshold for closed-end mortgage loans from 25 loans in each of the two preceding calendar years to either 50 or 100 closed-end loans in each of the preceding two calendar years.

So is the Debt Collection Rule since earlier this month the CFPB issued a NPRM to amend Regulation F, which implements the FDCPA, covering debt collection communications and consumer disclosures and addressing related practices by debt collectors. The Bureau reports that the NPRM “builds on research and pre-rulemaking activities regarding the debt collection market, which remains a top source of complaints.”

Why should originators care? Let’s take a deeper dive on one issue. On May 7 the CFPB issued proposed rules under the Fair Debt Collection Practices Act (FDCPA) and its authority under the Dodd-Frank Act, potentially the first substantive regulations for debt collection practices since the FDCPA was enacted in 1977. But why is this important for LOs to know? The Proposed Rules would clarify the application of the FDCPA to current market conditions, most notably by permitting the use of text messages, emails, and social media to communicate with debtors.

At the same time, the Proposed Rules would address concerns about traditional means of communication, such as phone calls and voice mail messages; interpret and apply prohibitions on harassment or abuse, false or misleading representations, and unfair practices in debt collection; and clarify requirements for certain consumer-facing debt collection disclosures. To provide small financial institutions permanent relief from expanded Home Mortgage Disclosure Act (HMDA) requirements, CFPB has also proposed to permanently raise the loan thresholds for open-end and closed-end lines of credit, seeking industry feedback on the costs and benefits of the expanded data collection requirements mandated by the 2015 HMDA rule.

The CFPB proposes to amend Regulation F, 12 CFR part 1006, which implements FDCPA and currently contains the procedures for State application for exemption from the provisions of the FDCPA. The Bureau’s proposal would amend Regulation F to prescribe Federal rules governing the activities of debt collectors, as that term is defined in the FDCPA. The Bureau also proposes that FDCPA-covered debt collectors comply with certain additional disclosure-related and record retention requirements pursuant to the Bureau’s rule-making authority under title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Proposed rule provisions that rely on the Bureau’s Dodd-Frank Act rule-making authority generally would not require FDCPA-covered debt collectors to comply if they are not collecting debt related to a consumer financial product or service.

Capital Markets

The media, and apparently traders, continue to be focused on the United States/China trade talks. Rates are near their lowest yields of 2019 (including the 10-year closing yielding 2.32%). Comments from President Trump did not close the door on a potential trade deal with China – we’re always waiting for more comments. Reports from China suggesting there are no current plans for a meeting between the leaders of the countries. Economic data showed durable goods orders for April revealed a deceleration in business spending during the month after a smaller than previously estimated increase in March. International news of note included announced expectations the Reserve Bank of Australia will cut rates three times this year, Japan's Prime Minister Shinzo Abe is reportedly considering a visit to Iran in June, and British Prime Minister Theresa May’s announced resignation (which doesn’t change the EU's position on Brexit).

This holiday-shortened week has a lot of news and a few Fed speakers. Kicking off today’s calendar will be March home prices from FHFA and S&P/Case-Shiller figures in a couple hours. Later in the morning is May consumer confidence followed by the Dallas Fed Manufacturing Index for May. Tomorrow has a light calendar before markets really take note on Thursday with the release of the second estimate of Q1 GDP. We begin today with Agency MBS prices are up .125 versus Friday and the 10-year yielding 2.29% on global economic nervousness.



PHH Mortgage is searching for someone to lead its Lending Technology business as Head of Lending Technology. The successful candidate will have deep technology experience with an emphasis on Mortgage Platforms and will have extensive experience with core lending technologies including Encompass, Velocify, Compass Analytics, Marketo, and telephony systems. This results-driven Leader will be an innovator and be able to provide both big picture strategic leadership and day-to-day management to a talented team of tech professionals, and will execute on initiatives in collaboration with the Executive Leader of HomeLoans and report directly to the Chief Information Officer. This position will be located in Mount Laurel, NJ. Interested candidates may send their resumes & questions to Heather Nehmer or visit to view the full job description.

For LOs looking for a new home, Mortgage Unlimited, recently named by the National Mortgage News as one of 2019’s Best Mortgage Companies to work for, has partnered with Mortgage Coach to become one of its Enterprise accounts. “This collaboration between our two companies is a game changer!” said Justin Tagliareni, CEO at Mortgage Unlimited. “Not only does Mortgage Coach ensure we live by our Mission Statement to Love, Educate and help families prosper. It also allows us to expand our Sustainable Lending Platform and create clients for life. Mortgage Unlimited, L.L.C. is a family owned mortgage lender in existence for over 30 years and headquartered out of Garfield, NJ. Our company proudly recognizes our moral and ethical responsibility to protect the financial well-being of the families and communities we serve and reinvest a portion of our profits back into the local communities through charities and non-profit organizations. We use technology to make a more personal connection and a lifelong relationship with the families we serve.”

SocialSurvey, the leader in online presence and reputation management, has experienced explosive growth in the mortgage vertical and is just getting started and has an immediate need for a Director of National Sales to continue that growth and lead the expansion into credit unions, banking, title, and servicing. This position will also be responsible for developing and driving opportunities with larger, key accounts. Candidates must have a proven background in developing go-to-market strategies and leading sales teams in an enterprise SaaS environment. This is a unique opportunity for a proven SaaS sales leader. Are you ready for a bold move? Send confidential resume and contact info to Gaby Esposito.

Mortgage Investors Group recently announced that Gary Royal has joined its team to oversee the mortgage lender’s growth in new markets across the Southeast region. As MIG’s new VP, Southeast Regional Production Manager, Royal will lead the Knoxville-based company’s efforts to expand its retail presence outside of Tennessee, where it has been the top residential mortgage lender for more than a decade. The expansion includes opening branches in select markets across the Southeast, including FL, GA, AL, NC, & SC. Coinciding with the expansion, MIG unveiled an updated logo and fresh tagline to mark its 30th anniversary. The new modern, simple and sophisticated logo boasts a brighter green, while other aspects of the updated brand will guide the company in its growth into new markets. The firm has nearly 400 employees in 26 branch locations across Tennessee and is excited to be expanding. Interested Branch Managers and Loan Officers should contact Gary Royal (404-376-4320).

As Academy Mortgage's national footprint grows, the independent lender recently announced the addition of two Regional Sales Leaders. Jed Rudd joins Academy as its Mid-South Regional Sales Leader. Jed is a passionate leader who thrives on building energetic and top-performing teams. He brings to Academy a wealth of experience and most recently served in leadership at Guild Mortgage. Jed is a Veteran of the U.S. Air Force. Mark Deitz is now Academy’s Mid-Atlantic Regional Sales Leader. Coaching and helping Loan Officers build successful careers are most important to Mark. He is an experienced mortgage professional and previously held leadership positions at EagleBank and First Savings Mortgage. With their demonstrated expertise in growing market share and leading award-winning teams, Jed and Mark will play key roles in helping Academy’s Sales Teams achieve their Potential. Contact Chad Melin, VP of National Business Development, if you're interested in learning from Academy’s strong leaders.