Traffic is already bad out there! Here’s a sign on a beekeeper’s truck: “If you see me running, things have gone poorly, and you should run too.” Life throws us plenty of surprises, and has plenty of non-mortgage stuff. Thank you to Jeremy P. for passing along this article on the “50 Oldest Restaurants in Each State.” Did you know that America’s top hundred landowners now control an area as large as the state of Florida, and that their accumulation of property has increased by fifty percent since 2007? While we’re on land and its use, Indiana’s Carol K. reminded me that self-storage is a notably American phenomenon: 90% of the world's self-storage inventory is in the U.S., about 1 in 10 US households are customers, and self-storage units take up 1.9 billion square feet, roughly 33-000 football fields. (Today’s audio version of the commentary is available here, this week’s is sponsored by Shamrock Home Loans and features an interview by me of CEO Dean Harrington discussing how Shamrock communicates with its workforce with an emphasis on morale.)

Lender and Broker Products and Services

Seeing is believing, as they say in the glass business. When you look at lender rates every day, you’ll see one brand is consistently at the top: Interfirst. Interfirst’s loan programs are accessible through many widely used mortgage product and pricing engines including Loan Sifter and Mortech: Just login to your account and see for yourself. Full details are available to mortgage professionals through our own high-rated InterfirstClient Portal. if you are a broker looking for a competitive price advantage or a new lender option, apply here. For more information, go to the Interfirst Wholesale webpage or contact Mike Tague 541.280.5674 or Casey Nunn 704.680.2362.

Looking to offer your clients more options? LendingHome now offers rental interest-only loans and lowered pricing on all rental products to help you grow your business. With competitive rental interest rates as low as 3.875%, 80% LTV, and 640 FICO, you can increase your pipeline and attract high-performing real estate investors. LendingHome utilizes cutting-edge technology to simplify the loan process and partners with you to create a superior loan experience for all levels of investors. Get started by becoming a LendingHome partner and utilize our Broker Program incentives such as YSP on all bridge and rental products. Come learn more and price out a loan today!

In today’s mortgage market, you need a warehouse lender that’s laser-focused on you, not themselves. Flagstar Bank is that lender. Throughout last year’s record-setting market, Flagstar prioritized clients’ funding needs, while other warehouse banks pulled back. How? By extending lines, at normal rates and terms, where clients needed them. And by extending capacity to meet extraordinary funding demands at peak times, Flagstar helped clients meet their obligations at the closing table, time after time. Valuing clients and building new relationships is Flagstar’s Human Interest Rate in action. And it’s why Flagstar is one of the largest mortgage financing providers in the nation, with a commitment to clients that will only grow. Contact Jeff Neufeld or Joe Lathrop to discuss what Flagstar can do for your business.

Attention brokers: Lakeview wants to help you make your clients’ dreams come true. Our suite of Jumbo products makes it that much easier for borrowers to qualify for their dream home. Our products offer a variety of simplified solutions and industry leading pricing. But don’t just take our word for it – search “Community Loan Servicing” in your pricing engine to see our competitive rates. Contact our expert team of Account Executives today to learn more.

Nationwide Abstrax, LLC (NAX) chooses Digideck cloud-based presentation platform to complement its sales & marketing efforts. Nationwide Abstrax (NAX), is an InsurTech National Title Abstractor performing title search and title processing tasks for Title Insurance Companies, Title Agents, Attorneys, and other Abstractors.  Andrew Michelson, EVP & Chief Operating Officer for NAX, commented, "We wanted a platform that sets us apart from our competition, helps tell our story, share our value and make a great first impression. Along came Digideck, a cloud-based platform with the ability to bring rich multimedia into our presentations with backend analytics. Digideck has been a game-changer for prospecting, business reviews, highlighting key services, and client meetings. (Get your sneak peek of Digideck here.) We have put the platform to use, and it has helped capture new business for us yielding a strong ROI." Check out NAX's Digideck: Why NAX Digideck "click here."

Agency Changes

Fannie’s trading desk reminds us that starting next week all whole loans secured by investment properties must be purchased against the Investment Property commitments in Pricing & Execution-Whole Loan® (PE-Whole Loan). Loan Delivery will allow whole loans for investment properties to only be delivered against a 30yr or 15yr investment property PE-Whole Loan commitment. If an investment property loan is delivered against another commitment type (e.g. 30-Year Fixed Rate, 30-Year Fixed Rate - 110k Max Loan Amount, etc.) a fatal edit will occur.

Fannie Mae Area median incomes (AMI) for 2021 will be implemented in Desktop Underwriter® (DU®) during the weekend of June 5. Approximately 77.5% of counties are seeing an increase, allowing for more borrowers to qualify in those areas. Read details in the Selling Notice.

Watch the Noble Appraiser and friends vanquish myths about Fannie Mae’s policy on appraisal adjustments using scenarios appraisers face every day. View the Adjustment Myths of Anguish video or See the entire Noble Appraiser video series.

Fannie Mae posted the May Appraiser Quality Monitoring (AQM) list. Visit the Appraiser Quality Monitoring page.

On June 17, Fannie Mae will update the Servicer Expense Reimbursement Platform with a new line item and subcategory for credit report fees in the General Services category.  Read the release notes

Wells Fargo Funding removed its tax-related documentation overlay for self-employed borrowers on conventional Conforming Loans. Sellers must now follow Fannie Mae or Freddie Mac requirements.

PennyMac Correspondent Group has posted a new announcement 21-38: Fannie Mae LL 2021-09 and Freddie Mac Bulletin 2021-13 Revised QM Rule.

As the temporary flexibilities related to Verbal Verification of Employment for wage earners due to the COVID-19 pandemic roll back, Sun West Mortgage Company, Inc. updating its guidelines for Conventional loans (Fannie Mae and Freddie Mac loans) with an application date on or after May 1, 2021, reinstating verbal verification requirements.

FHFA published First-of-its-Kind Comprehensive Dataset on Mortgage Risk from 1990-2019.

The data included in the revised working paper leads researchers to challenge some long-held assumptions about the impetus of the 2008 financial crisis. The paper was written and researched by William Larson of FHFA, Morris Davis of Rutgers University, Stephen Oliner of the American Enterprise Institute, and Benjamin Smith of the University of Pennsylvania. Those interested in reading more, Link to the paper and data tables.

MWF Wholesale posted Bulletin 21W-035 regarding GSE Loan Eligibility Changes due to Amended PSPA and Revised QM Rule.

Various requirement updates were posted by FAMC Correspondent. Refinance Seasoning LPA on Conventional Conforming Products - The mortgage being paid off must have a Note date no less than 30 days prior to the Note date of the new loan. Long-Term Disability Income, LPA - Lenders may follow the future long-term disability income flexibility for income commencing after the first payment due date as outlined in the Freddie Mac Selling guide. Retirement Account Distributions Income, LPA - Lenders may utilize the flexibility for calculating the three-year continuance in aggregate (cumulative across all eligible retirement accounts) per the Freddie Mac Selling guide.

Recent Freddie Mac Guide updates, effective June 21st, that permit the sale of Home Possible Mortgages that are Seller-Owned Modified Mortgages, including those that are underwritten through LPA Seller-Owned Modified Mortgages are ineligible for purchase by AmeriHome. Additionally, Freddie Mac is no longer requiring Lenders to receive Freddie Mac’s written approval to sell Community Land Trust Mortgages to Freddie Mac. Community Land Trust mortgages are also ineligible for purchase by AmeriHome.

Effective immediately, Fairway Wholesale Lending improved 2nd home & Investment adjustment by .25% for a new price adjustment of .75%. Also noted, effective for all Non-Agency AUS loans on and after 05/10/2021, including loans in process, Fairway Wholesale Lending has made the following updates: 20 Year Amortization is available, borrowers with any gaps of employment > 30 days require at least a letter of explanation. A six (6) month satisfactory payment history from the applicable loan being out of forbearance is required for all properties owned.

Capital Markets

It seems like bond traders have already headed for Long Island as Thursday was a quiet day. Headlines, which went largely ignored, included a steady slide in the overnight futures market, President Biden calling for $6 trillion in spending for fiscal 2022, the day’s $62 billion 7-year note auction that was met with strong demand (a trend this week), and the increased utilization of the Fed's reverse repurchase facility. Economic data on the day showed an unchanged second estimate for Q1 GDP at 6.4 percent, strong but backwards looking. The personal consumption expenditures index, which is the preferred inflation index of the Fed, rose 3.7 percent in Q1 and 2.5 percent excluding-food and energy, above the Fed's 2 percent target.

April pending home sales from the National Association of Realtors showed a drop due to the impact of competition for low home inventory and the upward pressure on home prices. Homebuilders have also been facing escalating costs. This week’s Freddie Mac Primary Mortgage Market Survey saw the 30-year fixed rate fall 5 bps to back below 3.0 percent, at 2.95 percent. Despite the MBA reporting forbearances decreasing, Black Knight reported another week of increases: forbearance volumes rose by another 16k, only the third overall increase over the past 12 weeks.

Today’s month-end calendar is busy and includes some first-tier data already out with April personal income and spending (-13.1 and +.5 percent), core PCE prices (+3.6 percent for the year), and the goods deficit ($85.2 billion). All were expected to show large year-over-year distortions from 2020 due to base effects. We’ve also seen wholesale and retail inventories (+.8 and -1.6 percent, respectively). Later this morning brings Chicago PMI for May and final May Michigan sentiment ahead of the long Memorial Day weekend. Today sees just one MBS purchase operation with the Desk purchasing up to $3.2 billion UMBS30 2 percent and 2.5 percent. Speaking of the Fed, the Desk released a new MBS purchase schedule yesterday afternoon that covers the May 28 to June 11 period which totaled $54.5 billion, as expected, and featured no changes to the agency and coupons versus the prior schedule. Friday, with its early bond market close, starts with Agency MBS prices and the 10-year unchanged, yielding 1.61 percent despite the gobs of economic numbers.

Memorial Day is a federal holiday in the United States for remembering the people who died while serving in the country’s armed forces. But this is news from a few years ago of a different sort. After 70 years, WWII ‘Memphis Belle’ gunner Air Force Master Sgt. Melvin Rector, 94, revisited Britain, and died quietly there. “U.S. Air Force Master Sgt. Melvin Rector long carried Britain in his heart after he helped defend it during World War II, but 70 years passed without him stepping foot in the country. The 94-year-old finally decided to leave his home in Barefoot Bay, FL to visit Britain via the National World War II Museum in New Orleans’ travel programs through which interested parties can visit certain sites of the war.” Give more than a passing thought to those who gave their lives for us.



Mann Mortgage has an immediate opening for a Construction Loan Assistant and a Construction Loan Administrator in its MannMade Construction division. The primary responsibilities, of both positions, will be to support the efforts of the Construction Loan Department to ensure smooth transactions and process flow for all construction loans. This individual will be responsible for timely and accurate data entries into the loan software program, interaction with BUILT, management of Mann Mortgage’s construction loan pipeline, assisting with builder and project approvals, supporting contractor and builder relationships, and will at all times possess a high level of attention to detail in daily tasks. Remote work acceptable with proven work experience. Contact James Hedvall, Chief Capital Markets Officer.

Axos Bank does all the things that no one else can do! Most “Non-QM” lenders cap at $3 million but not us, we go all the way up to $30 million (larger loan amounts considered)! No Limit on Cash Out. Cross-Collateralization, bridge loans, and pledged assets. Cryptocurrency now considered! Email to learn more! Our Warehouse Lending Program can help you maximize your revenue opportunities with our residential lines of $20MM to $175MM. Have a commercial real estate lending needs? Axos Commercial Lending offers financing solutions for Small Balance Commercial Real Estate, Commercial Real Estate Specialty Bridge and Constructions Lending. Axos is also looking for Wholesale Account Executives to join our team! Click here to apply to work at a bank that has the most aggressive super jumbo Non-QM lending! Why would you want to work anywhere else?”

Wholesale lending: better for you, better for your borrowers. Take charge of your career by becoming an independent mortgage broker or loan officer. With unlimited earning potential, control over your schedule and the ability to work with multiple lenders, you’ll discover valuable benefits that retail lending can’t offer. You’ll have access to the industry’s latest technologies and the flexibility to offer your clients more loan options, lower rates, and lower monthly payments. Do more to improve the lives of your borrowers, while enriching your own life with newfound success. Find out more at

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 AEs 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.

“We’re looking for a candidate with leadership experience in to fill an Underwriting Team Lead position and lead a team of 10-12 underwriters. The ideal candidate will have experience building out a team from the ground up, be a solution-oriented thinker who looks for ways to solve problems and prevent them from happening and likes working in a collaborative team environment. This role requires good communication skills and an ability to be a systems thinker to identify and implement technology-based solutions. If interested, please send your resume to Chrisman LLC’s Anjelica Nixt and specify this opportunity.

The Mortgage Bankers Association (MBA) spread the word that it has two new Associate Vice Presidents: Alden Knowlton of Legislative Affairs and Rachel Kelley of Political Affairs. Alden is charged with advocating on behalf of MBA's legislative and policy priorities on Capitol Hill, with a primary focus on Democratic members of the U.S. House of Representatives. Rachel Kelley will succeed Knowlton and assume the job of leading and managing MBA's political advocacy efforts via MAA, MORPAC, and MBA’s National Advocacy Conference. (The MBA is hiring a Director of Member Engagement to add to MBA’s dynamic team.)

And Cherry Creek Mortgage announced that David Arnett has been promoted to Chief Marketing Officer.