As lenders are working on adjusting margins, best-ex, and staffing, while at the same time relieved that rates haven’t gone up and pipelines are motoring along, the industry continues to consider the ripple effects of Director Mark Calabria’s departure from running the FHFA, ergo Freddie and Fannie, and the news of the nominee Sandra Thompson contained in this statement. (And quite the bio!) Sasha Hewlett, Director, Secondary & Capital Markets with the Mortgage Bankers Association, wrote, “We have priorities for new incoming leadership that include things that can ease the disruptions caused by the PSPA issues. That being said, while there are immediate steps we'll be asking new FHFA leadership to take to alleviate the market disruptions, any actual revisions to the PSPAs are expected to take at least a few months.” But wait! Nominated for assistant secretary of HUD is acting Consumer Financial Protection Bureau Director Dave Uejio. And HUD doesn’t want to be left out: President Biden announced that he intends to nominate Julia Gordon to be the next Federal Housing Commissioner at the U.S. Department of Housing and Urban Development. With or without lending experience (and some argue that there is enough bureaucracy in some backgrounds already, change is afoot. Speaking of change… today’s audio version of the commentary and is available here and is sponsored by Candor Technology, offering a dynamic underwriting engine that eliminates underwriting bottlenecks.

Lender Products and Services

Brainpower, not Manpower. In the time it takes to read this sentence, Candor will have conducted hundreds of hands-off underwrites, with full credit risk assessment, and decision to lend. How? Candor Automates Thinking. Nothing can do what Candor can do.

Comerica Bank is synonymous with warehouse lending. The team at Comerica is committed to understanding and customizing warehouse solutions for its customers as well as addressing the needs of business owners. At Comerica, warehouse lending is a strategic, growth business that is part of a much-larger, diversified business banking strategy. That approach has helped Comerica consistently serve the needs of mortgage bankers since the 1960’s. With lines of credit up to $100 million, Comerica is proud to serve a broad spectrum of mortgage companies across the country. To see how Comerica tailors warehouse solutions to support your company’s strategy and goals and how Comerica Bank can raise your expectations of what a bank can be, contact Von Ringger at (313) 222-9285 or Trey Worley at (214) 462-4279. Member FDIC. Equal Opportunity Lender. Loans subject to credit approval.

Did you know the classic mimosa recipe calls for 50/50 orange juice and champagne? Today, most mimosas are made with 10% OJ for just the right balance of sweetness and booze. Speaking of a sweet 10%, John Kresevic of JFQ Lending attributes 10% of his monthly volume to Sales Boomerang! “Sales Boomerang converts just as well as inbound phone calls we receive. I have LOs that only work Sales Boomerang leads, and my ROI is in the 20-30X range. My expectation now is that 10% of my $275M monthly loan volume comes from Sales Boomerang.” Overall, lenders using Sales Boomerang see an average 20-40% lift to loan volume. Now that’s toast-worthy! Are you looking for a single tool that can impact your volume significantly each month? Contact Sales Boomerang today.

Merchants Bank of Indiana recently introduced our Correspondent Lending FHA product offering and is now purchasing FHA loans on both a Non-Delegated and Delegated basis. As a proven leader in Warehouse Lending, Merchants has been growing our Correspondent platform over the last few years. Adding FHA lending as a product offering is a natural progression for Merchants. With deep roots in affordable housing via our multifamily finance subsidiary, Merchants Capital, Merchants is pleased to expand into purchasing single-family residential FHA loans to further enhance our Correspondent lending menu. To learn more about Merchants Bank of Indiana’s Correspondent lending platform, contact Rob Wilson, Vice President. 

Agency Changes

Scott Olson with the CHLA shot over a note. “Sandra Thompson is now Acting Director of the FHFA and CHLA congratulates her on her position. With that, neither she nor Treasury Secretary Yellin had anything to do with the restrictive PSPA caps on certain types of Fannie/Freddie loans, so Wednesday night CHLA sent a letter to both of them asking them to immediately suspend these caps. As we argue in our letter, caps on loans to underserved borrowers and investor loans are completely contradictory to the Administration's push on racial equity in homeownership, and run counter to all the policy and financial actions taken to provide more flexibility in response to the COVID crisis.”

Fannie Mae’sYour Own Story” is a campaign designed to increase consumer knowledge with facts and figures that dispel myths about what it takes to achieve sustainable homeownership. Breaking down the path to homeownership in seven interactive steps, including the basic requirements necessary to qualify for a mortgage, factors to consider when choosing a home, and the responsibilities of homeownership. Potential homebuyers will also find strategies for saving money for a down payment; ways to improve low credit scores; an affordability calculator to estimate a maximum home purchase price based on current expenses and income; the different types of loans; and much more. To explore the “Your Own Story” resources, visit

Fannie Mae updated RefiNow™ Lender Letter in (LL-2021-10) to clarify existing subordinate debt may be refinanced in connection with a RefiNow loan with certain requirements; payments missed during a COVID forbearance are not considered historical delinquencies if the missed payments have been resolved in accordance with Lender Letter LL-2021-03; and base income documentation that complies with existing Selling Guide requirements is permitted.

Fannie Mae issued LL-2021-12, Advance Notice of Changes to Investor Reporting Processes and Systems, which alerts servicers to upcoming changes that will simplify and streamline servicer reporting. The changes will be phased in beginning September 2021.

Lenders can use Fannie Mae’s new coverage calculator to determine the minimum flood insurance coverage required by Fannie Mae for 1- to 4-unit properties, PUDs, detached condominiums, attached condominiums, and co-ops.

Effective for all Best Effort commitments taken on or after June 21, 2021, PennyMac will update the Best Effort rate sheet to reflect values on the Conventional ‘Second Home’ LLPA.

Penny Mac posted information regarding the Fannie Mae policy on direct Desktop Underwriter licenses in Announcement 21-44.

Flagstar Bank has implemented the new Fannie Mae RefiNow program: announcement 21079. Flagstar will require all Agency loans with application dates on or after July 1, 2021 to comply with the Revised General QM Rule which include the new requirements detailed in announcement 21080. And Flagstar, via announcement 21078, updated information to the existing Agency State & Loan Amount MSR and Escrow Waiver loan level price adjustments effective for new locks as of Friday, June 18.

In this loanDepot Weekly Announcement, topics of discussion include Calyx Integration, Boarder Income and Homebuyer Education information in the loanDepot Conventional Lending Guide, Freddie Mac updates and reminders, underwriting updates for Arch MI, and the use of VA Form 26-1802a.

Capital Markets

Rates are plain ol’ stuck in a rut. The yield on the 10-year risk-free Treasury Note seems very content at 1.49 percent. Nonetheless, we did have a day of mixed economic data yesterday. Initial jobless claims decreased by 7k to 411k, which was higher than the expected 380k figure. On the bright side, continuing claims, at 3.39 million, were the lowest since March 21, 2020. Durable goods orders increased 2.3 percent month-over-month in May, not as much as expected. Finally, the third estimate for Q1 GDP was unchanged at 6.4 percent, as expected, while the third estimate for the GDP Price Deflator was also unchanged at 4.3 percent, as expected. The day's $62 billion 7-year note auction was met with much better demand than Tuesday's 2-year note offering or Wednesday's 5-year note sale. And in Washington, President Biden reached a tentative agreement with a bipartisan group of senators on a $579 billion, 5-year infrastructure plan.

Freddie Mac informed us yesterday that 30-year mortgage rates broke above 3 percent for the first time since mid-April after rising 9 bps versus the prior week. Separately, Black Knight reported that the number of active forbearance plans edged slightly higher (+1k) this week, continuing what’s become a common trend of marginal mid-month increases. Even so, the population of 2.06 million (3.9 percent of) homeowners that remain in COVID-19 related forbearance plans is down 6 percent from the same time last month.

Today's calendar is under way with personal income and spending for May (-2.0, unchanged, respectively), as well as PCE prices and the Core PCE Price Index (+.5 percent in May). Later this morning brings final June Michigan sentiment and a heavy slate of Fed speakers. The NY Fed Desk, charged with buying and selling securities for the Federal Reserve, will conduct the last two operations on the current schedule which total $4.1 billion. In the afternoon, the Desk will release a new schedule covering the June 28 to July 14 period which is expected to total $4.5 billion per business day. We begin the day with Agency MBS prices unchanged and the 10-year yielding 1.48 after closing yesterday at 1.49 percent.


Ocwen Financial Corporation and its primary brands, PHH Mortgage and Liberty Reverse Mortgage are rapidly growing and are hiring for several key leadership roles: Mortgage Lending & Capital Markets Accounting DirectorDirector, Mortgage Servicing Tax and Escrow AdministrationDirector, Mortgage Finance (Third Party Originations)Treasurer, Mortgage Finance, among others. The excitement at Ocwen is growing every day with strong growth, many new client signings, and new career paths across the entire mortgage lifecycle. All of these positions are open to any location across the continental US. Interested candidates may send their resumes & questions to Wendi Snyder or visit to view the full job descriptions.

“First International Bank and Trust (FIBT) has been recognized as one of the region's 50 Best Places to Work by Prairie Business Magazine seven years in a row. Our Mortgage Division continues that tradition of excellence with the launch of its new technology that simplifies the application process through a single sign-on, single source of truth, with an API-connected platform. “We are grateful for the continued focus and support of Mortgage here at FIBT. This new technology will allow our mortgage team to enhance our already stellar customer experience while attracting new customers and Mortgage teams to the FIBT family,” beamed Mike Mulwani, Director of Mortgage. Contact Mike directly to learn more about joining the team. Equal Housing Lender, Member FDIC.

ESL Federal Credit Union is seeking Mortgage Originators to join our growing external team in Rochester, NY. With more than 378,000 members, great rates, and an efficient loan closing process, it’s easy to offer our mortgage products. Combine an excellent compensation package and that we’re a Great Place to Work® and we believe you will want to belong to something bigger too. Apply today at or email Katie Scott today. ESL is committed to diversity, equity, and inclusion. We strive to create an inclusive, respectful, and equitable environment. We are an Equal Opportunity Employer. Minority/Female/Disability/Veteran.

ClearEdge Lending continues to thrive in 2021. Not only are we experiencing a record year, but we’ve also doubled our team size and we’re not slowing down. ClearEdge Lending has expanded its sales reach by adding 12 new Account Executives within CA, CO, FL, GA, NJ, NC/SC, and OR as well as 25 new Operations and Credit support positions. We are actively seeking talented, Account Executives to join our team in AZ, CA, MD, PA, TN, UT, and WA as well as other US regions. ClearEdge Lending is also seeking candidates for VP of Product Development, Loan Account Manager, Loan Set-Up Coordinator and Due Diligence Specialist. ClearEdge Lending offers an extensive and innovative portfolio of Non-QM products and specialized mortgage solutions and is backed by a diverse team of experts. Come build your career with one of the fastest growing Non-QM lenders by emailing ClearEdge Careers or view our open positions here.”

Shamrock Homeloans is now licensed in Indiana, Louisiana, Alabama, and Illinois, with new branch offices on boarding in Virginia and Southern Illinois. "This, in addition to our expansion into North and South Carolina, Georgia and Tennessee, it furthers our growth strategy to attract regional sales leaders who desire a broader role in a company than simply being a branch on a spreadsheet", says Rick RoqueCorporate Vice President at Shamrock. "If you want to understand why Shamrock Home Loans is one of the fastest growing mortgage lenders in the US, you need only to listen to Crystal Gosselin from our new office in North Atlanta, Georgia. From her ad-agency quality video we produce for all of our loan officers, she describes how Shamrock views every client as a spiritual family in need of our personal and financial counseling during a very confusing mortgage process". Join us by emailing,

275 basis points, 325 bps, Govie P&L model with rapid turn times! Recently named among Top 6 Best Large Mortgage Companies to work for by National Mortgage News, Geneva Financial Home Loans is filling Branch Manager and Loan officer positions in 45 states. Close in as little as 10 days. Large volume branches can opt for same-day underwriting with in-branch Ops option. P&L includes zero fees for credit reports, AUS, LOS, CRM, technology fees, employer taxes (commissioned employees), VOEs, 4506Ts, and warehouse costs. See why Geneva Financial has a 5-star Google rating with over 1,800 verified borrower reviews!