I don’t think I’ve ever made a call, in recent years, to any number that wasn’t “experiencing high call volumes…” Owners of lenders are certainly fielding plenty of incoming calls. Mergers and acquisitions, buyouts, and activity by special-purpose acquisition companies are driving a frenzy of bank deal-making this year, with activity worldwide on track to top 2015's record level. Companies announced M&A exceeding $1.8 trillion in the US and exceeding $3.6 trillion worldwide from January to August, according to Dealogic. M&A is a hot topic for owners, and is the subject of this month’s blog from the STRATMOR Group titled, current blog is, An M&A Snapshot.” Unfortunately owners are also fielding calls of a different nature. Rising buyback requests are an expected outcome from the historic flood of mortgage-backed securities issuance over the past five quarters. And while repurchase activity still represents a small portion of Fannie and Freddie business, 2021 is shaping up as the biggest year for seller buybacks since 2014. (Today’s audio version of the commentary is available here and today’s features a discussion between the two RCC’s on the current state of the industry and prospects for the autumn. This week’s is sponsored by Candor Technology. Lenders using Candor produce a high-quality loan that requires only 1 underwriter touch on 70% of loans.)
Broker and Lender Products and Services
OptifiNow, a leader in custom CRM platforms for mortgage lenders, announced major enhancements designed for wholesale and non-QM mortgage lenders. Support on Demand is a new module that enables wholesale lenders to create scenario request tickets that are automatically linked to broker accounts and contacts, enabling efficient ticket management and tracking. Bank statements and other documents can be uploaded directly to tickets, and the entire module can be customized to meet other needs, such as integration to pricing engines or other third-party systems. Automated Account Classification leverages OptifiNow’s comprehensive integration with LOS systems to automatically identify broker accounts that need attention or reassignment. Learn why lenders need a custom CRM and how it can create an innovative marketing advantage.
“Who else is getting excited for conference season? Come see how wemlo℠ (NMLS ID 1853218) is transforming the mortgage industry at the AIME Fuse Conference at the Bellagio in Las Vegas from 9/23-9/24. We’ll be in the Exhibit Hall on both days. Then, we’ll be back in Las Vegas for the NAMB National 2021 at Caesar’s Palace from 10/9-10/11, at Booth 204. We’d love to meet you! If you won’t be at either of these events, you can still learn more about how wemlo can help streamline the mortgage loan process and manage bigger pipelines by scheduling a virtual demo today.”
ActiveComply: BOSS Magazine names ActiveComply one of its Highly Recommended FinTech Companies in 2021! Boss Magazine’s August edition showcases how Nationwide Mortgage Bankers is leading the charge in innovating the mortgage process with technology partners like ActiveComply: “the ActiveComply social media monitoring tool keeps an eye on all of NMB’s social media sites and their sales and loan officers’ social media sites and provides feedback to ensure compliance.” Read the full piece here. ActiveComply makes it easy for the financial industry to manage regulatory compliance and brand reputation on social media. The cloud-based solution helps lenders meet both monitoring and archival responsibilities through automated compliance system technology: discover company and LO accounts related to your brand, examine profiles for NMLS IDs, Equal Housing information, and company specific disclosures. Ensure post content is compliant and flag for inappropriate or political terms (image scanning included). Visit activecomply.com today to learn more.
Familiar with the 80/20 rule? The idea is 80% of your results come from 20% of your actions. What’s the important 20% to drive repeat and referral business? Marketing automation. Imagine if each of your Loan Officers were actively engaging with prospects and past clients with proven and valued communications. Automatically. Learn how Velma solutions can help keep your customers yours.
To simplify the origination process, lenders should consider elevating their onboarding processes, too. If loan officers don’t know where to access information, it's likely that they’ll end up spending more time searching for information instead of focusing on core tasks. Capacity makes information from contracts, bank statements, loan applications, and guidelines instantly accessible so loan officers can easily increase customer satisfaction while minimizing errors. New hires can ask Capacity questions at any time, so they can get acquainted with the company and the processes whenever they have a question. Want to learn more? Capacity is a mortgage support automation platform, powered by artificial intelligence, that empowers mortgage professionals by connecting to apps, mining documents, capturing tacit knowledge, and automating processes. Request a demo.
“LoanStream Mortgage is running our Best Price Promise right now! Take advantage of our Non-QM Special: we will beat the rate or price from any competitor for all locked loans from 4/20 to 9/30. Plus, our 85% DSCR is here! 85% on Purchase/Rate and Term, loan amounts to $5 million and credit down to 620! View our matrix and rates here. Get in touch with LoanStream right now. Don’t wait. We are the ONE Lender that makes you the ONE to call. Restrictions apply so contact your AE today. Visit LoanStream for our great rates and programs.”
Business coaches have been telling LOs about calling their database forever. And it still doesn’t happen. If you’re a branch manager, this is costing you real money. If you ask LOs why they don’t make database calls, they’ll usually reply, “I’m too busy.” But if you look deeper, you’ll find fear of rejection leads to ‘call reluctance’, the real underlying reason. What can a branch manager do? Don’t make them search for phone numbers and loan data, give it to them! Then give them a reason to call, like a birthday or loan closing anniversary. A birthday call often results in a referral; sharing that info with the Realtor is great service. Any good CRM should provide the data. A SmartCRM™ will even tell LOs who is most likely to be in the new purchase or refinance market. Schedule your personalized demo to learn how Usherpa’s SmartCRM™ makes this easy!
Events Into Early October
The Indiana Mortgage Bankers Association State Convention is September 13th and 14th in Carmel, IN.
Join PIA Residential’s upcoming webcast, “Why Workforce Housing Remains the Most Investable CRE Asset Class" on 9/14 at 1PM ET. Key points will include Its Investment Thesis, Revisionist History, Target Market, and a comparative introduction to PIA Fund structures vs. its initial opportunities.
The Washington Mortgage Bankers Association is proud to present the 44th Annual Pacific Northwest Mortgage Lenders Conference, September 14th & 15th. This year’s virtual event of the PNMLC will feature important leaders from several areas of our industry: leadership, public policy, housing trends, and economics. Some of our featured speakers include Bob Broeksmit, CMB, President & CEO of the MBA, Kristy Fercho, Wells Fargo, Mark Palim, Fannie Mae, Kwame Donaldson, Zillow, and Ryan & Ryan of RE Source TV.
On September 16th: Every smart company is focused on diversity & inclusion. There's only one place for sales, operations, and real estate professionals: NAMMBA CONNECT. NAMMBA has added Executive Tracks for the C-Suite, Operations and Marketing Executives. Check out the agendas for the Sept. 16th-19th event which takes place at the Westin Buckhead in Atlanta, GA. There are over 100 sessions, 60+ exhibitors, and 30+ speakers to choose from.
MMLA has an interactive series on the basics of mortgage math, particularly those which tie to a regulatory requirement. Mortgage Math - Amortization & Interest is free to MMLA members, $20 each for MMLA non-members.
Carrington Correspondent’s FHA Manual Underwriting – Credit Fundamentals webinar is at 11AM PT. Carrington will unlock key factors that can trigger a downgrade to manual underwrite, Non-traditional credit options for borrowers without a credit score, Compensating factors, and how can they help with a higher DTI, and Parameters for working with derogatory credit events.
MBA has its CONVERGENCE Webinar Series from 1:30-2:15 ET to hear perspectives from City Hall on Affordable Housing. The Panel includes Bob Broeksmit, CMB (Moderator), MBA President & Chief Executive Officer. Vi Lyles, Mayor of Charlotte, NC. Jenny Durkan, Mayor of Seattle, WA. Marc Morial, President and CEO of National Urban League and former Mayor of New Orleans, LA.
Join MBAF for an Informative and Impactful Webinar - Hedging 101. In this educational session, Chris Bennett, principal of Vice Capital Markets, will cover what hedging entails, why a lender would choose to hedge, how hedging impacts other operational areas of a lending organization, and the role hedge advisors play in helping lenders manage this function.
Two weeks out is the Five Star Conference and Expo, September 19-20, at the Hyatt Regency in Dallas, TX.
The MISMO Fall Summit, Sept. 20-24, features compelling speakers focused on Achieving Interoperability: The Path Ahead. Key sessions include MISMO President Seth Appleton’s discussion with Board chair Kurt Pfotenhauer and other MISMO Board leaders, Bob Broeksmit’s “Executive Perspectives” panel with top lender executives, and Mike Fratantoni’s “Agency Perspectives” session with key reps from FHFA and CFPB.
The CoAMP Wire Fraud and Cyber Crime Class is on September 22nd. Speaker Peggy Pingel, Analyst for the Identity Theft and Financial Fraud Unit at the Colorado Bureau of Investigation will discuss how to protect yourself and your consumers from the hardship of Wire Fraud and Cyber Crimes. Cost for Members & Member Guests $25/per person. Future Members & Future member guests is $49/per person. Breakfast is included.
If you’re in Northern California, don’t miss this opportunity to complete this year's continuing education requirement in 1-day and in person with Guy Schwartz as your instructor. Only 50 lucky students will be permitted for this class. Register for this September 23rd live classroom 7+1 Hour SAFE NMLS Continuing Education Course to reserve your spot.
The AIME Fuse 2021 National Conference, the largest nationwide gathering of independent mortgage professionals in the country, is in Las Vegas on Friday & Saturday, September 24 & 25.
NAHREP is teaming up with L’ATTITUDE again to champion the Latino factor driving our nation’s growth. The agenda is live for 2021 NAHREP at L’ATTITUDE, in person Sept. 29 to Oct. 2 in San Diego, CA. NAHREP at L’ATTITUDE is a movement featuring engaging entrepreneurs, business leaders, professional athletes, politicians, and industry influencers. View the full speaker lineup here. Register Now online or RSVP on Facebook. Claim your spot and hotel room for 2021 #NAHREPatLAT!
Start registering today for the MBAC 65th Convention October 4-6 in Wilmington, NC at the Hotel Ballast. Yes, the 65th MBAC Annual Convention in Wilmington, NC is October 4-6 in person! Contact Robin Weyrens (704-557-0204) with questions.
The Modern Mortgage SUMMIT is on 10/6. This one-day virtual event features over twenty top producing loan officers: Learn the scripts and best practices of America’s most valuable and effective loan officers.
Registration is open for the 6th Annual Freddie Mac CONNECT virtual industry conference, October 5 - 6, 2021. RSVP now to save your spot.
The MBANJ Regional Conference of MBAs, "Simply The Best", is back and in-person on October 3rd -7th at the Hard Rock Casino Hotel in AC.
Tired of constantly picking up the phone to conduct TBA trading? Interested in generating more competitive quotes and improving your execution? Agile, a new fintech bringing mortgage lenders and broker dealers onto a single electronic platform, has formally announced the launch of its flagship request-for-quote (RFQ) platform. Agile’s new, browser-based way to quote MBS digitizes the process of buying and selling TBAs. As a result, Agile enables the user to efficiently generate more competitive bids compared to legacy phone-based processes, democratizing the TBA market for lenders and dealers both big and small. Agile was developed with direct feedback from market participants, resulting in a powerful platform that integrates smoothly with existing processes to support a fair, efficient, and transparent marketplace. Visit trade-agile.com to learn more, and sign up for the Agile newsletter for future releases, webinars, and educational articles.
Turning to bond news, there’s an old trading adage: don’t fight the Fed. James Bullard, president of the Federal Reserve Bank of St. Louis and a member of the Federal Reserve's governing board, said the central bank should start scaling back its bond-buying program, despite a decline in job creation. The Fed should shut down asset purchasing by the end of the first quarter, Bullard said. A tapering of Fed MBS purchases by the end of the year in theory should put some upward pressure on mortgage rates. The Fed's Beige Book for September noted that overall economic activity between July and August "downshifted slightly to a moderate pace" due to a slowdown in dining, travel, and tourism. And yet New York Fed President Williams said yesterday that while the pandemic is far from over, he expects the economy to continue expanding.
But are you feeling good or bad about the economy? We have the delta variant, the retreat of central banks from pandemic bailouts, a bustling stock market, and slower job growth as a telltale sign of a less-than-cheery economic snapshot. And thus we find rates where they are.
Today's busy calendar is already under way with the ECB’s latest statement (scaling back pandemic bond buying program) and President Lagarde’s press conference. Domestically, we are under way as well with weekly jobless claims (310k, a big drop from 345k). Later this morning brings Freddie Mac’s Primary Mortgage Market Survey and a Treasury auction of $24 billion 30-year reopened bonds. We also have several Fed speakers, including Chicago’s Evans, San Francisco’s Daly, Dallas’s Kaplan, Governor Bowman, and New York’s Williams. The Desk will purchase up to $4.6 billion of conventionals. We begin the day with Agency MBS prices unchanged from Wednesday evening as is the 10-year at a yield of 1.33 percent.
Careers and Business Opportunity
“Earn up to 70 bps! Let’s get straight to the point, BluePoint Mortgage is seeking experienced AEs specializing in non-QM loans that are looking to boost their compensation levels and close loans faster! We offer extremely competitive pay (up to 70 bps on non-QM), a flexible fun work/life balance, and a strong & diverse product offering. We are consistently ranked as a Top 10 Wholesale Lender Nationwide and home to Top Ranked Wholesale Account Executives, Scotsman Guide 2021. To learn more about the position reach out to Char Mangrello, VP of Human Resources.
There’s awesome. Then there’s OSSome. The good news is that when you choose to own a Motto Mortgage franchise, you can experience both. How? By offering One-Stop-Shopping homebuyers crave in today’s market. Whether it’s the leading-edge technology to guide their journey online, a powerful product mix with competitive loan options and rates or timely support, you can deliver everything your borrowers need and more. From ease to efficiency to effectiveness, a Motto Mortgage franchise could also help put you in demand and allow you to build YOUR own business instead of someone else's. When you’re equipped with the tools and support necessary for growth, the results could be “OSSome!” To take the next step toward Motto Mortgage ownership, email firstname.lastname@example.org today.
Planet Home Lending welcomes two new branches focused on Central Florida, Puerto Rico, and Southern Georgia: Lake Nona and Lake Buena Vista. Area Sales Manager John Rivera says: “I joined for the marketing automation, the lack of hidden overlays, turnaround times that get buyers closed timely and the way borrowers can do their entire loan application remotely, including signing disclosures.” Are you driven to be a first-in-class government originator in the Southeast? Move to Planet and gain the four things mortgage professionals need to succeed: competitive pricing, in-branch operational services with industry-leading turn times, first-class support, and committed capital. Watch our Retail Sales Leader Caleb Mittelstet talk about why originators thrive at Planet. Then send a note to Caleb Mittelstet or SVP Talent Acquisition Brian Miller or meet with them at MBA Annual 21 in San Diego. Planet Home Lending: Right Place, Right Size, Right Now!
AmeriHome Mortgage, the 2nd largest correspondent and 14th largest mortgage lender in the country, is hiring! AmeriHome’s Correspondent Lending and Consumer Direct divisions are both growing and diversifying their suites of products as a result of the synergies between AmeriHome and Western Alliance Bank! To meet the new demand, their Correspondent Lending division is looking to hire several positions including Loan Review Specialists, and Delegated, Non-Delegated, and Sr. QC Underwriters. Their Consumer Direct division is also looking for Loan Processors, Loan Officers, Customer Services reps, and more. AmeriHome is committed to professional development and a pathway to career growth and advancement opportunities! Make sure to follow AmeriHome Mortgage, AmeriHome Correspondent, and AmeriHome Consumer Direct on LinkedIn to keep up on any updates, resources, job openings, and more. Visit their careers page to view all open positions, and submit resumes to email@example.com to schedule an interview.