Someone asked me if I had plans for the fall. It took me a moment to realize they meant “autumn,” not the collapse of civilization. Lots of folks are keeping an eye on the collapse, or at least the decline in market value, of publicly held lenders. How much would you pay for a company, primarily wholesale, that is doing $2-3 billion a month and funded $30 billion in 2020? That well-run company (FAM) is valued at less than $300 million! On the flip side, California’s housing market continues to be “en fuego” and Governor Newsom abolished single-family zoning. Will the laws signed end California’s housing crisis, enabling local governments to meet their long-term housing needs and produce housing more quickly? Can the roads and available water handle hundreds of thousands of more people? Governor Newsom signed Senate Bills (SB) into law: SB 10 (allows cities and counties to up-zone certain properties for up to ten dwelling units without California Environmental Quality Act (CEQA) review, SB 9 (allows for the approval of duplexes and two-lot parcel maps without CEQA review), and SB 8 (extends the term of the Housing Crisis Act. While we’re talking politics, everyone is entitled to their opinion, but only a handful are noteworthy. House Financial Services Chair Maxine Waters is urging President Joe Biden to keep the current FHFA acting Director Sandra Thompson via an attempted public intervention into executive branch personnel decision. The audio version of today’s commentary, available here, is sponsored by Reggora, modernizing residential valuation and helping lenders streamline their appraisal process to close loans quickly and efficiently.

Lender Services and Products

Tech Providers! Did you know ReverseVision has API Integrations that could help you expand your offerings and receive a new wave of requests from your lender customers? As the leader in the reverse mortgage industry, ReverseVision continually seeks new ways to empower its tech partners and lenders alike with the fastest way to connect to reverse mortgage lending options and create a seamless user experience across the entire HECM lifecycle. Lenders are regularly asking for a reverse mortgage lending solution within their existing technology. You could be their go-to provider! It is easy to get started, learn how to partner with ReverseVision today.

Did pumpkin spice arrive early this year? From coffee to candles, doughnuts to deodorant, and even bagels and beer, it’s a sign that fall is here. And with the change of season, there are many things to look forward to… Like MBA’s Annual Convention. As the Computershare Loan Services (CLS) team gears up for San Diego, Dana Abernathy, CMB, SVP of Enterprise Sales, is excited to see the new Certified Mortgage Banking (CMB) candidates walk across the stage and receive their official plaque at the CMB Graduation Ceremony. “There is nothing more rewarding than seeing your candidate shine and be recognized as members of a select group of influential leaders within the real estate finance industry!” Connect with Dana to learn more about earning your CMB and to hear how CLS’ fulfillment, MSR acquisition, servicing, and mortgage cooperative solutions can move your business forward.

Expand Your Market Reach with LoanStream Mortgage’s Foreign National Program. “Great for non-residents looking to buy property! Up to 75% LTV Purchase, Or R/T, up to 70% LTV Cash Out, Investment and 2nd Home and up to $3 million loan amounts. No U.S. credit requirement. Plus, take advantage of the Best Price Promise Non-QM Special: We will beat the rate or price from any competitor for all locked loans from 4/20 to 9/30. 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 Account Executive today. Visit LoanStream for our great rates and programs.

MLOs – How do you build loan volume growth momentum into 2022? Unify has introduced 6 new ways to grow your 2022 business. For more than 10 years, Unify has provided thousands of top mortgage professionals the software tools and automation techniques to stay ahead of their competition. With Unify, you will discover more loan opportunities with the Hot Prospect Alerts feature using Mortgage Inquiry Alerts and PreQualified Prospects. Save time with email drip campaigns, video and other Marketing Automation packed with pre-drafted content, plus customizable Automated Workflows that dramatically increase your team’s productivity. Unify’s trifecta of phone, email and direct mail marketing ensures you can Retain Clients for their next loan. Best of all, the Unify Mobile App puts the most robust mortgage CRM in the palm of your hand. Click here to see how Unify can help your drive your 2022 business success!

The TMS Correspondent and Subservicing teams will be attending the MBA Annual Convention and Expo in San Diego, CA, Oct 18-20. Don’t miss this chance to tap into the brainpower that made TMS CAREspondent a Top 15 Buyer and TMS Subservicing the 4th largest GNMA Subservicer. Learn more about TMS Correspondent or TMS Subservicing.

Events and Training Through September

As a society, we’ve long had mixed feelings about technological advances. While some anxiously await each new iPhone model, others still lament that video killed the radio star. Today’s environment is increasingly digital, but maintaining human connection doesn’t require bank lenders to turn their backs on tech. In fact, the right tech can help deliver a more personalized experience for borrowers. Join Sales Boomerang’s Alex Kutsishin, Denim Social’s Doug Wilber, and Annie Mac’s Graham Brinkert and Larry Masino on Sept. 30 at 1:45 pm ET as they share how banks use data and technology to improve and optimize the borrower journey. Hear discussions about humanizing the borrower experience by using technology to create opportunities that are highly valuable, relevant, and timely. Home lending is a bank’s golden opportunity to build customer relationships that span decades, but only with the right technology in place. Register today to find out more.

Prepare yourself to face challenges in the housing market by attending the latest edition of the Economic Forecast Series Sept. 22nd featuring First American’s Chief Economist and SVP Mark Fleming produced by October Research. Yes, join First American's Chief Economist, Mark Fleming, in the third addition of First American’s complimentary Economic Forecast Series. As a published author, sought out speaker and industry leader, Mark will discuss his insights on where the post-Covid housing market goes from here.

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, including breakfast.

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. Register for this September 23rd live classroom 7+1 Hour SAFE NMLS Continuing Education Course to reserve your spot.

Join CreditXpert’s Mike Darne and Dan Green in an NMP Webinar on Thursday, September 23 to learn how first time, experienced and refi borrowers consider financing options, choose a lender, think about credit improvement potential and weigh tradeoffs of closing fast vs. getting the best rate and terms.

Join MCT for a public webinar this Friday, September 24 at 10AM PT to learn how changes to FHFA's PSPA and corresponding reactions from Fannie Mae and Freddie Mac will impact your business. MCT is following the situation closely and expects further guidance to follow shortly related to cash windows and loans with higher risk characteristics. Register for the webinar and join the MCT newsletter to stay abreast of the latest mortgage industry news.

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 the nation’s growth. The agenda is live for 2021 NAHREP at L’ATTITUDE, in person Sept. 29 to Oct. 2 in San Diego, CA. View the full speaker lineup here. Register Now online or RSVP on Facebook. Claim your spot and hotel room for 2021 #NAHREPatLAT!

Register for Freddie Mac’s webinar on Empowering Native American Homeownership for a crucial discussion with South Dakota Native Homeownership Coalition and Oweesta Corporation on September 29 at 3 p.m. ET/ 1 p.m. MT. Learn how access to financing can provide what Native American homebuyers and homeowners need to attain and maintain homeownership.

Capital Markets

MIAC is pleased to offer as exclusive agent a portfolio of approximately $63 billion of XS IO. The portfolio is comprised of FHLMC/FNMA/GNMA/PLS collateral and produces a strip of approximately 6.8 bps. The collateral carries a note rate of approximately 4.35% and is seasoned by 129 months. The pool is not a security but rather a private contract between the current investors and their servicers. The bid date is September 29th by EOD. For details and an offering memorandum, after completing a requisite NDA, please contact your MIAC sales representative at 212-233-1250 or Steve Harris.

We are almost into the final quarter of the year and the long-term effects of COVID on U.S. businesses are obviously to-be-determined. This week’s FOMC meeting should supply the market with a roadmap for the remainder of the year as far as monetary policy is concerned. Over the past twelve months consumer prices were up 5.3 percent, falling slightly from the prior month’s reading and a possible sign that the pace of yearly change may have peaked this summer. The National Federation of Independent Business’s Small Business Optimism Index revealed a record percentage of businesses reported jobs being difficult in August. Initial jobless claims increased to 332k for the week ending September 11 despite the expiration of enhanced unemployment benefits. The average rate for a 30-year fixed mortgage remains near 3 percent and purchase mortgage apps increased 7.5 percent in the week ending September 10.

On Friday, we saw that retail sales rose 0.7 percent in August when the figure was expected to decline. Inflated prices and child tax credit payments contributed to the headline number. August and September are the back-to-school shopping months and this bodes well for the holiday shopping season at the end of the year. With consumption making up roughly 2/3 of the economy, the positive retail sales number is great news, but the labor market remains a headwind. All the willingness to spend doesn’t matter if the goods aren't there to begin with. Separately, the preliminary September reading for the University of Michigan Index of Consumer Sentiment increased from August, though it missed expectations as high prices have led to a decline in assessments of buying conditions for homes, vehicles, and household durables. Keep on like that, and it will certainly be a drag on consumption going forward.

Maybe the Fed will eventually move to only replacing assets that pay off early, but the highlight of this week as far as a risk event for the bond market will be the FOMC meeting and Fed Chair Powell’s press conference (taper timing and length will be discussed and an updated SEP and dot plot will be released). Know, however, that there are several economic releases to pay attention to as well. Some highlights are Markit PMI September flashes and over $65 billion of Treasury auctions. Today is rather quiet with just the September NAHB Housing Market Index, which will give a gauge on homebuilder sentiment later this morning. We begin the week with Agency MBS prices better by .250 and the 10-year yielding 1.30 after closing Friday at 1.37 percent on more delta variant economic nervousness.



A retail-only independent mortgage banker is seeking a Controller. “If you prefer to continue working from home, having daily commutes as short as the distance between your bed and desk, have extensive mortgage banking experience, you want to consider our open position! Our annual originations are about $8.5B, we have our agency approvals, offering jumbo, non-QM jumbo, conventional, government and state bond loan programs over 40+ states and a well working team of accounting and finance professionals. You, as our Controller will be responsible managing a high-performing and dedicated team of 18 accountants and financial analysts. As part of your daily activities, you will be providing financial oversight, insight, direction to timely financial reporting with emphasis on conformity, compliance with US GAAP, Sarbanes-Oxley, maintain our current closing cycle of 7 days and contribute to our ongoing projects. Experience with LoanVision and having a CPA designation is a huge plus. There is no reason to wait, contact Anjelica Nixt to forward your resume or for more information!”

For the fourth time, Homespire Mortgage has made the Inc. 5000's list of “America's Fastest-Growing Private Companies.” This prestigious list showcases America's most successful independent small businesses that have seen exceptional development and growth over the last year. Homespire’s strong showing was fueled by months of record-breaking sales volume and expansion, ranking 1680th overall, 98th in the Financial Services industry, 109th in the Washington, D.C. metro area and 56th in Maryland. “It is an honor for Homespire Mortgage to be included on this acclaimed list for a fourth year,” said Michael Rappaport, President of Homespire Mortgage. “This recognition is a testament to our strategic focus on growth and expansion, fueled by our passion for opening the doors of homeownership to families across the nation and driven by our greatest source of success: our dedicated people.” Visit Homespire today to learn more about joining the award-winning team!

Caliber Home Loans was ranked among the top 10 lenders for home builder production last year according to Zonda. “We offer industry-leading products, tools, services, and support to help our builder partners sell and close more new homes. ‘This impressive recognition is just the latest illustration of Caliber’s strong commitment to the new housing industry and the overall builder community,’ says Michael Brown, SVP Caliber’s National Builder Division. ‘Caliber offers the builder community an experienced and dedicated sales and operations team with a streamlined approval and closing experience that will meet the unique needs of builders and developers.’ If you are interested in growing your purchase volume with builders and want to learn more about Caliber’s builder value proposition, email Michael Brown.

Thrive Mortgage is expanding its legendary Process Automation Team by adding an experienced Senior Software & Intelligent Automation Architect. Thrive Mortgage is well-known as a mortgage lender who doesn’t think like one. Since its inception 20 years ago, Thrive has fostered an environment of innovation and change in the mortgage industry. “For years, our Process Automation Team has been on the cutting edge of creating world-class lending experiences for our clients,” stated Selene Kellam, COO of Thrive. “We have led the way in turn times, Remote Online Notary eClosings, unique program offerings… It all stems from thinking of unique solutions to age-old problems.” We invite any professionals looking to make their final career move to connect with us at or visit us here to learn more about available growth opportunities. Together we Thrive!