We’re finally in October, which means one thing is certain: that all the cobwebs and dust in my house just became Halloween decorations. Markets don’t like uncertainty, but something else is certain: we’re in the month before the election that the press has been talking about for nearly four years. With the positive COVID-19 test, the U.S. President is facing the first major health issue, especially given his age, since the attempted assassination of Ronald Reagan. (Who, upon recovering, gave a rousing showman’s speech to Congress, increasing his popularity and which coincided with the bull run in rates for the last 40 years!) Those who tally such things report that Chris Wallace interrupted Joe Biden 15 times and President Trump 76 times. Trump interrupted Biden 73 times. One source said that Trump interrupted Biden or debate moderator Chris Wallace at least 128 times. (Apparently this is what women have to deal with in work meetings.) Maybe the Commission for Presidential Debates should institute shock collars for the next one. Of course, claims of false statements were made. Are the polls accurate and trustworthy? Probably not. They were sure iffy in the 2016 election. I’d hate to think that “trustworthy” is relative. One hopes our supreme court justices are trustworthy, but… Law schools and buildings across the nation are named after Supreme Court Justice John Marshall, Chief Justice for 34 years. That may be going out the window: slave owning has come up. 2020 continues to be a year that no one predicted.

Lender and Broker Services and Products

To ensure your business will continue to be nutritious when refi sweets are less abundant, TMS Correspondent experts have compiled a list of proactive steps to take in this HousingWire article. You are what you eat, after all. Read the full article here.

This year has thrown everyone some curves, so some lenders have downsized their loan offerings. Not us! At Stearns Wholesale Lending, there’s no mumbo, just jumbo. We’re ready to help you close million-dollar sales with our Jumbo loans. With this new update, your clients may now qualify for up to $1.5 million for primary residences, including first-time buyers can finance up to 80% LTV. You go the extra mile for your clients, so refer them to a lender who shares your dedication. And remember, when your clients think big, we’ll show them the money! If you want to learn more about the benefits of our Jumbo Loans or partner with Stearns, click here to be contacted.

It's time to schedule your 2020 MERS Annual Review and e-Annual Report! Every MERS member is required to complete an annual review, and if your firm had 1,000 or more active MINs on March 31st, 2020, an independent third party must perform your MERS Annual Review by December 31st. Don’t delay! TENA offers a large discount to firms who submit all required documentation for review by November 30th. To ensure you satisfy your MERS requirements, contact TENA today to get started on your annual review submission. TENA offers a full range of MERS reviews to verify your firm’s compliance, including MERS Data Reconciliation and MERS Document Reviews. Our team of experienced auditors have made TENA Companies, Inc. the trusted source for mortgage quality control audit services and software since 1982.  

Join National Mortgage Professional Magazine for a DealDesk Focus on Citadel’s Non-Prime 2.0 Non-QM Products, being held on Wednesday, October 7th at 1 pm ET / 10 am PT. Today’s Non-QM mortgage customers require modern solutions. In this pandemic hit environment, CSC has built the programs and solutions to help brokers and borrowers. Submit scenarios and questions about Citadel’s Non-Prime 2.0 Non-QM Products such as ATR-in-Full, 12-Month Bank Statement, DSCR, Foreign National, Interest Only, ITIN and Jumbo Non-QM. Reserve your space here today. 

Current federal mortgage actions are benefitting borrowers facing economic uncertainty and unemployment but creating customer service challenges for banks and servicers. Recognizing an immediate need for increased call volume management, Altisource®, an integrated service provider and marketplace for the real estate and mortgage industries, expanded its Texas-based call center to better help financial institutions maximize their single point of contact (SPOC) call capacity. The company now offers expanded expertise and strategic customer-centric auxiliary call support for bank servicers. Its scalable team of bilingual SPOC call agents act as brand representatives as they handle inbound and outbound loss mitigation inquiries routed through the Altisource facility. Not only can the company help banks handle thousands of calls more efficiently and improve customer service, it can also help reduce the fixed costs of constantly scaling their workforce. Find out more here

Dale vermillion’s Mortgage Champions®, a leader in innovative sales, customer service, and leadership training, has received a Gold Excellence in Learning Award for Best Use of Video in Learning by the Brandon Hall Group, a global Human Capital Management research and advisory services firm. The award recognizes global leaders in key performance areas, including learning and development, talent management, and leadership development—all of which Mortgage Champions® is proud to provide in its virtual learning platform, Mortgage Champions Online™. With more than 20 hours of award-winning, on-demand, video-based training, Mortgage Champions is one of the leading external training solutions for lenders. Experience the difference globally-recognized training can make by visiting mortgagesalestraining.com/online to learn more and schedule a demo.

Capital Markets

Face it: Nearly everybody on Capitol Hill is a fossil. And COVID stats point to the impact on the aged. With whom has the President and First Lady been in contact? The chain of command is well known (Mike Pence, Nancy Pelosi, Chuck Grassley, Mike Pompeo) but the market is wondering what will happen in terms of the uncertainty revolving around the debates, the election (determined by states, no the Federal Government), the debates, fiscal talks, the Supreme Court nomination, politicians campaigning everywhere… the list goes on.

So much for my early proclamation that volatility had reentered the market. After pulling back on Wednesday, Treasuries across the curve ended unchanged and the UMBS30 basis closed slightly tighter by the close on the first day of the new quarter yesterday. It wasn’t for lack of headlines, but more so that markets have been waiting all week for today’s payrolls report.

There were stimulus hopes, and then a waning of stimulus hopes which added to overall uncertainty in trading (Republicans presented a $1.62 trillion compromise proposal including more state and local aid and $400 a week in unemployment insurance, while Democrats reportedly remain at $2.2 trillion), a disappointing Personal Income (-2.7%, the worst in three months) and Spending (+1.0%) report for August that was explained by the expiration of enhanced unemployment benefits, though we are now seeing a drop in the personal savings rate, and a PCE Price Index in-line with expectations (0.3% increase) which left the year-over-year increase at roughly 1.5% for the Fed's preferred inflation measurement. It didn’t stop there. Initial jobless claims and continuing claims show just how far we are from a booming economy seven months ago, and more cuts are likely coming. It should be said that a two-week pause in California's reporting likely impacted the comparability of this week’s data to previous weeks.

Markets also received the release of an underwhelming ISM Manufacturing Index for September (55.4%), which failed to meet expectations as it slipped from August, though the figure remains well above the dividing line between expansion and contraction. Slow but continued expansion in manufacturing activity is the case. Total construction spending increased 1.4% month-over-month in August and remains up 2.5% year-over-year despite the economic challenges posed by the coronavirus.

The markets are conjecturing about Trump testing positive for COVID, but today’s economic calendar, or more specifically the September payrolls report, is what markets have been looking forward to (it’s not that optimistic, in reality) all week. September Nonfarm Payrolls (+661k), Nonfarm Private Payrolls (+877k), Unemployment Rate (7.9%). Later this morning brings August Factory Orders and September Michigan Consumer Sentiment. We receive remarks from two scheduled Fed speakers: Philadelphia’s Harker and Minneapolis’ Kashkari. Today’s Desk support is the smallest in over two weeks at $4.381 billion (for comparison, purchases were $7.3 billion on Monday) over two operations, starting with $2.916 billion UMBS30 2% and 2.5% and followed by $1.465 billion GNII 2% and 2.5%. We begin today with Agency MBS prices up a few ticks and the 10-year yielding .66% after closing yesterday at 0.68%.



Computershare Loan Services is a leader in flexible, scalable mortgage fulfillment services company transforming day-to-day operations for our clients and part of Computershare, a global financial services company powered by 12,000 talented people in 26 countries. Apply today to join our thriving company as an Underwriter, Mortgage Processor or Closing Coordinator where you will be empowered to deliver outstanding results and be recognized along the way. Join our Being Purple culture where career & professional growth, a comprehensive reward package, remote-working careers and a passionate group of professionals are waiting to welcome you to the team! We’ve designed the process to be easy for you - interview with us 24/7 using our digital interview process, talk with a member of our talent acquisition team flexible self-scheduling solution and meet leaders in our business in a virtual interview. Our application to offer is fully digital, fully virtual, and has never been faster!”

NOVA® Home Loans, a large regional $6B mortgage is looking for a Western Regional Underwriter Manager! NOVA is consistently ranked among the Top 50 Mortgage Lenders in the United States and as one of the Best Places to Work in Arizona and recently won the Best Place to Work in Tucson and Best Mortgage Company! NOVA offers programs that meet our employees’ needs for health and wellness, peace of mind, financial security, and provides a comprehensive benefits package to full time employees. The ideal candidate will have five (5) or more years of underwriting, experience managing a team of at least ten (10) Underwriters, strong understanding of Fannie Mae, Freddie Mac, FHA, and other guidelines, DE, VA, and USDA designations are preferred. If interested in joining our growing team, please send your confidential resume to recruiting@novahomeloans.com.

Finance of America Mortgage is proud to be the first to offer Keep Home™ by Framework®, a new spin to Homebuyer Education! Keep Home™ offers homebuyer education on the go with a mobile app available for iOS or Android devices. This new self-guided course is streamlined, simple and can be completed in a quarter of the time! To learn more about how you and your clients can experience KeepHome™ by Framework®, visit joinFAMtoday.com.

A&D Mortgage, a full-service lender headquartered in FL is seeking to hire a talented Financial Controller and Operations Professionals, such as Processors, Underwriters, and Closers, including remote positions. Whether you are looking for a new place to work, or to take your career to the next level, we have an option for you! Our company has an extensive portfolio of Conventional and Non-QM products and a diverse team of experts equipped with cutting edge loan origination technology. A&D provides training, mentorship, and continuing education to help employees further their careers. A&D Mortgage has been awarded a “Top Mortgage Employer” in 2020 by National Mortgage Professional Magazine. If interested, please contact hr@admortgage.com. We look forward to your application!”

Interested in doubling your production through a unique coaching program? Originators participating in Academy Mortgage’s Torch Bearer Productivity Program are increasing their quarterly production by more than 100%. This invaluable program offers individual and group coaching on field-tested sales strategies and approaches. Another example of how Academy invests in its people is the independent lender’s Leadership Academy, which develops leaders across the organization in sales, operations, and Home Office management. The third class of Leadership Academy participants is set to graduate from the MBA-style certificate program in October, having completed the 12-month curriculum of case-based learning modules, forums, field workshops, and experiential team projects. Don’t underestimate the power of training, development programs, and coaching in helping you achieve your Potential, both personally and professionally. Contact Senior Vice President Bill Sohan to join Academy, where the learning never stops.  

“What separates Interfirst from all the rest: Free float down, loyalty program, underwriting ‘fast track,’ lender match process, financial stability...in other words, unstoppable! Our Remote Mortgage Loan Officers LO[+R] are paid an aggressive salary with the opportunity for significant bonuses. Our Top Loan officers are writing more than 100 loans a month. Are you? Our low-rate no-lender fee combination makes us highly competitive with anything advertised online by any lender in any state. We provide inside leads to you--both purchase and refinance--so goodbye cold calling, hello qualified leads all day long. Our leadership team has over 100 years of mortgage, sales/marketing, and consumer-related experience, with a 2020 business objective to grow our Retail production, on top of the $35B we have originated. Apply today.”

10,400% ROI innovations at American Pacific Mortgage. If you’re in Production, Operations, or a Branch Manager, you know how competitive it is to recruit and hire LOs and Processors these days. You’re likely hiring for one of two reasons: To scale your operations or to replace someone who just got recruited away. That's a difficult, costly, and time-consuming way to generate more revenues. But what if you could scale operations, increase revenues, and produce more without hiring more people? A team at American Pacific Mortgage has done just that.  Here’s Branch Manager, Charlie Christensen, discussing how they achieved 280% more revenues and 4x’d their loan processing in under 30 days and with $0 added headcount. How did they do it? They put an $18/mo. solution called TeamworkIQ to work for them. “Each new loan pays for TeamworkIQ for 10 years.” Off-the-charts ROI. Work smarter. Learn more