Partnerships and acquisitions are flying around like monkeys in the Wizard of Oz. (Okay, that was a reach, but I saw it in the bookstore yesterday so was “top of mind.”) The latest example is Guaranteed Rate and @properties teaming up to launch a Chicago-based mortgage lender. The JV (“Proper Rate”) will open its doors in the first quarter of 2020. Guaranteed Rate founder and CEO Victor Ciardelli will lead the firm, and the company will serve chiefly to make home loans to home buyers represented by @properties’ 2,800 agents, who serve mainly the Chicago-area market. “Clients will be free to use any lender they choose, but many want the convenience of an in-house choice.”

Lender Products and Services

Non-QM has turned into a full-fledged industry in 2019 and has a solid foundation built to handle years of future growth. Deephaven Mortgage was founded in 2012 to help responsibly rebuild the Non-Agency marketplace. Over the past seven years, Deephaven has built a reputation for having the unparalleled infrastructure, technology, and a more profound commitment to helping originators leverage and learn how to originate, close, and sell Non-QM to their client base. If you are thinking about entering the Non-QM arena, or if you are already originating and are doubling down heading into 2020, then make the call to Deephaven today. Our dedicated team of in-house underwriters, account managers, scenario resources, and salespeople are committed to your success like no other lender-investor in the market. 7+ years of focusing on your Non-QM success! To find out more about Deephaven, contact brokerinfo@deephavenmortgage.com (Wholesale) or sales@deephavenmortgage.com (Correspondent) or visit www.deephavenmortgage.com.

It’s no secret that mortgage lending institutions are spending more money on consumer-facing technologies than ever before. With your competition searching for their “silver bullet” to a great customer experience, what steps are you taking to ensure you have life-long customers? As a leading appraisal management company that has always been focused on providing an outstanding customer experience, Class Valuation’s research has uncovered three key findings to great service. Read the Guide to Exceeding Customer Service Expectations today and gain tools to help you break away from the pack and stand out.

QLMS is passionate about doing more so that brokers can focus on building relationships and growing their business. One of the biggest ways a company can grow is through effective marketing. QLMS has taken marketing pieces that have been tried and tested by America’s largest mortgage lender and is giving them to their partners for FREE through the Marketing Hub. Not only are there important marketing pieces like emails, social media posts and direct mail pieces, but QLMS has added even more to the collection. Partners can now get custom PowerPoint presentations for brokers to use when meeting with clients or real estate agents. Spanish-language flyers have also been added, so brokers can have professional-quality marketing to serve bilingual clients. Contact your AE to learn more. If you’re not working with QLMS, you can connect with them here to discover how QLMS can help you reach your future clients.

Stearns Wholesale Lending is celebrating its 30th Anniversary supporting the mortgage broker this month. At Stearns, relationships always come first. You are never just a number. Stearns is committed to utilizing a distributed sales model supplemented by a hybrid internal sales group offering a best in class operational experience for their clients. This is facilitated by a commitment to technological innovation and a robust product line with a vision to be the lender of choice for most mortgage transactions in the marketplace at a competitive price. At Stearns, we know your name and you know ours. Hear more from RVP, Delfino Aguilar in this video: https://youtu.be/JSvflLJ4HBY.

Training and Events 

As the Mortgage Bankers Association yearly conference is winding up, and weary lenders and vendors head to the Austin Airport, there are hundreds of thousands in the business who aren’t there, and can take advantage of online training or local conferences. Let’s see what’s coming up!

If you are looking for awesome speakers for your sales rally. Your company meetings. Your association events. Karen Deis has created www.MortgageWomenSpeakers.com. Over 55% (or more) employees in the mortgage biz are women, yet only a handful of the featured speakers are women. Why hire a mortgage woman speaker?  Because women add a unique insight to sales and marketing strategies, to social media engagement, to inspirational messages. Here’s the list: Christine Beckwith. Ginger Bell. Laura Brandao. Jodee Brydges. Tammy Butler. Karen Deis. Cindy Ertman. Susan Meitner. Jessica Petersen. Donna Quinsenberry. Kelly Resendez. Louise Thaxton. Kelly Zitlow. Consider hiring women speakers for your next event and add a new perspective and a unique inspirational message for loan originators and managers.   

On October 31st, join Buckley attorneys Dan Stipano, Fredrick Levin, Katie Halliday, and Ben Hutten for a webcast on the current state of the law, due-diligence procedures for financial institutions that are providing or considering providing services to marijuana-related businesses, issues giving rise to litigation, and legislative developments.

Genworth Mortgage Insurance provides complimentary courses to help customers manage, protect and grow their business, delivering you-centric solutions that matter. Check out the Basic and Advanced versions of our Desktop Underwriter® and Loan Product Advisor® courses, both will help you put the wow in your now. November Training Calendar is here.

Plaza's November Webinar Calendar is now available for viewing and registration. Training topics include Reverse Jumbo, FHA Streamline, Manufactured Homes, HomeStyle, and Fraud.

Arch MI offers training for loan processing, appraisals, underwriting self-employed borrowers and more. Its November Sessions have been posted and registration is open.

National MI is offering the following line-up of Training Webinars in the month of November: 5th Turn Managers into Coaches with Bruce Lund, Ph.D., 14th Next Gen Influence:  How to Educate Millennials on Wealth-Building, 19th Presenting on Your 2020 Sales Plan with Bruce Lund, Ph.D., and 21st Basic Underwriting of the Self-Employed Borrower After Tax Reform.

Join the Mortgage Bankers Association of Greater Philadelphia and Holland & Knight's Philadelphia office on November 5th for a live CLE presentation. The focus will be cutting-edge employment and financial regulatory law issues. Learn what you can, should and must do when employees engage in criminal, sexual, ethical, or other misconduct in the workplace or off-site.

On Wednesday, November 13th, FHA is providing a free, half-day, on-site Appraisal training in Atlanta covering FHA appraisal requirements, including appraisal protocol and updates to FHA appraisal policy as outlined in FHA’s Single-Family Housing Policy Handbook.

Then on Thursday, November 14th, FHA is providing a free, half-day, on-site Condominium Training in Atlanta introducing interested stakeholders to the basic principle of FHA’s condominium approval process. This training will also take an in-depth look at a variety of topics including general requirements; Single-Unit Approval Process; HUD Review and Approval (HRAP) versus Direct Endorsement Lender Review and Approval Process (DELRAP); eligible and ineligible condominium projects, FHA Connection and more.

On Thursday, November 14th, FHA is providing a free, half-day, on-site Underwriting Training in Philadelphia to provide an overview of FHA underwriting procedures and address other policy-related questions. Additionally, this training will also take an in-depth look at a variety of topics, including credit, income, and asset (CIA) documentation; manual underwriting; automated underwriting systems (AUS); closing; and more. Advanced registration is required by November 6th.

Capital Markets

There is definitely conflicting news about the economy, and there are areas in economic statistics that are lacking. Put another way, someone will always find fault with something, with some measurement, some statistic. The numbers are old, and not forward looking. Unemployment data doesn’t catch certain trends. Whatever. But the latest development, which has credibility, is on how Federal Reserve Chairman Jerome Powell is questioning whether traditional measurements of the economy are flawed because economists understate the value of the free internet. He has referenced a study by MIT economist Erik Brynjolfsson that examines the monetary value consumers place on widely used internet services.

The data in the upcoming weeks is expected to show more signs of a slowdown in U.S. economic activity due in part to the manufacturing slowdowns at Boeing and GM, the effects of which showed up in September's durable goods report. Overall orders fell 1.1 percent, order for transportation equipment were down 1.6 percent and motor vehicle orders declined 4.2 percent for the month. The GM strike is also expected to have an impact on October's jobs report, however now that the strike is over that effect should be limited. Nondefense capital goods shipments have fallen significantly on an annualized basis over the last three months. It remains to be seen what effect this will have on third quarter GDP as increasing inventories may offset this category. Housing data was unimpressive in September with sales of new and existing homes declining for the month. (The silver lining is that the decline came from a higher level as sales ticked up over the prior months.) The pace of home sales is not expected to have a significant impact to the headline GDP number but mortgage rates remain low and household balance sheets are relatively healthy. 

With today’s Fed rate cut a near certainty, Treasuries displayed little movement yesterday, including the 10-year yield ending the session -1 bp to 1.84 percent. Lower MBS coupons led spreads tighter, with 2.5 percent and 3 percent outperforming versus higher coupons. For an LO this means that lower rates did better than higher rates on rate sheets. The Fed Desk purchased $1.3 billion 2.5 percent and 3 percent securities. October agency prepayments speeds were released, and it showed speeds are expected to peak for the year, with FN30 speeds now expected to increase 9 percent on average, while GNIIs and FN15s are seen increasing 3 percent and 6 percent, respectively.

As far as mainstream news goes, the UK's Labor (Labour) Party is now willing to support a December 12 general election knowing that a no-deal Brexit won’t happen until January 31. Separately, there were reports Presidents Trump and Xi could sign phase one of the trade agreement November 17. The USTR came out saying it is considering extending tariff exemptions on $34 billion of imported Chinese goods that would go into effect December 28.

We’ve already had out all notable economic releases before this afternoon’s FOMC rate decision (and subsequent Chair Powell press conference), when the Fed Funds Rate is expected to be cut to 1.625 percent from 1.875 percent. Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for last week. We’ve had the ADP Employment Change for October (125k, as expected), and Advanced Q3 GDP Report (+1.9%). We begin today with rates up a touch from Tuesday’s close: Agency MBS prices are little changed and the 10-year is yielding 1.85%.

Employment

A growing lender located in Los Angeles County is seeking experienced VP of Business Development and Recruiting. This well capitalized lender is aggressively looking to bring on talent to assist in continued growth. The lender is operating on Encompass and Optimal Blue and originating all products including Conventional, Agency, Jumbo and a full suite of Non-QM programs. Excellent compensation structure and full benefit package. Please forward resumes to Chrisman LLC’s Anjelica Nixt.

Are you a mortgage originator or sales manager in the Greater Denver area looking to grow your career? The Joint Venture division of NewRez is set to launch a multi-state JV partnership with a national scope headquartered in Denver, CO. This call center model joint venture will serve a specific affinity group of underserved professionals. "We are very excited about our new endeavor and our new partner," said Vincent Daino, VP of Recruiting and Business Development. "We continue to grow and diversify our industry-leading Joint Venture platform and delivering results to our partners and great opportunities for loan officers." If you are interested in hearing more about how to step into a sales management or origination role serving a national in-house audience, contact Vince Daino.

“Take3™ Technologies, a fintech solution provider specializing in mortgage origination, seeks a talented, motivated Senior .NET Developer for our downtown Denver team. Our goal is to find someone who can hit the ground running and help take our products to the next level; a thought leader able to mentor technical and non-technical staff; a team player who takes ownership of our products – architecture, quality, user experience. Required mastery of ASP.NET MVC frameworks and JavaScript, CSS, jQuery, SQL, XML, JSON, API, Entity Framework. Really nice to have experience with Knockout.js, Bootstrap, Dapper ORM, Xamarin Forms, cloud services/architecture (AWS), MISMO, and mortgage origination. You will work with .NET based technologies, including ASP.NET 4.7 and ASP.NET Core 2, and SQL database tables, create intuitive UI optimizing user experiences, and communicate with vendors to build APIs. Our team is proud to each offer a well-rounded, full-stack contribution. Fit for you? Email resume to Kbradley@megastarholdings.com.”