Some would say that the year is either flying by, others would suggest it is slowly bumping along the bottom. Either way, here we are in November, and turkey farmers and butchers are wondering how to adapt their products to proposed smaller family gatherings where 25-pound turkeys aren’t needed. Turkey thighs or breasts only? In evaluating a new product, most make the mistake of only looking at market fit. Too often, the analysis is done without accounting for how the product will change the market once it exists! In mortgage-land, lenders are very happy with their products, and early reports show that record production continues to be the name of the game in October, and MLOs (and their teams) are also having record months and record monthly income. It’s a great time to be an MLO or broker, a lender, or an investor, helping millions of families either buy homes or save money. And recruiters tell me that some branches and LOs are not moving due to pipeline size, but others are definitely sniffing around, based on faster closing times elsewhere or signing bonuses.

Lender Services and Products

"This is the new bar. Who’s going to lose volume? We aren’t.” That was the statement that resonated the most from Flagstar at our latest webcast also featuring industry leaders APM, Premier Lending, and Rob Chrisman. Winning lenders don't plan on slowing down when the refi boom does, so they're arming their teams with technology that keeps them a step ahead. The Nomis Mortgage Suite is an off-the-shelf solution that lenders use to quickly observe the market in real-time and seize profitable opportunities at any moment. Lenders of all sizes have quickly adapted Nomis Mortgage into their daily routine so they can quickly scan market and competitive intelligence for real-time data-driven decisions. "We've entered this market in a position of strength," said Rob Chrisman. Now let's keep that momentum. Listen to the roundtable discussion on-demand for more on how other lenders are preparing for continued growth in 2021.

IMPAC Mortgage Corp., the leader in alternative credit, is back with its full suite of Non-QM  programs: Bank Statement, Investor, Asset Qualification, and Agency Plus. In addition to Non-QM, Impac’s Jumbo, Conventional, and VA programs are available, all with 48 hour turn times! Impac is also pleased to announce the addition of two recognized industry leaders to the team, East Division Sales Manager, John Douglas and West Division Sales Manager, Al Crisanty! Together, they bring more than 50 years of Wholesale and Correspondent lending experience to Impac with a targeted focus to continue to build highly productive, customer-focused teams. Welcome aboard Al & John! For more information on all of our available programs, visit us here or contact Al and John directly.

Outside industry (VC) money is not only supporting point of sale (POS) solutions, but is now solidly behind back-office operation solutions. This should tell industry leaders where the greatest potential for lift resides. Service 1st is there now, without the VC. Rather than a single solution for income determination/analysis, Service 1st is the industry exclusive, full consumer reporting agency. Servicing solutions, borrower ID, occupancy and property data solutions consolidated into a single, progressive entity. Automated income analysis (Income+) and underwriting engines with 50% better turn times for credit supplements and cascading manual verification of employment. Contact us at for a successful implementation today!

Who would have predicted this year? As 2020 got underway, the predictions were about stabilizing mortgage rates and limited inventory. Now fourth quarter is upon us, rates keep pushing lower and a new era of housing insecurity is looming. Computershare Loan Services’ (CLS) Dave Vida, EVP, Enterprise Sales, recently participated in IMN’s Mortgage Servicing Rights Virtual Forum and discussed how COVID impacted sub-servicers ability to manage the overall servicing population, and servicing challenges and lessons learned over the last 6 months. Dave lent insight on what will happen to consumers presently in forbearance, the effect on mortgage servicers, and the broader industry impact, in terms of technical challenges and customer service, as the CARES Act forbearance protections are set to expire next April. Dave keeps the conversation going with access to our on-demand webcast series: Servicing in the Post-COVID Era where he addresses these topics and more.

If you’re like the average lender, you have a database of 5,000 records, and only retain 20% or less of your borrowers. In one month, you’ve lost over 39 loans to your competitors. That's a whopping $10 million of loan originations! Sales Boomerang notifies mortgage lenders when someone in their database is ready for a loan. “Our clients retain more than 65% of their borrowers. The longer you delay, the larger that loss becomes on your bottom line. We want to be your retention hero and win back the loans that you’re losing. ‘I have LO’s that only work Sales Boomerang leads, and my ROI is in the 20-30X Range.’ (John Kresevic, CEO, JFQ) The numbers speak for themselves: 20X Avg ROI, $240 Avg Cost Per Acquired Loan, 10-20% Avg Lift to Loan Volume. Want to see exactly how much you lost this year? Request your report today.”

Training and Events

First Guaranty Mortgage Corporation®’s proprietary Non-QM product line, Maverick Solutions, is back! Are you registered for the November Webinar Series to learn more about Maverick Solutions and how Non-QM can help you grow your business? Join Paul Jones, Non-QM Business Development Manager, this Wednesday, November 4th at 1:00PM ET/12:00PM CT/10:00AM PT for “Introducing Maverick Rise,” an overview of the newly re-released Maverick Solutions products! Register here for the upcoming webinars or contact Paul Jones for more information about becoming an FGMC Wholesale or Non-Delegated partner!

Blockchain is no longer “a solution looking for a problem” in mortgage. Sagent and Figure will show you how it can work alongside your tech stack to wring out 117 basis points of cost from origination to securitization. Don’t miss HousingWire’s webinar, “How Blockchain in Mortgage Will Get Very Real in 2021” on Thurs. November 5th at 1pm CT. Moderated by The Basis Point CEO Julian Hebron and featuring Sagent CEO Dan Sogorka and Figure CEO Mike Cagney, the webinar will take a deep dive into why this vision is finally a reality. Blockchain disruption in mortgage is already here, but disruption rewards the prepared. How prepared are you? Register for the webinar here.

Did you miss the recent Mortgage Innovators Conference? Feel like you missed your chance to hear from some of the top minds and companies currently pushing the industry forward? Don’t worry! This Thursday, November 5th at 11 am (PST), the California MBA’s Mortgage Technology & Marketing Committee (MTAM) will host a super-session with the ‘Best in Show’ from the Mortgage Innovators Conference, featuring industry stars Josh Friend, Paul Gigliotti, Alex Kutsishin, Sue Woodard, and Brian Zitin! Sign up now for this FREE webinar, and watch John Seroka and Joe Dahleen conduct a fast-paced, content-packed Q&A with some of the industry’s best! Click here to save your virtual seat!

The November 2020 Wholesale “Customer Training Calendar” from Franklin American Mortgage Wholesale offers a variety of training opportunities such as: Loan Processing Using the Redesigned URLA, Prioritizing and Giving Others Your Priorities, Top Tips for Loan Processing, The Impact of COVID-19 on Credit Reporting and Credit Scores, Fraud Awareness & Prevention and Selling in a Purchase Market.

FHA is offering a new, no-fee webinar, FHA’s Claims Without Conveyance of Title (CWCOT) available on two different dates: Wednesday, November 4, 2020, 2:00 PM to 3:30 PM (Eastern) AND Wednesday, November 11, 2-3PM (Eastern). Topics include: enhancements to the program announced in Mortgagee Letter 2020-21; servicer participation and eligibility; how foreclosing on FHA properties may differ from previous guidelines; and the requirements for appraisals, bidding instructions, and claim requirements.

If you’re seeking harmony between work and life, join Build Your Empire for Mortgage and Real Estate Professionals, Leading Ladies of Mortgage virtual event on November 4th from

10:00 am – 4:00 pm/ET where all of these topics and more will be presented.

MCT Exchange, and probably one of the more exciting and well attended given the salience of the topic at the time.

The MCT Exchange begins this Friday, 11/6, from 11AM-12PM PT with, “Unpacking the Post-Election Market in a Pandemic” featuring Phil Rasori, Rob Branthover, and Ben Itkin, moderated by me!

Genworth Mortgage Insurance provides complimentary webinar courses to help customers manage, protect, and grow their business, delivering you-centric solutions that matter. For November, Genworth is partnering with Fannie Mae on a 60-minute session to “Review the New URLA.” Additionally, there are sessions on goal setting and a new lineup of 15-minute courses on reviewing the purchase agreement, calculating income on a primary residence multi-family property, and top tips for loan processing. View the full November Training Calendar.

Phil Rasori, COO at MCT announced the first stage of Alexa voice integration for the MCTlive! platform. This new integration will include command chains that allow for full remote secondary execution, including loan sale commitments and TBA positions. Watch Rasori's Relentless Releases Episode 5: Alexa Voice Integration, to learn more.

Academy has released its November Live Virtual Learning Schedule. Featuring expert insight combined with live instruction, courses include a wide range options across the market sector.

National MI has a set of classes, already lined up for November: MI University webpage.

Please join NTXAMP on November 11th to learn how to “Increase Your Income With Non-QM” with John Jeanmonod from Angel Oak Mortgage Solutions.

Plaza Home Mortgage has posted its November 2020 Webinars, including November 10: How to Present a Reverse Mortgage, November 17: Businesses Impacted by COVID-19 - P & L and Bank Statement Analysis, and November 19: What You Need to Know About e-Closing!

Colorado’s CoAMP is offering a Wire Fraud and Cyber Crime Virtual Class with Peggy Pingel on November 18th.

Capital Markets

Last week, as expected, real GDP rose by a record-breaking 33.1 percent annualized rate during the 3rd quarter following its record-breaking decline of 31.4 percent in Q2. But total output remains 3.5 percent below its pre-pandemic peak. The growth in the quarter was due to a 40.7 percent annualized surge in consumer spending aided by increased government transfer payments over the summer. After the initial pull-back in close-contact services spending, consumers shifted their spending to durable goods like cars and other products that have an average life of at least three years. It remains to be seen if spending will shift to non-durable goods or services or whether savings will increase. While business spending also surged during the quarter, high commercial vacancy rates will weigh on new commercial construction.

Residential investment has been a bright spot for the quarter, however, jumping 59.3 percent on an annualized basis as a preference for more space and historically low mortgage rates drove single family home sales and new construction higher. While it will be hard to sustain that momentum going into the winter months, sales remain well above their pre-pandemic pace.

Looking at Friday’s bond market, it closed last week with continued concerns about restrictive coronavirus measures across Europe, though domestic economic data was mostly better than expected. Personal Income and Personal Spending were about a half percentage point above expectations. I hate to point out the obvious, but seeing as we are in November, a report for September isn't going to have much of a material impact. Separately, the Q3 Employment Cost Index increased, but not as much as expected, for the three-month period ending in September 2020. Finally, the final October reading for the University of Michigan's Index of Consumer Sentiment checked was up from the September reading and beat expectations, as Democrats were more favorable about election prospects. By the end of Friday, U.S. Treasuries pulled back slightly on longer durations and the UMBS30 basis closed tighter across the stack.

This week is packed with major potential market-moving events in the U.S. including the election tomorrow, the Quarterly Refunding announcement on Wednesday, the latest FOMC decision on Thursday (with the RBA, Norges Bank, and BoE making its latest policy decisions before then) and the October payrolls report on Friday. With regards to MBS, October agency prepayments will be released after the close on Thursday.

Today’s economic calendar has Markit October figures, September Construction Spending, and the October ISM Manufacturing Index. The Desk will purchase up to $5.7 billion of MBS today, starting with $975 million UMBS15 1.5% and 2% and followed by $3.1 billion UMBS30 2% and 2.5% and $1.5 billion GNII 2% and 2.5%. We begin the day with Agency MBS prices better/up nearly .125 and the 10-year yielding .85 (after closing last week at 0.86%)with the prospects of further shutdowns around the world impacting economies.



Royal Pacific Funding welcomes Bela M. Donine as its new Senior VP of Correspondent Operations. Bela Donine is a highly seasoned professional with more than 25 years of mortgage banking industry experience. “As RPF expands its Correspondent leadership team, we are focused on providing the best-in-class service to our Partners. RPF is committed to the success and advancement of its relationships, concentrating on creating opportunities that deliver value and facilitate growth of our Seller’s platforms. RPF is excited for Bela to join its leaderships ranks and to play a key role in overseeing Correspondent Operations and the strategic direction forward.” For open positions and opportunities at RPF, please contact HR Director, Char Mangrello or visit

Tomorrow, November 3, is a significant day for our country: Election Day 2020. Recognizing its importance, Academy Mortgage designated Election Day a company holiday for all 2,100 team members across the United States. “We want to give every Academy employee the opportunity to vote without having to worry about work,” said CEO James Mac Pherson. “We know that there are a lot of issues on our team members’ ballots that are important to them. Voting is a chance for them to make a difference and Inspire Hope by being a participant in the democracy of our great nation, where we all have the ability to pursue our dreams.” Academy encourages everyone in the mortgage industry to make a difference and ensure your voices are heard by voting in this year’s election.To join Academy, a company where your voice is heard and your opinion matters, contact SVP Bill Sohan. 

“Strong relationships are built from the ground up. Caliber Home Loans is committed to providing a stress-free experience for families who are buying their newly constructed dream home. Our loan consultants work directly with builders and their sales professionals to provide financing solutions that best meet the customer’s needs. We have dedicated Builder Loan fulfillment teams who handle the meticulous details to ensure a quick and seamless closing. Our newest addition to the National Builder Team, Minneapolis-based Jim Fisher, provides expert guidance to assist loan consultants as they grow their builder business. If this is the kind of support you’d like as a loan consultant in Minnesota or any other state, contact Caliber Home Loans for more information. Let’s build something great together! Visit our website today to view open opportunities. To be immediately considered for Operations or Sales positions, email Jonathan Stanley or Brian Miller respectively.”