Today I’m in Manhattan, having flown in to one of the nicer malls I’ve ever walked through, aka LaGuardia Airport. ($8 billion goes a long way.) No, I am not here to avoid the terrible tornadoes that have hit our nation, and I didn’t use Rocket’s new pro-home buying credit card to book the flight. No, I am not here regarding Donald Trump’s indictment by a Manhattan grand jury, although he is expected to come to New York today and to be arraigned in criminal court tomorrow. I certainly didn’t come to spend $8 on a pack of Oreo cookies or $30 on pasta with tomato sauce, although I am. I could say that I was scouting restaurants for the MBA’s Secondary Conference next month, but I’m not. In fact, I can’t think of any really logical reason to come here, other than I wanted to be able to say I’d seen Bruce Springsteen play Madison Square Garden with my son Robbie (with MCT), which was a fine show and venue indeed. (Today’s podcast can be found here and this week it’s sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including: home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more. Hear an interview with ATM Mortgage Advisors’ Jeff Tarbell on a day in the life of a broker.)
Lender and Broker Services and Software
Today, you can manage (or automate!) almost every aspect of your home from an app. SimpleNexus, an nCino company, brings that same modern convenience to home lending. According to VanDyk Mortgage Corporation, implementing SimpleNexus has leveled up its customer experience and production game with single-sign-on accessibility that fosters from-anywhere collaboration between borrowers, loan officers, real estate agents, and settlement agents. What’s more, SimpleNexus’ integrated eDisclosures have increased loan officer productivity, while hybrid eClosings have saved time and generated cost savings. Download the case study for the full story.
Looking to turn distressed loans into performing portfolios? Introducing Velocity Servicing™, a LoanCare® division that utilizes an intelligent network of triggers, exceptions and conditions at the loan level conditions to achieve return on invested capital much earlier in the loss mitigation process. In six months, Velocity Servicing achieved a 36% lift in repayment plans over the traditional servicing model. Our specialized team is incentivized on turnarounds and able to help homeowners understand their options to make decisions at a pace that puts both the homeowner and client at ease. Contact us at 646-361-6808.
With Western Alliance Bank’s Specialized Mortgage Services, mortgage financing products are only half the equation. An experienced team provides ready access to a suite of banking solutions, custom-tailored to your needs, from a stable institution that helps safeguard your funds. Speedy account opening and implementation lets you manage custodial and payroll accounts and originate streamlined online wire transfers with just a few clicks, while taking advantage of competitive rates for business and personal banking services. The dedicated team helps keep your financials running smoothly, with speed to approval and certainty of execution. To discover how to add efficiencies to your cash flow cycle or discuss warehouse lending, MSR financing, note financing and other mortgage finance products, please contact Jennifer Schachterle (720) 261-5774, Mark Short (469) 702-6212, Chris Martin (480) 341-5483 or Nick Richards (646) 708-1211. Western Alliance Bank, Member FDIC.
“Boost Underwriters to 8+ files a day with Workflow for Encompass®, by Mace Innovations. Nobody enjoys reducing or adding staff in response to market ups and downs. Increase loan volume by up to 400% with your existing staff and reduce/eliminate your tolerance cures with Workflow – no more layoffs! Reduce the things you want to, rather than volume or staff. Workflow improves: the cost to close a loan, turn times, fewer human errors, the number of touches per loan, lower training times, and much more. Mace Innovations is proud to announce the latest version of Workflow, a revolutionary new way to streamline processes in Encompass®. Current Workflow clients are seeing an increase in productivity by up to 400% in every part of the loan process such as origination, disclosing, processing, underwriting, and closing. Find out how you can improve your workflow with our Workflow.”
Why rely on highly manual, disjointed post-closing mortgage processes when you have easy access to Indecomm’s tech-enabled post-closing solutions? Indecomm pairs top mortgage talent with its AuditGenius and DocGenius systems to deliver powerfully streamlined Post-Closing services. We know that quality, compliance, timelines, and transparency are critical to post-closing success. That’s why Indecomm’s Post-Closing HUB keeps you in the know at every step. Working with Indecomm, you get a centralized view of your post-closing audits, recording and e-recording statuses, and real-time views of trailing document tasks and timelines. Want to learn more? Attend our upcoming webinar “Pitchforking Manual Post-Closing Processes” or reach out to Neil Armstrong.
“With over 35 years of experience in mortgage banking, Richey May knows the industry from every angle. And we’ve created a wealth of services and products to help lenders stay ahead - audit and tax services, cybersecurity solutions designed to protect company assets and sensitive borrower information, intelligent automation tools for streamlined operations...you name it! Whether you're leveraging our innovative platforms or having us work as your extended team for outsourced internal audit or accounting services, get ready to tackle challenges faster with some serious firepower on your side. Everything you need—contact our experts today!”
“It's ‘Purchase Season,’ and a large influx of applications from Self-Employed and Gig-Economy workers are helping to fuel Logan's rapid volume growth. With a large selection of solutions for the self-employed borrower, including 1099, Bank Statement, and P&L, let us show you the different ways We Work Hard to Make Non-QM Easy™. Speaking of growth, Logan wants to welcome Randy Pawlowski, Matt Miller, Robert Loftis, Joe Boiano, Terry Koerner, Susan Gardella, Gabe Orozco, JJ Jacobowitz, Alan Sacks, Fred Cawthorn, Victoria Arguello, and Antonio Vadi to the Logan Family. Call Todd Lautzenheiser at 317-721-9941 or visit us and click here to learn why they call Logan The Agency of Non-Agency™.”
“Non-QM Alternative Lending Solutions Discover the Deephaven Difference! This high-level overview of Deephaven’s product guidelines will help you better understand Non-QM lending and how our solutions work. We’ll take you through a detailed review of the income documentation options for each product, including Full Doc (W2 & Tax Returns), Alternative Doc (Bank Statements & 1099), and Asset Utilization. You’ll learn about our unique DSCR product and how it gives you a competitive edge with property investors, and we’ll touch on solutions for non-warrantable condos. Plus, we’ll introduce you to Deephaven’s tools and resources, such as our scenario desk, that help you quickly identify the right products for your customers’ scenarios. By the end of the session, you’ll have learned all you need to know to recommend Deephaven’s loan products to your Non-QM borrowers. Register today here. To view our calendar of events, please click here. If you are interested in adding a Non-QM Investor, please contact Deephaven’s Chief Sales Officer Tom Davis.”
Events, Training, and Webinars to Start April
A list of 2023 conferences can be found here under the “conferences” tab.
In April, Enact will host multiple live courses to help grow your business and positively impact homebuyers. If you're looking to refresh your knowledge on self-employed borrowers, classes on Fannie Mae Form 1084 and Freddie Mac Form 91 are just what you need. Browse the Enact course catalog of on-demand webinars, just have your company or individual NMLS ID handy when registering. And make sure you check out this quick video on reviewing 2022 tax returns-- no login necessary.
Educate & Elevate with National MI University's April Webinars. Educational opportunities offered include webinar topics such as: Three Roles of a Leader with Andrew Oxley - April 12 at 11am PT. Does Your Customer Experience Drive Referrals? with Bruce Lund - April 13 at 10am PT. Dispelling the Myths: Manufactured Home Lending and Shared Equity Homeownership with Mia J. and Dennis S. - April 26 at 10am PT.
MBA's Technology Solutions Conference & Expo (TECH23) is happening south of San Francisco: San Jose April 2-5 for the industry’s largest gathering focused on tech solutions that power single-family and commercial/multifamily real estate finance.
We have the Great River Conference from April 4-6 in Memphis, Tennessee.
Appraisal Buzz’s new host, Hal Humphreys, chats with Joshua Walitt about the Appraiser's Conference and Trade Show (ACTS) in Sacramento, CA, on April 1st-4th. You'll hear about events and networking opportunities at ACTS, the Appraiser Diversity Initiative, and attorney Peter Christensen's pre-conference bias and diversity.
Join ACUMA President Peter Benjamin, CMB, on the next ACUMA Fast Track webinar on Tuesday, April 4, at 1 p.m. central time as he mines for more regulatory information from Amanda Parkhill, Deputy Director, Office of Examination and Insurance, for the National Credit Union Administration. Get an inside view of NCUA’s examination priorities for 2023. You’ll sharpen your regulatory compliance edge, as well as acquire greater insights about your friendly NCUA examiner who comes knocking at your credit union’s door.
Tappable equity remains nearly 60% above pre-pandemic levels, and the demand for home equity (HE) loans and lines of credit is expected to increase during 2023. But given the growing interest in these products, it’s crucial that lenders find ways to reduce HE origination costs and deliver faster turn times to meet consumer expectations. Join Black Knight’s complimentary Wednesday, April 5 webinar for an insightful discussion of the HE market, including current opportunities and risks, as well as how to drive valuation workflow efficiencies amid growing product demand.
Find out everything you need to know about Hedging at the MMLA Lunch and Learn webinar on Wednesday, April 5 from 12:00 PM - 1:00 PM. Discover how to manage your loan pipeline, mitigate risk, and optimize profitability that is essential in today's competitive mortgage landscape with industry expert, Mark Tetris, CMB, Black Knight.
What is a 1031 Exchange and How Can it Help My Business? Join MMLA luncheon,
Thursday, April 6, 11:30 AM - 1:00 PM to hear speaker Tina Pashovich, Regional Sales Executive of Old Republic Exchange for a webinar discussing 1031 Tax Deferred Exchanges. This class will give you an introduction to 1031 Exchanges and touch on all basic rules, regulations, benefits and other concepts necessary for a successful 1031 Exchange.
Power of the past, force of the future, the CMLA Mortgage Expo is back on Thursday, April 6, 2023 at the Hyatt Regency DTC. With improved layout for exhibit space, expanded seating for Keynote Breakfast and Lunch & Learn with Matt Havens, Make Your Business Human, revamped education session schedule for more learning opportunities and Happy Hour Event with Realtors.
This Friday the 7th at noon PT is the next edition of The Mortgage Collaborative’s Rundown with Tom Gallucci and me. We’ll be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown”!
To sum up last week, it was mostly calm following a couple weeks of uncertainty as a result of several bank failures. In testimony to Congress, Fed Vice Chair for Supervision Barr echoed Jerome Powell’s sentiment that the banking system is sound and that the Fed is committed to financial stability. Despite the containment of further failures, credit conditions will likely be tighter for the foreseeable future and as a result will put downward pressure on economic growth.
Meanwhile, consumers continued to spend to start the year: January’s real spending increase was revised up from 1.1 to 1.5 percent, though there was a slight pullback in February as spending declined 0.1 percent. We also learned that Fourth quarter real GDP was revised down slightly to 2.6 percent annualized in the final estimate. Residential investment plummeted 25.9 percent in the quarter. On a positive note, the GDP price index was its lowest since the fourth quarter of 2020 at 3.9 percent. Consumer confidence rose unexpectedly despite the survey being conducted after the collapse of Silicon Valley Bank.
On the inflation front, since that is what the Federal Reserve cares about, real disposable income increased 0.2 percent in February on the heels of a 1.5 increase in January. The savings rate rose slightly to 4.6 percent which is off the lows set last year, but still below the pre-pandemic average of 7 to 9 percent.
Though the stock market will be closed for Good Friday, the bond market isn’t, and this week’s nonfarm payrolls report will likely be the main attention grabber as the next Fed meeting will occur prior to April’s release. A strong jobs number combined with persistently higher than desired inflation will make it hard to justify not raising rates one more time following the May meeting. Q2 and April kick off with the final March S&P Global manufacturing PMI later this morning, followed by ISM manufacturing PMI for March, construction spending for February, and remarks from Fed Governor Cook. We begin the week with Agency MBS prices roughly unchanged from Friday and the 10-year yielding 3.50 after closing last week at 3.49 percent, and the 2-year at 4.09.
Last week, Momentum Loans announced the appointment of Rob Allphin as Executive Vice President. “Momentum Loans is recognized in the mortgage industry for operational excellence and our attention to detail, and Rob brings exactly what we need to build on that excellence: An ability to ramp up production by guiding a team that is Loan Officer and Customer-centric,” said Lance Miller, President of Momentum Loans. Allphin has worked in the residential mortgage industry for 30 years and is recognized as a national leader in sales and production. “Momentum is the perfect fit for me. They are extremely well run, and I am honored with this opportunity to further expand and strengthen our team. Having worked alongside great teams at other retail lenders, I am excited to take our Momentum team to the next level,” stated Allphin. Momentum is continuing to hire!
“Towne Mortgage Company continues to grow and demonstrate strength and stability as a TPO lender and a nationally acclaimed Top Workplace by Detroit Free Press year over year. Our Account Executives have unlimited opportunities in all channels: Wholesale, Non-Del, and Full Delegated Correspondent, and we reward our Team with an extremely competitive compensation and benefits package. Towne is a FNMA/FHLMC/GNMA approved seller-servicer with in-house retained servicing, and we offer a full agency product set including renovation (203K & FNMA HomeStyle), manual underwrites, as well as fully delegated Jumbo products. Our best-in-class culture shines throughout the entire Company and through to our clients. If you’re a TPO AE interested in exploring a new opportunity, look no further. Let us show you how Towne’s 40 years of experience can help you generate more business, and at the same time make work fun again! If interested in learning more, please send your confidential inquiries to Mark Zierott.
Wanna make up to $183k per year? FHA is accepting applications for a Housing Program Officer to work with and provide effective oversight and guidance to diverse groups, represent the Department, present and acquire information, and gain participant cooperation in structured and unstructured settings.