This morning, at the beginning of the third quarter of 2022, I learned about this morsel: The most common national holiday around the world is independence from the British! That aside, this morning I decided to start the 2nd half of 2022 with a healthy, low-cal breakfast: oatmeal. So I found the Quaker Oats, and began boiling. Then I gathered up the butter, pecans, chocolate chips, milk, maple syrup, banana, shredded coconut… where was I going with this? Oh yeah, food and learning. Real estate agent relationships are vital in the mortgage industry, especially for purchase-heavy shops. In hot markets, agents tend to already have established relationships with brokers or lenders, so some LOs are using food and learning. They are offering either breakfast treats with a baker, or happy hour wine tasting with a local wine expert, to local real estate agents, financial planners, contractors, divorce attorneys, whoever, with 20-30 minutes of mingling and then a 10–15-minute presentation on what a broker or loan officer does and the value a good originator can add for the agents. Hey, it’s worth a shot. (Today’s podcast is available here and this week’s is sponsored by Ignite Integration Solutions, Inc., a custom software provider that has created industry leading LOS CORE integrations in addition to a library of Encompass base tools and plug ins, and custom API development with our team of 100% on shore developers to support both Mortgage Lenders and Vendors as clients and partners.)

Lender and Broker Software and Services

After decades of suffering from “middle-child syndrome,” the mortgage servicing industry is now getting the attention it deserves. During this time, there’s no doubt your organization is looking to grow to become a preferred Servicer for investors. Brace 2.0 helps Servicers securely train and scale teams while resolving loss mitigation applications. With skills-based tasking, tasks are automatically routed to team members that have been approved by management.

With Brace 2.0’s application management dashboard, managers can easily track employee progress and performance, as well as rates and application milestones. Now, management can focus on high-level organizational goals that increase revenue and improve investor relations. Learn how Brace’s compliant Rules Engine works in tandem with digital communications and income verification to help Servicers stay ahead of RESPA timelines.

“Look for credit report options now and prepare for new market conditions. Service 1st will review your price and solution stack for credit, verifications, valuation, and flood. For 95 years S1 has best positioned and advised our clients for success, no matter the lending environment. Our turn-times are best in class, regardless of volume. 84.2% of all supplements & manual VOEs returned in less than 48 hrs. How’s TRV (4506-C) turn times? We’re partnered with IRS transcript pioneer, NCS. CUs & bankers, enhance portfolio monitoring as we enter new market conditions with custom solutions from S1. Tune up your HELOC program with S1 valuation cascades. Whether à la carte or packaged solutions, our specialty is serving your organization. Schedule your July meeting with S1 today.”

With Candor you improve your pull through ≥15% and get to borrower surety whiplash fast. Watch FBC’s COO Travis Rulle describe their “speed to decision” as a Candor client. In a market where every app counts, you owe it to yourself to explore the only platform that delivers automation well beyond income calculation and OCR. You can be live in just 30 days. Contact us for a demo.

They say knowledge is power, and knowing the status of all your loans is more important now than ever. Finding that kind of info in your LOS can be somewhat of a pain. Want to know how you can get updates on all those loans on a regular, pain free basis without ever having to log into your LOS? Click here to learn how Velma Connector can streamline your Production Report process, so you can have peace of mind. Want to get a little more hands on? Schedule a demo today!

Loan Product News

Since 2014, Excelerate Capital has been a preferred lender to our business partners. Our goal is to offer more ways to say yes to your borrowers. Our AEs and operations team focus on getting your loans closed as quickly as possible, with amazing support and service to the broker throughout the entire loan process. Proud to be MPA’s Top 5 Lender in wholesale and non-QM, Excelerate Capital product offerings range from a 90% LTV DSCR, and multi-family investor loans, to flexible asset utilization options. Reach out to us and see what sets us apart. We can piece it together for you! Contact: Scott Gerrity, Regional Vice President TPO or Rachel To, Senior Vice President TPO.

Northpointe Bank Correspondent Lending offers temporary buydown programs allowing eligible borrowers to pay a reduced loan payment and interest rate within the first one or two years of the loan. With Northpointe’s temporary buydown program, the interest rate is bought down from funds collected upfront, allowing the borrower to ease into the full home loan payment over time. The buydown funds can be provided by the borrower, seller, or other interested party, such as a builder, and is eligible for purchase and rate/term refinance of primary residences and second homes. Available in all 50 states and the District of Columbia, Northpointe Bank provides tailored solutions to maximize your profitability and help grow your business. View program details for more information or email us at

First Community Mortgage rolled out a series of updates in its correspondent and wholesale channels. It updated its Non-Conforming Jumbo Summit/Peak guidelines effective as of June 13, 2022, for all loans including loans in the pipeline. Details are outlined in FCM Wholesale Announcement 2022-28. It updated its Non-Conforming Jumbo Direct/Traditional Guidelines creating several changes to both its Direct and Traditional matrices. Review the FCM Direct and Traditional guidelines to view all updates. It summarized changes to THDA Great Choice MRB Income/AMI Limits applicable to loan applications received on or after Wednesday, June 1st in FCM Wholesale Announcement 2022-23. There was an update to its Non-Conforming Jumbo Direct Matrix as shown in FCM Correspondent Announcement 2022-18 to reflect new minimum loan amount increase effective for loans with new commitments on or after June 22. Existing locks for less than the new minimum loan amount will be honored. And there was an update to its Non-Conforming Jumbo Direct/Traditional Guidelines creating several changes to both its Direct and Traditional matrices. FCM Correspondent’s Direct and Traditional guidelines to view all updates.

Citi Correspondent Lending implemented FICO / LTV loan level pricing adjuster changes for Non-Agency transactions, effective with new locks on/after Friday, June 17, 2022.

Recession concerns, persistent low inventory, and rising rates have mortgage lenders imagining creative ways to protect margins. Non-QM and non-Agency products is one way, as those tend to have higher margins. Verity rolled out a “Non-QM Primer” that is worth a look.

AmeriHome announced the expansion of its Portfolio Express and Portfolio Jumbo program guidelines, including 85% LTV/CLTV to $2 million and 80% LTV/CLTV to $2.5 million for primary residences. Find out more information in AmeriHome Correspondent Announcement 20220602-CL.

PRMG revised Product Profile information on its Diamond Jumbo, FHA Standard and High Balance, all Jumbo and Non-QM Products. Details are available PRMG Product Update 22-30.

While some lenders are pulling out of offering No Ratio loans, A&D Mortgage remains confident in being able to offer a no-hassle lending experience to investors wanting a loan up to 85% LTV that requires no income or employment verification.

Starting on June 8th, A&D Mortgage Broker Partners will no longer be able to submit new loans through OpenClose. Partners will need to login into Automated Decision Manager (ADM) for all new loan submissions.

loanDepot Wholesale revised information applicable to its Conventional, VA and jumboAdvantage EXPRESS Lending Guide’s as described in the LDW May 31 Newsletter.

DSCR loans can fit a variety of borrower situations. LoanWyse offers DSCR programs that do not require DTI or employment verification, W-2s or Tax Returns.

Sellers approved for Wells Fargo Funding Non-Conforming Loans should note policy expansion on departure residence and bridge loans described in Wells Fargo Funding Newsflash C22-017nc.

In Wells Fargo Funding Newsflash C22-016nc, a correction was made regarding loan amounts on Non-Conforming Loans, as well as information on Seller Guide enhancements and financial statements clarification.

Loan Stream Mortgage is offering Select Non-QM & Select DSCR Pricing Improvements, effective immediately.

Qualify borrowers with Only a 1099 using Loan Stream’s NaNQ, a proprietary program specifically created to fulfill mortgage program options for our brokers with non-prime programs. First time home buyers are eligible, borrowers must be 1099 only.

Capital Markets: Rates Reacting to Recession Chatter

Treasury yields plunged again yesterday. Why? Recession jitters, and the benchmark risk-free U.S. Treasury 10-year’s yield now down to below 3 percent. We saw yesterday that personal consumption expenditures came in light, rising only 0.2 percent, when expectations were for a 0.5 percent increase. If you adjust for inflation, spending fell 0.4 percent. PCE core inflation, the Fed’s preferred inflation gauge, rose 0.3 percent month-over-month and fell to 4.7 percent year-over-year, which was encouraging. However, the decline in real PCE will fuel concerns about the Fed continuing to tighten into a slowing economic environment. The discouraging spending number indicates that second quarter GDP might be weaker than people are thinking. If GDP contracts in the second quarter, the U.S. economy enters a technical recession. Fed Chair Powell reiterated this week that a bigger risk than recession would be to fail to restore price stability.

Today’s early close includes some data points including manufacturing PMIs (Purchasing Managers Indices) for June. First up is S&P Global followed by ISM. May construction spending winds up this week’s economic calendar, but none of the news is going to take the eyes off the general inflation and recessionary trends. There are no Fed MBS purchase operations today. We begin Friday with Agency MBS prices better .250-.50 and the 10-year yielding 2.92 after closing yesterday at 2.97 percent.


“Towne Mortgage Company continues to demonstrate strength and stability as a TPO lender and as a nationally acclaimed top-rated places to work. Our Account Executives have unlimited opportunities in all channels: Wholesale, Non-Del, and Full Delegated. Towne offers an extremely competitive compensation and benefits package to our Account Executives. We provide our Sales Teams with a full FNMA/FHLMC/GNMA agency product set, renovation (203K & FNMA HomeStyle), manual underwrites, Jumbo products with full delegation, and more! Let Towne’s years of experience in this space help you generate more business from your clients. Towne also offers flexibility based on client’s needs and can provide all in-house fulfillment from disclosures to retention of loan servicing.” Please send your confidential inquiries to Mark Zierott.

PacRes Mortgage, formerly Pacific Residential Mortgage, is excited to announce industry veteran Dave Bergstrom is joining The PAC as Senior Vice President of Sales. Dave comes to PacRes with over 33 years of mortgage industry and sales leadership experience. “The team at PacRes strives for excellence, trust, service, drive, innovation, and celebration in everything we do. I couldn’t be more excited about the opportunity to support the growth of such a wonderful organization," says Bergstrom. “Our motto says it all, Dreams approved daily. For borrowers, business leaders, and entrepreneurs that want to turn their dreams into reality, PacRes Mortgage is the 5-Star team you’ve been looking for.” PacRes is currently licensed in 35 states and growing rapidly. “Our fast national expansion demands we find and hire top level talent – now,” says Matt Stashin, CEO and founding partner. “We’re thrilled to have someone of Dave’s deep industry experience join our team.” Want to join Dave and join The Pac? Please reach out to Dave Bergstrom, SVP at 949-795-2835.