“Life is like a helicopter. I don’t know how to operate a helicopter.” Remember how exciting it was when the technology of spellcheck came along? (People handwrite “congrats” on cards because they can’t spell “congratjulashons.”) Lenders alternate between being too busy or too poor to roll out new technology, but somehow they do. They have to. A recent STRATMOR workshop found that processing is currently the #1 bottleneck in operations. And every ops manager person says that bringing new processors up to speed remotely is difficult. (Underwriting and closing closely follow.) Midwest lenders who have not had to compete for operations staff from a salary perspective now must “step up” compensation plans in order to attract staff from around the nation. How are lenders managing capacity constraints, one of the biggest “pain points” for lenders? A recent STRATMOR poll indicated that overtime, shifting staff from other parts of the company, or adjusting the workflow process.
Lender and Broker Products and Services
GO Mortgage would like to thank all their warehouse partners, broker-dealers, realtors, builders, manufactured dealers, title companies, appraisers, notaries, vendor partners, and everyone who assisted our company in funding loans this year. GO Mortgage would not be as successful without the support and efforts of all our partners, especially during such a challenging year. Additionally, GO Mortgage would like to wish everyone a safe, healthy, and happy holiday season. Feel free to reach out at GO Mortgage or [email protected]
Caliber Wholesale is excited to announce a new way for our business partners to grow their businesses: Caliber Club! Members will have access to resources like MBS Highway, CoreLogic CredCo and our ready-to-go marketing materials. You’ll also be invited to exclusive meetings with industry leaders and networking events to take your client service to another level. Details are on the Caliber Club website. “On Nov. 12, we held a Partner Connect virtual event for our inaugural members. Viewers learned about technology, marketing tactics, capital markets and more. This is just the beginning of our ongoing dialogue with partners to tell us what you need to strengthen your business. We’re always looking to enhance our communication with partners. If you’d like to be a Caliber Club member, contact your account executive for information.”
Marla Guillaume joined Thrive Mortgage in February of 2020 to lead Thrive’s Multi-Channel Origination Division. The union was nothing less than inspired. Since the launch of the WeThrive portal, wholesale origination volume has seen tremendous growth as the Broker Community has experienced first-hand what our Retail Originators have known for years… that Thrive Mortgage excels at providing a legendary lending experience. “The ability to combine our innovative and efficient loan manufacturing process to the vast array of program options we offer is a definite win for the Broker Community,” stated Guillaume. “We built out a tremendous team to support the independent mortgage professional. Now, we’re busy getting the word out and we’re thrilled that the growth has exceeded our initial expectations.” Thrive Mortgage is seeking to expand their Wholesale offerings into new and existing markets. To learn more about partnering with Thrive, click HERE or email Marla Guillaume directly.
As refinance volume drops off, marketing to consumers will take on added significance. Powered by Experian, Service 1st’s predictive modeling instantly identifies consumers who are 80% likely to enter the market for a mortgage within the next 120 days. It’s one of many powerful prospecting solutions offered by S1 within our marketing cascade platform. Your credit reporting provider is one of the first interactions a prospective borrower will have with a chosen external partner. Are you in alignment with your provider’s turn-times, consumer wait times and overall customer service experience? Visit srv1st.com for performance metrics, newsletter registration and referral statements from existing clients. Schedule with one of our lead experts today and be best prepared for 2021.
As interest rates get lower and lower—the rush of mortgages and refis gets higher and higher. We know you’re feeling overwhelmed. Here are three things you can do to stop leaving valuable loans on the table, and take advantage of the market so you can come out on top. At Truework, our dedicated team of mortgage professionals are committed to tackling and completing any and all VOE/VOI requests, so you can close your loans faster than ever. Truework is a US-based company and has partnered with major lenders across the country to conduct 200,000+ verifications and counting. We’re also excited to announce that Reverifications Are Now Live—reverify employment for any request within 90 days of the original, receive up-to-date statuses on all verification reports, get fast turnaround times, and see discounted rates—Get started with Truework Today! And for a limited time Rob Chrisman readers get 5 free Verifications ($200 value). Let us do the heavy lifting so you can focus on what matters. Interested? Email Zackary Green.
“In the first 4 months we took in $180M in applications and we have about 100 LOs. That is a significant impact to our business. My top performing LO attributes 25% of her business to Sales Boomerang alerts.” (Katherine Campbell, Assurance Financial) Our clients are the smartest lenders in the industry. They are the smartest because they have automated their borrower retention strategy which multiplied their repeat and referral business. These lenders have also firmed up their LO retention and LO recruitment process by using the #1 borrower retention system as one of the leading reasons to stay or join the lender. If any of these three items is on your list for 2021 then click here and schedule a demo.
Josh Friend, CEO Insellerate as he goes live with Rob Chrisman, capital markets consultant tomorrow, 11AM-11:45AM PT. Listen to key industry insights and in-depth conversations where they discuss the economy, industry trends, and provide an outlook for 2021.
Operations and Processing Changes
All Land Home Financial HECM ARM applications will be originated with a CMT indexed product. Existing LIBOR indexed loans will have until 11/15/2020 to close. This allows for loans to close, fund and be securitized by GNMA’s cutoff. Loans that do not meet this cut off will be redisclosed to a HECM CMT product.
Land Home Financial Services issued a reminder that all HECM ARM applications will be originated with a CMT indexed product.
loanDepot’s New Express Lane Program was created to fast track and streamline the process for refinances that are not complicated to underwrite. Eligible Express Lane Products include mello® Smart Loan, LoanDepot Select, and VA IRRRLs. View loanDepot’s Current Turn Times page for each Express Lane product turn time.
Redwood Trust requires all borrowers sign a COVID-19 affidavit at closing. LOs/processors are responsible for uploading the form to the docs to be signed at closing.
First State Mortgage posted a Guide Announcement regarding Age of Documentation – Paystubs.
Mortgage Solutions Financial issued Announcement 18-20C Concerning New Document Upload Type.
AmeriHome has a new Visa and EAD Eligibility Guide Matrix is available to Sellers. The matrix provides a list of eligible Visa types and EAD requirements for loan transactions which include Non-Permanent Resident Alien borrowers. Matrix is located on the SellerWeb >Resources > Program Guides tab.
Lakeview Correspondent announced an updated interest-only Note for the state of Alabama. The new document provides a reminder to the borrower to read the contract thoroughly prior to signing. Copies of the new Note were made available to the document providers.
A while back FAMC Correspondent addressed some MERS changes. MERS must be referred to by its full legal name: Mortgage Electronic Registration System, Inc. The acronym MERS may only be used after being defined (e.g., Mortgage Electronic Registration Systems, Inc. (“MERS”)), effective immediately. Assignments to MERS must reference MERS in one of certain ways (Mortgagee, if the Security Instrument is a Mortgage, Beneficiary, if the Security Instrument is a Deed of Trust, and so on) or MERS may also be referred to as nominee. (The only exception to these requirements is in Montana, Oregon, and Washington where MERS’s role is as nominee of the beneficiary and beneficiary’s successors and assigns.)
Caliber Home Loans Correspondent and practically every other lender requires all borrowers to execute its COVID-19 Borrower Attestation or a similar attestation. All borrowers must execute the attestation in both the initial CD package and the closing package. A sample of an attestation form will be posted in AllRegs.
U.S. Treasuries and MBS ended Wednesday mixed inside a narrow range and the UMBS30 basis closed mostly wider, led by 1.5%, following another lousy 20-year auction and fresh coronavirus restrictions overshadowing positive vaccine news from earlier in the week. Housing starts in October increased 4.9% m/m (and 14.2% yr./yr.), hitting their highest pace since February and beating economists’ expectations. Building permits were flat but remained ahead of the pace registered in January as the market exhibited continued strength in single-family starts. Fortunately for the housing market, we still have low mortgage rates, and a tight supply of existing homes for sale pushing prices higher.
Today’s busy economic calendar is already underway with weekly jobless claims (+31k to 742k) and Philadelphia Fed manufacturing for November. Later this morning brings existing home sales for October, leading indicators for October, the latest Primary Mortgage Market Survey from Freddie Mac (for the week ending November 19), and KC Fed manufacturing. Today’s Fed speakers include Cleveland’s Mester, Governor Bowman, and Boston’s Rosengren. As far as the MBS purchase schedule, the desk will target up to $6.7 billion MBS, starting with $1.2 billion UMBS15 1.5% and 2% followed by $3.5 billion UMBS30 2% and 2.5% and $2 billion GNII 2% and 2.5%. We begin today with Agency MBS prices up/better nearly .125 and the 10-year yielding .85 after closing yesterday at 0.88% after a bad jobless claims figure.
Jobs and Retirement
SimpleNexus is expanding its sales team with open Account Executive, Customer Success, BDR and Solutions Engineer positions. The company is also hiring engineers in the SLC and Phoenix areas. From engagement to eClose, SimpleNexus is streamlining the homeownership journey with its best-in-class POS and native mobile app that connects LOs, realtors, borrowers, and settlement agents. SimpleNexus is seeking candidates that reflect its HIVE core values (Hungry, Innovative, Vibrant, Empathetic). SimpleNexus is the place to be in 2021 and beyond with excellent work culture and happy customers. If you are a high performer looking for a place you can call home for years to come, view open positions and apply here.
Control your pipeline and let your earnings flow. Independent mortgage brokers are diving into this booming purchase and refinance market and making more money. There’s never been a better time to join or become an independent mortgage broker and take control of your pipeline. Unlike online retail lenders and banks, you have unlimited earning potential and can serve as many clients as you like. And you’ll have access to a range of wholesale lenders to partner with and keep business flowing in the right direction with cutting-edge technology and service. There’s never been a better time to go independent. Take control of your bottom line today at BeAMortgageBroker.com/Contact.
Home Point Financial has had 96% of its associates working from home since mid-March. While growing loan volume and building capacity have been focal points, the company’s top priority is the care and well-being of its associates and their families. With many people pulling double-duty (working remotely while supporting young virtual learners) Home Point committed to providing laptops, tablets, or Chromebooks to all associates with children (kindergarten through age 22) that are attending school virtually from home. If you want to be part of a team that makes your career – and your family – a priority, apply for an open position on Home Point’s careers page.
NEXA Mortgage is hiring experienced self-producing MLOs. If you are no longer experiencing a clear to close in 15 days or less routinely, then you simply must look to NEXA as an option for your clients. NEXA Mortgage consistently closes that fast on purchase and refinances alike. You can learn for yourself, come to the “Why NEXA” demonstration held each and every Thursday at 11am MST. Even on Thanksgiving!! Just login here and click on the “Why NEXA” link. The CEO, Mike Kortas, will be on hand to ask any questions you have. No question is off limits and there will be a deep dive into everything about NEXA Mortgage so you as an MLO can make the right choice on your final destination.
“Thanksgiving is just around the corner! At Citizens we’re thankful to have a talented Operations staff that is truly the backbone of our Home Mortgage business. If you’re thinking of beginning the new year with a new career opportunity, we’d love to have you on our team! We’re currently on the lookout for top processors, closers, and underwriters to help keep our business booming. When you join Citizens, you’re joining a team that values your contributions and appreciates your knowledge and expertise. We even developed various recognition programs to show our colleagues just how much they mean to us. Combine all of this with our comprehensive benefits package and it’s clear why so many mortgage professionals have chosen to advance their careers with Citizens. If this sounds like the opportunity you’ve been looking for, visit jobs.citizensbank.com to see all of our openings today!”
AmeriHome Mortgage, the 3rd largest correspondent and 11th largest mortgage lender in the country according to Inside Mortgage Finance, is hiring for several positions! AmeriHome’s Consumer Direct Division is currently hiring a Sales Manager with experience running Loan Officer teams, while their Correspondent Lending Division is looking for Operations Account Representatives and Senior Quality Control Underwriters, with positions in Southern California, Texas, and remote! AmeriHome has a great, collaborative culture, hands-on accessible leadership, and defined career pathing for growth within the company. They also have a very generous benefits package including low to no-cost medical and dental benefits for employees and their families, life insurance benefits, competitive 401(k) contributions, and ample paid time off. One employee had this to say, “AmeriHome is definitely the best company I have ever worked for and I am eternally grateful for the opportunities I have been presented here.” Visit their careers page to view all open positions, and submit resumes to [email protected] to schedule an interview.
STRATMOR Group Senior Partner and Founder Jeff Babcock has announced his plans to retire at the end of 2020. To honor his outstanding contributions to the mortgage industry and to the company he founded, STRATMOR is dedicating the November issue of its Insights Report to Jeff. In the report’s InFocus article, “STRATMOR Celebrates Our Founding Partner, Jeff Babcock,” Jeff offers his observations about his career and about what he believes has contributed to the nearly 40 years of sustained success STRATMOR Group has experienced. True to form, Jeff also reflects on the factors that can make or break a business, whether a consultancy or a lender. Don’t miss this opportunity to learn from a mortgage industry master and from those who have had the opportunity to work with him: read the November Insights Report. Congratulations, Jeff, on your illustrious career!