When my Dad retired from the navy in 1962 after 20 years, he found a job through the Want Ads in the newspaper. I post jobs here, through the wonders of technology, nearly every day. But hey, why don’t you target veterans with your job openings? If you need someone, you can post on the Veteran Virtual Career Expo. Technology is also helping companies go public, as Angel Oak Mortgage did yesterday, the release of 2020’s HMDA data by the FFIEC, and in the moving ahead of home building. Utilizing Germany-based PERI's 3D printer, Habitat's Central Arizona chapter is constructing its first 3D-printed home on a lot owned by the city of Tempe. Not to be outdone, in Austin, Texas another 3-D house is being built with newer, “more modern” technology. Newer, faster, cheaper. Today’s audio version of the commentary is available here and features an interview with Joe Hartman. This week’s is sponsored by Symmetry Lending, focused on providing Piggyback and Stand-Alone HELOCs for MLOs and lenders.

Broker and Lender Products and Services

When independent mortgage brokers partner with a lender that has incredible size and scale, there are inherently great benefits they can pass down to their clients. Rocket Pro TPO is leveraging its strength and power as the nation’s largest lender to provide industry-leading mortgage insurance pricing. This automatically gives brokers a competitive advantage because they can save their clients thousands of dollars over the life of the loan. For example, on a $400,000 loan for a client with a 760 FICO who puts 5% down, their MI is only $70 compared to the industry average of $126. That means in just 5 years, clients save nearly $3,500. This is just an incredibly important reminder that the broker community should be selling more than rate. Log in to the Rocket Pro TPO portal or call your AE to take advantage of this incredible offering.

Earlier this month Volly, an industry-leading provider of lending and marketing technology platforms for the mortgage and banking industries, announced that it has acquired Home Captain, a market-leading technology enabled real estate platform that shepherds homebuyers through the home buying journey. This acquisition of Home Captain will extend Volly’s capabilities into the real estate market, Providing seamless interactions between borrowers, loan officers and real estate agents. “I am excited that Grant Moon and the Home Captain team will be joining Volly” said Volly CEO Jerry Halbrook.

Company Sponsored Events

How To Master Your Top 5 Mortgage Servicing Priorities This Summer: This summer is full of critical real-time priorities, so don’t miss this live webinar on DSNews (July 7 2PM-3PM ET) where technical pros who get it will cover everything that matters to you right now. Computershare COO, Jeff Johnson will join Sagent CEO, Dan Sogorka to dive deep on: 1) Best practices for late-stage CARES compliance and borrower care; 2) How to modernize your servicing tech stack and optimize teams while dealing with rapidly changing markets, regs, and consumer expectations; 3) What is your non-performing playbook as the clock ticks down on long-term forbearances; 4) How to raise retention rates on performing loans, especially keeping customers as they buy new homes in this hot housing market;  5) What should a complete and modern performing, non-performing, and consumer platform look like by this time next year? Register today!

Kansas City Loan Officers: The housing market is shifting. You'll be left behind if your sales strategy isn’t in alignment. You may know that, but you might not know where to start or how to make sure you don't put your career at risk. That's where we come in. On Thursday, June 24, join your community of Kansas City mortgage professionals for an exciting event: Ignite: Skills + Strategies for the Modern Mortgage Consultant, powered by Ace Creatives and Wyndham Capital Mortgage. Learn about generating new leads, building your personal brand and cultivating agent relationships from industry leaders like Adam Constantine, Owner/CEO of Ace Creatives; Trey Rigdon, SVP of Marketing at Wyndham Capital Mortgage; and a top performing Kansas City realtor at Topgolf - Overland Park from 3-8PM (CDT). Register now!

Processing Notes: What to do With a New Holiday?

The last time a national holiday was created was in 1983 with MLK Day, so we’re a little rusty. Lenders around the nation have tens of thousands of loans in process, many of which signing legal documents today or tomorrow, or are in the process of LEs, ICDs, calculating the earliest closing date, lock periods with borrowers, or delivery dates to investors. But our industry can be pretty quick on its feet sometimes, and with the new Federal holiday tomorrow, calendar moves were made focused on compliance. After all, no one wants to get into a lawsuit or be fined by the Consumer Finance Protection Bureau.

Sandler Law Group informed clients, “The creation of this new federal holiday will impact mortgage disclosure regulations that are tied to ‘business day’ time periods, in particular the time to close after a consumer’s receipt of the Closing Disclosure, and the rescission period following closing. This year, lenders will not be able to count Saturday, June 19 as a business day for disclosure and rescission purposes. This may affect disclosures and closing documents that have already been delivered to borrowers, or that are in the process of being issued. Scheduled closing dates may need to be pushed back one day, and rescission notices that have been provided may need to be revised to push back the last day to cancel by one day.”

The Federal Reserve Board's offices in Washington, D.C., will be closed today, in observance of Juneteenth National Independence Day. Federal Reserve Financial Services will operate normally on Friday, June 18, and Monday, June 21, providing payment services, including the fulfillment of orders for currency and coin, which is standard practice for any federal holiday that falls on a Saturday.

Lenders and investors reacted. For example, AmeriHome sent, “Juneteenth National Independence Day, would be considered a Specific Business Day and excluded when counting days to determine the proper rescission period. Under 12 CFR § 1026.15(a)(3), the consumer may exercise the right to rescind until midnight of the third business day following the occurrence that gave rise to the right to rescind. For purposes of this right of rescission, business days are considered to be Specific Business Days, that is, all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a), such as New Year’s Day, the Birthday of Martin Luther King, Jr., Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, and Christmas Day.

Juneteenth National Independence Day, would be considered a Specific Business Day to be excluded when counting days to determine the proper waiting period prior to consummation.

Under 12 CFR § 1026.19(e)(1)(iii), the creditor shall deliver or place in the mail the disclosures required under paragraph (e)(1)(i) of this section not later than the third business day after the creditor receives the consumer's application, as defined in § 1026.2(a)(3), and not later than seven business days before the loan is consummated. Under 12 CFR §1026.19(f)(1)(ii), the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.

PennyMac sent correspondents, “(Tomorrow) is considered a Specific Business Day to be excluded when counting days to determine the proper rescission period. Under 12 CFR § 1026.15(a)(3), the consumer may exercise the right to rescind until midnight of the third business day following the occurrence that gave rise to the right to rescind. For purposes of this right of rescission, business days are considered to be Specific Business Days, that is, all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a).

“The Day is considered a Specific Business Day to be excluded when counting days to determine the proper waiting period prior to consummation. Under 12 CFR § 1026.19(e)(1)(iii), the creditor shall deliver or place in the mail the disclosures required under paragraph (e)(1)(i) of this section not later than the third business day after the creditor receives the consumer’s application, as defined in § 1026.2(a)(3), and not later than seven business days before the loan is consummated. Under 12 CFR §1026.19(f)(1)(ii), the creditor shall ensure that the consumer receives the disclosures required under paragraph (f)(1)(i) of this section no later than three business days before consummation.”

California’s Mountain West Financial told brokers, “…some federal offices and county recorders offices will be observing the holiday on Friday the 18th. We have verified that the Federal Reserve along with warehouse banks will be open for all wires and business. Saturday, June 19, will not be included in the rescission period for rescindable loans, as this is considered a legal holiday day… Saturday, June 19, is a federal holiday. This date cannot be included in counting the seven-business day waiting period from when the initial Loan Estimate was provided to consummation. When re-disclosure of the Loan Estimate or Closing Disclosure is required, this date also cannot be included in counting of the three-business day period from when the initial Closing Disclosure was provided to consummation (loan Documents signed).”

Reverse Vision also informed clients that Saturday cannot be counted as a recission day.

Capital Markets

Greed and fear. Everybody knows the Fed is eventually going to stop buying billions of dollars of securities each day. But the second some news comes out saying they are considering doing it (even though discussing it has been in the news for the past month), the bond market goes ape. But mortgage-related bonds reclaimed most or all of Wednesday's post-FOMC loss yesterday, and more this morning, meaning the rate seesaw continued.

The Primary Mortgage Market Survey from Freddie Mac for the week ending June 17 saw the 30-year fixed rate fall 3 bps to 2.93 percent, with the 15-year fixed rate up 1 bp to 2.24 percent. Separately, Black Knight reported that the number of active forbearance plans declined again this week by 7k. That puts forbearance figures down a total of 117k (-5.4 percent) from the same time last month and means that as of June 15, 2.06 million (3.9 percent of) homeowners remain in COVID-19 related forbearance plans.

With no economic data on the calendar today, it is poised to be a quiet end to the week. Fedspeak? Only Minneapolis’ Kashkari is delivering remarks. The MBS purchase schedule by the Desk of the NY Fed is a repeat of Wednesday’s and sees the Desk in for up to $4.9 billion 30-year 2 percent and 2.5 percent securities. We begin the day with Agency MBS prices a shade down/worse and the 10-year yielding 1.51 percent, unchanged from Thursday’s close.

Employment and Promotions

Birchwood Credit Services, a national provider of mortgage credit reporting services is excited to announce the promotion of Larry Avery to Senior Executive Vice President. Larry has been with Birchwood for over 19 years.  He started out as an Account Executive and moved up the ranks to Executive Vice President of Sales. Larry has continuously demonstrated his alignment to Birchwood’s core values and his ability to ensure that Birchwood succeeds. During his time in sales, and while developing the sales team, Birchwood has grown to become one of the most reliable providers of credit related services in the nation. Larry will be taking an active leadership role in all the different facets of the organization: Operations, Systems, Finance, HR, Compliance, Sales and Marketing.

Recently named among Top 6 Best Large Mortgage Companies to work for by National Mortgage News, Geneva Financial, Home Loans Powered By Humans®, is filling Branch Manager and Loan officer positions in 45 states. Average closing 14-21 days on purchase, less if needed. Large volume branches can opt for same-day Underwriting with in-branch Ops option. 275/325 BPS P&L includes zero fees for credit reports, AUS, LOS, CRM, technology fees, employer taxes (commissioned employees), VOEs, 4506Ts, and warehouse costs. See why Geneva was rated 95.2/100 on Inc. Magazine’s independent employee survey here.

Two weeks ago, Thrive Mortgage announced the kickoff of its 20th Anniversary Celebration. Throughout June, employees from coast to coast have taken to social media to celebrate their love of the Thrive community. When asked to share her experience as a long-time Branch Manager and Top Producer, Thrive’s resident Mortgage Nerd, Denise Donoghue, replied, “Every high-level producer has five key priorities in their business: extensive program options, highly competitive pricing, killer marketing support, the right mix of tech tools for efficiency, and a culture that cares about each other. Being a part of the Thrive Mortgage community affords me and my team ALL five of these tools!” Denise continued, “To find this perfect mix in the mortgage industry is very rare.  I’m blessed to partner with my Thrive Mortgage team.” Thrive is always looking for hungry, humble, and smart professionals seeking to achieve greater together. To learn more, visit ThriveMortgage.com/join-thrive.

Symmetry Lending is still growing! With this continued growth, and an unwavering commitment to Service, Speed, and Simplicity, Symmetry’s internal recruiters are seeking individuals that want to join the team that delivers an industry-leading experience for Piggyback and Stand-Alone HELOCs to our mortgage origination partners. Symmetry’s founders, executives, and all team members contribute to a people-first culture, a priority that makes for an exciting place to work, grow, and collaborate with colleagues. With office locations in 7 different states, Symmetry is seeking to fill several new positions throughout the country. Information about these available positions is updated regularly and can be found on Symmetry’s Careers Page. Contact Symmetry’s internal recruiting team at careers@symmetrylending.com. And, don’t forget to connect on LinkedIn, Facebook, and Twitter.

On this day in 1861, President Lincoln witnessed a hot air balloon presentation, and the fact that someone wrote that down means that at some point hot air balloons were expected to be the next big thing. You know what else is also full of hot air? Lenders that claim to care about their LOs but actually have a huge turnover rate. Luckily, there are still lenders like Mid America Mortgage that practice that they preach. Last year, Mid America recorded an 85% LO retention rate. Why? Because Mid America has both created a culture that cares and equipped its LOs with the competitive programs and pricing they need to succeed in today’s market. If you’re interested in finding a professional home of your own while helping more of your borrowers get into the home of their dreams, contact Michael Cooksey or Kerry Webb to get the conversation started.

Mortgage Investors Group has been helping loan officers take their business to the next level for more than 30 years. The co-founders of our Knoxville-based company started out as mortgage loan originators, so they know how important it is to support from the top down the people who help our borrowers become homeowners. Everyone at MIG – from our loan officers to our underwriters, processors, and marketing team to our senior leadership – is focused on providing the best customer experience we can by always doing what is right. As we continue to grow our loan officer-led brand of mortgage lending across the Southeast, we’re hiring customer-focused mortgage professionals who want to be a part of a company that’s earned its reputation as an industry leader and top residential lender. If you desire to grow your business the right way with the right people, contact vice president Gary Royal (gary.royal@migonline.com).

Guardian Mortgage is proud to announce that Michaelann Perea was promoted to Mortgage Area Manager, New Mexico, where she will oversee both the Santa Fe and Albuquerque markets, collaborating and supporting branch managers. Since 2016, Michaelann has held several positions at Guardian including Branch Manager, where she developed and coached Loan Originators as well as provided exceptional customer service to our customers. Her contributions have played a critical part in supporting the First National 1870 bank locations in Santa Fe. Michaelann currently serves as chair of the Santa Fe Community Services Committee 2021, Board Member for the Santa Fe Children’s Museum, and Public Image Chair for the Rotary Club of Santa Fe. Michaelann’s skills and talents as a lender and leader will have an even bigger impact in this new role and we can’t wait to see what she does for Guardian and First National 1870.

Homeowners Financial Group (HFG) is proud to announce that Cindy Baird has been promoted to EVP, National Operations Manager, where she will continue oversee all operational functions across the country at HFG and now be part of the Executive Leadership Team. Bill Rogers, CEO & President of HFG, commented that “Cindy has been an integral part of our Leadership Team and it is important to recognize her efforts and contributions to our success. It is definitely well deserved.”