In these days of fleeting texts, emails, and photos that last for one look, it is nice to think that some things last. News broke that a record-breaking 131-year-old message in a bottle was found 131-year-old message in a bottle was found on an Australian Beach. How cool is that?? But loan officers may think that one of their brethren (Alexander Hernandez) moving from being an LO to being a Ultimate Fighting Championship (UFC) fighter is cooler.
Upcoming Events and Webinars
Seats are filling up fast and registration is closing soon for the Sales Momentum Workshops that kick off next week in California and make their way to 10 cities across the country. “I’m excited about these workshops because you will walk away with some key takeaways to sell more effectively in light of rising interest rates, low housing inventory and the new tax law,” says Gibran Nicholas, who is the keynote speaker and CEO of CMPS Institute. This is also a great opportunity for industry vendors to come out and learn about the key challenges facing their customers right now and how their product could help. “This workshop is designed for mortgage and housing professionals and anyone who sells to mortgage and housing professionals because we’ll be showing you how to transform some key market challenges into market opportunities,” says Gibran. Click here to watch a 3-minute video and sign up. Vendors and branch managers can click here to inquire about group registrations.
“Shhh! Are you listening to your data? If you’re running sales and marketing campaigns or just have a database full of leads, there is intelligence buried inside that data that can be used to create high-conversion strategies. Learn how to leverage the data you already have to build an optimal contact strategy. Join this webinar (March 13th at 10AM PT) with Insellerate CEO, Josh Friend, and iLeads Business Development Director, Paul Fanning, as they go through three types of data you can capitalize on now.”
The Illinois Mortgage Bankers Association (IMBA) is sponsoring a one-day conference on March 14 at the Doubletree Hilton Oak Brook Hotel, 1909 Spring Road, Oak Brook, IL. I will be attending, so say hi if you’re there!
Attorney Brian Levy is doing a live webinar on March 14 with Loretta Salzano for October Research on the PHH case and what that means for business. “With a new CFPB Director and PHH clearly decided, it is time to hit the reset button on RESPA. Here's the link to the full description and registration page: http://bit.ly/2BEsWbn.”
Register for WMBA’s March 20th Dinner Meeting featuring Lennox Scott, Chairman & CEO of John L. Scott Real Estate. This event will be held at the Overlake Golf and Country Club, Medina with Social Hour beginning at 5:30 PM with Dinner and Panel following at 6:30 PM. Ohio taxpayers who own 20% or more of a pass-through entity (PTE) that received wages through a Professional Employer Organization (PEO) may be owed a refund, thanks to new legislation.
On March 21st, a CSH webinar with Brett Bissonnette and Cody Cain will cover the eligibility requirements and actions to take.
Registration is now open for the 2018 J.P. Morgan Securitized Products Research Conference on April 12, 2018. On January 3, 2018, MIFID II came into effect. Therefore, you may only be eligible to participate in this event if you have the appropriate level of access to J.P. Morgan research. Please check your eligibility before participating/accessing.
Join in the CMLA's first Young Professionals happy hour event at the Baker Street Pub DTC on March 29th. Come and socialize over drinks and appetizers while meeting new friends within your local lending community. Anyone in the mortgage industry is encouraged to attend. This is a free event and includes two drink tickets and appetizers.
On Thursday, April 5, in Bellevue, WA, WAMP is holding a special breakfast meeting from 8-10AM. Yours truly will be speaking, so come on by and say hello!
The 19th Annual Department of Veterans Affairs (VA) Lenders Conference, hosted at the Hilton Miami Downtown, will be held April 10-12. Come “discuss a variety of topics and issues related to the VA-Guaranteed Home Loan program.”
Monday, April 30 through Wednesday, May 2, join NC Bankers for The American Mortgage Conference in Pinehurst Resort, North Carolina. This conference brings together leading experts in the financial services industry, mortgage practitioners of every kind, policy makers and investors to discuss important issues in the mortgage field and to analyze what progress is being made in Washington.
Two new courses are available now in the Fannie Mae self-paced eLearning series for new servicers: QC Audit and Compliance and Subservicer Oversight. Get up to speed quickly with each of these 15-minute courses.
Loan Vision, the mortgage accounting software solution is hosting its 2nd Annual User Conference on September 23 – 25, 2018, in Nashville, TN. The Loan Vision User Conference will again feature two tracks for attendees: The User track and the Executive track.
Capital Markets
The news of Gary Cohn's resignation from the National Economic Council reverberated across markets Wednesday, causing equity markets to depress while the Treasury market bounced up and down. It dominated the White House Press Briefing, as Press Secretary Sarah Huckabee Sanders said that tariff exemptions will be decided on a country-by-country basis with national security interests in mind. This suggests imports of aluminum and steel from NAFTA countries could face a lower tariff than imports from other countries.
As far as economic releases go, the ADP Employment Report yesterday set expectations for a strong nonfarm payrolls number in Friday's Employment Situation Report for February. The widening of the trade deficit showed that trade will again be a drag on Q1 GDP growth. The weak Q4 productivity I mentioned will feed into the market's concerns about rising inflation, as unit labor costs are rising despite weak productivity growth. The one release I didn’t mention was total outstanding consumer credit, which increased by $13.9 billion in January, far below expectations despite strong nonrevolving credit figures. Consumer credit increased at a seasonally adjusted annual rate of 4.25%, while revolving credit increased at an annual rate of 0.75% and nonrevolving credit increased at an annual rate of 5.5%.
Today brought us the ECB (European Central Bank) statement and their latest monetary policy decision (unchanged) laying out further details for the end of its QE program. Chair Draghi's press conference followed shortly thereafter – more of the same.
Turning to the U.S., February job cuts from Challenger kick off the calendar today (the 35k in cuts was down from last month’s 45k). We also have weekly jobless claims and continuing claims (+21k to 231k, continuing -64k). Freddie Mac's Primary Mortgage Market Survey for the week ending March 8 will be released at 10AM along with Q4 Quarterly Services Survey. In the afternoon, the NY Fed will report MBS purchases for the week ending March 7 which are expected to total $3.4 billion net based on daily FedTrade operations, up from $3.0 billion the week prior. Agency MBS prices are basically unchanged from last night’s close and the 10-year currently yields 2.88%.
Products, Jobs, Business Opportunities, and Promotions
Better employee benefits for less? In the competitive Mortgage Banking Industry, having a comprehensive employee benefits package can help you attract and retain top talent, setting you apart from your competitors. The Real Estate Services Trust, designed for California Mortgage Bankers Association members, can give your firm that competitive edge through an effectively designed employee benefits package, while also reducing your spend. Administered by Marsh & McLennan Agency, one of the nation’s leading insurance brokerages, the program showcases large group purchasing power and rich medical plan options at a rate 15-25% less than what you might be paying now. Ready for your firm to get on board the Real Estate Services Trust? Contact Vince Giacalone (858.587.7534).
As the subservicing landscape continues to shift and become uncertain, Lenders may be looking for a subservicer with a great track record and a steady hand. Moreover, choosing the right subservicer is more challenging than ever. Adding to that challenge, is the fact that some of the firms providing subservicing may be under tremendous financial pressures limiting their abilities to continue as going concerns or, at a minimum, curtailing their operational capabilities to afford proper levels of customer and client service. If your subservicer is currently experiencing significant operational or financial challenges; has been recently downgraded or is not in good-standing with the regulatory community, RoundPoint can help. For complete information on RoundPoint’s subservicing value proposition, contact Allen Price at 704.426.8846.
Built Technologies, the leading provider of secure, cloud-based construction lending software, announced its integration with Black Knight’s LoanSphere platform to help lenders capitalize on construction lending market demands. This integration continues Built’s focus on bringing the construction lending industry into the digital age by streamlining manual processes. Built’s collaborative software helps lenders reduce risk, provide a best-in-class user experience, and simplify the construction loan process. The integration will allow Black Knight users to digitally manage any construction loan using loan data from Black Knight’s two core LoanSphere systems: LoanSphere Empower loan origination system and LoanSphere MSP servicing system. “We are excited to add Black Knight to our Strategic Alliance Network. Both Empower and MSP are industry-leading enterprise solutions, and this integration will provide a complete, seamless experience from loan origination through construction,” said Built CEO Chase Gilbert. “As construction lending heats up across the country, the timing of this integration couldn’t be better for the industry.
“If you believe your company should be providing you with stronger local support and a higher level of customer service for your clients, Firstrust is interested in speaking with you. We are looking to expand our Retail team in the PA, NJ and DE markets as well as our Wholesale footprint in CT and CA. If you or your team is interested in making a move, please forward you information to VP Mike Scheier. is a privately-held bank with assets of $2.7 billion. ‘Safe and Sound’ for more than 80 years.”
Focused on residential real estate entrepreneurs and obsessed with customer service, Center Street Lending has built a reputation as a premier private money lender and portfolio lender. Established in 2010, Center Street Lending has consistently and profitably grown year over year, with volume doubling in 2017. Headquartered in Irvine, California, Center Street Lending is expanding their team with open positions in sales management, sales, servicing management, underwriting and processing. If you are interested in joining this national lender and growth-oriented company, contact them at jobs@centerstreetlending.com.
Freedom Mortgage Corporation (FMC) is part of a limited group of lenders to offer Integrated Mortgage Insurance (IMAGINSM), Freddie Mac’s coverage solution. IMAGIN is a new and alternative structure for securing mortgage insurance, which provides a simplified process and fulfillment experience, more cash flow, and lower payments. IMAGIN streamlines underwriting by eliminating the need for separate mortgage insurance company approvals and MI certifications. Full MI cost is paid “upfront” through the associated LTV/FICO-based loan level price adjustments. Contact your FMC sales representative today to learn more.
Grand Home Loans announced that it named Chris Goodwin to the role of managing director. In this role, Goodwin will lead Grand Home Loans, a joint venture between PrimeLending and Grand Homes, a homebuilder that operates in the Dallas-Ft. Worth area.
Get Rob Chrisman Daily by Email
