Despite finding programs to fit their borrowers being the emphasis for lenders, pricing and margins are a constant discussion topic. For lenders the decline in rates is good news, but for servicers, and servicing valuation, the decline in rates is great cause for concern as assets some thought would be on their books for years are suddenly a candidate for paying off early. From the capital markets sector, Brent Nyitray weighed in with, “I have a theory that the big wholesalers were counting on their Mortgage Servicing Rights (MSR) mark to paper over a price war. I suspect the 25-basis point drop in the 10-year yield is going to cause a mark-to-market hickey on many aggressively marked MSR portfolios. Many in the industry are hoping this moderates the price wars out there as many LOs are struggling to compete with the brokers right now.”
Lender Products and Services
Pricing engine and loan product eligibility provider Mortech announced a new integration with digital lending platform provider, Roostify. The partnership integrates accurate mortgage quotes into the Roostify platform, enabling lenders to deliver on consumer expectations and see higher engagement with faster loan closing timeframes. The partnership is a first step to provide mortgage lenders the tools needed to deliver efficient and accurate rate data during the loan application process. Both companies look forward to building additional robust integrations with that leverage both of their core technologies and are excited to onboard industry-leading lenders who will benefit from a more accurate digital borrower experience. For more information on this service please contact Mortech Sales via email (1-855-298-9327).
Industry leader and LOS provider, MortgageFlex Systems, implemented its advanced LOS, MortgageFlexONE at Symmetry Lending. Symmetry Lending, the HELOC specialistheadquartered in Atlanta, GA, needed a system built for their commitment to service, speed, and simplicity. “Our commitment to the loan origination community, as well as our lender partners, required an end-to-end system with ultimate flexibility,” said David MacInnis, Symmetry Lending’s President. “In our search for a technology partner, MortgageFlex was a clear leader in understanding and embracing our unwavering commitment to bring service, speed, and simplicity to an otherwise complex business. We look forward to working with MortgageFlex as we take our technology to an even higher level in 2019.” MortgageFlexONE’s flexible design allows Symmetry to tailor their solution to meet their requirements for data consistency, and accuracy. Symmetry used our new advanced system and proven quick deployment method to get everything done simply. Find out more here!
“Homeowners LOVE mortgage insurance! Well, maybe not so much… But PMI does allow Americans to get into a home without a big down payment. The days of PMI rates being the same from lender to lender are over. Going to the wrong lender can cost a borrower thousands over the life of the loan. Quicken Loans Mortgage Services (QLMS) provides the industry’s very best PMI rates to its partners giving them massive competitive advantage in their market. If you’re looking to stand out in the crowd, telling your clients and your referral sources that you can save them money month after month on mortgage insurance is a game changer. Ask your AE today to run some scenarios to show you how stunningly advantageous QLMS’ MI pricing can be. If you’re not working with QLMS yet, click on QLmortgageservices.com and let’s save America some money!”
SimpleNexus delivers Disclosures Done Right, a disclosure toolset that seamlessly presents disclosure packages and enables borrowers and loan originators to eSign in the mobile app or online including wet signatures. The disclosure solution includes innovative tracking tools integrated directly into the LOS system for compliance peace of mind. SimpleNexus’ disclosure solution changes nothing on the backend, ensuring the processes of underwriters and disclosure desk teams remain efficient. The new disclosure feature fits right into the fully branded digital mortgage platform SimpleNexus uniquely configures to each lender. This platform gives single sign-on access to one system that serves as a doorway to the lender’s entire tech stack. Loan originators become truly mobile by using their smart devices to access credit, appraisals, pricing, VOA, and now disclosures, while syncing with their LOS and CRM system every step of the way. Interested in learning more about Disclosures Done Right?
Lenders and Organizations Reaching Borrowers
According to a new survey released by TD Bank just under one in five (19%) medical professionals are aware of Medical Professional Mortgages. To address this issue, TD Bank recently launched its “Medical Professional Mortgage Product,” specifically designed to alleviate these issues by accounting for the unique challenges facing medical professionals who are in the early stages of their career. The product offers up to 100% financing, no private mortgage insurance, maximum loan amount of up to $750,000, and flexible debt-to-income ratios.
Guaranteed Rate is launching a new data-driven platform built to help consumers research neighborhoods and gain real-estate market insights. Guaranteed Rate Research is “a data-driven platform built to help consumers research neighborhoods and gain real-estate market insights. The new platform was built with our customers in mind to give them the confidence and research tools they need to make the most informed decisions possible. Guaranteed Rate is scaling its investment in technology.” “The data-driven platform offers a robust statistical overview of nearly every prime real estate market in the country. Homebuyers can search by city or zip code to find population data, for-sale inventory and average sales prices. Other market data available includes price per square foot, median list price and average days on market.”
Ruoff Home Mortgage introduced its Ruoff Agent mobile app through the App Store or Google Play, a central hub that streamlines the communications and productivity efforts between its loan officer sales team and their realtor agent partners. The agent can track the status of active or closed transactions with real-time push notifications, download pre-approval letters for clients, review co-op marketing collateral available, and connect potential homebuying clients with a Ruoff loan officer via text. The app was developed by Ruoff’s in-house IT team of programmers. The app is complementary to a suite of services through the company’s proprietary digital mortgage solution platform, Loan Butler, which was rolled out last July.
Digital homeowners insurance (HOI) agency Matic has partnered with Home Point Financial Corporation to find competitive HOI rates for both its servicing and origination customers. Matic’s ability to automatically identify lower HOI rates for current homeowners has gained strong traction among servicers looking to improve customer satisfaction and build repeat business.
Realtor.com®, the Home of Home Search, today announced a new feature that equips this spring’s home buyers with a deeper understanding of their buying power by providing a tool that allows them to add or subtract the cost of specific home features. Price Perfect helps home buyers to configure their ideal home, within a desired price range, in their neighborhood of choice – the first-of-its-kind in the digital real estate industry. Realtor.com®'s Price Perfect feature is available on mobile web and the realtor.com® website and will be expanding to the company's iOS and Android app.
Fidelity National Financial launched digital closing experience for real estate transactions. Developed in partnership with Black Knight, Inc., this new closing experience supports both hybrid and fully digital closing options and is tightly integrated with FNF’s title production systems. Designed to digitally engage homebuyers and sellers in the process well in advance of the closing signature ceremony, the experience brings increased transparency, flexibility and convenience to the final steps of real estate transactions. Integrated eSignature technology allows for many documents to be signed in advance of the closing itself and in jurisdictions where it is permitted, remote online notarization capabilities ensure sellers and buyers can close on a real estate transaction when and where it best suits their schedules.
First Guaranty Mortgage Corporation (FGMC) announced a new partnership with digital lending platform Blend to boost its digital capabilities. “With this partnership, FGMC’s direct-to-consumer division, Goodmortgage, will be able to offer a streamlined and delightful lending experience to both customers and loan officers. Blend currently works with over 130 lenders and processes over $1 billion in loan applications each day. “FGMC + Goodmortgage's goal is to create mortgage loan solutions that are personalized to the borrower and help them to reach their homeownership goals. This partnership will benefit everyone involved from start to finish in the loan process.”
Capital Markets
Angel Oak just completed its 10th non-QM securitization worth $621 million, AO’s largest since inception.
Looking at interest rates, they’re down again this morning but U.S. Treasuries exhibited little movement Tuesday as markets received disappointing, but ultimately not critical, economic data. Housing starts and building permits both decreased to below expected levels, as did the Conference Board's Consumer Confidence Index. Internationally, British Parliament voted in favor of taking control of the Brexit process in hopes of finding majority support for a Brexit plan, though British Prime Minister Theresa May will reportedly continue seeking support for her deal.
Today sees a light domestic economic calendar. Weekly MBA mortgage applications for the week ending March 22 kicked off the day, +8.9%! Refis rose to 40.4% of overall activity, and ARMs are almost at 8%. We have also had the January trade deficit narrowing sharply. The only other event will be KC Fed President Mester speaking on the economy and monetary policy. We begin today with agency MBS prices +.125 versus last night’s close and the 10-year yielding 2.39%.
Jobs, Transitions, Promotions
NewRez continues to expand its Wholesale channel and is pleased to welcome John McElhone, Wholesale South Region VP! He joins NewRez with over 20 years of industry experience. “I am excited to be part of a company with the widest breadth of product and more importantly an insatiable appetite for growth in the southern region,” said John. NewRez is focused on growing local broker/bank partnerships through consultative sales support best provided by seasoned local AEs. For those talented AEs possessing an entrepreneurial spirit and looking for a partnership that empowers growth, contact John McElhone to learn more about available opportunities in the Miami, Ft Myers, and Jacksonville markets.
ACC Mortgage. Inc., the oldest Non-QM Lender, is proud to announce the addition of Michelle Rossini as Regional Wholesale Sales Manager. As a 20-year veteran of the mortgage industry along with many immense milestones which includes being consistently recognized in the top 3 to 5 in production and has successfully led a team of seasoned account executives. Prior to joining ACC Mortgage, Michelle has worked for companies such as AmWest Funding and First Guaranty Mortgage, to name a few. As ACC Regional Sales Manager, Michelle will be reporting to Brian Dacy, National Sales Director, where together they will build a top tier team of Wholesale Account Executives. ACC Mortgage is looking to hire Motivated Account Executives. If you’re ready to join a top-tier team, please contact Michelle Rossini (410-660-5458).
Mann Mortgage is continuing its growth across the nation. This spring Mann is poised to open its first Texas branch in the Dallas-Fort Worth metroplex. Entering its 30th year of business and recently named a top mortgage workplace by Mortgage Professional America, Mann Mortgage is built on a foundation of integrity and relationships. With the best backroom in the business, an ever-expanding product matrix and a direct line to the executives who can effect change, you can truly make a difference in your community, for your customers and your team! Mann is recruiting experienced LOs for the Dallas branch. Reverse mortgage or one-time close experience is a plus. Join a sales-first culture where your input is valued! Receive compensation that matches your efforts and the potential for tremendous growth. Contact DFW Branch Manager Daniel Hlavac (214-945-0252) or send resumes to jobs@mannmortgage.com.
Community Banks Mortgage, Bank Midwest Mortgage, and Hillcrest Bank Mortgage, divisions of NBH Bank (NYSE: NBHC), are seeking seasoned originators looking for a superior residential banking platform in CO, KS, MO, TX, UT and NM. The Group has $5.6 billion in assets, is ranked #39 lowest cost of funds of 1,000 publicly traded banks, and have originated home loans for over 40 years. Their platform offers pre-emption to lend in 49 states + MD. They are an agency direct lender/seller/servicer offering conventional, FHA and VA plus USDA/rural housing, in-house residential portfolio product including non-warrantable condo, HELOC/HELOAN, medical/professional, lot + construction with a one-time close option, 90% LTV with no MI, 95% refinances & purchase, jumbo, bridge, long term locks and DPA/grant. Award winning Encompass build with real time CRM & POS integration and OB. Operates like a true retail platform (including comp) with perks of large bank. Contact Paul John (VP Sales & Business Development) at 303.224.3474.
Vylla is paving the way to make homeownership simple by changing the entire homebuying and selling experience by offering almost every part of the real estate transaction under one roof to make things easy for customers. Vylla Home is rapidly adding to its team by offering agents 100% of their split on all deals and a simple tiered fee structure, empowering agents to set their commission price and compete for more listings on their own terms. Vylla Loan is also looking to hire exceptional LOs in “homeownership centers” across the U.S., where they can facilitate connecting customers with homeownership services beyond mortgage lending. “Though we pride ourselves on having one of the best compensation plans for agents and LOs in the industry, we’re most excited that each Vylla teammate serves as a true homeownership concierge for their customer,” said Chad Ruggles, SVP of Sales for Vylla. If you’re interested in making the leap from traditional real estate or mortgage firms to a truly comprehensive homeownership company, contact John Cervantes.
A press release went out from Pewaukee-based Waterstone Mortgage, that A.W. Pickel III, has been terminated after less than seven months as CEO and director.
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