Who is Guramrit Hanspal? Every servicer and lender hope good ol’ Gur doesn’t start giving lessons in how to avoid making mortgage payments, which he has avoided doing for 23 years and is still in his NY house. (If I were him, is that something I really want in the press rather than laying low?) In other news, nbroken” now, what do you think will happen as the U.S. economy picks up steam? (The audio version of today’s commentary is available here is sponsored by Origence and features an interview with Roger Hull, Chief Product Officer, and Andrew Weiss, SVP of Platform Strategy focusing on the ever-changing mortgage industry and building a modern origination platform. With the Origence Mortgage Platform, you can offer your borrowers and loan officers a truly modern mortgage lending experience.

Products and Services

2020’s biggest lesson? RPA automations don’t provide the lift needed to scale without people. Why? We hire experts for expertise, not labor. So, to scale without more payroll, we need to automate expert decision making, not tasks. That’s exactly what Candor does. Get a demo.

Do you have proper oversight over your subservicer? Richey May conducts annual subservicer oversight reviews over several subservicers to assist lenders with their monitoring and oversight responsibilities. Richey May’s program and subsequent 120+ page report provides value beyond the basic compliance requirements. With a focus on current and ongoing procedures as a result of the COVID-19 pandemic, the review includes interviews with all key department heads to observe their processes and challenges, comprehensive review of business continuity and IT assessments, summary of the subservicer’s strategic initiatives for the future, and optional loan level testing. If you use a subservicer or are interested in participating in one of our reviews, please contact info@richeymay.com. 

As the share of refinance business continues to fall, mortgage Branch Managers are seeking tools to help Loan Officers make the transition to the purchase market. New tactics are required, but leaders always start with strategy. That’s why many are turning to Usherpa’s Peak Performance Learning Management System. Instead of a collection of “tips and tricks,” Peak Performance offers branch-specific strategy sessions with customized tactics that focus on your unique needs. It’s the kind of program that offers a strategic approach to helping Loan Officers perform like top producers, especially when it comes to successful sales calls to Realtors and builder business referral partners. It comes down to adding value, but you can’t do that if you don’t have a systematic method for doing what top performers do. Differentiate your team in a crowded market. Talk to Usherpa today to learn how to help your LOs in this challenging market.

Spring is in full bloom, and that means it’s conference season for the mortgage industry. Of course, we’re still working through COVID restrictions as the industry continues to face an incredibly eventful year. While MBA’s Spring Conference & Expo wrapped up a few weeks ago virtually, looking ahead, MBA President & CEO Robert Broeksmit said, “If you’re like me, you’re probably tired of virtual events… It’s just not the same as an in-person conference.” And Computershare Loan Services’ (CLS) Tom Millon, Chief Executive Officer, agrees. Tom will participate in the Mortgage Bankers Association of Florida (MBAF) 17th Annual Eastern Secondary Conference, Capital Markets Executive Panel, on June 23rd in Orlando, FL, to discuss the current mortgage market and the year ahead. Don’t miss your chance to connect with Tom and connect with CLS to learn how their products and services help clients and customers reach their goals.

While TikTok challenges are only the latest social media challenges to capture the world’s attention, we all remember the ice bucket challenge, cinnamon challenge and many more. Some of those challenges, like the ice bucket challenge, have had a lasting impact and Sales Boomerang is issuing a challenge they hope will have a lasting impact as well. The Sales Boomerang Attention to Retention Challenge is a free course that challenges lenders to take a hard look at their borrower retention strategies. But then, Sales Boomerang pulls back the curtain, shares their expert secrets and literally hands over the playbook for tripling your borrower retention rates without maxing out your overhead. During the Attention to Retention Challenge, Sales Boomerang is giving lenders the tools they need to increase both borrower retention rates and LO adoption. Accept the challenge and start transforming your business today.

HomeBinder, the leading home management platform that provides peace of mind and maximizes home value, announces that our Encompass API integration with ICE, formally Ellie Mae, is in full production. As a Silver Partner, HomeBinder enables lenders to automate the delivery of our “client for life” service in under an hour!  The API integration loads all the relevant loan documents into the client’s HomeBinder upon closing of the loan.  As part of this API integration, we are providing complementary binders for your past six months’ of clients. Click here to learn more. HomeBinder is a home management platform offered solely through business partners serving residential homeowners, enabling them to deliver long term value to clients, remain top of mind, and generate referrals.

161 years ago, the first Pony Express reached Sacramento. And I dare say that if you still require borrowers to collect and deliver physical asset, income, and employment documentation, then an important segment of your operations is stuck in the 19th century. AccountChek 3n1’s electronic verification of assets, income and employment will take you from western frontier to the digital superhighway with direct-source data reports delivered in an underwriter-friendly format. What’s more, 3n1’s expansive employment verification network covers over 100 million American workers and comes with a free 90-day refresh. Contact Gregg Palmer to see how FormFree’s automated verification solutions can help you achieve next-level productivity.

Loan Products

Coming in May 2021: A Non-QM loan program that follows Agency AUS findings with the ability to close purchase loans in under 2 weeks. A Non-QM program including a Bank Statement loan that streamlines documentation, offers an alternative option to a full appraisal report adhering to your Agency AUS findings. The only Non-QM lender that will offer this new program called FLEX is ClearEdgeLending. We have been originating and securitizing Non-QM loans as a true end-investor since 2015. When you want innovation, speed-to-close and streamlined documentation you will find it at ClearEdgeLending. Want to know more about FLEX and our many other programs and enhancements, reach out to our Western Regional VP of Sales, Matt Shaw and our Eastern Regional VP, John Burns.

Statebridge Company has rounded out its fix and flip / bridge financing capabilities to include all aspects of the customer experience. This includes all loan administration and collections work as well as draws, bid analysis, inspections, payoffs, and lien releases. Statebridge is one of the leading independent special servicers in the US. Please contact CEO Kevin Kanouff to discuss custom special servicing solutions.

Symmetry Lending is again enhancing and expanding with more offerings and lower margins! In all regions, Symmetry’s margins have been reduced in select credit tiers. And in the states of AZ, FL, OR, and WA, the margins in have been reduced by as much as 1.25%, meaning lower payments, more flexibility, and more purchase power for your borrowers. For those loans already submitted but not yet closed, we will automatically adjust the margin to the benefit of your borrower! The Symmetry HELOC is also now available for purchase and refinance transactions in the state of Massachusetts! For borrowers that recently closed without a HELOC, submit your post-close transaction to Symmetry and provide your clients with the same benefits as a Piggyback. For MLOs originating in MA, contact Angie McAlister today to add the Symmetry HELOC to your toolkit! Check out Symmetry’s New Pricing Guide and contact your Area Manager today to learn more! Connect with us on LinkedIn, Facebook, and Twitter for our ongoing updates. 

Training and Events

National MI University rolled out its May webinar sessions, seven of them: How to Be Transformational in a Transactional World with Bruce Lund, Ph.D. (tomorrow), Oh, Shift! – The Unbelievable Impact of Your Words – Follow-Up with Jennifer Powers, Connect and Build Rapport with Customers through Improv with Julie Hansen, Advanced – Underwriting the Self-Employed Borrower, with Marianne Collins, Charting the Course, Leadership program with Andrew Oxley, Understanding the Psychology of Money to Attract New Customers with Cultural Outreach, and How to Mine Old Clients for New Opportunities, with Kendra Lee. Follow nationalmi.podbean.com or find Being Better with Jennifer Powers by searching for “National MI” or “National Mortgage Insurance” on most of your favorite podcast platforms. 

MGIC has, “Overcoming a Low Appraisal”, on May 12th to discuss strategies to demonstrate to buyers and real estate agents how they can overcome a lower-than-expected appraisal. MGIC offers complimentary webinars every month to help customers succeed in today’s mortgage insurance industry. View the full MGIC training calendar at mgic.com/training.

The Genworth May Training Calendar is here.

Real Estate Connection (REC) "Pivot to Purchases" webinar is today at 1PM ET on the importance of leads in the digital mortgage landscape as well as practical and tactical strategies to grow your business.

The California MBA Innovators Conference agenda is set for May 4-5.

Spanning three days and featuring more than 10 sessions from May 4-6, CLPHA's 2021 Housing Is Summit will spotlight key topics that are front and center in the national conversation including racial equity, bridging the digital divide, improving postsecondary outcomes, and reducing childhood poverty.

Plaza Home Mortgage, on Wednesday May 5, 11:00 AM PT, offers up its VA Renovation Program available for purchase or refinance, and allows for up to $50,000 in additional funding toward remodeling, renovations and repairs.

When everyone understands the importance of adopting cybersecurity as a culture, it becomes part of the business as opposed to a task that is often disregarded. Can you afford that risk? Registration is open for the May 5th NYMBA CyberSecurity Webinar, Part II. This session will address strategies and actionable steps your organization can implement to better identify common weaknesses and pitfalls Join the May 5th NAMMBA Virtual Launch for its Denver Chapter Kickoff Event.

May 6th is a busy day! There’s the second annual virtual Mortgage Industry Pandemic Summit (MIPS 2.0) hosted by Altisource® in partnership with Five Star, MBA, HousingWire and IMN. loanDepot Wholesale is hosting a capital markets conversation at 11am PT with loanDepot Wholesale’s Director of Marketing & Training, Carla Meyers, and me: lively banter and topical information on the current mortgage market and its impact on the Broker community. Habitat SKC will host a panel on Women, Housing, and the COVID-19 Pandemic bringing together leaders, journalists, and housing advocates from our region to discuss about what the pandemic has revealed and changed about the status of women and how safe, decent, and healthy housing has never been more important in supporting their stability and opportunity. And CRMLA has a conversation with Phil Rasori, the COO of Mortgage Capital Trading (MCT), part of the CRMLA Speaker Series. Phil’s areas of expertise include complex financial modeling, computational dynamics, and linear programming for operational optimization. He developed the ground-breaking mortgage pipeline hedging algorithms that form the foundation of MCT’s HALO Program today.

Vice Capital Markets will be sponsoring the Mortgage Collaborative’s Rundown with Rich and Rob, featuring Chris Bennett. Rich Swerbinsky, the COO of The Mortgage Collaborative, Chris, and I will be discussing current events in the mortgage market for 45 minutes on May 7th: “The Rundown with Rob and Rich.”

There’s the May 10-12’s MBA Georgia Annual Conference in Ponte Vedra.

Join MMLA’s May 11th Webinar for a deeper dive into the new requirements to meet General QM/Safe Harbor status and the impact the changes will have on your company’s policies and procedures. Register for QM – The Final Ruling?

OMBA’s Virtual Convention is on May 10th and 11th: Bringing Ohioans Home.

As the pandemic recedes, M&A interest and IPO activity are heating up in the mortgage industry. Whether 2020's record-breaking profits have you looking to buy, sell, or take your company public, you won't want to miss the Thursday, May 13th fireside chat with LBA Ware CEO & Founder Lori Brewer and myself: Deal or No Deal: Growth and Exit Strategies for Today's Mortgage Lender.

A New Education Opportunity is coming up on May 12th,  Keeping Up with the Changing Market  presented by the Professional Mortgage Women and MBA/MW and MMBBA Education Committees. Learn strategies and explore changes in the market with Steve Richman, a nationally recognized spokesperson and customer trainer for Genworth MI.

NALHFA announced that registration is now open for the 2021 Virtual Annual Conference to be held from 5/12-5/14: a convergence of thought leaders, online professional networking, and the latest industry trends and hot topics.

Plaza Home Mortgage is offering a webinar on May 16th to discuss key information about eMortgages. Register for What You Need to Know About eMortgages.

The May 18 in-person Texas Mortgage Roundup at the Wyndham San Antonio Riverwalk will bring together the best in the business to create a top tier event specifically designed for mortgage origination pros.

At Forward, Blend’s virtual event from May 18-20, you can learn from industry leaders, Blend executives, and ecosystem partners as we discuss how we can move into the digital future of lending together.

Capital Markets

Fairway Independent Mortgage Corp. is looking to fill a VP Secondary Marketing - Loan Sales / Pooling position to support the company’s growth. Responsible for overseeing a team of analysts, primarily conducting best execution analysis, issuing/pooling MBS, and managing co-issue servicing transfers. The position will be located in Lisle, IL, but is open to remote for the right candidate. Fairway is a top independent mortgage company employing more than 10,000 employees, with a strong focus on purchase business and funding more than $66 billion in 2020. Please send resumes to Chrisman LLC’s Anjelica Nixt for forwarding.

What is moving rates? Friday saw a rosy set of U.S. economic reports (personal income and spending jumped in March, and the Chicago PMI in April reached its highest level since 1984). Those inflationary pressures were only one metric weighed by traders, who also assessed corporate earnings and hawkish tapering comments from Dallas Fed President Kaplan, who said that it should start to be discussed soon. The MBS basis ripped tighter to close out the month as Fed purchase demand sucked up originator supply.

Last week the Desk purchased an average of $5.9 billion per day. 69 percent was in UMBS30s versus 18 percent in UMBS15s and just 13 percent in GNIIs. This week, the NY Fed Desk is set to purchase an average of $6.3 billion per day, while the agencies will release April prepayments after the close on Thursday. Today’s schedule sees the Desk conducting two operations totaling up to $5.5 billion 30-year 2 percent and 2.5 percent across UMBS and GNIIs. Next week should see the Fed surpass $2 trillion of MBS purchases since the restart of asset purchases last in March 2020.

The highlight of this opening week of May’s busy economic calendar will undoubtedly be the all-important April payrolls report on Friday where an increase of 950k in nonfarm payrolls is expected. Other releases preceding that include PMIs, construction spending, factory orders, ADP employment and productivity/unit labor costs. Scheduled Fed appearances are currently limited to Fed presidents following today’s appearance by Chair Powell before a National Community Reinvestment Coalition event in the afternoon. Today’s economic calendar begins later this morning with final April Markit manufacturing PMI, followed by ISM manufacturing for April, and construction spending for March. We begin the day with Agency MBS prices worse almost .125 and the 10-year yielding 1.64 after closing Friday at 1.63 percent. 

Employment

Caliber Home Loans is committed to helping families of all ethnicities and backgrounds achieve homeownership. In fact, based on 2020 HMDA data, Caliber is ranked second in originations extended to the Latino community. We’re proud of our remarkable team members who have been able to make such a difference in so many communities and who provide exceptional service to our customers at all stages of home ownership. If you are dedicated to making a difference and to helping families find their dream home, call Caliber today. To be immediately considered for Operations or Sales positions, email Jonathan Stanley or James Hecht, respectively.

Want to make 135,000 clams a year working for the FHA doing QC in Santa Ana? Here’s your chance.