Amazon, Google, Apple, Uber (largest food delivery system in the world) taking over the world? Perhaps, especially if we’re willing to give it to them. I mention this because Amazon just inked a partnership deal with Lennar Homes to put its Alexa device in control of each house: TV, lights, temperature, shades, and more. Will humans have to think for themselves in the future? In other tech news, ATTOM Data Solutions announced that it has launched ATTOM List, a new online marketing list creation platform that allows users to access public record tax, deed, mortgage and foreclosure data for nearly 155 million U.S. properties to create highly targeted direct marketing lists.

Lender Products

Mr. Cooper Correspondent is pleased to announce the Modified Construction to Perm Loan Notes product to its menu of offerings. The channel worked with Land Gorilla, Construction Lending Experts, to develop the product guidelines. Given the favorable outlook on new housing starts, this product is a welcomed option helping Correspondent clients serve the needs of borrowers seeking low, fixed- rate permanent financing. Mr. Cooper recently added FNMA, FHLMC and FHA No FICO as a non-traditional credit offering and is preparing to launch Manufactured Housing, Temporary Buydowns, Renovation Loans, E-Notes and FHLMC HomeOne. Make plans to meet with your Mr. Cooper Account Executive at the MBA’s National Secondary Market Conference & Expo in NYC. We’d appreciate the opportunity to share our strategy related to recent and upcoming product and program releases. Mr. Cooper is a premier Correspondent and Co-Issue investor and the largest non-bank servicer with a servicing portfolio exceeding $500B.

Sue Woodard, Chief Customer Officer at Total Expert, recently spoke with HW about key trends driving digital transformation in the mortgage industry: the rise of the personal brand inside the enterprise, a customer for life approach and the rapid pace of innovation. Watch Sue explain why building a personal brand is a big advantage for individual loan officers at the community level, as it can help accelerate personal trust and create customers for life -- but it’s critical to support and align this with the enterprise brand. Sue talks about the importance of relationships in the mortgage industry. By getting a customer in the door, loan officers can be more profitable and get additional transactions and generate referrals from these customers time and time again – creating customers for life. Organizations leveraging technology to support personal branding within the enterprise and to help their loan officers make customers for life will continue to lead the industry. Click here to watch the interview.

Events, M&A and Legal Webinar

James Brody, Chair of Johnston Thomas's Mortgage Banking Practice Group, having already obtained a significant number of registrations for the first in his firm’s ongoing series of complimentary webinars, and which is scheduled to take place today at 10:30 AM PST (click here to register for the free webinar, titled, "Mergers & Acquisitions in the Mortgage Banking Industry: Expert Insights and Forecasts for 2018 and Beyond"), Mr. Brody is also scheduled to host another complimentary webinar at 10:30 AM PST, on Thursday June 7, 2018, titled ““Repurchase and Indemnification Claims in 2018 and Beyond: A Comprehensive Update on the RMBS Wave, Significant Rulings from the Courts, and Successful Resolution Strategies” (click here to register for this complimentary webinar).

In deciding to give this particular webinar, Mr. Brody states that his firm is presently defending several correspondent lenders who have received RMBS repurchase/indemnification claims and related non-disclosure agreements (“NDAs”) from JPMorgan Chase (“Chase”), who are being advised they may soon receive similar RMBS claims from Lehman Bros. Holding, Inc. (“LBHI”), who have been sued or had other legal proceedings initiated by EMC, and much more. Mr. Brody states, “The topic of our second webinar is timelier than ever. As much as our clients and the industry would love nothing more than to put these legacy issues to rest, the RMBS wave is upon us, there are many changes in the law that correspondent lenders need to know about, and it is our hope that this webinar will provide them with some invaluable information and insights.” Please contact Mr. Brody with any questions, if possible, meet with him (and his colleagues) in person at the MBA’s upcoming National Secondary Marketing Conference in NYC on May 20.

Royal Bank of Scotland Group PLC has agreed to pay $4.9 billion (less than expected) to settle with the Justice Department over the sale of toxic mortgage-backed securities in the lead-up to the global financial crisis, clearing the path for the bank’s privatization. “Further details remain to be negotiated, however, before a formal agreement can be reached,” the U.S. attorney’s office in Massachusetts said in a statement. RBS has spent years paying to clean up the litigation around its role in packaging and unloading mortgage-backed bonds. Last year, it paid $5.5 billion to the Federal Housing Finance Agency over the matter. RBS reached a $500 million settlement with New York state in March. Last December, it agreed to pay $125 million to resolve claims that it made misrepresentations while selling securities to two large California pension funds. The bank still has a handful of other mortgage-backed issues to resolve which are much smaller.

The fun never ends for Wells Fargo which must pay $97 million to home mortgage consultants and private mortgage bankers in California who didn't get the breaks they were entitled to under the state's stringent labor laws. A federal judge in Los Angeles on Tuesday agreed with the bankers and consultants that the money they were entitled to should be based not just on their hourly pay but also on their commissions.

May’s CAMP Silicon Valley Chapter breakfast meeting is around the corner. Register now for this months’ meeting: Monday, May 11th from 8:30-10:30 at the Pizza Factory.

At the tail end of the MBA’s Secondary Marketing conference, if you want to head down the coast, ACUMA is holding a workshop for mortgage-lending credit unions in Charleston SC May 22-23.

If you’re near Indianapolis, Indiana, the Indiana Mortgage Bankers is having its 2018 IMBA State Convention and 60th Anniversary Gala in early June.

Register for October Research's National Settlement Services Summit (NS3) to learn about compliance on a federal and state level. Industry thought leaders will discuss state regulations that could affect you soon, such as those in New York, as well as enforcement and guidance on national industry issues: NS3 June 6th – 8th.

Capital Markets

The trend in rates is higher, and yesterday’s move (the 10-year Treasury yield topped 3%) was oil-based: speculation that crude supplies may not keep up with demand forced West Texas oil to above $71 per barrel after an unexpected drop in U.S. stockpiles. Bank stock prices are improving as rates move higher. Markets continued to digest President Trump’s decision to withdraw from the Iran nuclear deal, and Walmart Inc. weighed on the major gauges after its deal to buy a controlling stake in India’s biggest online seller was met with skepticism.

In economic news, the Producer Price Index for final demand headline figure didn’t quite live up to expectations, showing there was a moderation in the producer price inflation trend in April. This was not significant enough to alter the Federal Reserve's perspective pertaining to the presumed path for inflation and monetary policy – and rate hikes. That came as Atlanta Fed President (voter) Raphael Bostic said that inflation is likely to run above 2.0% for a while and that overshooting the target is not a problem for the Federal Reserve, and after the latest policy statement described the inflation target as ‘symmetric.'

Kicking off today’s session was the latest decision (along with minutes and inflation report, all as expected) from the Bank of England. In the States we’ve had April’s Consumer Price Index (+.2%, weak, core +.1%) and weekly jobless claims (211k, steady). Expectations were for CPI to increase 0.3% and 0.2% MoM, in the headline and core, vs. -0.1% and 0.2% previously, while YoY readings are seen at 2.5% and 2.2% (vs. 2.4% and 2.1%). Finally, the April Treasury Budget (prior $182.40 billion) is due out at 2pm ET. Rates are lower with agency MBS prices better .125-.250 and the 10-year yield back down to 2.6%.

Employment, Retirement, and Promotions

Are you an underwriting manager looking for a new opportunity? Do you enjoy working in a fast-paced environment for a company that is focused on rewarding employees for hard work? Are you a skilled team leader who knows how to motivate your employees to get the best results possible? Then consider joining a company that has been certified as a Great Place to Work® and repeatedly recognized as a Top Employer. While some mortgage companies are facing unprecedented challenges in 2018, Castle & Cooke Mortgage, LLC (NMLS #1251) continues to expand and is looking for an experienced underwriting manager to lead its growing underwriting team. Ideal candidates will be DE VA SAR/LAPP certified and must reside in, or be willing to relocate to, the greater Salt Lake City area of Utah. If you’re interested in learning more about this opportunity, contact Heidi Iverson 801-461-7164). Castle & Cooke Mortgage, LLC is an Equal Opportunity Employer.

“Envoy Mortgage is using its significant capital base to continue to grow its retail-focused business, and we are looking to add another strong Capital Markets Product Specialist to help our dedicated salesforce serve their customers. This is a time to innovate and create lasting opportunity. We are seeking a creative, extroverted and highly-motivated professional who can continually connect into the sales, risk and product network and respond to originator and borrower needs to create solutions. If you fit that profile and have great energy and imagination, along with a background of 3-5yrs in products, please contact Dave Reynolds.”

Fresh off a company record Q1, Angel Oak Mortgage Solutions, the leader in non-QM lending, announced the addition of 7 more AEs in April to help brokers grow their business. Adding additional coverage across the country, Mary Moehring came on-board in Sacramento, Reginald Ross in Dallas, Peter Ronga in New Jersey, Mike Dattorre in Connecticut, Rudy Pineda in inside sales and both Laurie Cullen and Mel King in Missouri. And Angel Oak Mortgage Solutions is not done, as it continues to hire additional Wholesale Account Executives across the country as well as underwriters and other operations positions in Atlanta and Dallas. As more companies realize the benefits of offering responsible non-QM products, it only makes sense to work with the market leader. If you are interested in learning more, please visit JoinAngelOak.com.

TCF National Bank is looking for an SVP, Director of Wholesale Mortgage Sales to provide leadership to Business Development Managers (BDM’s) across its national wholesale mortgage business. TCF produced nearly $2B of HELOC originations in 2017 to over 1,000 brokers in 43 states and is looking for an innovative leader to help lead this experienced team in serving the next stage of growth of their broker relationships. In addition, TCF is actively looking to hire BDMs to serve its broker customers in Northern CA, WA, IL, and FL. TCF is a Minnesota-based national bank holding company with $23.4B in assets and is committed to growing its wholesale mortgage business and presence across the US. If you are interested to learn more, please contact Amanda Crespo-Zemeckis (630-986-7199) for a confidential discussion.

Congrats to Freedom Mortgage Wholesale’s Sean Gerrity, Regional Manager, who is retiring tomorrow. “After many enjoyable decades in our industry, it is now time for me to pursue the open road. The open roads of our country, but ultimately our planet. Effective May 11th, I will begin travelling the United States and Canada, hiking the Pacific Crest Trail, the Continental Divide trail and the Appalachian Trail in the midst of seeing all the other states I have flown over thru the years. I have 100% confidence that each of you and Freedom Mortgage will enjoy an outstanding relationship that will effectively achieve the goal of fostering home ownership in America.” (If any clients have questions, contact your existing AE or VP Brenda Oxford.)

And Northpointe Bank welcomed Ashley Lockaby as VP – Warehouse Lending. “Ashley will be responsible for developing new relationships, while supporting current clients, in Northpointe Bank’s expanding warehouse lending business channel.”