Pew Research finds Millennials (18 to 34 years old) have now surpassed Gen X as the largest generation in the workforce. Millennials reached 53.5mm vs. 52.7mm Gen X and 44.6mm Baby Boomers (gradually retiring). Carmen Bell, an industry expert in multiculturalism and millennials, notes that 93% of millennials who currently rent want to and plan to own a home.

In other company news, congratulations to Sierra Pacific Mortgage who finished its pilot program with the CFPB in its National eClosing pilot program. (The eClosing pilot program was designed to "test the effectiveness of providing homeowners with electronic documents to help empower them with an understanding of their closing documents, and to offer them a more efficient and streamlined closing process. Homebuyers were presented their documents in electronic format via a secure link to an eSign portal three days before their actual signing appointment. This allowed them more time to review their documents and prepare questions. The electronic process also provided homebuyers with new tools and resources to ensure better overall comprehension of their closing documents. During the signing appointment, the homebuyers signed and submitted their electronic documents via a tablet or smartphone device.") Sierra Pacific was one of a handful of mortgage lenders to participate in the program.

Lenders Compliance Group announced a new outreach platform hosted by members of TEAM TRID, the firm's task force devoted to assisting companies with implementing the TILA-RESPA Integrated Disclosure: TRIDHotline.com. It is a free service to residential mortgage lenders and originators involved in implementing TILA-RESPA Disclosure Integration (TRID). LCG established TEAM TRID, consisting of Subject Matter Experts in all relevant areas of regulatory compliance, the purpose of which is to provide guidance in TRID implementation requirements.

The California Mortgage Bankers Association's Mortgage Quality and Compliance Committee (MQAC) is offering a free webinar May 28^th on social media compliance. This interactive forum provides you with presentations on a variety of topics from leading industry experts. Join the Teleconference Portion: Dial 1-800-351-6802 and when prompted by the operator, provide the passcode:  4378. Click here to join the web presentation.

Join the CFPB on Tuesday, May 26 at 2 p.m. EDT for a 60- minute webinar hosted by the Federal Reserve to answer some frequently asked questions about the Integrated Disclosure rule. Register now for the 5^th and final CFPB Webinar: TRID Challenges and Questions. If you missed any of the first TRID four webinars, click the link for CFPB recordings of its TRID webinars.

Join CoAMP and IMMAAG on May 27th for a discussion about processors and originators. Click the link for registration information on IMMAAG Bill Kidwell Compliance Series Webinar #5.

Genworth Mortgage Insurance just posted its June training calendar featuring instructor-led webinars on topics like Credit Scoring, Calculating Income and upcoming TILA-RESPA Integrated Disclosures. Questions and comments can be submitted during the live online educational presentations. Early sign-ups are encouraged.  In addition to webinars, Genworth offers a wide range of training opportunities via classroom, recorded presentation or structured industry seminar.

Freddie Mac is offering a comprehensive webinar in June on LP services, information, and results via Freddie Mac's LP training on the Learning Center.  Also available, additional Freddie Mac Origination and Underwriting training opportunities and tools.

On June 3^rd, join Nebraska Mortgage Association with local professionals from four different areas of the homeownership industry as they provide expert opinions on the TRID coming changes, best practices and what you need to know to be prepared. Registration for NMA TRID panel discussion.

TMBA's 25^th Annual Reverse Mortgage Day event will bring industry professionals from all over the country to the Lone Star State seeking strategic options and information about the business of reverse mortgage lending. Attendees include upper management from the nation's leading reverse mortgage lenders, loan officers, real estate attorneys and title companies. Click the link for details regarding TMBA Reverse Mortgage Day: September 8th and 9th in Austin.

What does Goldman Sachs think about Millennials? Here you go. (Thanks Ross C.!)

Bohan & Bradstreet Inc., with over 25 years of executive search and recruiting, shared data on the millennials job search priorities. According to a recent "Herman Trend Alert" by Joyce Gioia, Strategic Business Futurist, with data provided by a Futurestep study, money doesn't talk to Millennials. "Millennials are 'placing greater value on understanding what a company stands for and how, as employees, they can play a role in growing the organization into a better, stronger brand'." When asked what matters most to employees who are part of the Millennial generation the greatest number of respondents (23%) said it was 'the ability to make an impact on the business', income came in at fourth place at only 13%. When executives were asked "what makes Millennials 'choose one job over another', more than a third (38 percent) said 'visibility and buy-in to the vision of the organization'." At Bohan and Bradstreet, recruiters are taking into account the new priorities of today's young workforce. Interested in more information? Visit Bohan & Bradstreet website.

The Campbell/Inside Mortgage Finance HousingPulse Tracking Survey said the first-time home buyer share of home purchases in April surged to its highest level in more than four years, mostly due to a reduction in the cost of FHA mortgages. The report, published by the MBA, said first-time home buyers accounted for 38% of home purchases in April, up from 34% a year ago, based on a three-month moving average. The report also noted 42% of purchases by first-time home buyers in April used an FHA mortgage. Of course LOs and Realtors know plenty of obstacles: the decades it takes to save for a down payment, credit history, a previous foreclosure or short sale and anxiety about income.

And AEI's International Center on Housing Risk released some figures. "First-time buyers accounted for 58% of primary owner-occupied home purchase mortgages with a government guarantee. And the number of primary owner-occupied purchase mortgages going to first-time buyers over the 6-month period of November 2014-April 2015 totaled an estimated 577,000, up 8½ percent from the same 6-month period in 2013-2014.

Any trends in lock or flood policies? Let's take a look at the last few months to see anything lock-dependent of interest - and yes, I know some are a few months old.

Stearns has revised its lock terms for refinance transactions. Starting in mid-March, 30-day forward lock refinances were available in SNAP. Stearns has also removed the loan level price adjustments titled "Refi Special" attached to 30 day prices.

In late March ditech Mortgage Corp announced the following price adjustment on the government products will be in effect: FICO >= 720 <740 new LLPA is +.125 and FICO >= 740 new LLPA is +.25.  Additionally, effective for all loans locked on or after April 1, 2015, ditech will increase its condo warranty review fees. And at the end of April ditech spread the word that when calculating the new loan amount for loans in the DU Refi Plus product, Ditech Mortgage Corp "ditech" is requiring late fees to be paid by the borrower, these fees may no longer be included in the loan amount.

About a month ago Citi Correspondent is changing its investment property adjusters for loans locked, or commitments established, on and after May 4, 2015, the price adjusters will be changed. Click the link for a print-friendly version of  conventional investment property price adjusters. These adjusters do not apply to DU Refi Plus, LP Open Access, or government Loans.

Earlier this month, effective with Best Efforts locks and loans locked in Mandatory commitments, Nationstar Mortgage will update the values on its State and Loan Amount table for GNMA II 15-yr and 30-yr adjusters. Log into Nationstar to view pricing flash regarding GNMA updates.

Sun West has updated its Sunsoft system to allow loan submissions and locks on FHA Streamline Refinance loans with odd amortization terms from 16 to 29 years allowing Customers to lower their monthly mortgage payment without increasing their term back to 30 years - log into Sun West's Sunsoft system for details.

And the nation is watching the flood news from Texas and Oklahoma closely - our thoughts are with the victims and their families.

A Flood Insurance Clarification bulletin was posted by US Bank. To view the information, log onto US Bank and view Bulletin 15-005. Also posted, Condominium Streamline Review Enhancement which can be viewed on Bulletin 15-006.

Effective immediately, PennyMac Correspondent Group has updates the hazard and flood insurance mortgagee clause for loans sold to PennyMac.  To view the correct clause to be used going forward, see its 15-17: Update to Hazard and Flood Insurance Mortgagee Clause.

Japan's economy has been stagnant for decades? But yet they find the ducats to spend thousands on melons!

Turning to the U.S. markets, rates crept up slightly last week - but not by much and we ended with the 10-year yield's sitting at 2.21%. Of particular interest to us is housing. On a nationwide basis the housing market looks firmer than it did this time last year, but gains remain modest. The most positive housing data of late come from housing starts and permits, which grew 20.2 percent and 10.1 percent, respectively, in April. At a 1.14 million unit pace, housing starts are running at a rate not seen since late 2007. Although the monthly gain was encouraging, it came after considerable weakness in prior months.

We have a lot of news to digest this week starting with the always volatile Durable Goods (-.5%) today and the FHFA House Price Index (which excludes numbers for houses purchased with all cash, or that are jumbo, or that are portfolio). And for those wanting to remember what house prices did back around St. Patrick's Day even though we're past Memorial Day, we have the S&P/Case-Shiller Index. And New Home Sales. And Consumer Confidence. Tomorrow (Wednesday) we take a breather, and then resume Thursday with Initial Jobless Claims and Pending Home Sales. Friday the 29^th is the Personal Income and Consumption duo along with GDP, the Chicago Purchasing Manager's survey, and the University of Michigan Consumer Sentiment figures. Rates are basically unchanged from Friday with the 10-yr sitting at 2.21% and agency MBS a shade better.

Jobs and Announcements

Greenlight Loans (a division of Nationstar Mortgage) is looking for Mortgage Professionals (Loan Officers) and Closing Coordinators (Processors) with strong customer service skills and proven success for our Irvine, CA and Coppell, TX locations. "Nationstar has a fully integrated loan origination platform to complement and enhance its expanding servicing portfolio. Our primary focus is re-origination of our existing borrowers where we currently retain the servicing rights. If you're a quality candidate we offer an existing and expanding customer servicing base of over 2.4 million customers, fantastic income potential, company matched 401K benefits, bonuses and full medical benefits. Our portfolio customers come to us first to refinance and purchase properties. More of the benefits include no locking, appraisal, or upfront fees, and a goal of a one to one processor to loan officer ratio. Please visit our careers site to apply."

Congratulations to Danya Sawyer who recently joined MegaStar Financial Corporation as Senior Vice President of Sales and Operations. And Danya is searching for branches and LOs. In her role, she will be responsible for oversight and development of all production and mortgage fulfillment activities.  "Having held senior positions at Countrywide/Bank of America, New Penn Financial and W.J. Bradley, she brings a wealth of knowledge in managing and developing a network of retail branches. We look forward to her facilitating our continued growth within our geographic footprint as well as our commitment to quality service delivered to our borrowers and investors" says Anita Padilla-Fitzgerald, President and CEO.