I was speaking to a successful long-time real estate agent this weekend who is as busy as she’s ever been. Couples are weary of working from home in a one-bedroom apartment. In talking about families leaving the city, she observed, “No family wants to push an elevator button to go home.” Redfin is in the news, not only talking about bidding wars, but also how its mortgage company has moved into Arizona, Delaware, and New Hampshire (state MBA organizations should hit it up for membership!) and certainly butting up against Zillow’s Mortgage Lenders of America. Chatter in the airwaves suggest that May was a) another month for the record books for fundings for many lenders, and b) with the volatility of March a few months in the rearview mirror, lenders are adding to their capital reserves. Talking about months, we still have over five (5) months until the November election, assuming it isn’t delayed for whatever reason, and the rhetoric is as strong as ever as curfews around the nation have escalated. And coming out Friday, May’s drop in nonfarm payrolls is expected to be 8 million! And for the unemployment rate to climb to 20%!
Lender Services and Products
Caliber Home Loans recently sponsored an inspirational and heartwarming documentary, “The Greatest Bond,” which aired on PBS on May 22. The film highlights the journey of disabled veterans whose lives are forever changed through the unconditional love of service dogs that have been expertly trained by female prison inmates in the Patriot Paws organization. Caliber is proud to continue its partnership with Patriot Paws and has sponsored a service dog, aptly named “Caliber” who will support a veteran who is facing physical and emotional challenges. Patriot Paws provides a sense of family and enables veterans to enjoy the freedom that they fought for. Dennis Irwin, Co-Chair of Caliber’s Military Veteran Resource Group stated, “I am grateful to work for a company that supports Patriot Paws, an organization that is focused on helping veterans that have given so much for our country. Saving veterans, saving lives.”
Top 20 National Mortgage lender FBC Mortgage, LLC now has an unprecedented look into their financials, with real-time data at their fingertips by utilizing Loan Vision. “Our executives always want to know where we are at this very minute and with Loan Vision, we’re able to make that happen,” expressed Dyron Watford, CFO at FBC Mortgage, LLC. “In today’s market especially, analyzing data at a speed where you can make an appropriate decision is a must. I have the confidence in this system that when I provide that data, it’s real-time and it’s correct.” Read more about FBC Mortgage’s success with Loan Vision here, then contact Carl Wooloff with Loan Vision for more information on how the accounting solution can help your finance department.
HomeBinder: Stay connected post-close, safely. As we emerge from our COVID-19 lockdowns, we need new tools that keep us connected with homeowners post-close without physical contact. Enter HomeBinder. Drive agent referrals by co-branding HomeBinder with the real estate partners you work with. Integration with Encompass automates the entire process (including loan docs!) Learn more today.
Webinars & Training
ARMCO Launches QC NOW Web Series to Support QC Professionals: Educational web series to provide insights and tips for quality control professionals to navigate changes to the current financial services and lending environment. The series launched on May 28, 2020 with “QC Operations in the New World – A Look Into the COVID-19 Era,” and is now available on-demand. The next webinar “How to Ensure Data Integrity with HMDA Reviews” will launch June 4th at 11:00am PDT. Register Today!
Are you ready for VA IRRRL and FHA Streamline refinance opportunities in this market? Learn how to efficiently submit your files once for a final approval! Join Freedom Mortgage Wholesale for one or more of our live webinar training sessions on VA IRRRL or FHA Streamline mortgage products and origination processes. Ideal for new or experienced government originators. Sign up for a VA IRRRL or FHA Streamline webinar June 5 (VA IRRRL), June 8 (FHA SL), June 10 (VA IRRRL), June 12 (FHA SL), June 15 (VA IRRRL), and June 19 (FHA SL).
MBAC is offering Freddie Mac’s COVID-19 Webinar Series on Mondays in June addressing questions about appraisal requirements, forbearance, and income requirements during the COVID-19 situation. June 1st - COVID-19 Temporary Appraisal Flexibilities. June 8th - COVID-19 Temporary Income and Employment Requirements. June 15th- COVID-19 Relief: Forbearance and COVID-19 Payment Deferral.
National MI’s upcoming June Webinars are brought to you by its MI University. All webinar attendees will be entered in a random drawing and are eligible to win a National MI branded gift. On June 2nd, register for 5 Habits of Highly Effective Salespeople: Habit #1, with Bruce Lund, Ph.D. Mortgage Insurance 101, with Nancy Early will commence on June 3rd. The lineup of other webinars and registration information is available here.
FAMC published its June 2020 Wholesale “Customer Training Calendar”, including Loan Processing Using the Redesigned URLA, Faster Closings, Positive Negativity, Preventing Mortgage Fraud: Taking a Closer Look, 5 Habits of Highly Effective Salespeople, Habit #1, Detecting and Avoiding Fraud Schemes. Click here: Franklin American Mortgage Wholesale Customer Training Calendar.
Upcoming Plaza webinars: June 3: How to Use the Reverse Mortgage to Purchase a Home. June 8: Making the Most of Your Remote Day. June 18: Taking a Deeper Dive in to Plaza's Cooperative (Co-Op) Program.
Genworth Mortgage Insurance provides complimentary webinar courses in June to help customers manage, protect, and grow their business, delivering you-centric solutions that matter. Dive into summer with new training webinars. Hosting Fannie Mae for Condo Conundrums with Condo Reviews and offering courses to help you succeed as you manage through the pandemic: 9 Things to Embrace Today and Positive Negativity.
On June 4th, FHA is hosting a live, virtual interagency discussion in response to the COVID-19 National Emergency. This event provides an opportunity for lenders, servicers, housing industry professionals, and other interested stakeholders to learn more about the actions these government agencies are taking to support struggling homeowners while ensuring sustainable homeownership during the pandemic. Updates on ongoing efforts to support the housing finance sector will be discussed, followed by a Q&A session to address questions submitted in advance.
With the current focus on all things digital, Join the Mortgage Coach webinar on Thursday, June 4th Winning in Today's Virtual Lending Environment.
The Valuation 20/20 Conference has gone virtual…the new dates are June 16th-17th. Join from wherever you may be as technology lets you meet Exhibitors face to face. General Session brings you all the policy makers, Land Shark Pitches brings new product demos plus more. Registration is now open.
Join Metrostudy on June 23rd for a webinar to discuss Strategies to Win Builder Business in the New Mortgage Market. In this webinar, Chief Economist, Ali Wolf, and VP of National Sales, Nicollette Chapman will provide strategic insights and economic analysis of what is affecting the mortgage industry.
Originator Connect is a 3-day weekend event designed around one purpose: help you realize your goals. Originator Connect is focused solely on the origination community at brokerages, banks, and credit unions. With exclusive programs like Build-A-Broker and Your First Million Dollars, our unique Certified Military Home Specialist certification class in conjunction with Boots Across America, compelling and high profile speakers, and a complimentary NMLS renewal course, you're sure to come out feeling prepared, motivated, and energized to become the best originator you can be… August 21st-23rd in Las Vegas.
TMBA’s Reverse Mortgage Day is being held in conjunction with the Mortgage Symposium, September 14-15, 2020 at the Renaissance Dallas at Plano Legacy West Hotel, Plano, TX. You MUST register separately for Mortgage Symposium, Reverse Mortgage Day and TWMB.
Todd Duncan’s Sales Mastery 2020 will be a LIVE Digital Experience September 16-18 with an incredible line up of 40 game-changing presentations with world-class keynote speakers, relevant panel discussions, and interviews and conversations with trusted industry experts.
Capital Markets
For only a four-day workweek this past week, it seemed much longer, with many explosive headlines. President Trump intensified his confrontation with China over its pandemic response and the crackdown in Hong Kong, as he moved toward revoking Hong Kong's special trade status. Hong Kong is vital to the global economy, acting as a major port, trade center, and market for capital flows between the U.S., Europe, and mainland China, and has previously been exempt from the Trump administration’s tariffs on Chinese goods. Nothing that President Trump said in his news conference is likely to deter Beijing by truly slowing trade. He also said the U.S. will terminate its relationship with the WHO, accusing it of being under China's "total control," though threats to end contributions to the global health agency have raised questions about whether he has the authority to do so without Congressional assent. He did not institute sanctions on Chinese officials, however, as was anticipated. And the announced measures didn't include withdrawal from the "phase one" trade deal signed in January. Looking into actions, Trump might do something in the future, but markets weren't worried too much about that in the now. All of that weighed on risk tolerance, and Treasury yields rallied across the curve. The 10-year closed Friday -6 bps to 0.65 percent, down -1 bp for the week.
As far as economic releases to close last week, U.S. consumer spending, which accounts for about two-thirds of our economy, plunged in April by the most on the record (going back to 1959). On the bright side, the personal savings rate, as a percentage of disposable income, jumped to 33 percent, representing a lot of pent-up spending potential. What is done with those savings will be paramount to the recovery trajectory, as it could either be spent or continued to be saved preparation for a long recovery and extended period of high unemployment. Separately, the University of Michigan's Index of Consumer Sentiment missed expectations for May as it dropped from April.
This week sees the usual start-of-the-month releases, capped by May’s payroll data on Friday. Today: final May Markit manufacturing PMI, May ISM manufacturing PMI, and April construction spending. Zip tomorrow. Wednesday sees the usual Weekly MBA Mortgage Index, as well as May ADP Employment Change, April Factory Orders and May ISM Non-Manufacturing Index. Thursday brings jobless claims figures, Q1 Revised Productivity and Unit Labor Costs, April Trade Balance, as well as May prepayments after the close, before the weekly calendar concludes with May Employment figures and April Consumer Credit on Friday. Fed appearances are limited ahead of next week’s FOMC meeting, while the RBA, Bank of Canada and ECB will be out with their latest respective decisions on Tuesday, Wednesday, and Thursday. The NY Fed will conduct two FedTrade purchase operations today totaling up to $4.47 billion starting with $1.5 billion GNII 2.5 percent and 3 percent followed by up to $2.970 billion UMBS30 2 percent through 3 percent. We begin the day with Agency MBS prices down/worse a few ticks versus Friday and the 10-year yielding .68.
Employment
“Intelliloan.com an established mortgage lender, is seeking experienced, smart, and friendly Loan Processors. Work onsite in our Irvine, Las Vegas, Scottsdale, or Dallas locations, or remote from your home.Family-owned and in business for 25 years, we have a keen focus on treating our team members like family. With manageable pipelines of approximately 50 loans while funding 2/3 of the pipeline monthly, you can make over $150K while setting your own hours. Management lets you set your own pace, working as much or as little as you like. We provide best in class technology and tools to keep you working efficiently. We require 2 years minimum loan processor experience. Benefits Include, Company Match 401K, Healthcare, Dental, Vision, Life and Disability Benefits. Big company benefits, small company feel. A place where everyone knows your name. Email us at careers@intelliloan.com.”
“Agility 360 is a mortgage recruiting and project staffing firm based in Dallas, Texas, with a proven record of matching qualified candidates with employers for long-term employment or short-term contract. With interest rates at historical lows, matching staffing levels to meet demand continues to be a big profitability driver. Since 2014, Agility 360 has leveraged its unique methodology and proprietary candidate network to place experienced processors, underwriters, and other originations personnel across the country. We always meet our goal of finding "the right person for the job" because THIS IS ALL WE DO. By focusing on the mortgage industry, we’ve created and tested a highly successful model that consistently delivers results for our clients. If you want to stop wasting time and money with other companies please contact Raj Sharma (469-208-6337).”
Recently named among Top 5 Best Mortgage Companies to work for by National Mortgage News, Geneva Financial, Home Loans Powered By Humans, is filling 500 Branch Manager and Loan officer positions in 43 states. Geneva strives to humanize every aspect of its business from the inside-out. With a culture-forward mindset, management focuses on loan originators and support staff to ensure an unbeatable experience for their customers. Their Geneva Gives, BE A GOOD HUMAN, and Hero of The Year initiatives deemed them a recipient of this year’s AZ Business Magazine’s Excellence in Banking Award for Community Impact. In 2019 Geneva was ranked a nationally fastest growing company in the financial sector, mortgage industry and all industries categories. Geneva consistently hit record-breaking months, doubling volume in most. Geneva Financial is excited for another historic year, with no plans on slowing down. Explore Branch and Originator opportunities here.
In other news and in a personal note, congratulations to Rebecca Sommer who is taking over in managing the Great West Region for Wells Fargo Funding from 26-year veteran Shana Chrisman.
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