Thank you to Virginia’s Marc A. who, after reading my comment about companies keeping customers on hold due to “higher-than-normal call volume,” sent a note suggesting, “How great would it be if you called and they said, “Due to high call volume, we’ve staffed up our team to reduce your wait because your time is important and we want to be respectful of that fact.’?” There’s a tip for anyone in charge of their company’s answering machine. Remember the term “answering machine”? Or remember when Wells Fargo’s problems were in the headlines every day? They’re back with a Cease-and-Desist Order from the OCC along with a $250 million fine. Are you a Wells correspondent client? Questions should be addressed to your Sales Rep. “The order restricts the bank, while the order is effective, from acquiring certain third-party residential mortgage servicing and requires the bank to ensure that borrowers are not transferred out of the bank’s loan servicing portfolio until remediation is provided, except as required by an investor pursuant to a contractual right.” Here’s today’s CRA tip: Don’t forget that the Office of the Comptroller of Currency announced it is moving to gut the controversial Community Reinvestment Act rule issued in 2020. The Mortgage Bankers Association and the American Bankers Association had criticized the rule for setting overly complicated data reporting requirements that would inevitably present challenges for banks. (Today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology. Lenders using Candor produce a high-quality loan that requires only 1 underwriter touch on 70% of loans.)

CU, Broker, and Lender Products and Services

Mortgage Confidential is the #1 resource for Mortgage Professionals to find new opportunities and maximize their value. Now is the time to gauge what you are truly worth! Sales leaders and loan officers are coming off record volume but the landscape is changing. Operations talent is already seeing reduction in bonuses and layoffs due to lower volume.  We work with many of the top lenders and banks in the industry that are looking for top talent. You cannot afford to not know your options and what else is out there. Put yourself on the market- confidently and confidentially. You control the process and you control the Lenders you want to engage with. 100% Confidentiality guaranteed!

Introducing Pioneer Plus, an AUS-driven and Non-Agency second home and investment property product, that is designed to solve for GSE origination limitations without the hassle. This new addition to Maverick Solutions™, FGMC’s Non-Agency and Non-QM proprietary suite of products, expands loan options for clients looking for other conforming opportunities. For more information on Pioneer Plus, contact your FGMC Account Executive or see the product matrix here. Ready to partner with FGMC’s Wholesale or Correspondent teams? Contact Tom Davis to learn more about using Maverick Solutions™ to take your business to the next level.

Considering outsourced loan fulfillment but don’t know where to begin? Maxwell’s brand new ebook, The Definitive Guide to Outsourced Loan Fulfillment Success, explores how outsourced loan fulfillment can transform the agility and economics of local lenders. Featuring insight from leaders with 20+ years of experience and customer testimonials, this guide offers actionable advice for lenders seeking an advantage in 2021’s purchase market. Want to find out how outsourcing can enhance your agility, reduce fixed costs, and end the hire-and-fire cycle that comes with inevitable loan volume fluctuations? Learn this, plus the 5 strongest benefits outsourcing offers, how to vet potential partners, and more! Click here to download Maxwell’s free ebook, The Definitive Guide to Outsourced Loan Fulfillment Success.

There are just two weeks until the largest nationwide gathering of independent mortgage professionals at AIME Fuse 2021 in Las Vegas. The two-day event will focus on empowering mortgage brokers through keynote speakers, 15 plus hours of exclusive content from industry leaders, and more than 50 exhibitor partners. Brokers won’t want to miss this opportunity to receive industry best practices and access to tools that will level up their game as mortgage professionals at the Bellagio Hotel & Casino.

Is automation on your technology roadmap? If your company isn’t being enhanced by intelligent automation across all areas of your business, it’s time to upgrade. RM Automate, Richey May's Intelligent Automation Service powered by the world-class Zoral Automation Platform, enables digital transformation across all areas of your business so your team can spend time focusing on more important value-adding tasks to drive your business rather than mundane and repetitive tasks due to technology limitations. Contact us to see a demo of RM Automate and how it can enhance your productivity, while fitting in seamlessly with your technology stack. 

Credit Unions, are you attending ACUMA’s 25th Annual Conference next week? Mortgage Hippo and MortgageFlex are both long time members of ACUMA and have built a unique best of breed POS/LOS that you will not find anywhere else. One contract, one invoice and truly one system designed to support your credit union's lending needs. A true digital lending platform that can be integrated with your online banking platform to offer a seamless lending experience for your members. Hosted in the cloud and fully customizable by our customers. Come learn why credit unions are switching to this combined platform offering. Stay tuned for an upcoming joint webinar. For more information, please contact John McCrea, SVP Sales.

Investor Changes

Some investor and Agency changes are straightforward, dealing with various similar changes to policies and procedures. But sometimes it is good to take a snapshot of the hodge-podge of changes that are going on out there since they often have a ripple effect.

Starting on October 1st, PennyMac will begin charging a monthly Pricing Vendor Fee of $120 per client. The fee will be included on client level accounts receivable invoices.

ACC amended its appraisal ordering process. Brokers will now be placing appraisal orders directly with one of ACC’s approved AMCs.

Flagstar Bank posted products that will be updated with the revisions to State Eligibility. Alaska has been removed as a restricted state and is now eligible for financing under these updated products.

PRMG published a list of Frequently Asked Questions (FAQs) in regard to issues surrounding COVID-19. That document is available in a special section at the top of the PRMG Resource Center page and can be referenced at any time. It is updated regularly as new guidance is provided. PRMG added updates to The Resource Center including posting an updated ECOA Adverse Action Notification (Statement of Denial) Job Aid #6 Temporary COVID-19 Related Decisions, Loans Requiring LexisNexis Reports.

FAMC Correspondent temporary COVID-19 Interim guidance has been retired for Age of Documents and Market-Based Assets: Closing and Reserves. Lenders should refer to the Fannie Mae and Freddie Mac Selling Guides for the current policies.

Multiple sections in the Wells Fargo Funding Seller Guide (Seller Guide) have been updated to clarify its prepayment penalty policy including restating content, as well as adding content into multiple sections for easy reference. There are no changes to policy. Contracting for a prepayment penalty in any form makes a Loan ineligible for purchase by Wells.

AmeriHome reinstated the requirements for tax and/or W-2 transcripts.

Retaining More Borrowers During COVID-19: Download Complimentary White Paper provided by Black Knight.

Do you have borrowers that struggle with Down Payment and Closing Costs? Land Home Financial Services, Inc. offers FHA Within Reach™ 2.0 Down Payment Assistance Program. Meet your borrowers’ needs by choosing from 3%, 4%, 5% or 6% options. Contact Mark Sheridan, SVP TPO, for assistance.

Embrace Home Loans announced a partnership with Ameriprise Financial that will provide Ameriprise's wealth management advisors and clients with mortgage financing and services. Under the partnership, which piloted in March with a select group of advisors, Embrace Home Loans has made its products and services available to Ameriprise's clients, and supports their advisors in overall financial planning. The two companies have collaborated in creating customized resources for both clients and advisors, designed to mirror the customer service standards each organization has become known

Income limits for all of the Colorado Housing Finance Agency (CHFA) programs (Preferred, Preferred Plus, Preferred VLIP, Plus VLIP, SmartStep, SmartStep Plus and FirstStep Plus) have been updated. This sales price change does not affect the Preferred, Preferred Plus, Preferred VLIP, Plus VLIP, SmartStep or SmartStep Plus programs, which have no sales price limits. Please note that loan limits do apply. For complete details, refer to MWF’s CHFA Program Matrix and Overview.

FCM posted underwriting fee changes in its Delegated Correspondent Announcement 2020-28.

Capital Markets

This morning rates and yields are exactly where they were last Friday! But asset purchases continue to be a discussion topic. Federal Reserve Bank of Atlanta President Raphael Bostic believes the Fed will be able to pull back on its buying campaign this year, though he doesn’t expect a decision to do so will come at the U.S. central bank’s meeting this month. “Tapering” will certainly grab headlines until it actually starts.

There wasn’t a whole lot to report from the bond market yesterday. We saw a strong 30-year bond auction and lower than expected jobless claims. This week’s Primary Mortgage Market Survey from Freddie Mac once again saw mortgage rates within 1 basis point of unchanged versus the prior week. Black Knight reported there are now 13.5 million high-quality candidates remaining who could save an aggregate $3.9 billion per month by refinancing for an average savings of $291/mo.

August PPI led off today’s economic calendar (+.7 percent, core +.6 percent). We’ve also seen wholesale inventories and sales (). Today’s lone Fed appearance sees Cleveland Fed President Mester speaking. The Desk will purchase up to $5.2 billion 30-year 2 percent and 2.5 percent. Today is Class A 48-hours. We begin the day with Agency MBS prices worse .125 and the 10-year yielding 1.32 after closing yesterday at 1.30 percent after the strong producer price number.

Jobs and Transitions

A “change agent” executive, strategy oriented with P&L accountability, is seeking President, CEO, or COO position executing next gen pivot. Experience includes ownership, C-Suite leadership, consulting, and advisory with small to top 10 companies. Capable and resilient in times of challenge; risk, compliance, profitability, team building, capacity and scale matrices, channel/product development, design/deployment of efficiency/process improvement, Analytics/software/tech stack integration, alternative origination models, business channel expansion, M&A, brand building/culture development, sales, ops, risk, vendor management, telephony. Investment/financial inclusive of: Construction/ADV credit facilities, Bridge facilities (RES and CRE), REGA, REGCF, 506C, some FinTech/Challenger Bank experience. Deep connections in industry, secondary markets, warehouse/credit markets, legal and compliance, political venues and advocates, vendors, entrepreneurs, consultants, and advisors. Power user in Kaizen, Red Teams, and Sprint approach for thorough high-speed results and execution. Strong communicator: every communication is a conversation whether verbal, written, or in-person. Open to long distance commute or relocation. Email Chrisman LLC’s Anjelica Nixt for connection.

“Let’s get straight to the point, BluePoint Mortgage is seeking experienced AEs specializing in non-QM loans that are looking to boost their compensation levels and close loans faster! We offer extremely competitive pay (up to 70 bps on non-QM), a flexible/fun work life balance, and a strong product offering. If you think you have what it takes to join ranks with BluePoint’s Nationally Ranked Top Account Executives, Scotsman Guide 2021, reach out to Char Mangrello, VP Human Resources.”

NEW AMERICAN FUNDING welcomes home Jonathan Soave Loan Consultant - Everett Nordby Branch Manager - Valerie Castillo Loan Consultant - Michelle Merino Loan Consultant - Jeff McGowan Loan Consultant, WA - Robert Reza Loan Consultant - Jamie Perez Loan Consultant. “Regardless of your path in life you can always find your way back home. Your return is a testament to our family culture. Welcome back to the team, welcome home!” says Sam Ellsworth, Director of National Sales. As an Inc. 5000 company, a 2021 Gold Stevie Award winner for Employer of the Year and being recognized as a Diversity Leader by Profiles in Diversity Journal we are a culture focused company and that resonates with our team members. Whether you’re a seasoned Originator or just starting out, New American Funding welcomes you to build a rewarding career. Join our team! Contact Sam Ellsworth today! (714-401-0183). EOE.

“Industry Leading Compensation & Turn-Times. Recently named among Top 6 Best Large Mortgage Companies to Work For by National Mortgage News and #1 Mortgage Lender on Ranking Arizona’s consumer poll, Geneva Financial Home Loans is filling Branch Manager and Loan officer positions in 45 states. Close in as little as 10 days. Large volume branches can opt for same-day Underwriting with in-branch Ops option. P&L includes zero fees for credit reports, AUS, LOS, CRM, technology fees, employer taxes (commissioned employees), VOEs, 4506Ts, and warehouse costs. See why Geneva Financial has a 5-star Google rating with over 2,000 verified borrower reviews!”

Introducing Pioneer Plus, an AUS-driven and Non-Agency second home and investment property product, that is designed to solve for GSE origination limitations without the hassle. This new addition to Maverick Solutions™, FGMC’s Non-Agency and Non-QM proprietary suite of products, expands loan options for clients looking for other conforming opportunities. Looking to be a part of FGMC’s growing team? Maverick Solutions is hiring Wholesale and Correspondent Non-QM Account Executives as well as Non-QM Underwriters! Email Jesse Vazquez to find out more about becoming a Mortgage Maverick.

“Anchor makes hard-money lending look easy. We’ve just topped the $1-billion mark with four months to go! Over 85% of our borrowers are repeat customers who rely on our fast, dependable funding to grow their business. Anchor is looking for processors and underwriters to help keep the pace with the volume. We offer signing bonuses, highly competitive compensation, comprehensive training, in-office and hybrid work options and a culture of caring and success. Anchor’s programs are flexible and leverage innovative technology with unmatched talent to fund more loans faster and easier. To learn more or to apply to one of our amazing opportunities, contact Desiree Falcon. Come join the new A team and make history with us!”

Mike Towery has signed on as West Coast Regional Manager for Nations Lending where he will manage existing branches and teams in the region while also executing the company's strategic growth plans in the area.