“Hard work pays off in the future; laziness pays off now.” Joking aside, competitors out there sure aren’t being lazy. Who wants your previous clients? How about, “everyone?” A critic would say, “Leave it to someone to offer a home equity card.” “Aven is a third-party advertising partner from which Experian Consumer Service (ECS) receives compensation… The Aven Card is issued by Coastal Community Bank, pursuant to a license from Visa U.S.A., Inc. Aven accounts are made by Coastal Community Bank, Member FDIC. Equal Housing Lender. NMLS #462289… Tap into your home equity and earn world class rewards. All in minutes and online.” I imagine that everything is compliant… speaking of which, Attorney Brian Levy offers another RESPA opinion in his latest Musings that should make some folks think more deeply about managing RESPA compliance in a post Chevron deference world. (Today’s podcast is found here and this week’s is sponsored by Optimal Blue. Optimal Blue bridges the primary and secondary mortgage markets to deliver the industry’s only end-to-end capital markets platform, helping lenders maximize profitability and operate efficiently so they can help American borrowers achieve the dream of homeownership. Hear an interview with A and N Mortgage’s Neena Vlamis on running an origination shop through this market downturn.)

Lender and Broker Software, Products, and Services

Mortgage QC Trends and Industry Insights! Check out the latest QC NOW webinar presented by ACES Quality Management's President, Phillip McCall, and EVP, Nick Volpe as these industry experts cover in-depth analysis of ACES’ recent Mortgage QC Industry Trends Report; deep dive into mortgage quality control trend reporting and how it aligns with the current state of the industry; and industry insights and how to best navigate through the volatile financial landscape. ​​​​​​Walk away with a better understanding of what’s to come and how you can best prepare for the future. Watch the webinar on demand.

From California comes news of homebuyer assistance up to $350,000 per household to help low- and moderate-income residents (homebuyers and renters) impacted by wildfires in California in 2018 and 2020. The NEW ReCoverCA Homebuyer Assistance Program, is now available from Golden State Finance Authority (GSFA), featuring down payment and closing cost assistance up to $350,000 in the form of a deferred second mortgage with a zero percent note rate, fully forgiven after 5 years of ownership and occupancy. Counties eligible for 2018 funds are: Butte, Lake, Los Angeles, and Shasta. Counties eligible for 2020 funds are: Butte, Fresno, Los Angeles, Napa, Santa Cruz, Shasta, Siskiyou, and Solano. Properties eligible for financing through the Program must be located outside of High or Very High Fire Hazard Severity Zones. Join us for a Lender Training on the ReCoverCA Homebuyer Assistance Program and start helping families recover and re-establish long-term housing. For more info visit here.

EBOOK: How to Build a Strong Referral Business Funnel in 2024. The new rules mandated by the NAR settlement go into effect August 17th. That means agents are more incentivized than ever to show their clients value, and they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don'ts, ways to become a go-to lender, and more.

Collaborate for Success! Midweek motivation! Imagine partnering with a real estate agent who is dedicated to your success. As one of three featured professionals in their personalized directory, you’ll benefit from a collaborative relationship and enhanced professional standing. This partnership isn’t just beneficial; it’s essential for your growth. Working closely with a real estate agent means you’ll be top of mind when their network needs professional services. This trusted partnership can lead to a stronger presence and increased opportunities. The synergy created through this collaboration can propel your business to new heights. Don’t wait to collaborate for success. Secure your exclusive placement today and start reaping the benefits of a strong professional alliance. Join Now to learn more!

STRATMOR Consumer Direct Workshop

STRATMOR Consumer Direct Workshop, live in Dallas! After a hiatus of several years, STRATMOR Group is bringing its popular Consumer Direct Workshop back to a live format this fall. The connections made between lender peers allow leaders to share ideas and develop strategies for the benefit of all as we navigate the downturn that won’t seem to end. Join STRATMOR Group experts and peer lenders in Dallas, TX, November 6 and 7, to learn how to better understand the needs of purchase borrowers, craft marketing messages that will appeal to them, tweak processes for purchases, and train LOs to close this business. The workshop will also focus on customer retention and household penetration for servicers and depositories.

The time to develop a strategy for attracting, nurturing, converting, and closing purchase business to hold or grow your market share is now. The cost to attend is just $2,500 for TWO Consumer Direct lending executives from your company. Learn more and reserve your seat today.

Training, Webinars, and Events

A good place for longer term conference planning is to start is here for in-person events in the future.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday’s 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One. Today has John Borley, Senior Director, Business Development & Partnership Success at Policygenius, exploring the homeowner’s insurance market.

The NAR settlement marks a dramatic shift in how the US Housing Market transacts business and this will undoubtedly lead to challenges and opportunities affecting both Realtors and lenders. Join Mortgage Bankers Association of Eastern PA for a special webinar on July 31, 11:00 AM - 12:00 PM (EDT) to discuss the settlement and its effects, specifically on lenders. Learn and develop insight on potential changes affecting home purchase transactions and how this will affect Realtors and indirectly the relationships between agents and mortgage lenders. This session will not be heavy on legal concepts. It will break it down to things you need to understand for a practical business approach.

Fannie Mae has two new property insurance training modules to help ensure that lenders and servicers are well-versed in the unique needs for one- to four-unit properties and project developments (PUDs, condominiums, and co-ops). Review the one- to four-units module and View the PUDs, condominiums, and co-ops module. Available later this summer, new flood insurance training will provide a thorough understanding of the key flood insurance requirements for the same property types.

The Florida Association of Mortgage Professionals (FAMP) 2024 Convention & Tradeshow will take place from July 31 to August 3 at the Hilton Bonnet Creek in Orlando, Florida. Register today at ourfamp.org.

Join ICE for the August Mortgage Monitor webinar where you’ll gain critical insights into housing and mortgage market trends. It’s free: sign up here. The webinar will be held Thursday, August 1, from 2 – 3 p.m. ET.

Thursday, August 1st, will be another episode of The Big Picture at 3PM ET… Rich Swerbinsky hosts a variety of guests.

Today tune in to The Mortgage Collaborative’s Rundown with Melissa Langdale covering current events in the mortgage market for 30 minutes starting at noon PT, 3PM ET.

Last Word, Fridays at 10 a.m. PT/1 p.m. ET: Fridays with Kevin Peranio and Brian Vieaux is your ultimate destination for incisive analysis and spirited discussions on the hottest topics affecting the mortgage sector each week. Hosted by industry veterans, the show delivers expert opinions, forecasts, and critical insights to keep you informed and ahead of the curve. Tune in for a comprehensive and engaging analysis of the week's most important mortgage industry news, providing viewers with the knowledge and insights they need to make informed decisions in a rapidly changing market.

In less than a week, Monday, 5 August 9:00 AM - Tuesday, 6 August at 6:00 PM PDT join the California Association of Mortgage Professionals on August 5th -August 6th for its Annual Summer CAMP at Hyatt Regency Newport Beach, 1007 Jamboree Road, Newport Beach, California. Receive $100 off the cost to attend by using CAMP2024 discount code at final checkout. Top industry speakers sharing cutting-edge strategies and insights. Networking with fellow brokers and building valuable connections. Educational workshops on growing your business, diversifying clientele, and staying compliant. Free CAMP membership for those attending the conference (not for renewals). Registration is only $49 when using the CAMP2024 discount code. Includes your meals.

As posted in announcement FHA INFO 2024-48, training opportunities in Atlanta, GA and Chicago, IL. during the month of August include Condominium Approval, Credit Endorsement, Credit Underwriting, and Appraisal Training.

Tuesdays at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders: Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

Wake up and learn with CRMLA as Jordan Goldberg of Xactus discusses the latest topics in the Credit World for Lending on Thursday, August 8th at 8:30 am.

The California Mortgage Expo returns to San Diego on Thursday, August 8, bringing in the industry's best, with educational sessions that show you how to make more money, be a better sales pro, and keep your pipeline full.

Have you heard about (read: registered for) some of our expanded media offerings? Chrisman Commentary is pleased to bring you a variety of video shows hosted on Zoom throughout the week. Take your pick: We have a show focused on technology and innovation (Now Next Later Mondays at 1pm ET, presented by BILT Rewards), origination (Mortgage Pros Tuesdays at 2pm ET), big-name interviews (Mortgage Matters Wednesdays at 2pm ET, presented by Lenders One), headline news (The Big Picture Thursday’s at 3pm ET), opinion (Last Word Fridays at 1pm ET), advisory services (Advisory Angle first Tuesday of the month at 2pm ET, presented by STRATMOR Group), capital markets (Capital Markets Wrap second Tuesday of the month at 3pm ET, presented by Polly), regulation and compliance (Regulation Central third Tuesday of the month at 3pm ET), and reaching the next generation of homeowners (Mortgages with Millennials last Tuesday of the month at 1pm ET, presented by The Mortgage Collaborative). (If you don’t see a presenting sponsor, please reach out to Chrisman LLC’s Anjelica Nixt to inquire about opportunities.)

Capital Markets

For those hoping for lower rates, geopolitical turmoil might be your path there. An Israeli strike on Beirut and violence in Venezuela over stolen election claims yesterday sent traders rushing to bonds, driving yields lower. Shame on me for thinking today’s Federal Open Market Committee (FOMC) events or Friday’s payrolls report would have the most market-moving potential this week. Perhaps we’ll see the long-forgotten flight to quality?

The Conference Board's Consumer Confidence Index improved in July, largely due to a downwardly revised figure in June. Consumers' take on the present situation hit a three-year low even as expectations improved. Consumers are starting to take notice of slowing labor market conditions, yet the overall assessment of the current labor market situation remains strong.

The S&P Case-Shiller Home Price Index was up 6.8 percent in May, as expected, after increasing a revised 7.3 percent in April. The FHFA Housing Price Index was unchanged in May after increasing a revised 0.3 percent in April.

The JOLTS data pointed to a labor market that has normalized but has not yet turned the corner into outright weakness. Job openings decreased to 8.184 million in June from a revised 8.230 million in May. The layoff and discharge rate ticked down to 0.9 percent in a sign that demand for existing workers continues to hold up despite demand for new workers fading.

It’s Fed decision day. After the Bank of Japan raised rates for the second time since 2007 overnight, the Fed is largely expected to start guidance on the timing of the first cut, though markets are widely pricing in September.

Before the Fed, the day kicked off with mortgage applications decreasing 3.9 percent from one week earlier, according to data from the Mortgage Bankers Association. We’ve also received ADP employment for July, 122k versus 150k expectations. Later today brings Chicago PMI for July, the Pending Home Sales Index for June, and Treasury announcing the Quarterly Refunding consisting of $58 billion 3-year notes, $42 billion 10-year notes and $25 billion 30-year bonds. We begin the day with Agency MBS prices slightly improved from Tuesday night, the 10-year yielding 4.11 after closing yesterday at 4.14 percent, and the 2-year yields 4.35.

Employment

Stockton Mortgage is a full-service independently owned mortgage lender headquartered in Kentucky, licensed in 30 states, with over 70 retail branch locations. Nationally acclaimed for excellence in production and market expansion, Stockton Mortgage received the 2022 Freddie Mac Home Possible Rise Award for Fastest Growth and the 2024 National Lender of the Year Single Close Construction Origination Champion by USDA Rural Development. “Our flat management structure means decisions are made quickly, in collaboration with our LOs. We don’t get tangled up in red tape and our model allows the agility and autonomy vital to inspiring the success of sales,” said David Stockton, President/Owner of Stockton Mortgage. To learn more about Stockton, visit stockton.com/careers or contact Paul Ganem.

Are you a top-performing Non-QM Account Executive with a proven track record for success? Champions Funding wants you on their elite roster which offers uncapped commissions, earning what you’re truly worth with a team who's motivated to get you there. Raise the bar by offering an expansive line-up of Non-QM & DSCR loan products designed for uniquely qualified borrowers & real estate investors. At Champions Funding, a "Yes Before No" mantra resonates throughout the organization. Make a significant impact for today’s borrower! Ready to switch teams and go all in on Non-QM? Contact Angela Castillo, VP of Talent Acquisitions, for a confidential interview at 602.848.2967.

Merchants Bank has entered the Chicago market with the addition of three seasoned mortgage professionals: Mike Axelrood, Jason Campbell, and Rich Hass. Mike Axelrood will lead as Regional Manager, Mortgage Sales, while Jason Campbell and Rich Hass will focus on the retail mortgage sector, serving as Producing Construction Sales Manager and Producing Sales Manager, respectively. Axelrood brings nearly 40 years of experience, having held key roles at U.S. Bank and PNC Bank. Campbell joins Merchants Bank with 25 years of expertise, previously working with high-net-worth clients at major retailers. Hass adds over 35 years of industry knowledge, formerly managing production at nationwide retail lenders. These leaders will spearhead efforts to expand and enhance Merchants Mortgage services in the Chicago market. To inquire about Mortgage Originator opportunities in this market, contact Jason Campbell or Rich Hass for more information.

Congratulations to Brad Cardwell who has joined Down Payment Resource as vice president of sales and business development. Cardwell will lead DPR’s enterprise sales, growing both its sales team and partner network, with the goal of making more housing professionals and consumers aware of the availability and benefits of DPA for a range of homebuying expenses and property types.