Digital, Vendor Mgt., Training Tools; January's Training and Events

Tabrasa’s Patrick H. wishes everyone a Merry New Year! Yes, 2022 is here, with its thousands of cancelled flights due to weather and omicron. Older loan officers tell me that being 20 in the seventies was much more fun than being seventy in the 20s. Things are always changing, although one thing that never changes are independent mortgage bankers who think the market is undervaluing their company. Remember all the doom and gloom predictions for mortgage volume in 2021? They were wrong, and the Mortgage Bankers Association estimates that we did a record $1.61 trillion in purchase loans last year. Not too shabby. It’s the new year, and wouldn’t it be fun, as a goal, to say you’ve had a drink (soda pop counts) in the oldest bar in each state!? Here’s your guide. Managers at lenders may need that guide this year, given rate, volume, and margin forecasts. We’re in a cyclical business, and managers enjoy expanding and hiring much more than cutting back. By most accounts volume will be down this year, and companies will continue to force employees to increase their efficiency and become more efficient themselves. Managers have already cut overtime, increased training & productivity, they’ve stopped replacing employees who are leaving, usually leaving layoffs as a last resort. Today’s audio version of the commentary is available here and this week’s is sponsored by Real Estate Connection (REC), a boutique real estate brokerage that acts as a centralized and organized, fully-managed real estate fulfillment service, connecting buyers with local qualified Real Estate Agents and walking them through the entire home purchase and selling process with the lender partner.

Services and Products

The Z Group Solutions has announced its newest product to target the ongoing issue of limited or constrained training resources in an increasingly digital and remote work environment. Z Academy™ is comprised of customized training modules that use client’s subject matter experts to tailor every client’s workflow, systems, and procedures. This approach is the unequivocal solution for companies to replace traditional infrastructure with a scalable online environment that accommodates a remote workforce and flexible timelines. Visually driven and interactive content comprehensively demonstrates concepts while testing comprehension and accommodating various learning styles across company associates. The Z Academy™ solution has eased time consuming demands burdening Subject Matter Experts while training associates better, and faster. With Z Academy™, you’ll never want to train over a zoom meeting ever again. For more information and inquiry, contact info@thezgroupllc.org.

Ten years ago, so many people believed the Mayan calendar foretold a December 21, 2012, doomsday that NASA stepped in to dispel common myths. No, there was no planet Nibiru on a collision course with Earth, and no, it is not possible for the Earth to suddenly reverse its rotational direction. If adopting new digital solutions feels like an end-of-the-world scenario that only a team of rocket scientists can talk you down from, SimpleNexus assures you it is not. If you’ll be at MBA, MISMO and ALTA's Digital Closing & eMortgage Boot Camp on Jan. 14, catch Jay Arneja on stage at 1:30 pm for a session on how to sail over digital adoption hurdles to achieve next-level results. Alternatively, book time with one of SimpleNexus’ digital roadmap experts to discuss how the homeownership platform can help you chart your organization’s digital path forward.

Do you suffer from holiday fatigue: an overabundance of food, family gathering, and gift-giving? Now it’s back to the grind. You finalized your budget and it's time to carry out your strategic plan which probably includes optimizing your vendor partnerships. While managing vendor risk is vital for ensuring compliance with federal and state regulations, creating and operating a comprehensive, in-house vendor management program that meets regulators’ approval can be cost-prohibitive and even infeasible when given staffing and capacity constraints. It’s no wonder that many lenders and financial institutions outsource their vendor management programs to dedicated experts. The good news is our Fintech Vendor Management Whitepaper is here to help!

Last week, QB Josh Allen became the first player in league history with 100 passing touchdowns and 20 rushing touchdowns in their first four seasons. Yesterday, he and the team secured a spot in the playoffs for the Buffalo Bills. He’s walking into this new year hungry. Are you? How are you planning to set yourself apart from the competition? If you haven’t heard about LenderLogix and its customizable digital mortgage technology suite, you ought to check it out. LenderLogix is a team of FinTech innovators with more than four decades of firsthand experience in mortgage lending and real estate. And, coincidentally, LenderLogix is headquartered in Buffalo, New York. On average, in 2021, the team saved lenders up to 40% more time in their day, increased their conversion rates up to 60%, and realized hundreds of thousands of dollars in unpaid upfront fees. Visit LenderLogix’s site to learn more about what it has to offer and start breaking league records of your own.

Training, Webinars, and Events in January

One of the biggest tech conferences of the year takes place in Las Vegas from January 5-8 even as some companies pull back on their level of participation due to COVID. Training and events are off to a fast start for the new year.

loanDepot’s 1st Quarter Training Schedule for 2022 includes topics ranging from mello® Broker Portal to Renovation training. mello® Broker Portal Training is available the 1st Wednesday of month and Renovation Training on the 3rd Wednesday each month.

National MI’s line-up for January has been released: For more information and to register click here. The month’s events begin with this week’s “Approaching Hybrid Meetings with Julie Hansen.”

Get ahead of 2022’s mortgage industry changes with Arch MI complimentary webinars. Training topics include, analyzing appraisals for Single-Family residences, understanding the aspects of a loan file, and navigating & evaluating personal tax returns. Register for Arch MI up-to-the-minute sessions throughout January.

Plaza Home Mortgage January training features After a Banner Year, What Will 2022 Bring? On January 6 at 11 AM PT / 2 PM ET. Other trainings include Fannie Mae HomeStyle® Renovation Loan Program, Plaza's Reverse Mortgage Basics. Plaza's January Training Calendar is here.

Join Charlotte Regional Mortgage Lenders Association (CRMLA) for a discussion with three top producing Loan Officers, Fairway’s Jeff Gilmore, Truist’s Kelvin Fernandez, Dorie Fusaro with Atlantic Bay Mortgage. Register for the CRMLA Lunch and Learn Jan 6 at Olde Mecklenburg Brewery.

On January 6th, WMBA & RMA Puget Sound are providing a joint event presenting an Economic Update with John Mitchell: Two Months Down, Twenty Up with Old and New Challenges. The event will be recorded. Registrants will receive a link to the event to watch back if unable to attend the live event or would like to rewatch.

This Friday, January 7th, is the next edition of The Mortgage Collaborative’s Rundown with Rich and Rob. Rich Swerbinsky, the COO of The Mortgage Collaborative, and I will be covering current events in the mortgage market for 30 minutes starting at 3PM ET in “The Rundown with Rich and Rob.” Market Analysis Manager, Richard Martin from Curinos, fka FBX | Informa, will be co-hosting.

The MISMO Winter Summit, January 10-13, is in Clearwater, Florida. In addition to important workgroup and community of practice meetings, on Monday, January 10, there are educational sessions addressing trusted data, privacy and cybersecurity requirements, servicing transfers, property valuation, agency updates and much more, with industry experts.

On January 11th, at 2PM ET there is "Pivot to Purchase" brought to you by Real Estate Connections and Zillow. Brian Coester and Zillow’s Adam Sullivan will be going over what lenders are doing to grow in purchases and what Zillow programs are most advantageous. Real Estate Connections is partnering with lenders to connect with more buyers with qualified real estate agents, convert more deals and grow their Realtor referral relationships; What Real Estate Connection does, watch video.

You don't want to miss the opportunity to hear from Mountain West Financial SVP of Strategic Products, Nancy Obando, at MWF’s first Mortgage Insights of the year, Jan. 11th . 

Originating loans on condos and coops is tricky. Register for MBA of Eastern PA Condo Training Webinar on January 11. Orest Tomaselli, President of Project Review at CondoTek will provide an in-depth outline of new Fannie Mae policies regarding lending in condominium and cooperative properties. This event is open to both members and nonmembers.

Join MBA St. Louis and the Federal Reserve for 2022 Economic Forecast, to discuss the risks facing the U.S. economy in 2022 and how the St. Louis area economy may fair in the year ahead. This event will be held at Orlando's Events Centers on January 13th at 11:30 AM, CST. The cost is $40 for MBA Members and $50 for non-MBA Members.

If you service residential loans in PA, join PHFA, Holland and Knight, the MBA of Eastern PA for an informational session on the Pennsylvania Homeowner Assistance Fund (PAHAF), January 13th beginning at 10:00 AM. Discussion includes an overview of PAHAF as well as Common Data File (CDF) and other operational aspects of the program that servicers will need to know.

Need a refresher on TRID? Register for MMLA’s the Alphabet Soup - TRID Series beginning January 13th. This interactive five-part series explores TRID at a very high level.

The pandemic ripple effects continue to trickle down. Join Zonda for the next COVID-19 Housing Market Update webinar. Hear from Senior Managing Principal Tim Sullivan and Chief Economist Ali Wolf as they discuss trends and critical issues, including: What role has the omicron variant played in hiring, consumer spending, and housing demand? What do the early signs tells us about 2022’s spring selling season? Why are we looking at affordability wrong? Register for Zonda’s Webinar on January 19th.

On January 25th, the MBA offers “Winning Game Plan for Improving ‘B’ Originators,” free for members or $399 for non-members.

Fannie Mae announced a new requirement for appraisers to use the ANSI standard. On Thursday, January 27th, Hamp Thomas, "The ANSI Man," will thoroughly review ANSI and the 2021 ANSI update. He'll explore the “Official Record” myth and delve into the new measuring technologies coming our way. You'll get a complete discussion about square footage and how to adhere to this standard. Register for Appraiser eLearning’s 4 hour, Live-Virtual CE course, $99.95.

From January 24-27 the Mortgage Bankers Association is putting on the Independent Mortgage Bankers Conference in Nashville. “Hear new solutions, actionable advice, and the data and analytics you need to improve your bottom line. From in-person networking to peer-to-peer sharing - it's all here!” (Not un-coincidentally, the MBA has its School of Mortgage Banking III in Nashville at the same time.)

Capital Markets

The bond market said goodbye to 2021 by ending the year with modest gains across the yield curve. Several major international markets were closed entirely while a few others closed early on Friday. For those who watch 10-year U.S. Treasury yields, it ended 2021 at 1.51 percent, putting the yield up 59 bps in 2021.

 It would seem that homeowners are recovering quickly from pandemic induced mortgage delinquencies. Black Knight's "first look" at November loan performance found a further decline in the nation's delinquency rate to 3.59 percent, a 4.11 percent improvement from October and down 43 percent from the rate in November 2020. At the end of November there were 1.91 million homeowners who were 30 days or more past due on their mortgage loans but not in foreclosure, an improvement of 80k since the end of October. One year earlier 3.38 million loans were past due.

This first week of 2022 kicks off with a busy slate of economic data that culminates with the December employment report on Friday, expected to show that the tight labor market hasn’t eased. Ahead of payrolls, markets will get updates on PMIs, construction spending, JOLTS job openings, and trade and factory orders. “Fedspeak” resumes and the minutes from the December 14/15 FOMC meeting due to be released on Wednesday, showing how intense the rates and tapering debate was.

Rates are still being driven by pandemic news, especially when there is no scheduled news until the non-market moving final December Markit manufacturing PMI followed by November construction spending later today. Regarding mortgage-backed securities, the NY Fed Desk will purchase a daily average of $4.0 billion this week, including $3.7 billion of conventional MBS today, while the agencies will release December prepayments after Thursday’s close. Treasury purchase operations also resume, following an extended break, when the Desk purchases up to $6.3 billion 2.25- to 4.5-year coupons. 2022 begins with Agency MBS prices worse .250 versus 2021’s close and the 10-year yielding 1.55 based on omicron headlines. Odd that the bond market (interest rates) continues to seem to shrug off inflation news.

Jobs

A Northeast FHA, VA approved Mortgage Banker licensed in NY, NJ, PA and four other states with 20 years+ history is looking for a business relationship with a Bank with the goal of selling the business. Revenues of $ 7.5 million annually with excellent profitability and a mix of ​refinancing's and new loans, 90% -95% residential loans, with the rest being commercial. Funding over $ 250 million annually. The business has increased in sales and profits in 2020 - 2021 and has a total of 30 employees, and growing! Please contact Gene Leventis (914-575-9058) if interested.

Thank you from ACC Mortgage. ACC has been committed to Non-QM, and Non-QM only since 1999. 2021 was the greatest year ever because ACC continued to lend throughout COVID when everyone else shut down. As the oldest Non-QM lender, we have established ourselves in terms of products, pricing, process and most importantly our people. If you are frustrated with Non-QM, it is time to partner with the most establish and stable Non-QM lender in the business. Go to www.NonQMPricer.com to see programs, or e-mail your resume to Recruiting. January 27th, please join the president Robert Senko on the webinar “How to Make Money in Non-QM. 

Due to its continued Direct to Consumer and Call Desk growth, Southern California’s Sovereign Lending Group is hiring for sales, marketing, and lock desk positions.