Non-Agency, Jumbo, LOS, Marketing Tools; Appraisal News on ACE/PDR: a Faster Way to Close

From Salt Lake City, Rich B. sends, “My mind is like an internet browser: 17 tabs are open, 4 of them are frozen, and I don’t know where the music is coming from.” Vendors and lenders have a lot of “tabs” open regarding mortgage & vendor pricing, finding products to help their borrowers, and improving their service. Want to pass along some inflation fighting easy recipes from the NY Times to borrowers? Here you go. For economic news I’m more of a Bloomberg TV/radio person than a CNBC watcher. But perhaps Bloomberg will have to step up its game with CNBC having people in the background walking by wearing only their underwear. Are you an LO going after builder business? Zelman’s Homebuilding Survey reports, “…Feedback from our June survey was particularly negative. Spiking interest rates, economic and geopolitical uncertainty, and inflation pressure have significantly impacted homebuyer demand, particularly among the entry-level cohort, though this segment still narrowly remains strongest overall.” Builders continue to deal with labor shortages, excessive permit fees by local authorities, and sky-high material costs, all combining to discourage building affordable housing units for first time home buyers. And through it all, the Mortgage Bankers Association continues to offer free MBA webinars, select research offerings, self-study education courses and more. (An MBA membership, with 2022 dues rates going through the end of 2023, grants you access to education, research, committees, and informational webinars, that are important to you now.) (Today’s podcast is available here and is sponsored by EarnUp, an award-winning, consumer-first technology payments platform where originators and servicers can provide a borrower experience with flexible payment options that reduce risk and improves overall financial health.)

Lender and Broker Software, and Services

Are you still using an old flip phone or pager to do business? Then why are you using legacy mortgage intelligence technology? TrustStar is an AI application leveraging the most powerful, modern technology to aggregate data to help mortgage loan officers close more loans. Loan Officers and Branch Managers no longer have to settle for mediocre mortgage infotech that hasn’t been upgraded since 2008. TrustStar has developed a platform providing the highest user experience so loan officers can easily receive the most relevant personalized data about their local market. Discover hot markets, find new realtors to build relationships, and close more loans! Upgrade your flip phone, toss your pager, and join the hundreds of mortgage professionals switching to TrustStar to grow their business. Sign up for a free trial today!

Big life changes can be a bit overwhelming and often cause consumers’ financial goals to shift. That’s why Sales Boomerang and Mortgage Coach have launched their newest borrower intelligence offering, Life Event Alerts. These loan opportunity alerts automatically mine public records and let lenders know when someone in their customer database experiences a life-changing event such as marriage, divorce, childbirth, high school graduation or a death in the family. What’s more, Live Event Alerts integrate with the industry’s most commonly used CRMs, enabling lenders to reach out right away with personalized advice to help consumers achieve their next homeownership goal. When life-altering events inevitably happen, be a reliable financial friend to your customers and prospects with Life Event Alerts.

In the battle with big banks, information wins business. That’s why LoanCatcher®, the cloud-based, all-in-one broker loan origination system (LOS) from Black Knight, now includes advanced mortgage calculators and tools from the SurefireSM CRM and Mortgage Marketing Engine. Consumers in the market for a home purchase or refi can come to you for the help they want most. Estimate loan payments and refinance opportunities with prequalification and refi calculators. Show your customers a detailed neighborhood property report, or view “Markets in a Minute” for day-to-day rate movement and the latest housing news. The LoanCatcher LOS is just one more way you can stand out against big banks and set yourself apart from the competition as the broker of choice. Let us show you how LoanCatcher mortgage calculators and other tools can help drive your business here.

Leverage out-of-the-box, cutting-edge, proven technology that’s fully customizable and deployed in weeks with Richey May’s RM Analyze. Business intelligence designed by and for mortgage industry experts, our platform consolidates data from every department and every piece of software you use. Need to know which loan officers are converting applications to funded loans? Get the answers in one click, plus intuitively drill down to all the details you need. Curious how you’re measuring up against your peers? Use our Peer View Ops functionality. With RM Analyze, you get a complete picture of your company and the tools to empower your managers to take proactive measures, find efficiencies, create change, and drive growth. Contact us today for a walk-through and custom implementation plan.

“***News Alert – For all Chrisman readers who use direct mail for lead generation – USPS just raised prices by 3 cents for first class and 2 cents for standard mail.*** However, did you know you can actually lower your cost per call, even with the price increase? If you are interested in beating the price increase, drop us a line at or check us out. We have technology improvements enabling you to get ahead of the market and outrun the increases! Give us 5 minutes to ask three simple questions and see if we can lower your overall cost per call to beat the rate increase!”

TPO Loan Products

The Lakeview Correspondent team offers correspondent lenders the best of both worlds. Non-Agency and Agency programs; Jumbo and Conforming loans amounts; Delegated and Non-Delegated underwriting; Best Efforts and Mandatory execution; Flow and Bulk delivery. Most importantly, We can support your growth in this changing market with a full slate of product trainings; Click Here for the July training calendar. And remember to try our Non-Agency product eligibility tool powered by LoanNex.

There’s no question that 2022 has been a rollercoaster year in the mortgage business. Rates are up, inventory is in flux, and applications are down. Although the market has tested many mortgage companies, Finance of America Mortgage TPO is forging ahead because of a distinct competitive advantage: our products. FAM TPO has added a number of products and enhanced offerings throughout 2022 to give brokers what they need: flexibility. We’ve expanded key features, such as adding self-employment income and rental income to our Jumbo J-Class W loan, the ability to submit a jumbo loan file with a TBD address, and other enhancements to our proprietary Two-X Flex suite of non-QM offerings. We've made these program improvements specifically with our broker partners and their customers in mind. If you’re looking for more loan options for your borrowers, contact Finance of America Mortgage TPO today to learn how we can help.

If you’re concerned about a declining refinance market and shrinking Agency footprint, then it’s time to look at non-QM. Non-QM can help you serve the growing market of underserved borrowers who can’t qualify in the tightening Agency box. But first you need to understand the specifics of the various programs available. Become an expert on non-QM and learn HOW to continue to optimize your earning potential. Learn from the Leader and largest originator of non-QM by joining the upcoming webinar “Win With Non-QM In 2022” from Angel Oak Mortgage Solutions on July 19th at 10:00 AM PST and 1:00 EST. Click to register today!

Appraisal News: ACE and PDR

Class Valuation, a leading national Appraisal Management Company, is hosting a new webinar series titled, “Leaders in Lending” to help navigate the industry as it continues to evolve. The first webinar was held on July 18 with discussions over the new Freddie Mac ACE+ PDR program. Join Class Valuation on Monday, Aug. 1 at 3:30 p.m. EST, for the second webinar featuring Fannie Mae titled, “Inspection-based waiver supported by Class Valuation’s Property Fingerprint Report.” Get the insights you need and have your questions answered by a Fannie Mae expert! Click here to register, access previous webinar information, and learn more about the two remaining webinars.

For fans who like acronyms, Freddie Mac produced a FAQ for its ACE+ PDR (automated collateral evaluation plus property data report) that is sweeping the appraisal world.

BEACON Property Data Collection Services announced the August launch of a nationwide service to provide property condition and dimension reports designed specifically for the Freddie Mac ACE+PDR program. BEACON’s new solution expands upon its existing property data collection services for appraisal management companies, insurance companies, and lenders. BEACON’s trained and vetted Property Data Collectors (PDCs) leverage state-of-the-art technology to gather required data points within 48 hours, while capturing high-quality photos and generating detailed floor plans accurately and efficiently.

In FCM Wholesale Announcement 2022-33, First Community Mortgage provided information on Freddie Mac’s Loan Product Advisor® transition from offering ACE appraisal waiver to offering ACE+ PDR (property data report) for cash-out refinance and certain “no cash-out” refinance Mortgages, effective July 17, 2022.

Class Valuation has successfully completed the verification process for Freddie Mac’s new ACE+ PDR (automated collateral valuation plus property data report) solution. Class will complete these data collection orders through Property Fingerprint, Class Valuation’s 3D Scanning technology.

Asteroom Inc. will launch (in August) a nationwide service to capture property dimension and condition reports for Freddie Mac’s ACE+PDR offering. “Asteroom’s solution expands upon its existing Desktop Appraisal Service for appraisal management companies and lenders. Their national network of over 5,000 trained and certified data collectors can document properties within one calendar day of an order being placed. Using proprietary 3D tour, floor plan, and mobile app technology, the service will deliver all required data for Freddie Mac’s eligible property condition reports. Asteroom is the world’s first 3D tour technology partner to offer property data collection services for Freddie Mac’s ACE+PDR offering, streamlining labor-intensive processes to boost efficiency while maintaining consistency, accuracy, and affordability.”

ProxyPics is offering its new Property Data Report product in support of Freddie Mac’s ACE+ PDR. “ProxyPics’ Property Data Report product provides a detailed scope of the property structure and its condition to simplify property refinances transactions, in real time. Its comprehensive reports include interior and exterior photos, conditional questions, and a Floor Plan. ProxyPics has partnered with technology innovators CubiCasa, a global Floor Plan provider, and FoxyAI, B2B Prophet leader in real estate visualization and property intelligence, to equip their Proxies with powerful tools to complete the property data report. All Proxies completing interior assignments undergo background checks and must pass an extensive training assessment that tests their real estate knowledge.”

(While we’re on appraisal news, this summer an Appraisal Credit in July is being offered by Loan Stream Mortgage. Up to $450 Appraisal Fee Credit on all new Non-QM submissions through July 31st, 2022.This offer ends soon and is available on loans submitted through July 31st, 2022. Terms and conditions, restrictions apply, visit the Loan Stream Mortgage website for more information.)

Capital Markets

Jobs and housing drive the U.S. economy, and this week is heavy with housing data including housing starts, existing home sales, and the NAHB Housing Market Index, which we saw yesterday fell to 55 in July from 67 in June. There will be no Fed-speak as we are in the quiet period ahead of the Federal Open Market Committee meeting next week. Investors have pared back their hawkish bets on next week's meeting, with current expectations for a 1/3 chance for 100-basis point hike and a 2/3 chance for 75.

Today’s economic calendar began with housing starts and building permits for June (-2.0 and -.6 percent, respectively; starts a little worse than expected, starts a little better). The MBA reported that the share of mortgage loans in forbearance decreased to 0.81 percent in June, per its monthly Loan Monitoring Survey, which has replaced Weekly Forbearance and Call Volume Survey. The survey represents 72 percent of the first-mortgage servicing market, or 36 million loans. The NY Fed Desk will purchase up to $493 million in GNIIs 4 percent through 5 percent from early payoffs. We begin the day with Agency MBS prices are worse/down a few 32nds and the 10-year yielding 3.00 after closing yesterday at 2.96 percent.

Employment

“Are you ready to join a mortgage sales team that’s thriving and growing in 2022? The Citizens Home Mortgage team is a top 10 bank mortgage lender and servicer in the country and continues to invest in the business to grow market share. In fact, Citizens made national expansion a top priority with two acquisitions (HSBC East Coast bank branches and Investors Bank) earlier this year, which positioned Citizens as a much bigger player in metro New York City and New Jersey, metro Washington D.C. and Florida. We have no plans to slow down and we want the best in the industry to join us on the Citizens journey! We’re looking for Loan Officers and Sales Managers, who are passionate about the business and want to be part of a winning team that’s focused on success. All our new sales colleagues are partnered with a sales peer advisor for their first 60 days, accelerating their success from the start. We have positions open across our footprint and we’re ready to talk to you! Email Sean Reilly to learn more.”

“’Don’t let your success of today lay you into complacency for tomorrow. For that is the worst form of failure.’ (OG Mandino) Ready to build the life and business of your dreams? Is that possible with your current company? It’s easy to be held back by your situation and just accept that things are pretty good. We’re focused on taking Branch Managers from “pretty good” to “GREAT!” Find out how a branch can go from $42M, to $98M, to $223M in just 3 years. Spoiler alert: It all started with a confidential phone call. Our transition plan removes the pain of changing companies, our platform encourages the vision of your future, and our leadership supports you in taking over your market. It’s time to take the next step in your career! Contact Anjelica Nixt to forward your note and schedule a completely confidential conversation.”

Button Finance, your Home Equity partner, is redefining the 2nd-lien space and looking to grow its operations team. This is an opportunity to join an early-stage Fintech that's growing over 50% monthly. To continue to deliver on our commitment to super-fast underwriting timelines, Button Finance is looking for a jack-of-all-trades who will focus on underwriting in the short term. Experience underwriting non-conforming loans is necessary, with home equity experience a plus. Are you the type of person with an entrepreneurial mindset and who embraces a culture of innovation? Button Finance values doing things differently. Compensation will be a combination of salary + equity. Please send your resume and a short summary. If you’re a broker, learn more here