Point of Sale, LO AI Tool, Underwriting, Servicing, DPA Products; Upcoming Training

“What do hospital gowns and insurance policies have in common? You’re never covered as much as you think you are.” Although loan officers are not insurance experts, they are seeing the escalating cost of homeowner’s insurance impact affordability. (Last Friday’s TMC show focused on why insurance costs are rising.) Insuring homes is not the only issue, however. The average bill for the repair of an American vehicle is $4,437, and for an electric vehicle that is up to $6,618, about 49 percent higher. Collision insurance claims have increased 64 percent between 2018 and 2022, fueled by increasingly sophisticated cars and more complicated things that need to get fixed when they get broken. No longer are we just hammering out dents, but rather we’re taking computers out of the car and fixing it. Insurance costs may be on the agenda (the why’s mortgage rates certainly will be) when the California Association of Mortgage Professionals (CAMP) presents the 2024 Economic Forecast today with Dr. Michael Frantanoni and yours truly at 1PM ET/10AM PT. (Today’s Commentary podcast can be found here and this week’s is sponsored by Calque. With The Trade-In Mortgage powered by Calque, lenders help their clients negotiate a lower purchase price, reduce their interest payments, and eliminate PMI. Hear an interview with Polly’s Troy Coggiola on the evolving capital markets landscape and his new role at the company.)

Lender and Broker Software, Products, and Services

Housing agencies across the U.S. introduced 135 new down payment assistance (DPA) programs last year, bringing the total number of programs up to 2,294 according to Down Payment Resource’s newly released Q4 2023 HPI report. Among other findings: there are now 686 programs that support wealth-building through the purchase of 1–4-unit multifamily properties and 804 programs that support the purchase of manufactured housing. Read the full report or schedule a demo to learn about the DPA programs available to support borrowers in your footprint.

“Unlock unprecedented success for your brokerage! Partnering with The Loan Store is a game-changer for broker owners seeking seamless growth. Picture this: your loan officers effortlessly earn 200 basis points with minimal effort, ensuring consistent borrower engagement regardless of market fluctuations. How? We specialize in lightning fast HELOC closings in just 5 days: no appraisals, no processing headaches, and approvals in mere minutes. Our commitment is simple: empower your team to focus on what matters most: building relationships. By streamlining the loan process, we pave the way for your loan officers to stay ahead in the competitive landscape. Elevate your brokerage to new heights with The Loan Store where speed, efficiency, and impressive earnings converge effortlessly. Ready to redefine success? Let's make it happen together! Contact us here or visit our website.”

One of the key ways Servbank continues to create Excellence for its clients is with SIME, its award-winning mortgage loan servicing platform. SIME gives clients a fully transparent, 360 degree, real-time, on-demand view into their portfolio. This includes 130+ data rich customizable reports, complete document access, escrow analyses, customer call recordings, and much more. Take it from Mary Fierro, who leads subservicing oversight at NewFed: “SIME has helped NewFed in so many ways: real-time customer portal reviews, receiving payoff statements within minutes, clear and auditable monthly billing, and so much more. This is all very important to my oversight obligations, and more intuitive than ever.” Servbank, the nation’s premier bank subservicer, can make your oversight painless with the power of SIME. Visit here to learn more.

The proof's in the data: Borrowers of all ages prefer a high tech, high touch experience. And using technology to meet their needs and deepen your relationships is more straightforward than you think. Hear tactical advice on how you can win new business, sustain customer loyalty, and strengthen your referrals from ICE Mortgage Technology’s Director of Sales, Nick Belenky, in our latest episode of What Borrowers Want. Watch the full conversation here to get expert strategies for crafting a powerful borrower loyalty formula.

“Take3Tech, home of TheRuleTool providing thousands of Loan Officer across the United States with AI-Powered instant access to agency/investor/bond/jumbo guidelines via the cloud. Hear what Tom Sullivan SVP of Mortgage Retail Sales says about TheRuleTool! Learn more by contacting Take3Tech! Email us.”

Stop losing money on loans with an end-to-end mortgage platform built for profitability. To achieve profitable mortgage lending, you need solutions built for your bottom line. Maxwell’s tech-enabled platform enhances each step of the process, from point of sale to the secondary market. You’ll gain competitive secondary market pricing on a wide array of products, including non-QM and jumbo, and full-service fulfillment support on both wholesale and correspondent offerings. Maxwell Capital customers leveraging Maxwell Point of Sale experience a 5.9 percent higher pull-through rate compared to a top competitor, increasing and accelerating closes, while built-in business intelligence tracks and benchmarks performance. Schedule a call with our team to learn more about Maxwell Capital and Maxwell Point of Sale to ensure profitability on every mortgage origination.

Webinars and Training Into February

“Today at 1pm CT we have an electric panelist lineup made up of Industry leaders that are going to spill the beans on ten strategies they are focused on to increase sales and reduce costs with minimal investment in 2024. Some of these strategies are directly saving 50-80 percent per month on the larger costs that lenders face, and others allow them to close more loans, faster. Come and join Kevin Peraino, Chief Lending Officer at PRMG, Delfino Aguilar, Chief Production Officer - TPO, Kind Lending, David Lykken, Founder & Chief Transformation Officer at Transformational Mortgage Solutions, LLC (TMS), and Richard Grieser, VP of Marketing at TRUV as they share the revenue generating and cost saving must have strategies that you can put into practice today! RSVP now and we hope to see you there!”

Since leaving retail and joining the UMortgage platform, Ravi Patel, Branch Manager and Top 1 percent Loan Originator has seen his business reach new heights despite some of the most challenging housing market conditions in more than a decade. “In a competitive market, speed can make or break many of the deals that my team and I are working on,” Patel shared. “The responsiveness and availability of our incredible Operations team have hugely benefitted my business and are just a few of the many ways that being on the UMortgage platform has exponentially increased my production.” Join Ravi this Thursday, February 1st at 2pm ET as he shares his own secrets to success and the reasons he chose UMortgage as the platform to grow his business during Loan Originators Powered by UMortgage.

Mortgages with Millennials is back today at 1PM ET! And Kristin Messerli and Robbie Chrisman are talking about Overlooked Strategies to Win with Millennials, addressing products and marketing, as well as hiring, and retaining. They will be joining you live today with the talented Melissa Langdale, sponsor from The Mortgage Collaborative, and Joe Soto, a top producer and FirstHomeIQ Ambassador. Register here.

The California Association of Mortgage Professionals (CAMP) is presenting the 2024 Economic Forecast with Dr. Michael Frantanoni and Rob Chrisman on Tuesday, January 30th

1PM PT. “Unlock the Future: 2024 Economic Forecast Revealed! Dive into a World of Opportunities and Growth. Discover Key Insights, Trends, and Strategies for Success in the Upcoming Economic Landscape.”

Join Appraiser eLearning for a one-hour webinar featuring Mark Calabria, acclaimed author of Shelter from the Storm: How a COVID Mortgage Meltdown was Averted. Calabria, former director of the Federal Housing Finance Agency (FHFA), will lead a frank conversation about what we can expect this year in the realm of housing policy, January 31st, 2pm ET / 1 pm CT.

Wednesday the 1st, looking for more in-depth commentary on weekly mortgage news? Register here for "Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2PM EST/11AM PT is a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Listen to a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Hear from This week hear from Scott Olson of the CHLA.

Register for MMBBA’s meeting, Thursday, February 1st at 11:00 AM. Industry compensation expert Ari Karen from the law firm of Mitchell Sandler presents the 2024 Loan Originator Compensation practices update. The topic of utilizing different referral “buckets” for loan officer compensation is a highly controversial practice and noted legal expert Ari Karen will tackle this topic head on for MMBBA members.

Join MMLA in the Northern Michigan region for the first in a series of casual “Lunch and Learn” events at the Silver Spruce Brewing Company on Thursday, February 1st, 11:30 – 1:00. Holly Hack, Broker/Owner at Exit Realty Paramount, will discuss market trends in the five-county area and offer solutions to help get the deal across the finish line.

In Colorado, register for CoAMP’s 2-hour course on Thursday, February 1st, 2:00 – 4:00 PM designed for Realtors (CE included) and MLOs to better understand the benefits and nuances of VA home loans and how to use them to best serve our Veteran population and help dispel the myths and rumors about VA financing for homes. Held at 7979 E Tufts Ave in Denver, CoAMP MLO Members attend for free. Cost for Non-Member MLO and Realtors is $20 (includes CE credits).

Friday, February 3rd, is this week’s episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”. This week’s co-host is Jeff Rosato with Nationwide Mortgage Bankers to discuss the capital markets.

On February 6th at 10AM PT join me for Insellerate's upcoming webinar, alongside its CEO and Founder, Josh Friend. Together, we'll explore the 2024 Market Forecast, providing insights into mortgage industry predictions, strategies for navigating economic uncertainty, discussing capital markets developments, and hosting an interactive Q&A session. Reserve your spot now to stay ahead in 2024.

Join the National Association of Mortgage Brokers, CoAMP, Freddie Mac and the Denver Metro Association of Realtors on Tuesday, February 6th, 11am - 2:00pm for NAMB Road Show Denver. This free event, which includes lunch, features informative sessions giving you tools and resources to help you and your consumers. in-depth Realtor-Lender Partner panel. Freddie Mac Affordable Lending Manager Nora Guerra, as she shares the state of the Colorado housing market; housing trends in the area; and innovative ways to navigate the road ahead in creating an impactful mortgage business for you.

MBA of Mississippi Gulf Coast Chapter’s February Luncheon will be held on Tuesday, February 6th, 11:30am - 1:00pm (CST) at Salute Italian & Seafood Restaurant.

The Federal Reserve Bank of Dallas is offering an invite to join economic experts and business and community leaders across Texas for the Dallas Fed’s annual Texas Economic Outlook event. Whether you attend in person in Dallas or virtually, it’s a great opportunity to get the latest information on the Texas economy while expanding your network. 2024 program will take place Friday, February 9, 11 a.m.–12 noon CT. Registration is free and open to the public. In-person attendees are invited to come early to the Dallas office for refreshments and networking ahead of the presentation. Pia Orrenius, vice president and senior economist, will release the Dallas Fed's forecast for Texas employment growth for the year and share details on factors likely to influence the Texas economy in 2024.

Capital Markets

Mortgage rates dropped to open the week ahead of a big dose of quarterly reports from companies, the latest Federal Open Market Committee (FOMC) policy statement, and the release of the jobs report for January. However, most of the downward move in rates yesterday was due to concerning geopolitical developments, as three U.S. soldiers were killed by a drone strike in Jordan and Houthi rebels attacked a U.S. destroyer and a British merchant ship.

Day one of the two-day FOMC meeting gets under way today in Washington, DC., and though no change in the fed funds rate is expected, it’s a big week for central banks. The Bank of Japan's meeting yielded expectations for an April rate hike, while the latest Bank of Canada announcement suggests an earlier initial rate cut than markets had priced in. An initial rate cut from the European Central Bank is expected in April, and our Fed is a coin toss for a March rate cut. Central bank rate cuts should help pave a path for lower rates that should help housing markets as we enter the spring homebuying season.

In the United States, today’s economic calendar may have a few things that will move interest rates: Redbook same store sales for the week ending January 27, followed by Case-Shiller and FHFA house price indices for November, consumer confidence for January, December job openings from JOLTS, Dallas Fed services for January, and various Treasury auctions. We begin the day with Agency MBS prices are better by a few ticks (32nds), the 10-year yielding 4.06 after closing yesterday at 4.09 percent, and the 2-year at 4.31.

Employment

Steve Adamo, President of Residential and Consumer Lending looks to continue to expand OceanFirst Bank’s Residential Lending division. In 2023, the Bank saw top producing Loan Officers join the team as well as expanding its geography in the new metropolitan market of Washington D.C. OceanFirst Bank blends the benefits of an independent mortgage company with the stability of a banking environment. The Bank provides their Loan Officers with a strong portfolio, direct agency lending, retained servicing, innovative marketing and technology products and services, and the ability to lend nationally as a National Association bank. Additionally, our NeighborFirst program has benefits such as a low-down payment, no Private Mortgage Insurance (PMI), and no LLPAs based on credit score or loan amount. Contact John Costa, SVP and Head of Mortgage Sales, or 609.444.6121, to take your business to new heights.

In the Northwest and California, Banner Bank is searching for Mortgage Loan Officers looking to create lasting Realtor and builder relationships at a bank focused on the market today. Banner has opportunities for lenders looking for local decision making with FHA, VA, USDA, state bond and true Portfolio lending opportunities along with servicing retained Fannie and Freddie loans to assist in client retention. Additional highlighted products cover CRA lending with private label no payment down payment assistance to help assist all borrowers with the right opportunity. Banner is the right fit for an established team, or the individual looking to grow their business and take the next step in their career. Please send resumes to Aaron Miller.