Partnering Companies Sought; Direct Non-Agency Buyer; Qualification Tool; Upcoming In-Person Conferences

By: Rob Chrisman • Fri, Sep 13 2024, 11:44 AM

“I pay you to handle my loan and give me a good program with a competitive rate, not predict things you can’t.” At a recent event, a top originator told me that a borrower stated that. I continue to see LOs of all types (bank, credit union, IMB, broker, DTC, whatever) keep an eye on mortgage rates, and know what they’re doing, but focus on service and products, things that they or their company can control. Sure, everyone is predicting that the Federal Reserve’s Open Market Committee (FOMC) will lower rates next week; it’ll be no surprise. What will be interesting are the thoughts by the various Fed district presidents who make up the Committee. Meanwhile, LOs are treating borrowers like prospects, making a difference in their client’s lives, and remembering that they are offering money, not mortgages. (Today’s podcast is found here and Sponsored by Richey May. Richey May’s consulting, cybersecurity, business intelligence, and automation services are designed by mortgage experts to help you continue to drive growth and increase profitability. Hear an interview with Candor’s Ed Kourany on current trends in the mortgage industry, from lender employment to repurchase data and more.)

Lender and Broker Software, Services, and Loan Programs

Register now for the 2024 Loan Vision Innovation Conference in Chicago, September 23-25! Tailored for financial leaders in IMBs, banks, and credit unions, this event is your key to staying ahead in the competitive financial landscape. LVIC24 offers a unique opportunity to gain the insights and tools you need to drive growth and efficiency within your organization. Learn from mortgage industry titans like Michael Fratantoni, Rob Chrisman, and others through sessions focused on profitability, sustainability, and industry best practices. Enjoy enhanced networking opportunities, including the Opening Dinner + Awards Ceremony and an Evening on the Chicago River.

“Onslow Bay Financial LLC (Onslow Bay), a wholly owned subsidiary of Annaly Capital Management, Inc., continues to be an industry leader in the expanded credit, Non-Agency lending market. Annaly Capital Management is the largest mortgage REIT in the world while Onslow Bay is the largest issuer of Expanded Credit securitizations since 2023. Onslow Bay is a correspondent aggregator that currently offers a comprehensive suite of products to its origination partners including: Bank Statements, 12M PnL, Written Verification of Employment (WVOE), 1099, DSCR, No Ratio DSCR, Cross Collateralized DSCR, Foreign Nationals, Agency Investor & Agency 2nd Home, Jumbo AUS, Closed End Seconds & HELOCs. Onslow Bay is a true partner to its correspondents and does not have an affiliated origination platform. With over $5bn of expanded credit fundings in the first half of the year through the correspondent channel, Onslow Bay continues to provide competitive pricing, liquidity and ‘best in class service’ to our existing partners. If you are a correspondent originating Non-Agency mortgages, please reach out to sales@onslowbayfinancial.com or visit our website for more information and to potentially join an industry leader.”

“I think you could safely say we’re raving fans of LenderLogix, LiteSpeed and QuickQual. We love the features and the collaboration in moving forward with new features and capabilities.” Are you saying this about your technology vendors? Encompass Lending Group is. Check out the full case study here.

Training and Conferences

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

Registration is open for the MBA St. Louis AI Symposium, September 19, 10:00 am - 2:00 pm at St. Louis Association of REALTORS. Hear what awesome things companies are doing to lower your costs, allow you to be more efficient, reduce risk, provide better customer service, and make it a better mortgage world.

In Colorado, don't miss this chance to protect your business and stay ahead of emerging fraud threats in real estate. Join CoAMP and top panel of experts on Thursday, September 19th; 2-4 PM MDT for a robust fraud presentation at 7979 E Tufts Ave., Denver. Many believe these issues won't affect them, but fraud and cyber threats are everyone's problem, and you could be held liable if something happens.

There’s the upcoming 2024 Pacific Northwest Mortgage Leaders Conference Sunday, September 22 – Tuesday, September 24 at the Seattle Grand Sheraton. As the industry continues to evolve through technology, innovation, and adaptation, the conference will present an impressive lineup of local and national industry leaders who will share insights on critical topics impacting the mortgage industry.

MBA’s Compliance and Risk Management Conference, taking place September 22-24 at the Grand Hyatt Washington, is the perfect opportunity to get the latest information on regulatory compliance, risk management, QA/QC, underwriting, and fraud prevention. Hear from GSEs and government agency representatives and gain important updates on government lending from the source. Access actionable advice from the industry's brightest minds that you can implement immediately to make a difference for your business.

9/24-9/25 the Nebraska Mortgage Association’s Annual Fall Conference will be held at the Nebraska Innovation Campus in Lincoln, NE. “It will feature an outstanding line-up of great speakers, along with the presentation of our 2023-24 ‘Champions Circle’ awards and the announcement of our 2024 ‘Mortgage Professional of the Year’ recipient.”

FHA’s free, on-site Underwriting training in Philadelphia PA, September 25, 2024, 9:00 AM to 11:30 AM will provide an overview of FHA underwriting procedures and addresses several industry-related frequently asked questions (FAQs) as outlined in FHA's Single Family Housing Policy Handbook 4000.1. This training will also take an in-depth look at a variety of topics including credit, income, and asset (CIA) documentation; automated underwriting systems (AUS); closing; and more.

FHA’s free, on-site Appraisals training in Philadelphia PA, September 25, 1:00 PM to 3:30 PM will provide an overview of the appraisal requirements outlined in FHA's Single Family Housing Policy Handbook 4000.1. The training topics will include property inspection requirements, appraisal validity period, manufactured homes, water and septic, attic and crawl spaces inspection, and the FHA Appraiser Roster.

When you attend NRMLA’s Annual Meeting & Expo, you'll not only learn new and innovative sales strategies that can help grow your business, but you'll also hear from top regulatory and legal experts who will share timely and important updates on the status and trajectory of the HECM program. Register for this event, September 24 at 1:00 pm - September 26 at 12:00 pm, and receive “best in class” educational content presented by the industry’s top thought leaders and subject matter experts to help you excel at your job.

MBAMW Lenders One-Day Conference will be held on Wednesday, September 25, 9 am - 5 pm at Venable LLP, Washington, DC. Legislative update from Bill Killmer, Senior Vice President of Legislative & Political Affairs, MBA, and Economic update from Hamilton Fout, Vice President of Economic & Strategic Research.

Attend the AzAMP Annual EXPO, Luncheon, and 8-Hour AZ CE Class September 25th and 26th at the We-Ko-Pa Resort and Casino. Members are Free, membership must be active on the day of the event.

Join the Michigan Mortgage Lenders Association as it hosts a mPower luncheon with the MBA. A great line-up of distinguished CEOs will share their leadership stories. September 26 at Lovett Hall @ The Henry Ford in Dearborn. Click here for all the details and to register.

Join ACUMA at The Bellagio Hotel & Casino in Las Vegas, NV, from September 29th - October 2nd for 2024 Make Your Mark Annual Conference. An event filled with insights, networking, and innovation featuring an impressive lineup of industry experts and leaders who will share their insights on the latest trends and critical issues impacting the mortgage industry.

Stay ahead of compliance changes, join MMLA for an important seminar, Thursday, October 3rd, 11:30 am – 3:00 pm at Italian Cultural Center to get the latest updates from CFPB and Freddie Mac representatives in person. You can also share your questions beforehand to ensure they're answered directly. Plus, take part in a roundtable discussion with fellow professionals to exchange best practices.

MBAC’s 68th Annual Convention is October 6-8 at the Embassy Suites in Myrtle Beach, SC. It is always worthwhile!

Meet builders and developers at Zonda’s Future Place Conference, October 9-11 at the Ritz-Carlton Resort, Las Colinas in Irving, TX. Explore the future of master planned communities and gain expert insight on how global economic dynamics, the evolving workplace, and leading-edge innovations will reshape the places of tomorrow.

October 9th sees the Florida Association of Mortgage Professionals host the Mortgage Professionals Expo at the Hilton in Palm Beach. Please come by and say hi!

The MBA’s very own annual National Convention and Expo (“MBA Annual”) will be in Denver this year from October 27-30.

October Research, LLC is happy to announce this year’s Women’s Leadership Summit (WLS) will be held Nov 3-4 in Cleveland, OH. Built around the four diamonds: Develop, Grow, Support and Empower, attendees walk away with the tools for success. Learn how to manage effectively, negotiate for what you need, build a network and much more. Visit OctoberResearchWLS.com for more information and to register today.

Join MBA-NJ at the 2024 Northeast Region Wholesale Lending Fair, November 12- 14 at the Hard Rock Hotel and Casino in Atlantic City for an unparalleled opportunity to enhance your lending strategies and drive your business forward. Get ready for an unforgettable experience packed with opportunities to connect, learn, and grow. Secure your spot at the 2024 Wholesale Lending Fair now and be part of the transformation. Only $145 for members and $155 for non-members. Exhibit Table only $1350.

On Thursday, November 21, the MBA Kansas City is having its annual Membership Luncheon at 11:30 at The 180 Room at Joes KC BBQ in Olathe. Come by, have a bite, and say hello.

Capital Markets

Mortgage-backed security and U.S. Treasury prices fell Thursday, lifting yields back to their closing levels from Monday. Up a little, down a little… now that we have another round of consumer and producer inflation data out of the way, there isn’t much scheduled news of substance ahead of next week’s Fed meeting and announcement.

Initial jobless claims remained fairly steady, reminding us that the labor market isn't suffering a material and rapid erosion that would challenge the soft-landing view. It will be interesting to see how Boeing’s West Coast strike impacts the economy as 33,000 workers are on the picket line. Cynics will say, “How about you put out a quality product and we’ll pay you for it.” But if a person is not making money, they’re not spending money, so the strike will slow things somewhat.

Supply and demand figure significantly into prices and rates, and fixed-income securities reached their lowest levels in immediate reaction to yesterday's $22 billion 30-yr bond sale, which made for a mediocre finish to this week's otherwise strong slate of note and bond auctions.

Mortgage rates have slid to their lowest levels since 2023, turning attention to refinancing candidates. For the week ending September 12, 30- and 15-year mortgage rates respectively slid 15bp and 20bp to 6.20% and 5.27%, 98bp and 124bp lower from a year ago and 159bp and 176bp from last October’s highs.

There isn’t a lot of scheduled market-moving news today. Case in point: August import and export prices generally don’t shift rates. Later is the University of Michigan Consumer Sentiment Survey. After that price data we find the 2-year at 3.59 (versus closing yesterday yielding 3.65), the 10-year at 3.65 (versus yesterday’s close of 3.68) and Agency MBS prices better by .125-.250.

Employment

Do you do $10M per month or more Retail production volume? An aggressive national mortgage bank/ servicer is aggressively growing and seeking large production teams or small companies to set up a "Capital Partnership" to help drive your growth. Take advantage of a better margin and operating strategy to collect greater profits and scale! This is truly a “company within a company” strategy, with the goal of the relationship is to leverage back-office mortgage functions (e.g., secondary, technology, compliance, operations, and licensing) to provide you with long-term production growth opportunities. If you are a strong retail loan origination team feeling limited by management, or an independent mortgage lender looking for new options for your team, we offer a compelling alternative to standard “branch” offerings. Confidential and serious; email Chrisman LLC’s Anjelica Nixt to forward your note.

“Introducing FastTrack™, for Conventional Streamline Loans, from Sierra Pacific Mortgage (SPM)! This revolutionary loan program, available for both purchases and refinances, offers the most secure way to obtain a mortgage in the market today. Our new conventional streamline safely and securely accelerates the mortgage process at a time when speed, efficiency, and accuracy matter more than ever. By optimizing the capabilities of ExpressLoan®, our proprietary loan system, we have made it possible to verify income and assets almost instantly with a single click, and almost no paperwork. As always, SPM is committed to creating the best possible borrower experience and providing loan officers and brokers with the innovative solutions they need to stay ahead in a competitive landscape. Visit our website today to learn more.”

Panorama Mortgage Group (PMG), a multi-brand national mortgage company headquartered in Nevada, announced that 20-year vet Hector Amendola, CMB, has been appointed President, effective immediately. He has been driving financial strategy and retail innovation at PMG as Executive Vice President of Finance & Retail. Congratulations!