MSR, Marketing, Leads Products; Training and Webinars From Home

Does this mean we can no longer say, “Hindsight is always 2020”?! It’s too bad that the Tiger King is the most normal thing about 2020. For the people who still think it is a hoax, and pushing for your right to not wear a mask around others, well, you can read the tales of survivors. Certainly, conditions are impacting the economy. Remember Blackstone and other venture capital firms gobbling up housing inventory ten years ago? Blackstone skipped its payment on $274m hotel loan. Shale pioneer Chesapeake Energy filed for bankruptcy. And the “resi” industry is digesting the latest legal preceding involving G-Rate and non-solicitation (Cook County Case No. 2020 L 371, Guaranteed Rate as Plaintiff and Harry Richter as Defendant). The judge found that G-Rate’s non-solicitation provision was “unreasonable” because it was overly broad and needed to specify employees that were covered. Speaking of employees…

Lender Services and Products

Mortgage servicers are struggling to right-size preparedness for when forbearance ends and moratoriums are lifted. There really is no way to predict staffing levels needed over the next 12+ months to prepare for the imminent spike in loss mitigation activity. This webinar will introduce self-service options to allow borrowers to secure post-forbearance relief in minutes, while avoiding manual credit processing and operational errors. With the expected uptick in loan modifications, short sales, mortgage releases and foreclosures, the right technology can considerably reduce operational strain, regardless of the source system or collections platform. REGISTER NOW.

Record sales and 50% lower cost per loan! How Steven J. Sless and his PRMI Reverse Division rocked their best months ever using direct mail: “You know, PRMI is just a powerhouse in the mortgage industry now. And Monster Lead Group has been an unbelievable partner. Monster knows what they're doing, they know how to make the phones ring, they know how to generate business, but they also know how important it is to help us grow a brand at the same time. It's a real marketing system. It's not just sending mail. I think the consistency of the campaigns is what we rely on… Our cost per funded loan is about 50% of the industry average… So that story should be told. We're able to grow and scale our operation because of the predictability of the Monster campaigns. That is what's allowed us to get to this point.” Better direct mail: www.monsterleadgroup.com/better-results.

“Willingness to pay” is a key behavioral risk attribute that ‘overlays’ ignore & credit scores fumble. Houses, jobs, assets & credit reports don’t pay the mortgage, people do. And people can be wildly unpredictable, and credit scores commonly over/understated, amidst extreme socioeconomic stress. The actionable Mortgage Risk & Fairness Score is a predictive, data-driven “intelligence” tool to understand borrowers, holistically. Then use that deep insight to originate, underwrite, fulfill, buy, sell, and monitor most efficiently. It’s plug-n-play and enables quick deployment of advanced risk & behavioral analytics -- propensity, segmentation, ability, and “willingness” to pay – that are validated (top 10 bank) & vetted (CFPB, OCC, Fed). “The Score” doesn’t require change to tech, or vital processes. But, used up-front, and as an adjunct to underwriting, secondary, and servicing, will increase volume, inclusion, confidence, margins, efficiency, and capacity, while decreasing risk. CLICK for Info.

Ready to learn how Q2 2020 market volatility has affected your MSR portfolio? With MCT’s servicing portfolio valuations, you’ll get a first look at how market volatility, forbearance, prepayment speeds and other factors have affected your MSR portfolio! MCT can also help you plan for cash advances based on the impact of market volatility on your portfolio. Contact MCT’s MSR services team today for more information.

Training and Events

Join MCT on July 7th at 11AM PT for a webinar on the Power of Bid Tape AOT featuring Wells Fargo. In the webinar, MCT’s COO, Phil Rasori, and Wells Fargo’s SVP of Correspondent Pricing, Greg Vacura, will discuss recent enhancements to the AOT functionality. They will also review cash management benefits for lenders, managing timelines with AOT’s and aggregate stats on AOT executions and savings. 

MGIC’s July webinars include a 3-part webinar series, “The Fundamentals of the Mortgage Process”. During these sessions, we’ll discuss the mortgage cycle, taking the loan application, processing the loan, and evaluating credit, capacity, capital, and collateral. MGIC offers complimentary webinars every month to help customers succeed in today’s mortgage insurance industry.

Arch MI is offering mortgage lending education through up-to-date content, expert trainers and convenient formats. And starting in July, when you complete three of Arch’s webinars, you’ll earn its Arch MI Academy Certificate of Education.

The FAMC July 2020 Wholesale “Customer Training Calendar” offers a variety of training opportunities such as: Mortgage Fraud, Getting Your Name Out, Best Practices in Loan Processing, Evaluating Borrower Assets, How to Avoid the Email Delete Barrier and Get More Replies and Selling in a Purchase Market.

Genworth Mortgage Insurance provides complimentary webinar courses to help customers manage, protect, and grow their business, delivering you-centric solutions that matter. Check out the new That MI Guy course entitled “Leverage Your CRM,” to help you close more loans; get all the details on ALL of the GSE communications from Q2 in “Quarterly Agency Updates,” and brush up on Fannie Mae and Freddie Mac’s renovation products as well as HomeReady® and Home Possible®. View the July Training Calendar here.

Join AEI’s Housing Center director Edward Pinto and director of research Tobias Peter for the monthly update of AEI’s Housing Market Indicators on Wednesday, July 1st, 11:00–11:45 AM. Please RSVP by 4:00 PM ET this Tuesday, June 30th to receive call-in information for the briefing on Wednesday, July 1st.

Statistics show that the average consumer will obtain 7-11 loans over the course of their lifetime but only 25% will go back to their original lender when they are looking for another loan. Register for Insellerate’s New Webinar on July 7th - “How To Retain A Customer For Life Through Modern Automation” hosted by Josh Friend, CEO Insellerate and Grant Moon, CEO Home Captain.

Webinars can be used to stay on top of markets, help generate alpha, and enhance your ability to service your clients. CE credits will be provided for each course attended: Technical Indicators: July 8th at 14:00 EDT This session will explore some of the key technical indicators. Learn how to differentiate between convergence and divergence signals. This class will help you improve your understanding of when to use the appropriate technical indicator.

Capital Markets

For those that spend their lives worrying, are the new coronavirus cases across the U.S. part of a second wave? Or did the first wave never end?  With a record number of cases reported in successive days last week, I’m not sure the semantics matter so much. What really matters is that I cannot go to the bars in Florida or Texas for the foreseeable future. Fortunately, I avoid state income taxes in Nevada, and the bars are still open here! MBS and Treasuries rallied sharply in a risk-off trade to close out last week, not only because investors realized the virus is far from contained, but also due to increased tensions between the U.S. and China, along with the adverse reaction to the bank stress test results from late Thursday. The 10-year yield closed the day -4 bps, -6 bps for the week.

Aside from paranoia surrounding the virus moving markets, there were some actual economic releases on Friday. Consumer spending surged by a record 8.2 percent in May as Americans spent relief payments on newly opened stores and restaurants. Still, the number missed consensus and remains well below pre-pandemic levels. Incomes dropped 4.2 percent, less than the 6 percent decline forecast following a 10.8 percent increase in April due to stimulus checks. The important takeaway is that the personal savings rate, as a percentage of disposable income, remains very high at 23.2 percent. While the figure is down from 32.2 percent in April, a high savings rate means less spending activity, which means less economic growth. Separately, the final University of Michigan Index of Consumer Sentiment for June fell from the preliminary reading, slightly missing expectations. It was still a higher sentiment level than May, and moving forward, consumer attitudes and demand will be influenced by the progress or regression against the coronavirus.

Today’s economic calendar is very light, with May Pending Home Sales and the Dallas Fed Manufacturing Index slated for later this morning. We will also have some Fed speak, with San Francisco Fed President Daly and New York Fed President Williams delivering remarks. Things pick back up tomorrow with the April S&P Case-Shiller Home Price Index, June Chicago PMI, and June Consumer Confidence. Additionally, Chair Powell will testify before the House Financial Services Committee on the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

The midweek calendar brings the usual Weekly MBA Mortgage Index, June ADP Employment Change, May Construction Spending, the June ISM Manufacturing Index, and the minutes from the June 9 / 10 FOMC meeting. Thursday is understandably busy ahead of the Independence Day holiday on Friday, and will include an early close. Releases include the June Payrolls report, May’s Trade Balance, weekly jobless claims, and May Factory Orders. With regards to MBS and in addition to tomorrow’s month-end trade, the Desk is scheduled to purchase up to $18.142 billion MBS between Monday and Thursday’s early close. Today, the NY Fed will conduct a repeat of Friday’s schedule totaling $4.665 billion when they purchase $1.768 billion GNII 2.5 percent and 3 percent followed by up to $2.897 billion UMBS30 2 percent through 3 percent. We begin the day with Agency MBS prices worse a shade and the 10-year yielding .65 after closing last week at 0.64 percent on not much news.

Employment and Transitions

Caliber Home Loans is pleased to announce the new PRIDE Employee Resource Group: Promoting Respect, Inclusion, Diversity, and Equality. Caliber and PRIDE are committed to offering a welcoming and inclusive culture for those who identify as LGBTQ+ and advocacy efforts for a better world. PRIDE will encourage honest and sincere conversations, education, equality, and our basic human right…civility. We are currently looking for passionate employees to join the cause! Join team Caliber, a place where everyone can work safely and openly while climbing toward progress together. If you have an interest in one of our posted job opportunities, please contact Jonathan Stanley for consideration. If you are interested in a sales opportunity at Caliber, please contact Brian Miller for immediate consideration.

“What’s been cooking at PrimeLending besides record-breaking production months? Delicious home cooked meals! This week we hosted eCuisine with the PrimeLending Team, our first in a series of virtual cooking classes designed as a fun way for our team to spend quality time with their families and say ‘thank you’ for all their incredible hard work. We take work/life balance very seriously at PrimeLending and wanted to do something special to bring everyone together to learn, laugh and enjoy a gourmet Italian meal. The results? Hundreds of team members and their families shared a great evening creating yummy food and even better memories. It’s no wonder so many teammates describe our award-winning culture as a family – we work hard and play hard together. If you’re ready to join a company that cares about your quality of life, contact Nic Hartke.”

“Wyndham Capital Mortgage sits at the intersection of being a leader in the digital home lending space while keeping top-level customer service as a priority. With Wyndham, you can fill your pipeline with high-quality digital leads that set you up to close more loans, experience close times almost twice as fast as the industry average, and gain more valuable experience while creating a work-life balance that fits you best. With the implementation of intelligent automation and technology-focused platforms, gone are the days of manual data entry, time-consuming information gathering and rigid scheduling needs. Instead, you have in front of you the tools for success. But we don't just say that – we have the success stories to back it up. Whether it's working from home and earning a top spot in the Scotsman Guide or working four days a week and funding hundreds of millions of dollars in loans each year, Wyndham Capital allows you to work in ways you've never imagined. Click here to learn more about joining the Wyndham team.”

Marlene Hoover has joined Banner Bank as Vice President Regional Manager of the bank’s Southern California Mortgage Banking team and she is building a team of experienced lending professionals with opportunities in the Inland Empire and LA County. Serving the west coast for more than 130 years, Banner Bank is Money Magazine’s Best Bank in the Pacific Region of the U.S. “Banner has a top-notch portfolio of products, including single-close construction, Lot Loans, state housing programs and portfolio lending, as well as an excellent in-house loan servicing team and a market-leading compensation plan,” said Hoover on the reasons she chose Banner. If you’re a mortgage loan officer in Southern California interested in a career that ensures you have high-quality products to support your clients, marketing and sales support, workplace flexibility and highly competitive compensation, consider Banner Bank.

FHA is hiring a Director for Program Operations and Customer Service Division in Philadelphia. Salary range is $117,188 to $152,342 per year. Apply by Thursday, 7/9/2020. And in Denver, FHA has two vacancies for a Program Assistant ranging from $47,421 to $61,643 per year. Posting closes on Monday, 7/13/2020.