MLO, AE Jobs; Events and Training This Week; AMC, CRM, Jumbo, Pre-Qual Products

People ask me what I do when I finish the commentary and send it out. This will give you an inkling. I don’t know if folks at United Wholesale do the same after a decent quarter, but UWM announced its earnings this morning. “2Q21 net income of $138.7 million on $59.2 billion in total originations. The record loan origination volume for the quarter also included a quarterly record of $24.1 billion in purchase volume and net income for the second quarter was inclusive of a $219.1 million decline in fair value of mortgage servicing rights (MSRs).” UWM is an independent mortgage bank, not tied to a depository bank. IMBs have their share of concerns. For example, will we see Community Reinvestment Act (CRA) requirements put in place for IMBs? It doesn’t make a lot of sense to many, and information is posted on the MBA page. Banks have plenty of advantages in the residential lending biz, such as a low cost of funds and cross-selling opportunities. So it made the headlines when a large bank makes a change in a related business line, such as last month when Wells Fargo stopped offering personal lines of credit. Some banks are pretty good at offering innovative products, speaking of which, today’s audio version of the commentary is available here and this week’s is sponsored by Candor Technology. Today’s interview is with Interfirst Chief Strategy Officer Bryan Filkey about the non-QM space and developing alternative mortgage products.

Broker and Lender Products and Services 

Happy 25th Anniversary NP, Inc… Non-QM Division expands! NP, Inc. celebrates 25 years of success in the mortgage industry with the rollout of a new line of Non-QM products. NP Inc is licensed in 41 states and marked by exponential growth. The company is poised to secure its place as a national leader in this booming industry throughout 2021 and beyond. According to Dan Scrocco, SVP, and head of the company’s Non-QM lending division, “Today, there is a major opportunity to meet the needs of those who do not fit conventional loan parameters, such as self-employed borrowers, those with imperfect credit and 2nd home investors. NP, Inc.’s new line of Non-QM products and exciting programs will service this ever-growing borrower base.” To learn more about NP, Inc.’s various Non-QM offerings and how they can benefit your business, contact NonQM@usmtg.com.

Zoral Labs North America introduces the Zoral Automation Platform, a platform specifically created for the US mortgage industry. For the past 17 years, Zoral has operated one of the largest AI powered automation labs in the world and has been recognized as a world leader in intelligent workflow automation, combining its globally proven, proprietary automation capabilities on one, cloud-based automation platform. This is the mortgage industry’s only complete automation platform that facilitates straight through processing (STP) utilizing AI/ML, OCR, ICR, NLP, RPA, and intelligent data/document management. Zoral’s platform includes dynamic mortgage rules libraries, income, employment and asset analysis, calculation engines, automated conditioning/resolution, and GSE QC/fraud detection, all managed and configured using its highly configurable, low-code, no-code workflow automation studio and user-friendly automation workbench. Zoral’s “plug n play” solutions are system agnostic so they can integrate with your current tech stack quickly and seamlessly. To learn more or schedule a demo, please contact Daniel Sussman, Chief Operating Officer, Chief Product Officer, North America.

Come and meet the Axos Bank Warehouse Lending team, live and in person, at The Western Secondary Market Conference in Dana Point from August 24-26. Our diverse array of Agency, Jumbo and Non-QM products, aggressive pricing, and extended cutoff times (3:30pm PT) provide you the flexibility you need in this dynamic market. Schedule a meeting with us to discuss the evolving Agency and Non-QM markets, takeout investors, and our expanded portfolio loan programs. Contact Eric Nelepovitz and the Warehouse Lending Team at 888-764-7080 to learn more about our program.

According to one leading virtual events platform, from happy hours and birthday celebrations to new employee onboarding and client presentations, virtual events are up 1,000% since Coronavirus. So, it's no surprise that everyone is clamoring to get back to in-person interactions, including live conferences and events. There are plenty of upcoming opportunities to engage and connect face-to-face with Computershare Loan Services (CLS). The CLS team is gearing up to attend Great River MBA Conference, Western Secondary, TMBA Annual Convention, and ACUMA, to name a few. CLS delivers solutions that help companies succeed in today's market, so meet up with the team to hear all the benefits of tapping into their fulfillment, MSR acquisition, and servicing solutions, as well as their cooperative membership. Let CLS show you how you can move your business forward in 2021 and beyond. Not quite ready to meet in person? Contact CLS anytime. 

The home purchase market is booming: most homes are off the market within 48-hours. With the normal mortgage pre-approval process taking 24 to 72 hours, you have to be able to act quickly. Thankfully, Lenderful Solution’s PreQual Express gets your home buyers a pre-qualification letter in 5 minutes. You can use this automation to reduce the burden on your loan officers and support your home buyers. Do not cause your home buyers to miss out on an opportunity! See how PreQual Express has generated loans and loyalty for this financial institution.

“Make a NEW Jumbo Summer Splash! The Freedom Mortgage Wholesale Division is pleased to offer our new Premier Jumbo Fixed Rate product featuring a maximum 89.99% LTV/CLTV (Purchase, Rate/Term, up to $1.5 million, 1-unit, single family, includes PUD/Condo, minimum 740 credit score), no required mortgage insurance, and cash out up to $750,000 on primary and second homes. Click here for more information.”

Around this time in 1987, Madonna fans broke the record for the largest audience in France’s history as 130,000 gathered for the pop star’s international Who’s That Girl tour. Like Madonna, mortgage lenders who want to create raving fans need to provide an engaging and memorable customer journey. Using the power of marketing automation, Top of Mind’s Surefire CRM (now a part of Black Knight) enables you to curate a world-class customer journey that will make you a hit among your borrowers. Download the free Mortgage Marketing Automation Playbook to see how intelligently automated communication can help you maximize pull-through and revenue.

Apex Appraisal Service is advancing its journey into innovation with a name change: Apex is now named Opteon! In 2019, Apex partnered with the international property services provider, Opteon. For more than a decade, Opteon has been delivering same-day appraisals in Australia and New Zealand. Apex and Opteon’s joint vision is to bring same-day appraisals to the US market. To meet this goal, Opteon recently acquired The William Fall Group and its related brands, Valuation Partners and Summit Valuation Solutions. In order to unite these entities and demonstrate their innovative vision, Apex and the others have taken on the Opteon name. Learn more: Opteon Rebrand FAQ.

Events and Training

Join Mortgage Banking Magazine for “Leverage AI-Powered Document Automation & Key Servicing Tasks: Practical Yet Transformative Approaches Organizations Can Adopt” on Tuesday, August 17 at 1PM ET/10AM PT. According to a recent State of AI report from McKinsey & Co, 50% of financial organizations surveyed stated that they have adopted AI in at least one business function. But more than two-thirds of loan officers still spend more than 30% of their time on non-core functions. One of the challenges is understanding just how and where to apply AI. In this session led by industry expert Keith Mullen, you will learn about two core processes to perfect transformation, and how AI-powered document analytics powers quicker, more reliable, and less costly operations, freeing staff to focus on what is important, and increasing capacity for growth. See what the ideal transformed process looks like so that you can benchmark and the fundamentals of AI-powered document analytics to get a head start on creating a technology stack shortlist.

New to non-QM? Not sure how to reach potential non-QM borrowers? Not to worry: help is here! Learn where to locate potential borrowers, including investors, self-employed and those who are asset rich that may be good candidates for a non-QM loan. Learn more during the helpful Scenario Station Webinar by Sprout Mortgage. Submit your unique loan scenario on the registration page and plan to attend the “How to Market non-QM” webinar on Wednesday, August 18th at 9:00 am PT. Register now! We are committed to providing product education and marketing assistance to help you grow. Our Loan Scenario Desk, complimentary Bank Statement Analyses, Condo Review service, iQualifi (pricing and product tool) and complimentary Marketing tools via The Sprout Marketing Store mean you can serve more borrowers in less time and with less effort. Loan amounts up to $10 million. Register today to learn more.

ActiveComply will be sponsoring this Friday’s edition of The Mortgage Collaborative’s Rundown with Rich and Rob on the 20th. Melissa Thomas will be leading the discussion with Rich Swerbinsky, the COO of The Mortgage Collaborative, and me in covering current events in the mortgage market for 30 minutes starting at 3PM ET: “The Rundown with Rich and Rob.”

NEXT is the go-to summit for top women mortgage executives. RSVP for #NEXTSUMMER21 This complimentary event, August 18-20, includes former Zillow Economist, Dr. Skylar Olsen, a panel of chief compliance officers discussing lenders’ biggest compliance concerns, three noted exec experts dig into the real impact this market is having on communities of color in 2021, and five execs take you inside the culture and core values of an aggressively growing lender.

Join Black Night industry experts on Thursday August 19 to discover the operational and economic benefits of selling mandatory that is essential in today's competitive mortgage landscape and Strategies to Boost Revenue and the Benefits of Delivering Loans Mandatory. Sponsored by The MBA of Eastern PA.

On August 19th Freddie Mac and Mortgage Capital Trading, Inc. (MCT) explore the execution, operations, and costs lenders should analyze when considering the move from cash to guarantor. Speakers include Freddie Mac’s Harvey Snider, Senior Director, Pricing; and Sophie Prasada-Rao, Marketing Program Management Manager.

Originator Connect is in Las Vegas starting this Friday!

Capital Markets

There was a lot of demand for U.S. Treasuries to close last week, which drove yields down. Much of it was due to U.S. consumer sentiment falling to the lowest level in almost a decade as Americans grew more concerned about the inflation, the delta variant, and the effects on the economy. Grow concerned enough to rein in spending, and the economy really will be a cause for concern. Adding to the trouble, deteriorating sentiment was seen across income, age, and education subgroups, and observed across all regions.

There was a hint of relief in last week’s inflation data, however high inflation persists and remains well above the Fed’s 2 percent target. Economists expect that as supply constraints ease and demand fades, inflation will begin to cool. That doesn’t necessarily mean that the price increases we’ve experienced this summer will reverse. Input costs continue to weigh on both manufacturers and service providers as prices for processed goods are up 23 percent from one year ago and services for intermediate demand are up 9 percent over the last year. Job opening hit a new record in June with 10.1 million jobs available: roughly 0.9 unemployed workers per opening. Businesses managing labor shortages, product shortages, and rising costs across all sectors simultaneously took a toll on the NFIB’s small business survey which fell more than anticipated in July. The bright side is that despite the headwinds, 2021 will likely be a banner year for economic growth and even more so with new fiscal spending working its way through Congress.

This week’s most important data comes tomorrow when we will get updates on retail sales, industrial production / capacity utilization, and business inventories. After all the recent tapering talk, this week’s current Fed speaker calendar is relatively light with Jackson Hole two weeks away, though Fed Chair Powell will speak tomorrow and the minutes from the July 27/28 FOMC meeting will be released Wednesday afternoon. Today’s calendar is light on data with just Empire manufacturing for August already out (falling to 18.3, a major drop) and June TIC data this afternoon. The NY Fed Desk will purchase an average of $4.7 billion MBS per day during the week, with up to $4.9 billion of 30-year 2 percent and 2.5 percent today across two operations. We begin the week with Agency MBS prices better slightly and the 10-year yielding 1.28 after closing last week at 1.30 percent.

Employment and Transitions

Greg Borsuk has joined LoanStream Mortgage as Chief Financial Officer. Greg has over 20+ years of experience and the LoanStream team is excited about having him aboard. There are lots of great reasons to get in touch with LoanStream right now, so don’t wait. “We are the ONE Lender that makes you the ONE to call. Brokers should visit LoanStream for our great rates and programs.”

“MAI Wholesale is seeking additional Account Executives for its TPO channel. If you are the right individual, MAI will place its chips in your territory. In other words, we will come to you, you do not have to come to us. Great opportunity if your current company is being merged out of existence or you just feel like a number at a big box lender. MAI traditionally has provided its broker base with time saving technology. In fact, many others’ wholesale platforms are based off of MAI’s leading development work. A generous territory, combined with a staff which does not turn over, translates into volume for you. If interested, please contact Kevin Green, National Sales Manager (770-238-1565 Ext. 112). All inquiries held in strictest confidence. We look forward to speaking with you.”

“Towne Mortgage Company is hiring Account Executives. If you're looking for an extremely competitive compensation and benefits package, along with a one-of-a-kind business support Team look no further. We have the stability of nearly 40 years in business as a multi-channel, national mortgage lender so you can rely on our experience to help you generate more business. You will have access to full Agency and Renovation product sets, be offered single account territories in large markets, and be able to provide clients solutions based on their unique needs – all in house! Currently, Towne has wide-open markets: WA/OR, VA/MD/DC, OH/IN, TX, FL, TN/AL/KY, LA/MS/AR, NC/SC/GA, Illinois and Connecticut. To apply today visit www.careers.townemortgage.com or contact Mark Zierott directly.”

“Mortgage Executive Magazine recently came out with its annual ranking of Best Companies to Work For, and Caliber Home Loans is ranked #2 on the list! That’s right. Caliber knows that in order for our customers to be happy, we have to foster a positive, fun, and collaborative workplace for our employees. And it starts with how we onboard our new team members. That’s why we’ve developed a unique onboarding program, called Power Up. From day one, it gives you all the training tools, resources, and strategies to make your transition successful and seamless. Watch this video as Cynthia Gibbs, training manager at Caliber, explains how Power Up works. Join the team that makes homeownership a reality. Email James Hecht for Sales positions.”