Encompass, Rehab, CRM Products; Jumbo, Non-Agency, Non-QM Changes

When I was a kid, we’d trade baseball cards between each other… at least the ones that weren’t in the spokes of our bikes. The creativity, technique, and outcome has changed, and thank you to Indiana transplant Carol K. for passing along this tale of how a woman started with a bobby pin and, adding value along the way, worked her way up to a free house! Carol raises the issue, “Is it harder and more time consuming to make these trades or go out and get a mortgage?” While we’re on “adding value,” Axis Lending Academy is the first non-profit education platform designed to bridge the opportunity gap in our biz by acting on DE&I initiatives and providing access for driven & diverse learners to participate in our industry. “We provide a free-to-learner education program, complete with an interactive lab experience, mentorship, professional development, wellness program, and a paid internship, and a whole-life approach to education and empowerment.” Contact Paul Gigliotti to find out how you can participate in bridging the gap. And national nonprofit GreenPath Financial Wellness has published a white paper documenting best practices to help organizations advance their inclusion, diversity, equity, and access (IDEA) initiatives. (Today’s audio version of the commentary is available here and this week’s is sponsored by Sponsored by MCT and its new Learning Center. Mortgage bankers of every size can reach new heights by leveraging technology and a team of experts from MCT. Improve your business operations and understanding of the mortgage industry with the leading fully-integrated provider of capital markets services and technology.)

Lender and Broker Services and Products

“Tired of your big box CRM? Consider Bonzo. CRMs can feel heavy, bulky, and scarcely used by your Loan Officers. Worst part? They come with an equally heavy bill. Bonzo focuses on keeping your LOs focused on what matters most: having conversations and locking loans. They really have it all. Intelligent lead routing, auto-dialing, campaigns, broadcasting, text, video… you name it, they have it. Bonzo is recommended by industry leaders like Zillow, Leadpops and more. Bonzo is great for converting new leads, nurturing clients, and recruiting. If needing to have more conversations is part of your 2022 roadmap, reach out to our friends over at Bonzo.”

Brokers, are you looking to grow your renovation production? With limited housing inventory projected to continue throughout 2022, you need renovation lending in your tool belt. TPO GO, the exciting new startup built by originators with over 30 years of renovation experience has the tools to help you succeed. TPO GO makes the process easy with a growing portfolio of renovation products, including 203K, Homestyle, VA Rehab, and more. TPO GO’s dedicated renovation division handles all underwriting, draws, servicing, and appraisal management in-house. Additionally, with TPO GO’s network of experienced Inspection Consultants, you and your borrowers can expect a smooth transaction from start to finish. For more information, please contact Account Executive/Team Lead Trey Van de Bogart.

Mortgage brokers have a lot to be excited about heading into 2022, especially those who have made it a habit of working with Homepoint. Competitive pricing, great service, an expanding product list, and no shortage of brokers who’ll sing their praises as a top-notch partner. Their recent story about the “right kind of AE/Broker relationships” had to be an eye-opener for so many brokers. Homepoint account executives serving more as strategic advisors to their brokers as opposed to pushy salespeople is refreshing to hear. Always nice to work with someone that treats your business partnership as a two-way street. If you’re a broker that still needs to get signed up with Homepoint before the New Year, visit their website.

The Velma Connector is really outstanding! Not only is the compliance a win, but these loans required way less resources to manage from an application/processing standpoint to a compliant cancellation. We gained both efficiency AND accuracy.” That is what one compliance manager had to say about the value automating their ECOA Adverse Action process. If you are an Encompass user with ECOA-Reg B headaches, you’ll want to learn more about Connector.

Jumbo, Non-QM and Non-Agency

Will 2022 be the year non-QM loans? These loans date back to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (which also spawned the CFPB). QM loans are meant to protect borrowers by prohibiting or limiting certain high-risk loan features. QM loans provide lenders legal protection from consumer lawsuits. Rules for QM were established in January 2014 and only apply to consumer-purpose loans. And with QM came “non-QM” which are not subprime loans, of course.

Up to $5,000,000 loan amounts using Bank Statements for Income, with options, are available at LoanStream Mortgage.

Starting with new locks as of Friday, December 3, 2021, Flagstar Bank updated its existing loan level price adjustments on Jumbo ARM5/6, 7/6, AND 10/6 ARM, Doc.#5415.

Angel Oak Mortgage Solutions now has an ITIN Program, a loan product for borrowers who do not have Social Security cards. Angel Oak’s Individual Tax Identification Number (ITIN) loan allows borrowers to submit their ITIN cards in lieu of Social Security Cards. This loan product is a full doc non-QM mortgage offering flexibility for individuals residing in the United States.

First Community Mortgage is now offering 2 new Jumbo Products: Direct and Traditional. Log in and view FCM Correspondent Announcement 2021-28 for more information.

AmeriHome introduced the new Portfolio Expanded Program, providing additional options for Non-Agency loans. The Portfolio Expanded program provides lenders with multiple income verification options. Details available in AmeriHome Mortgage Announcement 20211203-CL.

Chase Correspondent updated credit requirements including Documentation Flexibilities, Verification of Employment, Assets, Delayed Financing, and Escrow Waivers. View Chase Bulletin #CB 21-51.

FCM is offering 2 new Jumbo products, Elite/Elite Plus Jumbo, effective for new locks on or after December 16, 2021. Review program highlights and guideline information in

First Community Mortgage Wholesale Announcement 2021-38.

Reverse mortgages from Land Home Financial Services, Inc. will assist you in helping your borrowers gain peace of mind. Available options include Purchase or Refinance transactions,

Closed end or Line of Credit, Line of Credit grows, No MIP upfront or ongoing.

A&D Mortgage has some Non-QM updates now in effect. WVOE loans no longer required 2 months of bank statements. No soft pull is required within 10 days of closing. A&D reserves the right to monitor clients’ debts until closing dates and adjust DTI in certain circumstances. Manufactured home, Mixed-use, and Leasehold are now eligible. Limited tradelines are available on Prime program.

Capital Markets

Many have already “checked out” either physically by not working or mentally by wishing they weren’t working. I’m not sure if anyone cares that the economic data was mixed yesterday ahead of the Christmas break. Buyers were more active in longer-dated securities, and the end result was a curve-flattening move. Third quarter GDP was revised upward to 2.3 percent and fourth quarter GDP estimates were revised higher. Separately, the economy decelerated in November, according to the Chicago Fed National Activity Index and the Conference Board’s Consumer Confidence Index increased well beyond expectations in December, reflecting pickup in the short-term outlook, despite inflation pressures and the arrival of the omicron variant. This means consumer spending should remain a positive GDP growth driver despite omicron.

Existing home sales rose 1.9 percent to 6.46 million, according to NAR. Total sales in November remain down 2.0 percent from a year ago. The median home price rose nearly 14 percent to $353,900, representing the 117th consecutive month of year-over-year gains. Current housing inventory is down 13 percent to 1.1 million, about a tight 2.1-month supply at the current pace. This represents a highly imbalanced market that is leading to hefty price increases, and crimping sales growth, as six months is roughly a balanced market.

There are a number of key economic releases to get through before today’s early close in the bond market. The bulk of the data has been released already. Durable goods for November (+2.5 percent, ex-transportation +.8 percent, both better than expected), jobless claims (205k, as expected, with continuing claims 1.859 million), and personal income and consumption November (+.4 and +.6 percent), core PCE (+.5 percent). If anyone cares, later this morning brings final December consumer sentiment, November new home sales, and Freddie Mac’s Primary Mortgage Market Survey. Despite the holiday-shortened session, the NY Fed will be in to buy up to $3.8 billion in MBS. We begin Thursday with Agency MBS prices unchanged from Wednesday and the 10-year yielding 1.47 after closing yesterday at 1.46 percent.

 

Employment

Austin Business Journal ranked CMG Financial the #2 mortgage lender in the greater Austin area. The company’s three Austin locations produced a collective $895.62 million in volume, serving 3,497 families in 2020. CMG Financial is honored to be recognized as a top-producing mortgage lender in one of the nation’s busiest housing markets. Austin-area growth continues to outpace the national average, with home buyers flocking to the Sun Belt in search of affordable prices, more options, and more space. CMG Financial’s Austin branches continue to rank among the best of the best. With unique loan programs, localized service, and continued investment in the originator experience, CMG both attracts and empowers top producers. If you’d like to join a winning Texas team, contact Area Sales Manager, Chris Minjarez at 512-874-3702 or Central Division Manager, Chris Blevins, at 512-632-6124. Visit CMG Careers for more information.

Homeowners Financial Group (HFG) continues its meteoric growth by attracting the industry’s best talent, including the most recent addition of Jeana Ziroli as the National Director of Business Development to oversee company-wide recruiting activities. Jeana joins HFG after overseeing the Business Development department at CrossCountry Mortgage and before that Guaranteed Rate. “As an originator, I know the importance of aligning yourself with a company that is not only committed to closing loans but intentionally hires individuals who will drive the brand forward through their dedication to their clients and their communities,” shared Jeana. She will rapidly expand the business development team and is ready to tell the HFG story. “Hiring Jeana was an easy decision. Between her vast industry experience, her network, and her commitment to finding originators who align with our values, she’s a triple threat, and I’m glad she’s on our team,” shared Bill Rogers, President & CEO of Homeowners Financial Group. If you are a varsity-level mortgage professional or leader looking to join the HFG family, please contact Jeana Ziroli for a confidential conversation.

“Assurance Financial is looking for top-producing, entrepreneurial branch managers in the southeast and eastern regions of the U.S. We are closing out our 20th year strong with no intentions to slow our growth or production momentum. If you are a true leader and an established pro in your market who wants to grow your origination opportunity, Assurance Financial is the perfect match for you. We offer a high level of operating autonomy, an aggressive compensation model, and a world-class operations team that will close all your loans on time, every time. Our technology stack guarantees a seamless application intake, improves closing delivery time, and features an integrated CRM with turn-key marketing solutions. We have everything it takes to exceed the expectations of your clients while giving you and your team a great environment to balance family and business life. Let’s talk! Contact Paul Peters, CMB or visit assurancemortgagelo.com to learn more.”

Understanding the challenges facing our nation’s brave active duty servicemembers is one of the ways Caliber Home Loans proudly serves the military community. That caring spirit extended to 50 military families at Barksdale Air Force Base in Shreveport, Louisiana this Christmas. See this incredible story of Caliber volunteers who, in partnership with everywarrior.org, made sure these kids had presents to open this holiday season. If you want to work for a company that proudly serves those who serve, email Jonathan Stanley for Operations positions or James Hecht for Sales positions. 

Looking for a new capital markets role? Infosys is looking for one: Here you go.

 

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