Appraisal, Valuation, Sales Tools; Training; 50 bp Refi hit and Other Agency Updates – Mortgage News Daily
Posted: August 14, 2020 at 5:50 am
Appraisal, Valuation, Sales Tools; Training; 50 bp Refi hit and Other Agency Updates
Follow the money! The talking heads are analyzing the fact that President Donald Trump donated $6,000 to Kamala Harris' 2014 campaign for reelection as California attorney general, and that she in turn donated the money to a non-profit that advocates for civil and human rights for Central Americans. And we have nearly three months to go! Stuff like that is a lot more fun to talk about than the 50-basis point price change that Fannie and Freddie instituted due to higher risk and costs on refis. Not on purchases, mind you. This from Freddie, who earned $1.8 billion last quarter, and Fannie, who earned $2.5 billion. Is this how the GSEs help struggling homeowners? The MBA weighed in. Some attribute the changes to Director Calabrias desire to recapitalize the GSEs, desire to capture some of the great margins being enjoyed by originators, to balance out some of the cash window pricing gains seen in recent weeks, or the continued shift in discouraging certain types of products, theres nothing like a price change to increase or decrease the flow of business. In other money news, digital lending platform Blend announced it raised $75 million in funding in a Series F round led by Canapi Ventures, bringing the companys valuation to nearly $1.7 billion. Anyone want to buy a simple, humble daily commentary with a joke at the end put out by an old capital markets guy?
Broker and Lender Products
AFR Wholesale is continuously working to improve your experience as a broker partner. In addition to automatic notifications when a home you closed with AFR is listed for sale, or when a payoff request is received, AFR is launching a value-added Account Review service. Also coming soon, AFR partners will receive automated notices when a borrower appears likely to refinance or purchase a home. Beyond all these complimentary services, AFR regularly reviews their pricing, so be sure to check AFR rates sheets daily! Fully invested in the success of their business partners, AFR Wholesale provides an extensive portfolio of products and value-added services, industry-leading technology, professional expertise, and continuous educational opportunities. For more information about becoming a partner, go to afrwholesale.com, email sales@afrwholesale.com or call 1-800-375-6071.
Luxury Mortgage Corp. (Luxury) has announced significant enhancements to its Simple Access Non-QM Investor Cash Flow (DSCR) product offering. Notable highlights include a 100-bps price improvement for loans with a three-year prepayment penalty, DSCRs as low as 1.00, and the ability to qualify using I/O payment on a purchase or R/T refinance. Luxury's Investor Cash Flow product also allows for cash out loan amounts up to $3,000,000, and a minimum FICO score of 660. Additionally, for any submissions before Labor Day, Luxury is offering a guarantee to beat ANY competitor's Non-QM Investor Cash Flow price in the market!!! This amazing guarantee is limited to new DSCR submissions and subject to loans meeting program guidelines. Click Here to inquire about becoming an approved wholesale broker or correspondent seller.
Sales Boomerang notifies mortgage lenders when someone in their database is ready for a loan. Look at the opportunity cost you have by not having Sales Boomerang. Last year we closed over $72M in loans that we would have lost from not having Sale Boomerang. (Stephen Barton, Eustis Mortgage) In the first 4 months we took in $180M in applications and we have about 100 LOs. That is a significant impact to our business. My top performing LO attributes 25 percent of her business to Sales Boomerang alerts. (Katherine Campbell, Assurance Financial) Sales Boomerang gives us a conversion that is 2 times better than our normal conversions. (Tim Lewis, Castle and Cooke) The numbers speak for themselves: 20x Avg. ROI, $240 Avg Cost Per Acquired Loan, 10-20 percent Avg Lift to Loan Volume. Want to see exactly how much you lost this year? Request your report today. We will show you which competitor took your deal, what was the loan amount, what type of loan it was, the term and much more.
Valuations are now more efficient than ever, with the launch of Market Valuation Services latest software, Fully Loaded Asset Report Evaluator (FLARE). FLARE helps financial institutions expedite valuation services with improved accuracy, increasing their bottom line. Using a library of data and sophisticated algorithms, the software produces results in less time than a traditional bank valuation. FLARE also addresses other common issues, including cost-effectiveness, reliability and biased results caused by human-based judgment. The software meets Interagency Appraisal Guidelines (IAG) standards and is available across all 50 states. FLAREs arrival is an exciting step, said M. Ryan Moore, CSO of Market Valuation Services. Even one bias discrepancy can affect residential real estate transactions in big ways, Moore said. Were proud to offer a solution that streamlines the process and helps all parties feel confident in the resulting valuation. For more information, or to view a sample report, visit mvsvc.com/flare.
Finallya truly improved valuation experience. Connexions intuitive appraisal management platform includes data science, product integrations (including Encompass) and best-in-class security to ensure the process is efficient, compliant, and leveraging the latest technologies. Its customizable, matching workflows to reflect your preferred process for managing appraisals. Connexions platform consolidates and protects data, automates record-keeping and improves monitoring of transactions which increases accuracy. And follow-up filters are available at every step to keep things moving forward. You can create an unlimited number of custom or standard reports that analyze trends, property types, markets, etc. Its configurable at the location level and even lets you auto-disable vendors on exclusionary lists. And Connexions onboarding and ongoing customer support is outstanding. A free mobile app is available too! With 20+ years experience, Connexions delivers best-in-class technology solutions and works with 150+ national AMCs and 13,000+ independent appraisers. To learn more about Connexions AMC software, book a demo today!
Events and Training
Find digital agility in a changing world. During Forward, Blends virtual summit taking place September 22-23, executives and project teams will explore the regulatory changes and rising consumer expectations shaping the future of lending. Learn about Blends latest innovations and leave with a strategy to keep you ahead of the competition. Register now.
In light of last night's 50 BPS agency LLPA's affecting most refinances, MCT encourages clients to attend this morning's MCT University client-exclusive webinar. During the webinar to be held at 11AM PT, Current Market Update & Best Practices for Volatility in the Future presented by Phil Rasori, further guidance on best execution model updates and loan sale strategies will be shared. Reach out to your MCT representative for access or direction specific to your business and pipeline. Join the MCT newsletter for the latest industry market volatility guidance.
Agency Changes
In light of market and economic uncertainty resulting in higher risks and costs incurred by Fannie Mae, we are implementing a new loan-level price adjustment (LLPA). The fee applies to limited cash-out refinances and cash-out refinances, as described in Lender Letter LL-2020-12. The key date isnt until September 1, but lenders are already pricing rate sheets accordingly.
Fannie Maes recent Selling Guide update, SEL 2020-04, clarifies solar panel policies based on different financing structures, revises the representations and warranties framework for loans in forbearance to align the Guide with LL-2020-06 (Selling Loans in Forbearance Due toCOVID-19) and removes references to Master Agreements.
Fannie Mae updated LL-2020-06 to reflect the extension of eligible note dates and delivery dates regarding selling loans in forbearance.
Fannie Mae issued policy changes to Servicer Principal and Interest Advance Requirements, reflected in LL-2020-08. The customer transition guide provides servicers with information on the key milestones regarding these upcoming changes. Information on activities that will occur in the month of transition and the month following transition are included. Additionally, Fannie Mae created a guide detailing the process requirements.
As a reminder, Fannie Mae is accepting SOFR Adjustable-Rate Mortgages (ARMs) and issuing SOFR-based MBS. All Fannie Mae Single-Family applications have been updated to include the new SOFR ARM products, review LL 2020-01 for more information.
Freddie Mac also sent out SOFR transition news.
Wells Fargo Funding is aligning its effective date to the temporary COVID-19-related requirements and flexibilities and date extension announced by the Agencies. This includes the announced expansion to their temporary requirements for self-employed borrowers, allowing Sellers to confirm that the borrowers business is open and operating within 20 business days of the Note date. Wells Fargo Funding did not publish the overlays in its Selling Guide; Sellers must follow Fannie Mae and Freddie Mac requirements.
Lakeview Correspondent Announcement C2020-06 covers TSAHC MCC income reminder plus Fannie Mae and Freddie Mac updates.
Capital Markets
Loan originators are good at looking at things over time. Labor data has been the recent focus of markets over the last week but the upbeat numbers are expected to diminish later this summer as the lingering effects of social distancing and spring shutdowns continue to impact businesses. Nonfarm payrolls increased by 1.8 million in July on the heels of June's 4.8 million increase but remain 12.9 million below February's peak and the unemployment rate remains high at 10.2 percent. Initial claims for unemployment insurance fell by nearly 250,000 for the week ending August 1 after increasing the previous two weeks. Data from the Institute of Supply Management (ISM) showed both the service and manufacturing sectors of the economy in expansion territory with many respondents cautiously optimistic about their outlook. Construction spending slipped in June, but was little changed over the previous twelve months. Spending on single family residential construction fell 3.6 percent, but is expected to rebound given recent sales data from home builders. Mortgage rates remain low although applications fell for the week ending July 31 as the 30-year fixed rate dipped to 3.14 percent, according to the Mortgage Bankers Association.
Looking at news yesterday, U.S. consumer prices rose in July by more than expected largely due to a jump in auto and apparel costs, which follows hotter-than-expected producer prices. Though that buoyed Treasury yields and MBS, stimulus is still in limbo. Democrats say there will be no restart talks until the White House moves from demands for a smaller package. Meanwhile, about 16 million Americans are unemployed, with 28 million receiving benefits. There is a big disconnect: the S&P 500 yesterday briefly surpassed the all-time closing high reached in February before the pandemic? That also capped a more than 50 percent rally since market lows in March, though most of the gain came from technology shares. Finally, the day's $38 billion 10-year note auction was met with solid demand despite its record size.
Those CPI figures reported yesterday are important because the consumer shapes the economic outlook more than any other factor. In a typical recession, services spending remains relatively steady, while big ticket purchases on durable goods typically are put off until things improve. It has actually been the opposite in this cycle since stay-at-home orders have emptied out restaurants and other services. Durable goods outlays are nearly ten percent above pre-pandemic levels. Despite the resurgence of the coronavirus, spending is on track to post a record increase in the third quarter.
Todays economic calendar kicked off with July import & export prices (+.7 percent and +.8 percent, respectively) and initial jobless claims for the week ending August 8 (963k, better than expected, -228k). There are two Fed speakers scheduled starting with Atlantas Bostic ahead of Governor Brainard. The final leg of this weeks record refunding consisting of $26 billion 30-year bonds in the early afternoon. The NY Fed will conduct the last two operations on the current schedule when it purchases up to $4.2 billion MBS starting with $2.8 billion UMBS30 2 percent through 3 percent followed by $1.5 billion GNII 2.5 percent and 3 percent. The Desk will then report on MBS purchases for the week ending August 12, one hour before releasing a new two-week FedTrade schedule in addition the mid-August to mid-September MBS reinvestment estimate, which is expected to total over $111 billion based on paydowns in the Fed portfolio plus the additional $40 billion monthly increase in MBS SOMA holdings. We begin today with Agency MBS prices better/up .125 and the 10-year yielding .68 (after closing yesterday at 0.67 percent) after the positive initial jobless claims numbers.
Jobs and Promotions
Caliber Home Loansis recruiting top candidates in the mortgage industry for our Caliber Operations teams across all channels.We are offering enhanced sign-on bonuses and incentive plans for Underwriters, Processors and Closer/Funders. In the past four months, we have hired over 400 new team members in Operations and over 1,000 across Caliber. We are experiencing unbelievable growth and are ready to fill nearly 500 additional Operations positions! If you have a passion for helping customers achieve their dream of home ownership, we want to talk to you! Interested in one of our posted job opportunities? Please contact Jonathan Stanley for consideration. Interested in a sales opportunity at Caliber? Please contact Brian Miller for immediate consideration. Visit theCaliber Careerswebsite for opportunities across the organization!
Home Point Financialcontinues its impressive growth with the hiring of Perry Hilzendeger, a 30-year veteran of Wells Fargo,as its President of Servicing. Another big move by Home Point, which is already the second-largest wholesale lender and 13thlargest correspondent lender in America in just five years of doing business and only looks to be speeding up.Home Point is hiring over 800 positions this year, so if youre ready to work for a lender that truly values its Associates, look no further. Check out ourcareers pageor send your resume directly to John Eite now.
LendingHome, one of the nation's largest financial lenders to real estate investors, announced that Stephanie Casper is the company's new VP of Sales and will lead a team devoted to new business development. She is also a key member of the cross-functional leadership team responsible for developing new products to meet the evolving needs of real estate investors.
- 87% of High-growth Sales Organizations Take a Value-based Approach to Sales, According to New Research - GlobeNewswire - February 16th, 2021
- RAIN Group Wins Gold for Sales Training Program of the Year with Toyota and Research Report on Virtual Selling - PR Web - February 16th, 2021
- Sales Training Market Analysis, Size, Share, Trends and Forecast by 2026 | Action Selling, Aslan Training and Development, The Brooks Group - The... - February 16th, 2021
- Podcast: Part 3 A deep dive into the new way of working with Fellowes Brands' Louise Shipley | OPI - Office Products International - February 16th, 2021
- Microsoft Azure is Sharing Customer Information and Allowing Publishers to Contact Customers - WinBuzzer - February 16th, 2021
- From snooker to sales how one world class player is taking the business world by storm - Portsmouth News - February 16th, 2021
- Chevy Bolt sales surge with new markets, attention - Automotive News - January 9th, 2021
- Drive more leads and increase sales with the help of this seven-course training bundle - The Next Web - January 9th, 2021
- This $30 training bundle will help you become a sales master | TheHill - The Hill - January 9th, 2021
- Drive Sales and Retention by Highlighting Value - RisMedia.com - January 9th, 2021
- Sales Training Market Share 2020 With Top Manufacturers: Action Selling, Aslan Training and Development, The Brooks Group, BTS, Carew International,... - January 9th, 2021
- Sales Training Market (Covid-19 Analysis) SWOT Analysis, Key Indicators, Forecast 2028 | Action Selling, Aslan Training and Development, The Brooks... - January 9th, 2021
- ETC Announces Fiscal 2020 Full Year and Fourth Quarter Results - GlobeNewswire - January 9th, 2021
- Sales Training Market Report 2026 Focuses on Top Companies, Research Methodology, Drivers and Opportunities - LionLowdown - January 9th, 2021
- Sales Training Market Size, Trends, Company Profiles, Growth Rate, Trends, Emerging Opportunities and Forecast to 2027 - LionLowdown - January 9th, 2021
- Cox Auto vet Bill Reidy named CRO of LotLinx - AIM Group - January 9th, 2021
- Maximizing Media Ad Sales in the New Year - Editor And Publisher Magazine - January 9th, 2021
- Sales Training and Onboarding Software Market Projected to Witness Vigorous Expansion by 2020-2027 - Factory Gate - January 9th, 2021
- Rental in the Age of COVID - Rental Equipment Register - January 9th, 2021
- The Kelley Group Announces Speaking and Coaching Partnership Program - PRNewswire - January 9th, 2021
- Plague and protest put Thailand on edge of panic - Asia Times - January 9th, 2021
- Hyundai Is Closing Its Asia Pacific Headquarters In Malaysia And Moving To Indonesia - SAYS - January 9th, 2021
- Covid-19 Impact on Product-based Sales Training Market Analysis, Importance and Regional Outlook 2020 | ASLAN Training and Development, DoubleDigit... - December 1st, 2020
- People on the Move at Marriott Vacations, Peachtree Hospitality Management, More - Hotel Business - December 1st, 2020
- Business Outline of Sales Training Providers Market 2020- 2025 To Surge in The N - GroundAlerts.com - December 1st, 2020
- Sales Training Market: Expected Growth after COVID Pandemic, Trends, Analysis by Manufacturers, Regions, Type and Application & Forecast to 2026 -... - December 1st, 2020
- Latest News 2020: Sales Training Market by Coronavirus-COVID19 Impact Analysis With Top Manufacturers Analysis | Top Players: Action Selling, Aslan... - December 1st, 2020
- Sales Training Market 2026 Growth Forecast Analysis by Manufacturers, Regions, Type and Application - The Market Feed - December 1st, 2020
- Sales Training Market Overview, Development by Companies and Comparative Analysis by 2026 - The Haitian-Caribbean News Network - December 1st, 2020
- Military Aircraft Simulation and Training Market Size, Revenue, Gross Margin, Sales, Scope, And Growth Rate Analysis 2020-2027 - Khabar South Asia - December 1st, 2020
- Why Reverse Mortgage Professionals Should 'Stay in Their Lane' - Reverse Mortgage Daily - December 1st, 2020
- Cognitive Assessment and Training Sales Set to Soar on Back of COVID-19 Pandemic, Concludes Fact.MR 2020 2030 - The Cloud Tribune - December 1st, 2020
- IT Training Market Analysis and Growth Forecast by Applications, Sales, Size, Types and Competitors by 2020-2026 - The Haitian-Caribbean News Network - December 1st, 2020
- Sales Training and Onboarding Software Market Size And Forecast (2020-2026)| With Post Impact Of Covid-19 By Top Leading Players-... - December 1st, 2020
- Rethinking Retail: From brick and mortar to going digital - Gov.sg - December 1st, 2020
- Sales Training Market 2020: Potential Growth, Challenges, and Know the Companies List Could Potentially Benefit or Loose out From the Impact of... - December 1st, 2020
- Global Sales Training and Onboarding Software Market 2020: Analysis By Latest Trends, Size, Share, Growth Rate And Forecast To 2026 - The... - December 1st, 2020
- Viseon MaxView System Accelerates Adoption of Minimally Invasive Spine Surgery Procedures - Business Wire - December 1st, 2020
- Might as well: Entrepreneurs across the country are going for it, anticipating better days ahead - Chattanooga Times Free Press - December 1st, 2020
- Arrow Electronics Selected as a Training Industry Top 20 IT Training Company - Business Wire - December 1st, 2020
- Sales Training Key Benefits of Effective NLP Sales Techniques by Alexey Khobot - Feed Leader - November 2nd, 2020
- Global Sales Training Market 2026 The leading Industry Players : Action Selling, Aslan Training and Development, The Brooks Group, BTS, Carew... - November 2nd, 2020
- Sales Training and Onboarding Software Market Is Expected To Reach Multimillion Usd By The End Of 2025: Showpad MindTickle Lessonly Allego Brainshark... - November 2nd, 2020
- Fear of election unrest fuels Memphis-area gun sales first sparked by protests and pandemic - Commercial Appeal - November 2nd, 2020
- Product-based Sales Training Market 2020: Globally Research Including Top Companies, Latest Trends, Challenges Analysis and Forecast to 2025 -... - November 2nd, 2020
- Latest Update 2020: Sales Training Market by COVID19 Impact Analysis And Top Manufacturers: Action Selling, IMPAX, BTS, Aslan Training and... - November 2nd, 2020
- Ford salesman shifts to park after 67-year career - The Times - November 2nd, 2020
- COVID-19 Impact on Military Aerospace Simulation and Training Devices Sales Market Analysis, Size, Trends and Forecast 2020 to 2025| Boeing, Lockheed... - November 2nd, 2020
- Global Military Simulation and Virtual Training Market Analysis, Sales Revenue, Share, Size and Future Development and Expected Growth at CAGR of... - November 2nd, 2020
- Developments In Cognitive Assessment Training 2020 Insights On Trends, Revenue, Sales, Share, Production, Demand Globally - The Think Curiouser - November 2nd, 2020
- Tramazing and Zealic Solutions Have Formed A Powerful Partnership - Watauga Democrat - September 12th, 2020
- Telestax Launches the Industry's First CPaaS Sales Certification Training for Communications Companies, Carriers, and Operators - MarTech Series - September 12th, 2020
- A chief of learning and positive thinking - Chief Learning Officer - September 12th, 2020
- Using sales tax for San Antonio worker training program could improve health conditions in areas hit hardest by the novel coronavirus - San Antonio... - September 12th, 2020
- Global Sales Training Providers Market Size, Share, Trends, CAGR by Technology, Key Players, Regions, Cost, Revenue and Forecast 2020 to 2025 - The... - September 12th, 2020
- Women of the Vine & Spirits Foundation Awards More Than $100000 to 2020 Scholarship Recipients - wineindustryadvisor.com - September 12th, 2020
- How instant gratification syndrome has ruined advertising - Niche Publishing Network - September 12th, 2020
- Director of Sales Operations job with The RealReal Inc. | 145809 - The Business of Fashion - September 12th, 2020
- Analyzing Impacts Of COVID-19 On Sales Training Industry Effects, Aftermath And Forecast To 2026 - Scientect - September 12th, 2020
- This Program Aims to Help Laid-Off Workers Land Sales Jobs - Built In - September 12th, 2020
- Two St. Pete companies in Tampa Bay Waves TechWomen Rising cohort - St Pete Catalyst - September 12th, 2020
- We ask the State of Retail panel: How has the pandemic affected your business expenses? - Bicycle Retailer - September 12th, 2020
- Sales Training Market Size by Top Companies, Regions, Types and Application, End Users and Forecast to 2027 - Bulletin Line - August 14th, 2020
- Sales Training Market 2020 Competitive Dynamics Insights with COVID-19 Effects on Major Companies Aslan Training and Development, Corporate Visions,... - August 14th, 2020
- Product Based Sales Training Market 2020: Analysis By Top Manufactures ASLAN Training and Development, DoubleDigit Sales, GP Strategies, Miller Heiman... - August 14th, 2020
- Use Psychology To Make Customers And Employees Safer - Forbes - August 14th, 2020
- COVID-19 Impact on Global and Regional Cognitive Assessment and Training Industry Production, Sales and Consumption Status and Prospects Professional... - August 14th, 2020
- Sales tip: Don't believe for one moment your salespeople are even close to being the best they can become - Utah Pulse - August 14th, 2020
- Keystone Agency Investors Expands Presence in Pennsylvania with Acquisition of The Seltzer Group - Business Wire - August 14th, 2020
- PBS Distribution Appoints Harley as VP of Marketing - TV Technology - August 14th, 2020
- Global Product-based Sales Training Market Incredible Possibilities, Growth with Industry Study, Detailed Analysis and Forecast To 2025 - eRealty... - August 14th, 2020
- Sales Training Market 2020 Size by Product Analysis, Application, End-Users, Regional Outlook, Competitive Strategies and Forecast to 2027 - Owned - August 14th, 2020
- Bonaventure Marketing Solutions Offers Digital Marketing Strategy for Businesses Who Want to Thrive in the 2020 Economy - Virtual-Strategy Magazine - August 14th, 2020
- Global English Language Training Market Forecast Report: By Regions, Type and Application with Sales and Revenue Analysis during the forecast period... - August 14th, 2020
- Global Sales Training and Onboarding Software Market Projected to Reach USD XX.XX billion by 2025- Showpad, MindTickle, Lessonly, Allego, Brainshark,... - August 14th, 2020
- Reinvention and the hope of the Hyatt await at Railroad Square - Tallahassee Democrat - August 14th, 2020
- TIPS training offered to curb alcohol-related problems - NNY360 - July 7th, 2020
- Product-based Sales Training Market SIZE BY APPLICATION, TYPES, END-USER, REGIONAL ANALYSIS AND FORECAST 2020 TO 2025 - Jewish Life News - July 7th, 2020
- Two New Publications Support the Safety and Efficacy of Slynd (drospirenone) tablets, 4 mg - PRNewswire - July 7th, 2020
- Welcome to the New Age of the Jewelry Sales Rep - INSTORE MAG - July 7th, 2020