10.15.24 Halfbacks; AHMC's Matthew VanFossen on Enterprise Decisions; Mixed Data Narrative

Aidium's CRM and Business Intelligence platform is the go-to system for lenders and enterprises serious about embracing technology to drive progress. With 100s of integrations, a simple-to-use automation builder, reporting suite, and true AI for lead prioritization - it’s easy to see why Aidium was built for the loan officer and embraced by the enterprise.

Transcript

Some things aren’t what they seem to be. What about places… what if you moved and your new home wasn’t how it originally seemed to be? There is a trend among today’s seniors, where retirees in Florida and other traditional retirement states, are pressing further north, relocating, or establishing a second home in the Southern states like Tennessee and Kentucky. These seniors are called “half backs,” moving “half back” home toward the northern states whence they came. Hurricane Milton hit the Gulf Coast of Florida, prompting over 1million residents to evacuate just days after Hurricane Helene’s impacts decimated the Southeastern United States. Milton continues to disrupt operations across multiple industries, prompted mass evacuations, and has had significant economic implications. Projections estimate that Hurricane Milton could lead to over $100 billion in economic losses, with its impact touching about 2.8% of the U.S. GDP. Airlines canceled flights, and companies paused their operations to mitigate risks. (Today’s podcast can be found here, and this week’s is sponsored by Aidium. Aidium's CRM and Business Intelligence platform is the go-to system for lenders and enterprises serious about embracing technology to drive progress. Aidium boasts hundreds of integrations, a simple-to-use automation builder, reporting suite, and true AI for lead prioritization. Hear an interview with Absolute Home Mortgage Corporation’s Matthew VanFossen on trends that executives at lenders are grappling with that should be large discussion topics at MBA Annual in Denver.)

Employment & introduction

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Brokers First Funding, your BFF in Wholesale, is proud to introduce Director of Marketing & Training, Carla Meyers. With over 35 years of mortgage experience, Carla is a tenured sales enablement leader with extensive experience in a variety of sales, marketing, and training roles. “Carla has a breadth and depth of experience not often found in a role such as hers. We are happy to have her on the BFF team and look forward to her positive contributions,” says Shabi Asghar, BFF’s President. Come say hi to Carla and the rest of the team, at NAMB National 10/19-10/20, Booth #701. BFF offers a broad spectrum of products, from Agency to non-QM. Contact us to learn more, and be sure to follow us on LinkedIn, Instagram, and Facebook.

Looking for a dynamic career in fintech and real estate? Realfinity, a mortgage startup in embedded lending, is hiring a Mortgage Loan Processor in Miami, FL (on-site). This is your chance to join an innovative team transforming how real estate agents offer mortgage services to clients, streamlining the entire homebuying journey. As a Loan Processor, you’ll manage end-to-end loan applications, collaborate with dual-licensed agents, and ensure a seamless lending process. If you thrive in a fast-paced, high-growth environment and have a passion for delivering exceptional service, this is the opportunity for you. Apply now to be part of a company that's revolutionizing real estate finance! Read more here. Send your confidential application to Elena Cardoza.

(As a reminder, anyone searching for employment can post their resume at no charge at www.lendernews.com, and potential employers can view all resumes for several months for only $75.)

Lender and broker software, services, and sponsored events

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“Do you have a plan for maintaining loan quality if volumes surge? 2024 has been an unpredictable year, and the next 12 months promise to bring more of the same. As you review your technology stack and seek ways to increase efficiency while lowering costs, look for strategic partners that can save you money during any market condition. We’ve interviewed community banks, credit unions, and nationwide lenders on how they have managed growth, recessions, and more with the help of QC Ally. Find out what they have to say here.”

New Survey Data: Introducing Maxwell’s Sidelined Home Buyer Report. Many Americans have been excluded from home buying for years due to high interest rates, low housing inventory, and economic volatility. As rate cuts materialize and inventory recovers, these sidelined home buyers will begin to take action. Maxwell surveyed 1,000 would-be buyers to dig into their plans as they look to enter the market over the next year. The data gives insight into this segment: Many say they’ll look to buy when rates hit 5.5%, and nearly 80% say they’re “somewhat” or “very” prepared to purchase once rates fall. Nearly 40% haven’t yet connected with a lender. Want to gain more exclusive insight into a group of home buyers who will drive loan activity in 2025? Click here to get your free copy of Maxwell’s Sidelined Home Buyer Report.

“Are you looking to transform your digital mortgage process but overwhelmed by eClosing adoption? Take the hassle out of eClosing adoption with NotaryCam’s Done For You eNote Implementation. The service streamlines the transition, handling everything from setup to implementation, including eNote creation and eVault solutions. With our proven process, you’ll benefit from full compliance with regulations, integration with your systems, simple eVault solutions, MERS Registration assistance, training & support, and faster go-live times. Don’t get bogged down in the details. Let your title company and NotaryCam do the heavy lifting so you can focus on what you do best: helping borrowers close loans. NotaryCam is bringing the future of digital closings to MBA’s Annual Convention & Expo from October 27 to 30. Learn how our solutions simplify your processes and enhance borrower interactions. Contact sales@notarycam.com to schedule a meeting.”

Collecting upfront fees is a pain. Check out this webinar next week to see how automating upfront fees with Fee Chaser can alleviate compliance concerns and reduce manual processes.

Looking for ways to streamline the home insurance process? Come meet the Matic team at MBA Annual! Matic makes it easy for your borrowers to secure home insurance with access to 40+ carriers in one platform. Built specifically for the mortgage industry, Matic’s digital marketplace allows borrowers to shop multiple carriers at once within the lending and servicing experience. With transparent pricing and coverage options integrated into the loan process, borrowers save time and an average of $639 annually, reducing DTI issues and accelerating loan closings. If you're heading to Denver for MBA Annual, be sure to stop by Booth #529 or book a private meeting to learn how mortgage leaders are partnering with Matic to boost financial resilience, improve efficiency, and elevate the customer experience. Not attending the event? Book a demo here, and we’ll set up a time to connect.

Correspondent & broker product offerings

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“eRESI Mortgage has seen tremendous growth in the Non-QM space and strives to help our lenders leverage that momentum. One of the ways we do this and bring value to our clients is through our monthly credit webinars. Join us for this month's webinar on Wednesday, October 23rd, at 11 AM PDT. Our Head of Credit, Amanda Roccia, will review a handful of typical Non-QM scenarios with attendees in this informative session. Also, we are in Denver for the MBA Conference and are excited to speak to lenders about how we can elevate your business to the next level. For more information about our webinar or to book a meeting with us, contact your eRESI Representative or email here.”

“Brokers, why are you doing lender's work? Tired of handling tasks like processing loans, balancing CDs, and managing title work? Join us on Tuesday, October 22 at 2 PM ET / 11 AM PT for an OriginatorTech Deep Dive on Angel Ai to see how this AI-driven platform takes over these tasks, saving you time and money while increasing productivity. Brokers often focus on pricing but end up spending unnecessary time and money doing the lender’s work. We’ll show you how AngelAi's intuitive chat-based interface seamlessly manages processing, compliance, and title-related work, faster and for free, so you can focus on growing your business. This OriginatorTech Deep Dive live group demo will show how AngelAi can transform your workflow. Don’t miss out! Register here.”

“Exciting Changes at the New AFR: Elevating the Broker Experience! Here at the New AFR, we’re always striving to improve how we support our broker partners. That’s why we’re excited to introduce new communication tools that will streamline your interactions with us. Starting October 16, clients can send direct messages at the loan level or submit an improved service request for quicker, clearer communication. Our upgraded Loan Center Portal will enable quicker responses, more transparent communication, and effective solutions to any challenges you may face. We’re committed to making your operations smoother and more efficient, ensuring a stress-free experience every step of the way. Stay tuned for more updates as we continue to enhance the AFR experience for our broker community. Join us in this journey and experience the AFR difference today! Contact us, call 1-800-375-6071, or visit www.afrwholesale.com. We can’t wait to hear from you! (NMLS 2826)”

Brokers First Funding, your BFF in Wholesale, will be at NAMB National 10/19-10/20, Booth #701. BFF offers a broad spectrum of products, from Agency to non-QM. Contact us to learn more, and be sure to follow us on LinkedIn, Instagram, and Facebook.

Catastrophes and disasters: ignore them at your own risk

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Deny climate change, manmade or natural, all you want. The fact of the matter is, storms and fires are becoming more severe, whether due to warm gulf water temperatures or poor forest management. Insurance companies, servicing buyers, and investors have certainly taken note, and they impact the price that your borrower pays for a loan. Plain and simple.

FEMA’s been busy: Florida Hurricane Milton DR-4834, Virginia Tropical Storm Helene DR-4831, Florida Hurricane Helene DR-4828, Georgia Hurricane Helene DR-4830, and South Carolina Hurricane Helene DR-4829.

On 10/11/2024, with DR-4834, FEMA declared federal disaster aid with individual assistance has been made available to 34 Florida counties affected by Hurricane Milton from 10/5/2024 and continuing. See AmeriHome Mortgage 20241023-CL Disaster Announcement.

On 10/4/2024, with Amendment No. 1 to DR-4831, FEMA declared federal disaster aid with individual assistance to Virginia’s Montgomery, and Pulaski counties affected by Tropical Storm Helene from 9/25/2024 and continuing. See AmeriHome Mortgage 20241014-CL Disaster Announcement.

On 10/8/2024, with Amendment No. 2 to DR-4831, FEMA declared federal disaster aid with individual assistance to 7 more Virigina counties affected by Tropical Storm Helene from 9/25/2024 and continuing. See AmeriHome Mortgage 20241018-CL Disaster Announcement.

On 10/7/2024, with Amendment No. 5 to DR-4828, FEMA declared federal disaster aid with individual assistance to 7 additional Florida counties affected by Hurricane Helene from 9/23/2024 and continuing. See AmeriHome Mortgage 20241015-CL Disaster Announcement.

On 10/9/2024, with Amendment No. 4 to DR-4830, FEMA declared federal disaster aid with individual assistance to 4 Additional Georgia Counties; Dodge, Hancock, Thomas, and Warren

affected by Hurricane Helene from 9/24/2024 and continuing. See AmeriHome Mortgage 20241019-CL Disaster Announcement.

On 10/11/2024, with Amendment No. 5 to DR-4830, FEMA declared federal disaster aid with individual assistance to Georgia’s Brantley and Fulton counties affected by Hurricane Helene from 9/24/2024 and continuing. See AmeriHome Mortgage 20241021-CL Disaster Announcement.

On 10/4/2024, with Amendments No. 2, 3, & 4 to DR-4829, FEMA declared federal disaster aid with individual assistance to 5 more South Carolina counties, Abbeville, Richland, Allendale, McCormick, and Hampton affected by Hurricane Helene from 9/25/2024 and continuing. See AmeriHome Mortgage 20241010-CL Disaster Announcement.

On 10/6/2024, with Amendment No.5 to DR-4829, FEMA declared federal disaster aid with individual assistance has been made available to South Carolina counties Jasper and York affected by Hurricane Helene from 9/25/2024 and continuing. See AmeriHome Mortgage 20241013-CL Disaster Announcement.

On 10/9/2024, with Amendments No. 6 to DR-4829, FEMA declared federal disaster aid with individual assistance to Chester, Kershaw, and Orangeburg counties in South Carolina affected by Hurricane Helene from 9/25/2024 and continuing. See the attached announcement for inspection requirements. See AmeriHome Mortgage 20241020-CL Disaster Announcement.

On 10/11/2024, with Amendments No. 7 to DR-4829, FEMA declared federal disaster aid with individual assistance to South Carolina’s Beaufort and Fairfield counties affected by Hurricane Helene from 9/25/2024 and continuing. See AmeriHome Mortgage 20241022-CL Disaster Announcement.

PHH Mortgage Announcements for all disaster declarations issued or modified: Florida DR-4828: Additional counties declared. North Carolina DR-4827: Additional counties declared. South Carolina DR-4829: Additional counties declared. Georgia DR-4830: Additional counties declared. Virginia DR-4831: Additional counties declared.

Capital markets: appreciate the lack of volatility

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Sticky core inflation with mixed messages from the labor market appear to be keeping rates where they are. Following September’s robust jobs report, which would mean higher rates, September’s Consumer Price Index, released last week, showed prices rose a higher-than-expected 0.2 percent. But over the last twelve months, prices rose at 2.4 percent which was the slowest annual pace since February 2021. At the core level, prices rose 0.3 percent during the month as goods prices ended six straight months of declines with broad-based gains. The good news in the data is primary shelter costs continued their downward trend.

Producer prices for September were slightly below forecasts as they were unchanged for the month. While the road back to 2 percent annual inflation has been bumpy, many Fed speakers over the last week noted they were confident inflation is headed towards that target. However, any further easing of monetary policy would be data dependent. Since the Federal Open Market Committee reduced its target rate by 50-basis points, the markets shifted from pricing in 75-basis points in additional cuts this year to only 50-basis points with a small possibility that there is no cut next month due to stronger than anticipated data.

Today’s economic calendar is under way with Empire manufacturing for September. Later today brings the New York Fed’s Survey of Consumer Expectations for September and several Fed speakers: Minneapolis’ Kashkari, Governor Waller, San Francisco’s Daly, Governor Kugler, and Atlanta’s Bostic. We begin Tuesday with Agency MBS prices unchanged versus Friday’s close, the 10-year yielding 4.07 after closing Friday at 4.07 percent, and the 2-year at 3.95.

Remember: An extravagance is anything you buy that is of no use to your spouse.

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is titled, “Lenders and Vendors Must Pay to Play.” The Commentary’s podcast is live and at any place you obtain your podcasts (like Apple or Spotify).

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(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. This newsletter is for sophisticated mortgage professionals only. There are no paid endorsements by me. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2024 Chrisman LLC. All rights reserved. Occasional paid job & product listings do appear. This report or any portion hereof may not be reprinted, sold, or redistributed without the written consent of Rob Chrisman. The views and opinions in this newsletter are mine alone unless otherwise specifically stated herein.)