10.30.24 Quotes From Annual; FundingShield's Adam Chaudhary on Wire and Title Fraud; Where Are Rates Going

This week’s podcast is sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. 

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As I head from Denver to the Bay Area early this morning, I thought to myself, “Why are corn farmers great at eavesdropping? Because they have ears everywhere!” Heard in the hallways in Denver. “It sure has become obvious that what got us ‘here’ isn’t going to get us ‘there.’” “FHA delinquencies are truly increasing and are often correlated to the unemployment rate. So, if unemployment begins creeping up, we know what’s next. Forbearance and workout trends aren’t doing well either.” “You gotta figure that any middle-aged white guy walking within 5 blocks of the convention center is in this industry.” (That said, I definitely am seeing some welcome diversity with age, sex, and heritage!) “I am sure glad that my company has servicing. We couldn’t have made it through the last year or two without it.” “I wouldn’t be surprised, if rates stay around where they are for a while,” that we’ll see further cutbacks and/or mergers & acquisitions.” (Today’s podcast can be found here, and this week’s is sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. Hear an interview with FundingShield’s Adam Chadhaury on the latest wire and title fraud risks as well as best practices for risk mitigation.)

Employment, IMB seeking branches, and transitions

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A Consumer Direct IMB is seeking a Team Leader to help build a Retail Channel platform. This person must be experienced in all aspects of Retail mortgage loan origination. Team must be composed of Team Leader and a group of skilled LOs. Current monthly volume should be in the range of $15-30 million. The Company manages a large MSR Book. Consumer Direct Team currently solicits those borrowers for refi opportunities. MSR Book leads to be shared with Retail Team. Company has full-service fulfillment and operations in place, along with FNMA and FHLMC tickets. Licensed in 40 states. This is a somewhat unique opportunity to build out the Retail Platform and have access to MSR leads. Send your resume to James Johnson.

SecurityNational Mortgage Company welcomes more top talent! SecurityNational Mortgage Company (SNMC) continues its momentum by welcoming elite mortgage professionals nationwide, furthering our commitment to creating amazing experiences for our customers. We continue to grow throughout the country with new Teams in Texas, Arizona, Southern Utah, Georgia, California, and the Northeast. These new team members are among the top talent choosing to build their careers with SNMC. "Our focus on excellence continues to attract and obtain outstanding individuals to SNMC," says Joel Harward, Senior Vice President at SNMC. "Their expertise strengthens our ability to deliver exceptional service while contributing to our culture of success." As a trusted name in the mortgage industry, SNMC continues to grow by providing professionals with the support, technology, and resources needed to thrive in today's market. Discover your potential with SNMC. Learn more about career opportunities here!

“Join our team: well-capitalized IMB is seeking branches and acquisitions! Are you seeking a partner who values your expertise and offers growth resources? We are a well-capitalized independent mortgage bank (IMB) in the Southwest, actively looking for Loan Officers, Branches, and acquisition opportunities for small to midsize IMBs in CO, ID, NM, NV, OK, OR, TX, and UT. As a direct seller-servicer with FNMA, FHLMC, and GNMA, we provide competitive products and personalized services to enhance client satisfaction. Our lean structure ensures competitive pricing, a variety of mortgage products, and a profit-sharing model that rewards your efforts. We prioritize a collaborative environment where your input helps shape our company's future. If you're a leader seeking a high-touch, growth-focused partner, let's connect. Contact Chrisman LLC’s Anjelica Nixt for a confidential conversation about this opportunity or acquisitions.”

“Are you a non-bank mortgage servicer with FNMA/FHLMC approval looking to scale your operations or attract new investment? BlackWolf Advisory Group represents a leading investment firm, exploring a strategic acquisition or investment opportunities. Our client is eager to partner with servicers like you to unlock growth potential and drive success. If you’re ready to elevate your business and seize new opportunities, please contact Mirza Hodzic (904-207-8331) for a confidential discussion.”

(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 products

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Champions Funding extended a heartfelt thank you to everyone who visited its booth at NAMB National in Las Vegas last week. Attendees left with confidence, knowing the lender has all their Non-QM bases covered, especially with the introduction of two new products designed to knock it out of the park for loan originators and their borrowers. In November, Champions Funding will unveil new and expanded loan programs including Foreign National borrowers with Full and Alt-Doc options, simplifying the process and broadening opportunities for international clients in the U.S. real estate market. Become an approved broker partner with Champions Funding to get access to the hottest products in the Non-QM. Email us to get connected with an Account Executive today.

“The best servicing team in the business, bar none! You’ve heard that Cenlar has the best team in the mortgage servicing business. Our talent runs deep. Altogether our leadership team boasts on average 20+ years in mortgage loan servicing experience. In the last year alone, we have recruited some of the best talent. From default to IT to risk management, we have earned our reputation as a leader. Let’s discuss how Cenlar can meet the mortgage servicing needs of your organization. Call 1-888-SUBSERV (782-7378) or visit here. We want to be your trusted partner, each and every day.”

Events, training, and webinars to Thanksgiving

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Tomorrow will be another episode of The Big Picture at 3PM ET. Rich Swerbinsky hosts a variety of guests. You can click here to register for Thursday’s 3 PM ET show. Tomorrow’s has James Dwiggins, the CEO of NextHome.

Friday the 1st, listen in to opinions (Last Word Fridays at 1pm ET) from Kevin Peranio and Brian Vieaux! Register here.

End this week with The Mortgage Collaborative’s The Fix with Melissa Langdale covering current events in the mortgage market for 30 minutes starting at noon PT. Friday’s features Mike Metz (VIP Mortgage) and Bryan Traylor (Centier Bank).

October Research, LLC’s Women’s Leadership Summit (WLS) will be held Nov 3-4 in Cleveland, OH. Built around the four diamonds: Develop, Grow, Support and Empower, attendees walk away with the tools for success. Learn how to manage effectively, negotiate for what you need, build a network and much more. Visit OctoberResearchWLS.com for more information.

Texas Mortgage Bankers Association’s Education Symposium is coming up on November 4-5, at the Hilton Dallas Lincoln Centre Hotel in Dallas. This year, TMBA’s 7th Annual Symposium's theme is Fortune Favors the Bold. Hundreds of mortgage professionals, from operational staff and leaders to Sales professionals and CEOs, will be there to learn and share, and will leave the Symposium with greater expertise and motivation to act.

The California Mortgage Expo returns to Pasadena on Tuesday, November 5, bringing in the industry's best, with educational sessions that show you how to make more money, be a better sales pro, and keep your pipeline full.

Tuesday, November 5, and all Tuesdays at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders: Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.

Looking for more in-depth commentary on weekly mortgage news? Register here for Wednesday’s 11AM PT "Mortgage Matters: The Weekly Roundup” presented by Lenders One.

Fusion '24: The Midwest’s Premiere Lending Event! Formerly known as the Servion Lending Conference, Fusion 24 Nov. 6-8 is your best value in comprehensive residential and commercial lending insights and education. Happening at the JW Marriott - Mall of America, Fusion 24 promises to be packed with expert speakers, networking, and live entertainment ideal for all experience levels. Sponsorship and exhibitor opportunities available here. Act now, the JW Marriott-Mall of America room block expires 10/7! Learn more at myservion.com/fusion.

“In today’s fast-paced business landscape, staying ahead means embracing innovation and strengthening your defenses. Register for MQMR's AI-Powered Vendor Management Webinar here on November 7th at 12 PM CST and discover how you can do both! We’ll cover everything from Rapid Risk Identification and Efficient Document Summarization to Enhanced Cybersecurity, as well as mastering oversight that helps guard against data breaches, all while keeping compliance at the forefront. Leverage our technology or fully outsource it to our team of experts. Book a demo today!”

If you’re in Georgia, certainly Atlanta, come to the luncheon on November 12th for the Atlanta Mortgage Banker’s event in Dunwoody!

Join MBA-NJ at the 2024 Northeast Region Wholesale Lending Fair, November 12- 15 at the Hard Rock Hotel and Casino in Atlantic City: economist’s post-election outlook, AI Workshop, NAMB & AIME CEO’s, Brokers Sharing Ideas Panel, Tech Demo panel, Lenders Panel, Realtor Panel, Coaching, Exhibits, Free CE and more. Only $145 for members and $155 for non-members. Exhibit Table only $1350.

Join UCLA for a thought-provoking event featuring a conversation with L.A. Mayor Karen Bass and UCLA Blueprint Editor Jim Newton. Gain insights into the pressing issue of homelessness in Los Angeles during a meaningful discussion about the many challenges and potential solutions, Wednesday, November 13th, 5 p.m. to 6 p.m.

Stay informed and don’t let homebuyers miss out. Register for USDA’s free, live, virtual training on Thursday, November 14, 2:00 p.m. - 3:00 p.m. ET. Get the scoop on USDA's latest handbook and policy updates.

FreddieMacCONNECT, Freddie Mac Single-Family's premier conference, is back on

November 19 – 20. Last year over 3,000 industry professionals convened to learn more about Single-Family’s innovative solutions, mortgage offerings and initiatives focused on addressing and solving dynamic market challenges to advance the housing industry.

If someone located in a Presidentially Declared Major Disaster Area had their home destroyed, they can leverage an FHA 203(h) mortgage program to receive up to 100% financing for the purchase of a new residence. With FICOs starting at 580, higher allowable LTV, late payment forgiveness, this is a program that makes it easier to help people start over. Register for Plaza’s FHA 203(h) Loan Program for Disaster Victims, Wednesday, November 20, 11:30 AM PT / 2:30 PM ET.

If you’re in Eastern Missouri, on Wednesday, November 20th the St. Louis MBA is having its luncheon. Come on by!

On Thursday, November 21, the MBA Kansas City is having its annual Membership Luncheon at 11:30 at the 180 Room at Joes KC BBQ in Olathe. Have a bite, and say hello.

Register now for RiskExec Connect 2024, a free half-day virtual event being held on Thursday, November 21 from 1:00 PM – 5:00 PM ET. Attendees will hear from industry leaders and experts as they discuss and inform on the latest regulatory compliance hot topics including post-election implications, appraisal bias and reconsideration of value, CRA final rule and more.

Have you heard about (read: registered for) some of our expanded media offerings? Chrisman Commentary is pleased to bring you a variety of video shows hosted on Zoom throughout the week. Take your pick: We have a show focused on technology and innovation (Now Next Later Mondays at 1pm ET, presented by BILT Rewards), origination (Mortgage Pros Tuesdays at 2pm ET), big-name interviews (Mortgage Matters Wednesdays at 2pm ET, presented by Lenders One), headline news (The Big Picture Thursday’s at 3pm ET), opinion (Last Word Fridays at 1pm ET), advisory services (Advisory Angle first Tuesday of the month at 2pm ET, presented by STRATMOR Group), capital markets (Capital Markets Wrap second Tuesday of the month at 3pm ET, presented by Polly), regulation and compliance (Regulation Central third Tuesday of the month at 3pm ET), and reaching the next generation of homeowners (Mortgages with Millennials last Tuesday of the month at 1pm ET, presented by The Mortgage Collaborative). (If you don’t see a presenting sponsor, please reach out to Chrisman LLC’s Anjelica Nixt to inquire about opportunities.)

Capital markets: mortgage rates around here into 2025?

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Rates might be at the highest level since July, but investors are growing increasingly comfortable with the collective wait-and-see stance ahead of upcoming risk events. The Presidential election is the most obvious event risk, but the composition of Congress is also relevant when attempting to gauge the likelihood of significant legislative change. And don’t forget the employment data later this week, although the noise from the storms and strikes will leave the final figures open to interpretation. Employment probably rose at the slowest pace this year, and the disasters likely distorted the unemployment rate, average earnings, participation, and the average workweek. The report will tell us little about the economy’s trend.

Next week’s Federal Open Market Committee decision has taken a backseat to the election, which makes sense given that a quarter-point cut on the path toward normalization is a near-certainty. The Fed’s pre-meeting blackout period will only marginally complicate matters in the event of a major disappointment or upside-surprise for October employment figures.

Recent remarks from Fed members suggest that it will be appropriate to continue the process of moving the stance of monetary policy to a more neutral setting over time. Over the past two years, the red-hot labor market has normalized, and inflation has come within striking distance of its 2 percent longer-run goal, all while employment and the economy continue to grow. Put another way, policy rates are heading lower, even in the event of further demonstrated strength in the labor market. It’s unlikely that a softer jobs print will justify another half point cut, particularly given that the September data series quickly brought into question the initial 50-basis points move.

Data yesterday brought a Job Openings and Labor Turnover Survey for September (7.443 million) that showed a downward revision to the reading from August and another decrease in September that left the total at its lowest level since early 2021. The report was released alongside a strong Consumer Confidence report for October that easily beat expectations. The FHFA Housing Price Index was up 0.3 percent in August after increasing a revised 0.2 percent in July, while the S&P Case-Shiller Home Price Index rose 5.2 percent year-over-year in August. The advance goods trade deficit widened to $108.2 billion in September from $94.2 billion in August.

Today’s economic calendar kicked off with mortgage applications from MBA decreasing 0.1 percent from one week earlier. Today also brings ADP employment for October, the first look at Q3 GDP, Treasury announcing the details of the Quarterly Refunding, and pending home sales for September. We begin the day with vanilla Agency MBS prices better by about .125, the 2-year at 4.09, and the 10-year yielding 4.23 after closing yesterday at 4.27 percent.

A father told his three sons when he sent them to the university: “I feel it’s my duty to provide you with the best possible education, and you do not owe me anything for that. However, I want you to appreciate it; as a token, please each put $1,000 into my coffin when I die.”

And so, it happened. The sons became a doctor, a lawyer, and a bond trader, each very successful financially.

When they saw their father in the coffin one day as Halloween approached, they remembered his wish.

First it was the doctor who put ten $100 bills onto the chest of the deceased.

Then came the financial planner, who put ten $100 bills in there, too.

Finally, it was the heartbroken bond trader’s turn. He dipped into his pocket, took out his checkbook, wrote a check for $3,000.

He put it into his father’s coffin and took the $2,000 cash.

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 STRATMOR blog is titled, “Help Borrowers Tap Into $36 trillion Available in Home Equity.” 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.)