6.30.21 Builder Technology; Michael Farris on Strategic Benefits of Single Tech System; ADP Employment

Thanks to today's podcast sponsor, Origence. Origence provides integrated origination technology solutions that transform the lending experience. The Origence Mortgage Platform is a fully integrated digital solution that covers the entire lending life cycle—from application to closing. With Origence, lenders have access to client configurable workflows, as well as automation of nearly every step in the mortgage fulfillment process. Use Origence to replace your POS, LOS & CRM mortgage stack with a single modern platform. Or, use the modular capabilities of the platform to integrate Origence anywhere in your tech stack, wherever you need to make the biggest impact on your lending. With origination, processing, underwriting, closing, funding and delivery under one, innovative platform, lenders can achieve big results in less time and at a lower cost with Origence. Visit Origence.com for more details.

Transcript

“Adam and Eve were the first people not to read the Apple terms and conditions.” Who has
actually read their phone’s manual? Technology marches on, with or without us. Two major
public home builders, Taylor Morrison and PulteGroup, recently piloted programs where buyers
can choose, design, and finance a new home virtually and add it to their shopping cart. A
Realtor pal in Marin sent a note on days on the market of existing homes. “In May 2020, the
average was 47 versus May 2021’s 26. It is difficult to see how it could get any lower than that.
MLS stops counting days on market once a home goes pending, and most homes are still being
financed, and loans take a while to get approval, usually 20 days or so. So if the home is on
market 7 days before offers are taken, that would be 27 days total. Cash of course closes faster.
The biggest slowdown in the market right now is getting appraisals done in a timely fashion.
Appraisers are all very busy, and trying to get one done now is usually a very difficult and time-
consuming process. It used to be that 15 days was plenty of time for an appraisal, but now it is
strictly on a case-by-case basis.” And lender’s technology is a big deal: The audio version of
today’s commentary, available here, is sponsored by Origence, and features an interview with
Michael Farris, their VP of strategic solutions. We discussed recent mortgage tech advances
and how they can solve real-world challenges that lenders are facing.
Jobs
In 2020, Union Home Mortgage TPO channel secured more than $1.5 billion in funding. To
continue its year-over-year growth, Union Home Mortgage Corp. is actively seeking
experienced Account Executives nationwide, with a focus on AZ, NM, and TX markets.
With an emphasis on expansion and responsible lending, Union Home Mortgage President and
CEO, Bill Cosgrove, “is committed to being ALL IN to grow Union Home Mortgage’s broker and
non-delegated space on a national level.” Union Home Mortgage supports both NDC and
Wholesale Business Partners. No matter where you are in your career, you’ll receive world-
class onboarding and ongoing support as you build your business. From high-level coaching to
fireside chats with leadership, you’re set up for success from the very beginning. Explore our
new TPO site, and to be considered for AE positions contact Jim Wickham, VP - Third Party
Origination, at (248) 318.8553.
An established TPO lender, with over 20 years in the industry, is searching for a proven
Senior Sales Leader to aggressively expand its Wholesale and Correspondent channels
in the Non-QM space. Licensed nationally, this direct lender offers a complete suite of Non-
QM, Conventional, FHA, VA, and USDA products, competitive pricing, and superior customer
care. The ideal candidate will have experience recruiting Account Executives and driving Non-
QM volume for inside and outside sales teams. This is an opportunity for the right sales leader
to have a meaningful impact on technology enhancements, team dynamics, and realize
uncapped financial and professional growth. For confidential consideration, please email your
resume to Chrisman LLC’s Anjelica Nixt for forwarding.
Evergreen Home Loans™ continues to grow and is pleased to announce the promotions
of Don Zender and Todd Miles to the positions of Executive Vice President of Loan
Production. In these new roles, they will lead and grow sales originations, oversee recruitment
and retention, and spearhead the implementation of innovative products and services. Zender
and Miles each have over 30 years’ experience in home lending including previous roles as loan
officers and branch managers. Under their leadership, the company has achieved record
breaking purchase growth, consistent best workplace awards, and record digital closings. The
executives are focused on serving loan officers through the introduction of innovative programs

that appeal to real estate professionals including a cash offer pilot program in select states. If
you’re looking for a company that invests in programs that support loan officer growth while
helping real estate agents win business, check out Evergreen’s Careers Page.
Looking to take the next step in your sales career? Impac is actively seeking experienced
Account Executives to support our Wholesale division growing throughout 2021! As a
veteran Wholesale and Correspondent lender, Impac offers a complete suite of innovative loan
products, robust territories, competitive compensation, and outstanding benefits with almost
immediate kick-in (i.e. multiple medical plans & 401k match). Impac is recruiting nationwide. To
be immediately considered, please email Lisa Livingston.
“Citi is strategically positioned for continued growth and is making significant investments to
seize the purchase market with tools for both our clients and loan officers. Our Mortgage
Originations channels are hiring sales and operations professionals to support our growth.
Whether you are looking for a new place to work, or to take your career to the next level, now is
the time to make the move! Citi is actively filling Operations positions nationwide,
including remote Senior Underwriter positions. Additionally, we’re looking for Direct to
Consumer Sales professionals for our St. Louis, Dallas, and Detroit markets: St. Louis
Direct to Consumer Sales Mortgage Representative, Dallas Direct to Consumer Sales
Mortgage Representative, Detroit Direct to Consumer Sales Mortgage Representative.
Nationwide opportunities in Operations and Support can be found here. We look forward to
your application!”
LoanStream Mortgage is excited to welcome Donna DelMonte as EVP of Operations. She
has over 20+ years of experience in leading mortgage operations and is skilled in Non-QM. We
are thrilled to welcome her to LoanStream. We also welcome Will Fisher as EVP of Non-
Conforming Lending. Will Fisher brings many years of Non-QM-related experience, including
playing key roles in the development of Non-QM lending at Citadel Servicing now Acra and Arc
Home. In this new role, Will Fisher will continue to drive Non-QM & Jumbo process and product
initiatives to help the company deliver an excellent experience for mortgage brokers, bankers,
business partners, and customers. LoanStream is committed to advancing its mission as “The
One Lender” and innovator in the mortgage space. If you’re interested in joining a company that
invests in people, processes, and technology to improve the customer experience and
strengthen your referral business, check out the Careers page for the latest career
opportunities.  
Calling all originators! Are you looking for a unique opportunity with a Consumer Direct
group? One heavier on purchase then refinances? How about one with portfolio products with
in-house underwriting? If so, let’s chat. Ask yourself these questions: If your leads and closed
loans are overwhelmingly refinance; what are you going to do when rates inevitably rise? Do
you feel things tightening up at your current company? Are you getting more and better leads or
less with lower quality? Do you have the products needed for the changes in the market? Is
your paycheck growing or decreasing? It’s time to talk to Angel Oak Home Loans, the market
leader in Non-QM & Jumbo financing! Don’t wait until the last minute to figure things out! A
phone conversation won’t hurt you… it will only make you better informed to take control of your
future! For a confidential conversation call Sarah @ 602.475.6460 or apply at one of these
links: Charlotte or Atlanta.
Finally, there’s a better business model that provides LOs with ultimate control, unmatched
pricing & a proprietary LOS that promotes faster closings! See how top producing loan officers
are leveraging digital storefronts to expand market reach and increase volume. Canopy

Mortgage is hiring top producing Loan Officers and Branch Managers. Build your business
the way you want, Join Canopy to stand out in the following markets: CA, CO, FL, GA, HI, IL,
NC, SC, TN, TX, and WA. Reach out to Josh Neumarker at Canopy Mortgage for more
information 801-330-5016.
Broke and lender products & services
Have you lost a borrower to a credit union? You need a credit union on your side!
Advancial Federal Credit Union shines in the portfolio lending market with a variety of
unique programs and competitive pricing. Niches include Loans to 3.5mm including cash
out, hobby farms, unique homes, non-warrantable condos, condotels, co-ops, no credit work,
student and other visas, asset depletion, RSU and stock options as income and much more!
Lending in all 50 states. Call Advancial today! 888-876-2328 or email VP & COO John Burkel.
BluePoint Mortgage, founded in 1991, celebrated its 30 th  anniversary this month! “Our
vision has always been focused on customer loyalty while building long-term relationships that
benefit our broker partners and employees,” says CEO Sam Soliman. Through this vision,
BluePoint Mortgage has flourished in the housing market over the last three decades. Soliman
credits his team for the company’s success, whose leadership includes COO Mark Matta,
Managing Partner Allen Samuel, and CFO Dawn Narken Hill. “Our philosophy is that the simpler
we make the products and process for our customers, the quicker we close loans for the
borrower(s), and as an employer, our culture is second to none.” BluePoint Mortgage continues
its commitment to partnership today with its industry-known turn times, best-in-class service,
and a broad range of product offerings, including Non-QM. Based in California, BluePoint
Mortgage is licensed in over thirty states and continues to expand its footprint.
“How did TMS become one of the nation’s Top 10 subservicers in only seven years? Well,
we remained committed to our vision of growing happiness by thinking differently and
challenging the status quo in servicing. As a new article in DS News explores, the cornerstone
of TMS’s success is putting the “service” back in subservicing by investing in our people and
integrating technology to provide rewarding and transparent experience for our customers and
our clients. All of our customer service representatives (CAREologists) receive more than 220
hours of annual training, empowering each to solve any customer issue. They leverage great
tech, starting with SIME (Servicing Intelligence Made Easy) so that customers and clients have
24/7 insights at their fingertips. Servicing more than 350,000 active loans, we deliver 92% first-
call resolution, 98% customer satisfaction, and a <5% abandonment rate. Want to learn more?
Check out the full article at the link below. Read more on page 21, here.”
Verify 1099 contractors at gig economy companies on Truework! The team at Truework
continues to listen to lenders about their biggest pain points in the underwriting process and one
of the most common challenges is verifying 1099 gig economy workers. Truework can now
verify 1099 drivers at companies like Uber, Lyft, Doordash, Postmates and Instacart. Truework
is building the ultimate verification platform, and currently has instant verifications for over 35
million employees and is the exclusive verification provider for millions. For the tech-oriented
folks, its API is easy to integrate and your dev team can do it in minutes.
Non-Agency & jumbo production moves around the biz
Stearns Wholesale offers a wide variety of Jumbo Products that feature an aggressive
pricing model, flexible options, and the depth to fit any unique borrower situation. Its
new Preferred Jumbo Program recently launched with criteria allowing for 80% LTV up to $1.5

million, with an industry leading price. This jumbo has Cash Out options and is a great High
Balance alternative in those counties where Agency High Balance is not available. With 6 total
Jumbo Product offerings at Stearns Wholesale, they each provide the opportunity to expand
your high balance sales volume and give you the edge you need. If you’d like to partner with
Stearns or learn more, click here to be contacted.
Wells Fargo Funding added clarification to its Seller Guide Section 825.08(b):
Credit Evaluation, specifying when an authorized user account is eligible for use as a
tradeline on Non-Conforming Loans. There are no changes to policy. Wells has expanded its
policy to allow borrowers who have a minimum of 84 months’ reestablished credit after a short
sale are now eligible for Non-Conforming loans, and updated Non-Conforming underwriting
guidelines to better define a flip transaction. Refer to Section 825.15(b). Flip transactions
continue to be ineligible for purchase. And expanded its policy for Non-Conforming Loans to
borrowers with multiple owned properties. For primary residence transactions, borrowers who
own more than four properties are now eligible.
Wells Fargo Funding Sellers can take advantage of certain flexibilities for Non-Conforming
Loans that are Qualified Mortgages (QMs) based on annual percentage rate (APR) to average
prime offering rate (APOR) spread under the Qualified Mortgage Definition under the Truth in
Lending Act (Regulation Z): General QM Loan Definition Final Rule (amended QM Final Rule).
Refer to the Seller Guide for complete information.
Chase Correspondent Lending is making the following Non-Agency product guideline updates
based on our ongoing evaluation of the current market environment. The updates are revisions
to the temporary COVID-19 Non-Agency product limits announced in bulletins CB20-14 and
CB20-26 last year. Chase Correspondent Lending is making the following updates effective with
Best Efforts loans locked on or after 6/30/2021:
 
Non-Agency Debt to Income (DTI) ratios for Self-Employed transactions. The Non-Agency
product guides and Chase Advantage Non-Agency product guide and matrix will be revised to
reflect a maximum DTI of 43.00% (previously 35.00%) for self-employed transactions. (Refer to
the product guides for all requirements, including but not limited to the maximum LTV/CLTV,
minimum credit score and eligible markets.)
Non-Agency Cash-Out refinances. For eligible markets, the Non-Agency Amortizing Fixed, Non-
Agency Amortizing ARMs, Product Quick Reference – Non-Agency Amortizing Fixed and ARMs
and Chase Advantage Non-Agency guides will be revised to allow Cash-Out for Non-Agency
transactions up to $500,000. (Refer to the product guides for all requirements, including but not
limited to the maximum LTV/CLTV, minimum credit score and eligible markets.)
Finally, Chase addressed Non-Agency Delayed Financing (Technical Refinances). The
Purchase, Refinance, Land Contract, Construction to Perm – Non-Agency topic will be updated
to align Non-Agency Delayed Financing (Technical Refinance) requirements with Agency
requirements. (Refer to the product guides for all requirements, including but not limited to the
maximum LTV/CLTV, minimum credit score and eligible markets.)
loanDepot’s Announcement discusses Conventional Escrow Eligibility Expansion, updates to it
Conventional Lending Guide regarding Consolidated New York Mortgages (CEMA) and
Employment Section plus information on the Jumbo Advantage EXPRESS.

LendSure Mortgage Corp. offers Jumbo loans up to 3 million with a Super Jumbo loan option
that allows cash-out up to 1 million.
First Community Mortgage now offers 15-Year amortization on its Jumbo Express Fixed
product.
LoanStream Wholesale’s new AltONE Investor Loan Program, an alternative to conventional
investor loans, is available for Purchase, Limited Cash-Out Refi, and Cash-Out Refi
transactions, loan amounts up to 1.5 million.
For over 22 years, ACC Mortgage has specialized in ITIN and a multitude of other Non-QM
loan programs.
Flagstar made enhancements to its Jumbo Fixed and Jumbo 5/6 and 7/6 ARM.
LendSure Wholesale Mortgage offers Full Doc & Bank Statement Investor Loans, up to 2
million. Check out the Lendsure Non-QM Loan Programs
A&D Mortgage Non-QM products have received major updates, effective June 14 th , which
include reduced pricing and underwriting requirements.
Looking for a Jumbo offering up to $500,000 Cash Out, up to 89.99% LTV? Land Home
Financial Services JetOnJumbo, a Jumbo with a purpose.
Recent updates by Angel Oak Mortgage Solutions made its non-QM products  even more
competitive and flexible so when Agency won't work, they can quickly pivot to another loan
product with no delays. For example, there is a no income Investor Cash Flow product, an easy
and quick loan to help your borrowers with a 1031 exchange.
Capital markets
Rates: a little up, a little down. Rates exhibited little movement yesterday despite the receipt of
some strong home price and consumer confidence data. Consumer confidence soared in June
to the highest level for the index since the pandemic began last March, thanks to more positive
views about the economy and job market. Consumer spending activity is expected to remain
robust in the short-term, evidenced by a rise in plans to take a vacation and an increase in the
proportion of consumers planning to buy automobiles, major appliances, and homes.
The pace of new and existing home sales eased in May as prices have pushed some buyers
back to the sidelines. Despite seeming like the inventory for new homes is about five days, it
was at 5 months’ worth and existing homes’ inventory increased to 2.5 months. Over the last
twelve months new home prices were up 18.1 percent and existing home prices were up 23.6
percent. In regard to buying homes, U.S. home prices jumped the most since 1988 in April, with
property values rising around 15 percent from a year ago. Note that a year ago, the entire U.S.
was in lockdown, though looking at historical data, it would seem COVID only exacerbated an
existing supply problem. That supply and demand imbalance should get some relief as lumber
prices fall, and the foreclosure and eviction moratoriums expire. The question now is how long
mortgage rates and demand for properties have fueled the market for more than a year will
continue?

Returning to news du jour, today brings a preview of Friday’s payrolls report in the form of ADP.
We’ve received that (+692k) as well as mortgage applications from the MBA, which decreased
6.9 percent from one week earlier for the week ending June 25. Later this morning brings
Chicago PMI for June and the Pending Homes Sales Index for May. Two Fed presidents are
also scheduled to speak starting with Atlanta’s Bostic followed by Richmond’s Barkin. The Desk
of the NY Fed will purchase up to $5.2 billion of 30-year 2 percent and 2.5 percent MBS. We
begin Hump Day with Agency MBS prices up/better nearly .125 and the 10-year yielding
1.45 after closing yesterday at 1.48 percent.

Did you know that before the crowbar was invented, crows had to drink at home?

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