Job Opps/Mortgage News

Sellers Wanted, Job Openings, CRM
PRMG opened 14 new retail branch locations in the first quarter of 2017!
"Along with the drive and ambition to bring the American Dream of Homeownership to all cities across the country, PRMG has expanded its footprint in Mesa, AZ; Coconut Creek, FL; Debary, FL; Miami, FL (two locations); Orlando, FL (two locations); Atlanta, GA; Oak Brook, IL; Schaumburg, IL; Timonium, MD; Fair Haven, NJ; New Brunswick, NJ; and Anderson, SC.

PRMG is devoted to growing our retail platform and is always looking for Motivated Loan Originators to support our mission to being "Progressively Better in All that We Do". 
Voted No. 1 of the 50 Best Companies to Work for in America 2015
No. 1 Best in the Desert 2017  
TOP 25 of 100 Mortgage Companies in America!  
PRMG employs over 1,300 people! If you're ready to make a change for the better and join a top-tier team then we need to talk!"
Contact Chris Sorensen (909.262.0452).

http://www.prmg.net/

Mortgage News Daily

ResMac continues its national expansion and seeks seasoned Wholesale Account Executives, with an active book of business and at least 3 years' experience to join the TEAM!
"If you are a top producer, and ready for success, then it's time for you to shape your future with ResMac. We have positions available in California, Arizona, Texas, Illinois, Wisconsin, Minnesota, Michigan, Washington, Oregon as well as other major markets.
The ideal candidate should be familiar with all Agency guidelines and loan programs. In addition to FNMA/FHLMC, and FHA/VA/USDA, we offer a suite of Non-QM products, all are available through our proprietary loan portal, 'Marti.' Marti allows our partners real-time control of the transactions. Ad soon as e-disclosures are generated, our partners can order appraisal, flood cert, all income and asset verifications. ResMac offers a competitive compensation and benefits package. To apply, send resumes to Zoe Alba, VP of Human Resources.

by: Rob Chrisman                                      

MBA Conference; Stonegate and Nationstar; Treasury Trading Changes

May 3 2017, 5:37AM

As the 1,400 or so registered participants in the MBA’s Secondary Marketing conference head home, bleary-eyed, the tag-line for the conference could have been, “Just Do It Easier, Better, Faster, Cheaper… the Order is Up to You.”

Of course, the devil is in the details. My cat Myrtle hasn’t weighed in on the GSE reform efforts, one of the main topics of the conference, although the MBA is pushing hard for it. but plenty of people believe it may have to wait in line behind tax, health care, immigration, foreign policy, and infrastructure issues facing the administration, regardless of how necessary it is. Support is important!

Rob Chrisman

Pipeline Press, Author

Rob Chrisman began his career in mortgage banking - primarily capital markets - 27 years ago in 1985 with First California Mortgage, assisting in Secondary Marketing until 1988, when he joined Tuttle & Co., a leading mortgage pipeline risk management... more
 

Lender news

Stonegate Mortgage Corporation announced that its stockholders overwhelmingly approved all proposals relating to the pending acquisition of Stonegate Mortgage by Home Point Financial Corporation at a special meeting of Stonegate Mortgage's stockholders.

Another publicly held mortgage company moved ahead with its rebranding, basically two years after beginning it. Nationstar announced that it would officially rebrand to Mr. Cooper. "The company believes people should expect more from the mortgage industry and is setting a new standard with a redefined purpose to keep the dream of homeownership alive and make the process less worrisome and more rewarding. To earn customer business - and trust - all 7,700 team members at Nationstar will become Mr. Cooper, the embodiment of the kind of person who always goes the extra mile for a customer."

The Conference: MBA's Secondary Conference in Manhattan this week.

What's new? Really new? Not much.

As an industry, we're dealing the same topics we were one year ago, two years ago, three... And we will be for years.

• Per Bob Ryan, with the Federal Housing Finance Agency, an overhaul of U.S. mortgage agencies Fannie Mae and Freddie Mac might take longer than five years, depending on how severe the proposed changes are.

If there is a "very radical" reform of the two government-sponsored enterprises, "we need more time" for the transition, Robert Ryan, special adviser and acting deputy director at the FHFA.

• The MBA and Independent Community Bankers Association have both released their thoughts on the GSEs (basically Freddie and Fannie).

1. Last month the MBA issued a report recommending the two agencies should be restructured as primary loan guarantors, together with a group of publicly held, regulated mortgage guarantors.

The government is open to something - eventually. Treasury Secretary Steve Mnuchin repeated his call for the reform of Fannie and Freddie at the Milken Institute Global Conference and the government is expected to release a plan by 2018. 

Congressional support is critical, but how much political capital does Congress want to spend pushing GSE reform ahead of tax reform, budget questions, health care plan issues, immigration changes, infrastructure spending, housing reform, FHA stabilization, and the like?

2. That being said, MBA president Dave Stevens noted, "We have come too far - let's move forward. 
"Both Congress and the Administration are pursuing GSE reform legislatively--that is a fact," Stevens said.
"The teams are on the field and the game is in play; the choice is to either stand on the sidelines and protest or get in the game.
MBA plans to get in the game to help craft a solution that works for all lenders, consumers, and the housing finance system. There is no other option but to engage and lead on this subject." 
Stevens called GSE reform "the last piece of unfinished business before we can move forward with true housing recovery" and noted that on Capitol Hill, within the administration and among major stakeholders, activities around housing run high showing a lot of promise for housing finance reform.

Capital Markets

• The Treasury market is working to develop new infrastructure and methods in order to embrace new technology and meet the challenges of fluctuating interest rates, according to a report from Celent. Apparently alternative business models are prompting unprecedented changes to Treasury trading.
• Rates: up a little, down a little. Yesterday was down a little, in terms of rates, attributed to slow auto & truck sales and oil prices sinking. The treasury market closed at the session highs with the 10-year yield back below 2.30% and rallying more after the 3PM ET future's close, the traditional "close." And ThomsonReuters reported, "For today's session, retail MBS volumes were above recent averages and biased to modestly better selling on net by the close." The 10-year T-note's price improved .250 (to close with a yield of 2.30%) while the 5-year and agency MBS improved .125.
• Coming up are the MBA's reports on applications, April ADP Employment Change at 08:15 ET, the quarterly refunding announcement which will include auction sizes for next week's new 3- and 10-year notes and 30-year bonds, and the FOMC rate decision at 2PM ET. The statement is not expected to contain any MBS reinvestment tapering language with the minutes potentially providing more clues on their current thinking.