(Thanks to Andy P. for this one.)
Every day an Irishman walks into a bar
after 4 pm and orders the same thing 7 days a week: 4 shots of Irish of Irish
Whiskey which he discretely downs one after another, pays, and then leaves. One
day the bartender asks "Hey man it's like clockwork that you come in here
every day after 4, pound 4 shots of Irish whiskey and leave. Can you please
explain your routine to me?"
The Irishman grins and says "Aye, me
have 3 wonderful older brothers back in Ireland. Each day I have one for meself
and one for each of me brothers back home in Dublin"
The next day the Irishman comes back and
only orders 3 shots of whiskey. The bartender, trying to connect the dots
reluctantly asks "Hey buddy...um....I'm afraid to ask, but I notice you
only ordered 3 whiskeys today, hope nothing happened back home to one of your
brothers?!?!"
The Irishman, again grins warmly at the
bartender and says "Oh no, they be fine all 3 of 'um, I'm just not
drinkin' today"
Yes, calendars have changed over a few thousand years. But the
Ides of March is a day on the Roman calendar that corresponds to 15 March,
marked by several religious observances, and then became notorious as the date
of the assassination of Julius Caesar in 44 BC. Speaking of history, want to
buy a house with a cannon ball still lodged in the wall from 1861? Here's your chance!
In product news, Special Agent X is waiving setup fees
on its mortgage intelligence platform for you! The mortgage technology
company Special Agent X is offering readers of this commentary a special
discount on its X-Ray platform. For a limited time, our readers will have their
setup fees waived. X-Ray transforms massive amounts of information on loans,
leads and accounting, as well as information from CRM systems and loan operating
systems, into easy-to-understand, readily available analytics and reports that
drive top-level decisions at mortgage companies/branches. It also features
benchmarking tools that help you quickly get accurate reads on the close of
loans and projected close rates, as well as a goal report based on historical
performances. This allows for mobile forecasting in real time. For more
information on this special offer and to schedule a free demo, click here (specialagentx.com/rob-chrisman/). Mention you heard about
it on robchrisman.com!
The National Warehouse Lending Division at PlainsCapital Bank
is committed to helping and promoting first time homebuyers in the
market. As the purchase market continues to grow the need for affordable
housing programs will have a larger role in helping first time homebuyers
purchase their home. FNMA HomeReady, FHLMC HomePossible, USDA, State
funded Mortgage Bonds, and Down Payment Assistance programs can help these
borrowers. "PlainsCapital Bank Warehouse Lending is excited to offer our
originating partners extended aging (dwell) periods for affordable housing
programs. We believe in providing our originating partners the additional
time needed to get these unique and beneficial programs purchased. We are
committed to creating great opportunities and strong relationships with our
mortgage banking partners. If you are interested in a new residential
warehouse lending experience, please contact Pamela Robinson,
National Sales Manager, or apply online through our website: PlainsCapital Bank National Warehouse Lending Division.
Get to know the PlainsCapital Bank SWAGGER on LinkedIn at PCB NWL.
Freedom Mortgage, named the #1 FHA/VA Lender by Inside
Mortgage Finance (3Q2016), is actively recruiting experienced top-producing
Wholesale Account Executives nationwide, with a specific focus in the
Pacific Northwest markets of AK, CO, IA, ID, MN, MT, ND, NE, NM, OR, SD, UT,
WA, WY, and in OH, NV, and Northern CA. The Northwest Regional Sales Manager,
Steve Hamerski, who has been successfully leading the region for 12 years, is
excited to speak with you about joining the Freedom Mortgage team. To learn
more, contact
Steve at (612) 801-9901. If you are interested in markets outside the
Northwest, including OH, NV, and Northern CA please contact Keith Bilodeau,
SVP, Freedom Mortgage Wholesale Lending Division.
Upcoming events
If you could spend 90 seconds to answer these three short
questions and mail the results to Jeri Yoshida, Founder and President of Yosh Communications,
it would be a great help to her. a) Why do you attend conferences? (List top
1-2 reasons.); b) What type of conference do you think the industry needs?
(Theme/focus.); and c) How do you decide whether to attend a specific
conference?
Guaranty trust is reminding everyone that the MBAs of
AR, MO, MS, and TN invite you to join them for the annual Great River
Conference. The 2017 Great River Conference promises 3 full days of
impactful sessions, motivating speakers, and endless opportunities for
networking. Represent your state, your market, and your company. And position
yourself for great things in 2017. Sessions include: Day 1 Certainty,
Consumer Direct and Retail Marketing, Loan Officers Sales Training, Fraud,
Trended Data and Podcasting! The conference will be May 9-11th at
the Peabody Hotel in Memphis, TN. To register or for more information
visit our website or email. Sponsorship opportunities are still available.
Are you tired of losing loans to a competitor over as
little as 1/8? With the increased competition, many loan officers are
struggling to win the business. On Thursday, March 23rd at 1
p.m. EDT Ron Vaimberg, nmpU President and Head Coach and one of the nation's
leading loan officer trainers, will be presenting a 90-minute private live
training broadcast titled How to Win the Rate Battle Against Your
Competition sponsored by REMN Wholesale. This is a live
streaming video broadcast, not a webinar. Master in just 90 short minutes
the sales presentation that keeps borrowers from shopping you against other
lenders. It is very possible to win the business even when you don't have
the lowest rate. You or your entire office attends for one discounted site
license. Use discount code "Chrisman" and Save $100. Click Here for Details
What impact will the new HMDA rule have on your company? How can
you ensure Fair Lending at the point of sale, particularly when you're
underwriting portfolio loans? What are the best practices for implementing processes
and technology that will help you comply with HMDA and Fair Lending? Discover
the answers to these questions and more during the Fair Lending in a New
HMDA World webinar, held on March 21st at 11AM CT and March 22nd at 2PM CT.
This webinar will be presented by Ben Wu, Executive Director of LoanScorecard, a leading provider of automated pricing,
underwriting and compliance solutions. To learn more about this webinar or to
register, click here.
Join Central Florida Chapter of the Florida Association
of Mortgage Professionals for its April 5th Workshop and
Luncheon.
Discover new ways to grow your business. Attend one of the
three available free 30 minute webinars hosted by Steve Richman &
Genworth MI and find success with first time homebuyers: Tuesday, March 21st:
8:00-9:00 PST.Wednesday, March 22nd:
10:00-11:00 PST.
On March 21st, Plaza's financial planner guide webinar
will provide a better understanding to Financial planners and loan professionals
on how Plaza's Reverse Mortgage can be used as a vital part of an overall
retirement strategy and not just a loan of last resort.
On March 29th, Wells
Fargo's economics team will host a conference call on the U.S.
housing outlook. Senior Economist Mark Vitner will quantify the new normal for
housing and when the housing market will get there. The presentation will be
followed by a question and answer period.
Get ready for OMBA's May 24th & 25th
Annual Conference in Cartoosa, OK. If you are interested in sponsorships, trade
show booths or conference registrations, contact Carol Clark for
more information.
Capital Markets
Any rate sheet price to a borrower is composed of many
things: the mortgage-backed security price, value of servicing, buyups or
buydowns based on coupon, and so on. One of those is the guarantee/guarantor
fee. Where do those fees go? Well, shouldn't they go to Fannie Mae and Freddie
Mac, rather than to pave a highway or pay an entitlement? The MBA and other trade groups endorse the G-Fee Bill.The
Mortgage Bankers Association led a joint letter with more than a dozen other
industry trade groups endorsing a House bill that would prohibit use of Fannie
Mae and Freddie Mac guarantee fees to pay for unrelated government spending.
Another factor in mortgage pricing is expected
delinquencies or losses. As an example, Moody's reports that increasing pool losses and rising
shares of seriously delinquent loans backing outstanding Countrywide residential
mortgage-backed securities (RMBS) have muted the positive credit effects of the
$7.35 billion of settlement proceeds to the trusts from the June 2016
distribution.
GInnie Mae has posted a bulletin regarding disclosure
information for its Platinum New Issuance disclosure files.
Ginnie Mae has extended the time for implementation
by 1 month for its Pool and Loan Disclosure Files and
new issuance Platinum Enhanced and Collateral Files.
Rates: up some, down some. Yesterday was down slightly,
despite the impending Fed increase today in short term rates. Yes, some called
it a "curve-flattening trade" as global equities and oil prices moved
lower. Today we will most likely see the third rate hike from the Federal
Reserve of the tightening cycle that began in December 2015. Agency MBS prices
hardly budged yesterday aside from some minor scuffling between coupons,
securities, and maturities.
Prior to the Fed this afternoon we have plenty of news. We
began with the weekly mortgage activity from the MBA (+3.1%, but 12% below a
year ago; at 46% of all apps refis are 27% lower than a year ago). We've also
had the Consumer Price Index (+.1%, core +.2%), Retail Sales (+.1%, as
expected), and March Empire State Manufacturing Survey (16.4, higher than
forecast). Coming up is the March NAHB Housing Market Index.
So...the Fed. In the late morning, Pacific Time, the FOMC
announces its decision followed by Fed Chair Yellen's press conference. The Fed
is expected to increase the range of fed funds 25bp to 0.75 to 1% with no
change to the current reinvestment policy. But MBS investors will closely watch
for talk of changes to their balance sheet strategy. With all this going on
we start Hump Day with the 10-year yielding 2.59% and MBS prices a shade better
than last night's close.
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