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[ad_1] If you added up the impact that HousingWire’s Vanguard winners have had on the industry, you’d likely have a comprehensive list of the initiatives that have moved markets forward. These are the leaders who have dreamt, shaped and molded a better way to execute the home-buying journey. From injecting technology into the mortgage process to redefining the real estate agent and home shopper relationship, these leaders have laid the foundations for millions of homeowners. HousingWire sat down with three of these leaders: James O’Bryon, RE/MAX Gold Nation CEO, Cathleen Schreiner Gates, SimpleNexus CEO, and Phil Shoemaker, Homepoint president of originations, to learn more about the housing trends they’re closely watching, what they think will define 2022 and what they hope people remember them for when they retire. Brena Nath: First off, congrats on being named a 2021 Vanguard. Who would you want to thank for helping you get where you are today? Phil Shoemaker: I’d have to say my wife. I definitely would not have been able to do a fraction of what I’ve done without her support. I’ve been really lucky along the way. Outside of my wife, there’s a long list of people who really took an interest and invested in me and they all know who they are, and I very much appreciate all of them. Brena Nath: What’s one accomplishment in your career that you’re really proud of? Phil Shoemaker: Honestly, I think the biggest thing is that I’ve never sacrificed who I want to be. I feel like success can change people, and I’ve seen that. I’ve been around a lot of people who have found success. And I think that what I’m most proud of is, despite my success, is that I feel like I’ve stayed consistent with my values and who I want to be. It’s really all about me. I really find a lot of joy in helping other people and being a part of a team that wins together, as opposed to my own personal accomplishments. Brena Nath: How are you helping move markets forward? Phil Shoemaker: The No. 1 thing would be that I think this industry as a whole has become a little too focused on the wrong thing, specifically technology and automation. Just to give you context and background, I’m a technologist, and so I started out my career as an electrical engineer. That’s what I got my degree in. And then, I got into technology and built two loan origination systems. So, I actually came into the industry with a very heavy focus on technology. I think technology and process are extremely important because efficiency really does matter in this industry. But this is still very much an industry that’s about relationships. It’s a people-centric industry. I believe what we’re doing at Homepoint is unique, and we’re coming at it with a people-first mentality. Our goal is to kind of double down on that. If you think about what we’re doing, putting people in homes, it’s a very noble thing, and it’s oftentimes one of the biggest transactions that a person ever does. It’s stressful, right? And so, creating a company that recognizes it’s not just about profit and making money, it’s about something bigger than that, which is we are putting people in homes. Oftentimes, I think that gets lost in the industry. I think that you can win and do both. You can make money and you can also take a people-centric approach, and you can be efficient from a technology standpoint. One doesn’t have to trump the other. Brena Nath: What are two trends in the mortgage and real estate industry that you’re closely watching? Phil Shoemaker: The number one trend is that I do believe that there’s going to be a persistent migration between from retail to wholesale. And let me back up and give you the perspective there. Physical distribution in this industry is still very important. Having originators in the market that have access to referral sources, like real-estate agents, who are familiar with borrowers, communities, and the different nuances of the market is really important. And there are two ways you can get that. You can build a company with distributed retail where you’re employing those LOs, or you can engage in wholesale lending where you are a lender but you’re leveraging this network of originators around the country. And I’ve had deep experience in both. I’m not saying an originator in retail or wholesale is better. But I do believe that the overall platform that wholesale offers an originator is superior, and the reason is that in wholesale, there’s more alignment with the originator and the lender. The originator is able to focus on what they do best, which is originating loans, and the lender is able to focus on service and building scale and efficiency, opposed to trying to manage the originator, which is very costly and time-consuming in retail. It got muted a little bit in 2020 because when rates go down, everyone’s pipelines get full, and people stop moving. As rates go up, which they undoubtedly will, refis will go away and capacity’s going to start to become more constrained. You’re going to see more and more originators take that leap and move to wholesale because they’ll give their borrowers better rates, and I think they’re also going to be able to give their borrowers a better experience. The second thing I’d point out is that there is a severe issue in mortgage with diversity. You could also broaden that to other industries, but since this is the industry we’re in, I’ll focus on mortgage. There needs to be more minorities in leadership positions and owning businesses. It’s the same thing with women. The industry has been dominated by one class for far too long. That’s why last year we did a $1 million grant to help minority- and women-owned brokers start. Brena Nath: The past two years have been filled with a lot

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[ad_1] The MSR sales market is finishing out 2021 at a robust pace that market observers expect will continue into the new year, propelled by a rising-rate environment and anticipated tax-code changes. As evidence, Denver-based Incenter Mortgage Advisors this month unveiled three new MSR bulk-sales packages that have been put out for bid that involve primarily Fannie Mae and Freddie Mac loans that together involve loan portfolios valued at nearly $8 billion.  One MSR bulk-sale package involves 2,350 loans valued at $753 million, according to the bid documents. A high proportion of the loans in the offering were originated in Colorado and California — with only 15 loans backed by Ginnie Mae securities. Another MSR package being marketed by Incenter currently involves 2,537 Fannie Mae and Freddie Mac loans valued at $970 million — with the bulk of the loans originated in California.  The third MSR package being marketed by Incenter also involves Fannie and Freddie loans, most originated in Texas, Washington, Colorado, Oklahoma and California. That MSR offering encompasses a total of 19,752 loans valued at $6.3 billion. In early October, HousingWire reported on the details of two other bulk-servicing packages being marketed by Incenter. One offering was for a $6.1 billion Ginnie Mae servicing portfolio and the other for a $3.9 billion Fannie Mae and Freddie Mac loan-servicing portfolio.  Incenter Managing Director Tom Piercy said those latter two deals are expected to close by the end of November. “The MSR market has been very good,” Piercy said. “The appetites from the buy side are very strong and deals that are being put in the market are getting done.” Other examples of MSR activity include an $11 billion package of Ginnie Mae MSRs sold in the third quarter of this year to Florida-based Freedom Mortgage by Ann Arbor, Michigan-based wholesale lender Homepoint, according to filings with the Security and Exchange Commission. Homepoint executives confirmed in an earnings call earlier this month that the nonbank lender is back in the market with another MSR portfolio — estimated to involve a portfolio of $15 billion worth of Ginnie Mae-backed loans, based on SEC filings. That deal is expected to close in the fourth quarter of this year. Another Michigan-based nonbank lender, Rocket Mortgage, revealed in its third-quarter earnings statement filed with the SEC that it sold MSRs on some 152,000 loans valued at about $58 billion during the period. Then, in November, the same SEC filings reveals, Rocket “purchased MSRs relating to certain single-family mortgages loans with an aggregate unpaid principal balance of approximately $9 billion and a fair market value of approximately $82.1 million.” Finally, in late October HousingWire reported that an offering of Fannie Mae and Freddie Mac MSRs linked to a loan pool valued at nearly $2.2 billion was being marketed by The Prestwick Mortgage Group on behalf of an undisclosed independent mortgage banker. Piercy said there has been kind of “a flurry of [MSR] activity over the last 30 days” in part due to normal fourth-quarter pressures, “as people are wanting to physically get something done or off the books and be able to have a sale during the fourth quarter, whether it’s for earnings purposes, or just balance-sheet management,”  Also driving sales in the fourth quarter of this year are concerns over increasing capital-gains and other corporate tax hikes that are expected to kick in next year. Piercy says a good slice of MSR sellers are small to mid-size companies structured as sole proprietorships or limited liability partnerships whose owners are particularly focused on tax liabilities.  “The tax-code structure is changing and rather than getting hit with the higher capital gains or ordinary-income rates in 2022, in anticipation they are going ahead and selling now,” he added. In addition, as markets and the Federal Reserve continue to signal that interest rates are upward bound, that has the effect of increasing the value of MSRs. Rising rates slow MSR prepayment speeds because refinancing tends to slow in such an economic climate. “We handle MSR transactions for about 50 to 100 institutions annually,” said John Toohig, managing director of whole loan trading at Raymond James. “The MSR market has definitely improved [in recent months] and values are better right now. “Prepayment speeds are coming back down,” Toohig said. “A rising-rate environment is a boon for MSRs.” Piercy added: “We have seen [MSR] prices now really escalate just in the last six weeks, and that has absolutely been part of the trigger for people to sell.” He also stressed that a slow, steady rise in rates — as appears to be the trajectory now — is the ideal, given that significant rate volatility is not a positive for the MSR market. Piercy also said there are “two distinctive MSR markets, with big banks or super-regional banks generally being the successful purchasers on larger MSR portfolios involving conventional loans. “They don’t like Ginnie Mae servicing,” he added, which is a part of the MSR market “dominated by nonbank servicers.” “It’s a robust market, and prices have improved,” Piercy stressed. “Again, the [MSR] activity has been driven by tax implications as well as taking advantage of the [MSR] price improvement [in a rising-rate environment].  “We’ve got a lot of capital committed to buy MSRs in the marketplace,” and that is expected to continue into next year, Piercy added. The post The MSR market is exuberant — for all the right reasons appeared first on HousingWire. [ad_2] Source link

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[ad_1] if(typeof(jQuery)==”function”){(function($){$.fn.fitVids=function(){}})(jQuery)}; jwplayer(‘jwplayer_NolHFwI3_2RuqXW7O_div’).setup( {“playlist”:”https://content.jwplatform.com/feeds/NolHFwI3.json”,”ph”:2} ); This Lunch and Learn will examine the nation’s lack of housing inventory and the factors that have contributed to a decline in homebuilding. The discussion, which will feature speakers from the National Association of Home Builders, Land Gorilla and On Q Financial, will also focus on how a lack of supply is impacting housing affordability. Panelists Sean FariesCEO,Land Gorilla Robert DietzChief Economist and Senior Vice President for Economics and Housing Policy,National Association of Home Builders Douglas NormanVP, Construction and Renovation Operations,On Q Financial Sponsored by: Land Gorilla Get More Info The post Lunch & Learn about Low Housing Supply, Lumber and Homebuilding appeared first on HousingWire. [ad_2] Source link