Christine Beckwith, National VP of Realtor and Sales for AnnieMac Home Mortgage, will be featured in an upcoming issue of Mortgage Professional America for the magazine’s 2017 Elite Women in Mortgage feature. The women considered for the recognition are nominated by their peers. The magazine’s researchers then sift through the nominations and poll readers to narrow them down to finalists.

“I consider this a huge honor and one that I will not squander.” Christine said.  “To know that this award is a nominated one and that my colleagues want to nominate me for something this special means the world to me — more than you realize.” 

Last year’s Elite Women issue of MPA magazine pointed out that  women make up nearly 60 percent of the global financial services workforce, yet only 14 percent are board members, and only 2 percent hold CEO positions.

“All of these women are shaping and changing the face of the mortgage industry, shattering barriers along the way,” the magazine states. “Collectively, their achievements are nothing short of staggering.”

“I have been so fortunate to have the opportunity to be amongst a small percentage of women in the industry who are given the authority to lead a sales force,” Christine said. “It is not lost on me how unique and special it is to have an entire organization trust me with that title and job.”

Daily Quote: Many of life's failures are people who did not realize how close they were to success when they gave up.

Fun Fact Of The Day: It’s estimated that at any one time around 0.7% of the world’s population is drunk.  (Personally I think that's too low)

GSE Battles On The Horizon?

As you know FNMA is moving into FHA’s higher DTI neighborhood starting July 29th.  While we still haven’t seen how the major investors (Wells, et al.) are handling this from an LLPA perspective I expect this move to have a some modest effect on the composition of pipelines during the course of the year.

Mortgage Participants should be asking themselves the following 2 broad questions:

Question 1

How much would this have taken from FHA over the past year?

If FNMA is now treading in FHA waters what did that pool look like over the past 12 months?  I’m not interested in overlapping areas where they could currently be stealing from one another now…only where FNMA is now allowed to go where only FHA was allowed to swim pre-July 29th.  I don’t know the answer but I’d guess it’s about 10% and I’ve already pinged the Agencies for the answer (which of course I’ll share).  All Mortgage Participants should be asking themselves the same question for each division, branch or MLO they have.  What would my P&L have looked like if 10% of my production had gone FNMA versus FHA last year with my existing MLO comp plans in place?  (Spoiler Alert: Not Good)

Question 2

Why is FNMA doing this and how will others react? 

This is clearly a means to open the road for home financing for Millennials and others with solid credit and strong employment history but with more “stretched” budgets.  So what could be more interesting to see is the following:

  • New Borrowers? How many people will this pull into the home purchase market over the next 12 months?  Said another way, if not for this change how many people would not have qualified for a home purchase as of July 29th 2018?  I have zero doubt that AnnieMac and the industry will start seeing more conventional business but how much is a function of how many NEW buyers this pulls into the market, how investors treat this, and how other agencies counter.
  • FHA Reaction?  How will FHA react to this change?  More specifically, will they accept the fact that these more stable borrowers who would have gone the FHA route are now going the conventional route?  If so then they’re explicitly okay with a lower quality portfolio and potential greater loan losses putting the MMI fund at risk and perhaps dis-incentivizing any future UFMIP cuts?  Let’s not forget the political pressure HUD is under to reduce taxpayer exposure to housing risk.  Or…will they push back by lowering MI on home purchases which exhibit the similar characteristics FNMA is gunning for and/or perhaps relaxing the life of loan insurance which makes conventional more affordable?  I must admit that a responsible GSE market share war would be nice to see. 

Eventual Balance Between GSE’s

There is no great rush, in my opinion, to do anything dramatic here until we get more clarity on FHA’s stance, Investor LLPA’s, and industry data.  FNMA is obviously looking to gain market share from Freddie and FHA, look like they’re properly serving the underserved American homebuyer and making themselves a more suitable candidate for less reform and even perhaps some pitch to go semi-public again.  Regardless too big to go away is still alive and well.

Mean Reversion?

Please don’t forget that pre-crisis FHA accounted for about 15% of the market and at its height was about 35% of the market.  Sure – the market has changed and FHA is a more permanent fixture on the landscape now but it shouldn’t be a surprise to anyone that:

  • The equilibrium FHA/Conventional state is not our current position
  • Any movement in the current balance between FHA and Conventional is almost certain to move more towards conventional business.
  • Even assuming the industry ends up at a final equilibrium state of 20% - 25% Gov’t and 75% - 80% Conventional (plus Non-QM, Jumbo, etc.) that’s a sizable shift from where we are now.

So What Does This Mean For Mortgage Participants?

Two Takeaways.  First, get your heads around a cost structure that keeps you profitable given the eventual rebalancing of the FHA/Conventional market share scale.  Second and most important is that there is plenty of good news in all of this.  Reduced (yet responsible) credit constraints equals more business for homebuyer centric firms like AnnieMac.  More people chasing homes which will drive builders to bring supply online faster – it will also drive more people to Renovation loans (See: shameless but smart plug for AnnieMac’s Red Carpet Reno program).  More home purchases and more building/renovation leads to a stronger economy and more jobs.  More jobs leads to more people being able to afford homes.  A virtuous circle and a nice place to be in the business cycle.  More to come on this as it unfolds and of course we’ll keep you updated.

Economic News/Activity:

2-Day Fed meeting ended yesterday and as expected we got a 25 basis point increase in rates + some additional clarity on the reduction of the balance sheet (the more important topic in my opinion).  More to follow on this as well once the dust settles.  For now the market is taking it in stride and focusing much more attention on President Trump’s uncanny willingness to get himself into hot water thereby hurting his ability to do tax cuts, infrastructure, profit repatriation, etc.

AnnieMac Home Mortgage President and CEO Joseph Panebianco was honored as a finalist for 2017 Entrepreneur of the Year in the Greater Philadelphia Region Wednesday night, during an awards ceremony at the Kimmel Center for Performing Arts, Perelman Theater Plaza, in Philadelphia.

A panel of independent judges chose 13 regional finalists, and recognized Joseph in the “products and services” category. According to program organizers, the award is meant to recognize “the contribution of people who inspire others with their vision, leadership and achievement.”

Regional award winners are eligible for consideration in the Entrepreneur Of The Year National competition, which culminates with an awards gala in Palm Springs, California, on November 18, 2017.

Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored in the US by SAP America, Merrill Corporation and the Ewing Marion Kauffman Foundation. In Greater Philadelphia, sponsors also include PNC, Pine Hill Group, Murray Devine, SolomonEdwardsGroup, BallardSpahr, Morgan Lewis, Pepper Hamilton, Philadelphia Business Journal and Simkiss & Block.


National Mortgage Professional Magazine recently named AnnieMac Home Mortgage as being one of America’s Top Mortgage Employers nationwide. Although the article contains several regional lists, AnnieMac is included on a list of the top 90 companies in the country.

According to NMP, the magazine polled readers about their employers based on the following criteria:

  • Compensation
  • Speed
  • Marketing support
  • Technology
  • Corporate culture
  • Long-term strategy
  • Day-to-day management
  • Internal communications
  • Training resources
  • Industry participation
  • Innovation

Based on those criteria, the magazine weighted factors that readers considered more important, and used them to determine the results.

The Spring, 2017, issue of Mortgage Executive Magazine includes two important accolades for AnnieMac Home Mortgage. AnnieMac is named as one of the Top 100 Mortgage Companies in America for 2016. And company president and CEO Joseph Panebianco is included as one of the 100 Most Influential Mortgage Executives.

According to the magazine, the list of companies spotlights the top closely held mortgage companies and publicly traded banks as ranked by their total yearly mortgage volume.

The article points out the current economic uncertainty, and observes that “high performers turn periods of uncertainty to their advantage.”

In the section on mortgage executives, the winners were invited to share their thoughts on the biggest opportunity and the biggest challenge in the industry today. For Joseph, the answers to both questions center on TRID. If effectively implementing TRID represents the most pressing short-term challenge, it also represents an “opportunity to increase market share from those who aren’t ready for the new TRID environment,” Joseph writes.

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