Joal Tallant said the recent Presidents Club outing at Crystal Springs Resort included some team-building events. They included a miniature golf tournament, a scavenger hunt, a trivia contest, and a “mixology” competition to see who could develop the best cocktail (the results of which are still being debated).

“Despite all of the fun team-building activities, the best team-building came from when they handed out the Presidents Club Award, and the presenter spoke to what made each individual such a valuable contributor to the AnnieMac family,” Joal said.

The outing took place from May 31 to June 2 for 70 recipients of the Presidents Club Award, given to AnnieMac employees from operations and support as a thank you for their exceptional work. Joal said it was a scenic setting in the mountains of North Jersey, amid rolling hills overlooking a beautifully landscaped golf course.

According to Joal, the AnnieMac team members proved to be a sociable group who enjoyed the chance to spend some time together outside the office.

“You see the faces in the halls, you see the names in email, but you don’t always get to see and feel the impact that the individuals have,” he said.

The National Association of Hispanic Real Estate Professionals has recognized AnnieMac’s Rudy Benitez of Casa Grande, Arizona, as one of the top Latino mortgage originators in the country. The organization’s annual ranking of the top 250 Latino mortgage originators – based on the number of mortgages closed in the previous calendar year -- put Rudy at number 26 in retail overall, and at number 14 for non-depository lenders.
According to the NAHREP, the mortgage originators on the list are contributing to the association’s mission of sustainable Hispanic homeownership.
The NAHREP report that includes the rankings states: “The success of the Top 250 Latino Mortgage Originators is a demonstration of the growing influence Latinos demonstrate in the industry both as a profession as well as in the volume of home buyers driving the housing economy.”


For the fourth consecutive year, AnnieMac Home Mortgage has won Philadelphia Business Journal’s “Best Places to Work” award.

AnnieMac was one of the winners in the “large companies” category, for companies that employ from 100 to 499 employees. That category included a variety of companies, including firms that specialize in financial services, technology, legal services, consulting, real estate development, and daycare services.

Philadelphia Business Journal sponsors the awards, along with Quantum Workplace.

According to Philadelphia Business Journal, the contest is based on employee surveys and contains various levels of safeguards to protect the integrity of the process.

Employees were asked to rate their companies according to the following categories:

  • Work environment
  • Personal growth
  • Professional development
  • People
  • Embracing change/new ideas


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.

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