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Daily Mortgage News & Commentary Daily Mortgage News & Commentary Menu Daily Mortgage News & Commentary About Rob Chrisman Marie Chrisman Robbie Chrisman Anjelica Nixt Ed Rosenthal Archives Calendar Archive June 2013 to Current Prior to June 2013 Advertise Advertise on Rob Chrisman – Banners & Commentary Podcast Sponsorship Pay Pre-existing Invoice Subscribe Subscribe Form Subscription help Reporting Help and General Information Request for Constant Contact Reports Directory of Constant Contact Requested Reports Google Analytics Report Banner Click Report (WIP) About UTM Parameters Lender News Make a Payment for Employers to review resumes on LenderNews.com Podcast Podcast Conference List Conferences (excel) Conference Events Calendar Style Submit Conference Event Additions/Changes Agency Employees LenderLogix Quorum Federal Credit Union LodaSoft Purchase Bootcamp Virtual Private Event – RON VAIMBERG Point Mortgage Wemlo: Your Processing Powerhouse NAN Lender Toolkit FBC Mortgage, LLC Symmetry Lending Experience.com AD Mortgage PCV Murcor OptiFunder TRUE BEACON Property Data Collection Services ICE Mortgage Technology Service 1st MeridianLink Dark Matter Technologies Lakeview Mortgage Capital Management Omega Supreme Lending Land Gorilla PAM DeepHaven Mortgage ICE Blend Mortgage Hartford Funding Quest Advisors Verity Edumarketing Moder Richey May PacRes Mortgage Western Alliance Bank May 11: Compliance & QC info; vendor tidbits; note on hedge costs; Saturday Spotlight: New Story Lending May 11, 2024 Whatever impacts cities financially can impact residents. Loan officers are very well versed in helping borrowers look at monthly mortgage payment amounts, homeowners’ insurance costs, utilities, and… property tax. In New York, property tax assessments are based on what the property is worth, and that, in turn for commercial space, is based on what an owner can make from it. For commercial real estate companies, the increase of WFH (work from home) has led to less office space needed, leading to lower rents, and that means that their properties are declining in value. Owners can make a compelling case that, for taxation purposes, properties ought to be worth less than they are currently valued . This can have huge implications for city tax revenue. In another city, Atlanta, from 2011 to 2022, owners appealing their tax assessment were successful 62 percent of the time, which led to $654 million in lost tax revenue for the city. If this catches on, it could put a major fiscal dent in municipal finances all over the country. And they’re going to want their money from somewhere. Saturday Spotlight: New Story Lending _________________________________________________ Everyone Deserves to Have Home Ownership in Their Story.” In 3-5 sentences, describe your company (when was it founded and why, what it does, where, recent growth and plans for near-term future growth). New Story Lending was founded in 2022 as a full-service independent mortgage bank to provide the American Dream of homeownership to every consumer willing to work towards it, no matter their circumstances. The name New Story Lending resulted from the challenges both cofounders, Shane Miller and Juan Rodas, experienced in their childhoods, and their belief that anyone, regardless of circumstance, could create their own new story around the dream of homeownership. New Story Lending has grown rapidly. To date, New Story is agency approved, licensed in 17 states, and plans on becoming licensed in most all states in the country. Tell us about what type of volunteer work employees are encouraged to engage in, or charities your company supports, and why. One of New Story’s core values is Giving Back. Employees are encouraged to volunteer, most specifically in the local communities each reside. Both CEOs take this value seriously and lead by example. Juan donates much of his time and resources to Shriners Hospital for Children. Born with a hand deformity, Juan believes in the Shriners mission because of how much the organization assisted him as a child and will never forget how Shriners supported him. The reinforcement Juan and his family received from Shriners changed his life. The son of a single mother, Shane’s family’s income was below the poverty line. He has a passion for community advocacy and local churches because of the impact and assistance afforded to his family as a child. Shane supports many local charities but desires those focusing on financial literacy and assistance to single and misplaced parents. Check out their biographies on the website NewStoryLending.com . Tell us how your company maintains its culture in a work-from-home environment, or how you plan on bringing employees back into the office, if applicable. We believe in a team” culture—one that values openness, support, transparency, and accessibility. This creates synergy, autonomy, and clarity among our group, which organically advocates for an environment of cohesion and collaboration. Because we recognize the needs of our team and authentically appreciate our employees and their contributions, our focus is thoroughly performance-based—regardless of where one sits, which grants maximum flexibility for remote or in-office work. Through our frequent sales, operations, companywide calls, water cooler” channel and team-building events, we sustain our culture and maximize clarity and dissemination of information. Things you are most proud of that don’t have to do with sales. We are minority and veteran owned, with a distinct focus on affordable housing and community advocacy, which is a large reason we received our Freddie Mac approval in record timing, along with completion of our HUD test cases in 90 days. This is a testament to the volume of affordable housing we complete. Additionally, we have our own proprietary New Story Heroes $911 lender credit provided to all veterans (active and reserve), first responders, teachers, and medical professionals. Fun fact about your company. New Story takes pride in leaving egos at the door. We are sincerely mission driven and customer focused. Therefore, it is naturally fitting that we are a leadership dyad with two CEOs. It is rare for companies to have two chiefs, but we believe in breaking barriers. Having co-CEOs significantly reduces layers of management, promotes access and collaboration through active leadership, and advocates leadership with two CEOs proficient in all areas of the mortgage process. The co-CEO model is complementary and allows us to achieve, together, much more than we could alone. (For more information on having your firm’s extracurricular activities, employee growth, and your charitable side featured, contact Chrisman LLC’s Anjelica Nixt .) In the weeds with hedge costs and quick origination times _________________________________________________ A Commentary noted, The cost to hedge is constantly changing. Viewed in a vacuum, the capital markets team can say right now the hedge cost is around $X per loan, while the market is behaving rationally and pull through acts as it has historically. This is also assuming the company is selling loans into market at the right time, are using broker/dealers that aren’t trying to pick off additional spread, and all the while having a stable ‘best efforts to mandatory’ spread. The hedge cost is always changing, and often runs .5 or more. The real value of originating the loan quicker is a reduction in your finance fees from your warehouse bank, and not necessarily on your hedge side.” The passage prompted this note from a finance and accounting veteran. Your section on hedging costs closed with the statement, ‘The real value of originating the loan quicker is a reduction in your finance fees from your warehouse bank, and not necessarily on your hedge side.’ As a former IMB Treasurer, I’m not sure that I agree with that statement. For most IMBs, the warehouse bank borrowing rate is less than the mortgage note rate on the...