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Mortgage Capital Trading Bolsters Growing Sales Team with Addition of Industry Veteran Bill Shirreffs as Senior Director of Sales Operations

Tuesday, 21 January 2020
Mortgage Capital Trading Bolsters Growing Sales Team with Addition of Industry Veteran Bill Shirreffs as Senior Director of Sales Operations

SAN DIEGO, Calif., Jan. 21, 2020 – Mortgage Capital Trading, Inc. (MCT), a leading mortgage hedge advisory and secondary marketing software firm, announced that Bill Shirreffs has joined the company in the newly created position of Senior Director of Sales Operations. In this role, he has been charged with helping manage the expansion of MCT’s entire sales team along with operations, sales leadership and overall strategy.

Bill brings to MCT extensive experience in capital markets, sales leadership, mortgage insurance, GSE’s (Freddie Mac and Fannie Mae), strategic planning, team building and more. He has developed a reputation in the mortgage industry for innovation, strategic growth, and creating highly effective account management.

“Bill’s vast array of experience in the mortgage industry, and specifically within secondary marketing, is already helping as we continue to grow MCT at a fast pace,” stated Tom Farmer, National Sales Manager and Managing Director at MCT. “We have launched multiple new products and services and Bill’s talents bring added efficiency to our sales operations. We are pleased to have landed someone with his breadth of experience.”

Prior to MCT, Bill was the Vice President of Sales for the Western Region at Freddie Mac where he was responsible for managing customer account management staff, capitalizing on new business opportunities, and ensuring consistent goal attainment.

Bill was also the Vice President of Customer Management at Fannie Mae where he oversaw a staff of 20 FTEs in the analysis of business opportunities, effective team-building, management, evaluation and monitoring of pricing and credit risk, including overall lender performance and development of strategic plans, among other responsibilities. In addition, Bill has held senior positions as Head of National Accounts and Head of Loss Mitigation at PMI Mortgage Insurance Co. (MIC) and was instrumental in the successful acquisition by Arch Capital Group.

“There are a lot of great things happening at MCT right now as the company continues to focus on sales strategy to drive continued growth. I am eager to pair my experience with MCT’s wonderful team as we continue to focus on innovation,” said Shirreffs. “When you’re in expansion mode, it’s paramount to manage growth strategically and that’s in part what I bring to the table. I am elated to begin working with these great people as we continue to release innovative products to the mortgage industry.”

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Breaking MBA Advocacy Update: CFPB Letter Signals Changes to QM Rule

Tuesday, 21 January 2020
Breaking MBA Advocacy Update: CFPB Letter Signals Changes to QM Rule
MBA Washington:
On Friday, Consumer Financial Protection Bureau Director Kathy Kraninger sent a letter to Congress outlining the Bureau’s plan for a revised Qualified Mortgage Standard.
The Bureau is currently in the middle of a rulemaking process to address the QM standard, as the “GSE Patch” is scheduled to expire in January 2021.
Kraninger’s letter notes the Bureau “has decided to propose an amendment…[to] move away from DTI and instead include an alternative, such as a pricing threshold…” Kraninger also indicates that the Bureau expects to extend the GSE Patch for “a short period” to facilitate the implementation of the QM changes. Finally, Kraninger states that the Bureau is also exploring a new seasoning approach to grant QM safe harbor to loans for which “the borrower has consistently made timely payments for a period.”
  • Why it matters: The QM standard influences lending decisions by all types of originators throughout the country. Nearly one-sixth of all single-family loans achieve QM status by virtue of the GSE Patch. Expiration of the GSE Patch without corresponding reforms could drive up borrowing costs for many consumers – potentially putting homeownership out of reach for many and disrupting the mortgage market.
  • The QM revisions described in the letter are consistent with detailed recommendations recently made by MBA. In particular, MBA urged the Bureau to eliminate the use of DTI ratios as a standalone threshold in the QM definition, which would also remove the need to use the rigid, outdated Appendix Q methodology for calculating borrower income and debt.
  • Kraninger notes that the Bureau expects to issue a formal proposal no later than May.
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CREF Outlook Survey: Majority of Firms Expect Originations to Increase in 2020

Thursday, 09 January 2020
CREF Outlook Survey: Majority of Firms Expect Originations to Increase in 2020
WASHINGTON, D.C. (January 9, 2020) — Following what is expected to be a record year of lending in 2019, commercial and multifamily mortgage originators anticipate 2020 to be another strong year. That is according to the Mortgage Bankers Association's (MBA) 2020 Commercial Real Estate Finance (CREF) Outlook Survey.

Nearly two-thirds of the top commercial/multifamily firms (64 percent) polled expect originations to increase in 2020, with one-in-six (16 percent) expecting an overall increase of 5 percent or more across the entire market. When forecasting just their own firm's originations, two-in-five (42 percent) expect to see an increase of 5 percent or more in lending in 2020.

"Buoyed by low interest rates, strong property markets and rising property values, commercial and multifamily mortgage banking firms expect a solid year in 2020," said Jamie Woodwell, MBA's Vice President Commercial Real Estate Research. "Most anticipate strong appetites from lenders and borrowers and expect overall levels of mortgage borrowing and lending to increase. That’s not to say there aren’t some challenges and headwinds firms are monitoring, including concern about changes in the demand for space, and issues like the adoption of CECL or the move away from LIBOR.”

Added Woodwell, “Overall, market leaders see an environment where there is more debt available than there are deals looking for debt, and expect 2020 should be slightly stronger than 2019."

Earlier this week, MBA released its latest CREF forecast, which revealed that commercial and multifamily mortgage bankers are expected to close a record $683 billion of loans backed by income-producing properties in 2020, a 9 percent increase from 2019’s anticipated record volume of $628 billion.

Highlights of MBA's 2020 CREF Outlook Survey include:

  • Lenders remain eager to make loans: All surveyed originators reported that in 2019, lenders had a "strong" or "very strong" appetite to make new loans, and all expect lenders' appetite in 2020 to be "strong" or "very strong."
  • Borrowers are still eager to take out loans: 91 percent of originators reported that borrowers had "strong" or "very strong" appetites to take out new loans last year, and 80 percent expect borrowers' appetites this year to be "strong" or "very strong."
  • A majority of originators expect the market to grow in 2020, with 16 percent expecting total market originations to increase 5 percent or more. Forty-two percent expect their own originations to increase by 5 percent or more.
  • Loan returns are expected to remain muted and risks are expected to hold steady.
  • Originators tend to expect there to be greater upward pressure (than downward) on interest and capitalization rates. Industrial cap rates are viewed as more likely to decline than are cap rates for other property types. Retail cap rates are viewed as the most likely to rise.
  • Changes in long-term interest rates, new construction activity and the broader economy are seen by a majority of respondents as having potentially negative impacts on the markets in the coming year.

MBA's 2020 CREF Outlook Survey was conducted between November 26, 2019 and December 20, 2019. The survey request was sent to leaders of 60 of the top commercial/multifamily mortgage origination firms, as determined by MBA's 2018 Annual Origination Rankings Report. The survey had a response rate of 56 percent. Percentages shown are calculated based on applicable responses. Non-responses and "n.a." responses are excluded from the percentage denominator.

Detailed survey results are available to MBA members at www.mba.org/crefresearch.
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