Welcome to Halloween. On this day every year Ops managers across the nation
struggle between month-end funding and shipping more loans, or in judging
the various department's Halloween decorating contests and sampling the
potluck fare in the lunch room. Good luck!
Here's something for those Bank of America and MetLife folks who are keeping
their ears open. Caliber Funding, a Dallas-based lender licensed in 44
states with wholesale, retail, and mini-correspondent channels, is
aggressively growing nationwide. Carolyn Poppe, formerly with TMBG and
Indymac has recently relocated to Dallas and joined Caliber's management
team as SVP of Operations. Carolyn is looking for Senior Op's Professionals
in credit risk and operational fulfillment that are located in Dallas or
willing to relocate. Caliber is also hiring experienced underwriters,
wholesale account executives, and retail loan officers nationwide. Resumes
should go to Phil Shoemaker at phil.shoemaker@caliberfunding.com
(I don't know Illinois' All American Bank's personnel situation, but perhaps
Caliber will receive some calls from its folks. All American was closed
Friday by the FDIC, and now its deposits are part of Bank of Chicago.)
I doomed my future in "social media" when I promised my kids I would never
go on Facebook... Lord only knows the photos that they have on their pages.
But many LO's use tools like that, and the MBA knows it. The MBA is holding
an online workshop titled, "Social Media Marketing for Loan Officers" on
November 15th from 2-3:30.
"This workshop presents a unique opportunity to get the training your staff
needs without incurring travel costs...a 90-minute program discussing how
loan officers can use social media tools for their marketing and business
development strategies."
It is not free, but to check prices and register go to: WillYouFriendMe?
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2ApIeABRPejCC6PmrGge13ZSAhbQ_rzfF3BjzLJWNOf8vYtEdZj5Q0lHDMgIqKxxkV4L5ug9P
RNRhS6nZPj_JfuqBe0P2ok2kOwtuQk8_2PchmNV0LXA4BMPzT7_H2gmfXudZj4EzAHXnGaqNowCB
b-l18s4qlI2PhukUoPwqoxaRfhIezxjDHO]
There is no doubt that servicing is a hot topic, for a variety of reasons:
investors have backed off their servicing pricing lately (an
understatement?), community banks and credit unions want to service the
loans of their customers, capital requirements many years in the future are
making people nervous, whatever. BuckleySandler is hosting a free Webinar
titled, "Mortgage Servicing Update: Understanding and Complying with the New
and Evolving Rules and Regulations in Light of Recent OCC and CFPB
Activity." It will focus on, The new CFPB Servicing Supervision and
Examination Manual published in October 2011, OCC Bulletin 2011-29 and other
bank regulator guidance on servicing, Compliance with the "rules" and
expectations that stem from new examination procedures, recent regulatory
guidance, and enforcement actions related to mortgage servicing." So if
you're not doing anything this Wednesday,
2-3:15 EST, go to Servicing
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2BHanSEHiqtW82yGKWGyaaQ3Bm8phW0MTLiVD4c8oDxgFRj0udD_hRvQDw_ZGx1oIYmpwpoRG
iU5M-byAP9trxKFHO-OGWL19X7uF3Wpaz0MxMA3fQwhors1ANNgZ3V2eQck4clCawZ0A==].
Speaking of free, AllRegs is offering a free online FHA handbook. "In
response to FHA's announcement of its online handbooks being unavailable,
AllRegs is making its online FHA Handbooks immediately accessible to the
industry at no charge. This access will be made available for a limited
time. All FHA Handbooks and archival copies of FHA Guides, including linked
Mortgagee Letters, are available through this offer from AllRegs.
Additionally, full search capabilities, topic outline, alphabetical index
and other tools are being made available to respond to this industry
challenge." Go to: AllRegsFHABook
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2DjLnRG8LHNG06zdCrooCilLJy8ROWtvMJIUEx5xm816J8aOVOXG2HVvthjJrDFD_ZCrDYBua
gqZFSB_NhoWMiV6nwsAuoG-9XHwWpqlNuu49-Vo3PL9t_jTOaAffJ0T48exzl9vJrrFQ==].
With MI companies coming and going, who can keep track? Try this:
ImperiledMIBiz?
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2Bd__P7eq5WWeb2tuNjzRnj89POgYjDZNdWENeUNrZ0z-9iAPVl0d0XsbylGbJJ5HzAj-u7fa
hFfHVpoNBm9cjuJA6oslX-VLaGu_CQNG4aVBBFjga-3IekLFTrfx7bfsqXLYkKHLOpII08lTsgem
kXv_2CzPZ0ve8M3zbtmapPHZo0tEiemcs0LpgvtJt5rtNdM9VxSOSIGFJZWCnG1Y0q]
(Thank you to Kyra Kizirian - President of Kizirian & Associates in
Lafayette, CA.)
MERS can't seem to catch a break. Delaware Attorney General Beau Biden (does
that name ring a bell?) has filed suit against the company alleging it
repeatedly violated the state of Delaware's Deceptive Trade Practices Act.
Biden feels that MERS engaged, and continues to engage, in deceptive trade
practices that cause confusion among homeowners, investors and other
stakeholders in the mortgage finance system, seriously damaging the
integrity of the land records that are central to Delaware's real property
system, and leading to improper foreclosure practices. These "deceptive"
trade practices fall into three broad categories. The first is that "MERS,
through its private mortgage registry, knowingly obscures important
information from borrowers and the information that MERS does provide to
borrowers is frequently inaccurate. The opacity of MERS'
mortgage registration database makes it difficult for consumers to know of
or challenge inaccuracies in the MERS System. The second is that MERS often
acts as an agent without authority from its proper principal. Because the
MERS System was both unreliable and frequently inaccurate, MERS often does
not know the identity of its proper principal.
Where the name of the owner of the mortgage loan recorded in the MERS System
does not reflect the true owner, any action MERS takes on behalf of the
purported owner is without authority. The third is that MERS is effectively
a "front" organization that has created a systemically important mortgage
registry, but fails to properly oversee that registry or enforce its own
rules on its members that participate in the registry. Rather than
maintaining an adequate staff to provide MERS' services, MERS operates
through a network of over 20,000 deputized non-employee corporate officers
who cause MERS to act without any meaningful oversight from anyone who works
at MERS."
ViewPoint Financial Group, the holding company for ViewPoint Bank, announced
its latest quarterly financial results. Detailed results can be seen in its
Form 10-Q which can be found at VPB
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2DzHXiZtPDQsQ664AThexCwwkWITZ_2W5QJVQ6PphtT5YjVvvsefT56t1ML5dHwHCvEBIyiWI
yMpmi4hKyju7W99GKWzUH9fbylEvrYUrSCrQ==]
and VPFG
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1108416256573&s=8721&e=001ISdu4W
DiF2Dn5ff3D365TQL02ns5SyQ7IAP0o4Fu_gB-it7XbGw_Ebx-BVZeo5fXg35--lzoF00TODd1mR
ajcnPJMwCuFP-KE-4jy5xiqaaGTlH81WEFUasI__IrPGIO].
Suffice it to say, due to the refinance and seasonal activity, ViewPoint's
gross loan activity saw a $290 million increase. The warehouse side of that
picked up
$259 million. The provision for loan losses decreased by $1.0 million (28%)
during the nine months ended September 30, 2011, compared to the same period
last year.
GMAC Bank clients were given some good news late last week, as GMACB
extended "the FICO >720 through the month of November. The site condo
adjustment for LTV >70% is decreasing from -.500 to -.250. We will be
implementing a +.250 adjustment for purchase loans with LTV <=75 for both
Fixed and ARM products." The company also tweaked the series of price
adjustments based on jumbo loan amounts, FICO's, and LTV - see the bulletin
for exact details.
Bank of America issued a reminder for two new state laws. In Montana, new
legislation related to notary law requirements became effective October 1 -
clients should review the legislation (Montana S.B. 337) for complete
details. In Washington, new legislation related to notary law requirements
became effective October 22, 2011. Clients should review the legislation
(Washington S.B. 5023) for complete details.
SunTrust reminded clients to confirm their Appraiser and Appraisal Company
are eligible (check with the SunTrust lists), updated the guidelines for
employment-related assets used as qualifying income (on one-unit primary or
second home transactions). The correspondent division revised its Purchase
Review and Pended Loan policies to specifically state that missing approval
documents and AUS findings may result in a pended loan file. And check that
address: "In lieu of sending closed loan/underwriting packages back to
lenders SunTrust Mortgage will begin assessing a courier fee of
$250.00 at time of funding for each package with the incorrect mailing
address."
In a similar fashion, Flagstar got the word out to its brokers on changes to
its "Reserve Requirements for Second Homes and Investment Properties" - the
Conventional Underwriting Guidelines should be consulted for full details.
Chase clarified it's "Non-Agency product guides define documentation
requirements as Full/Alt Doc. While the industry has moved almost
exclusively to the use of alternative documentation like paystubs, W-2 forms
and bank statements as documentation standards, the use of Full
Documentation like written Verifications of Deposit and Employment are
permissible under Non-Agency policy. While all credit documentation must be
carefully analyzed, even closer attention should be applied to the review of
written verification forms."
Roiling the markets this morning is the news that the Federal Reserve Bank
of New York has informed MF Global Inc. that it has been suspended from
conducting new business with the New York Fed. This suspension will
continue until MF Global establishes, to the satisfaction of the New York
Fed, that MF Global is fully capable of discharging the responsibilities set
out in the New York Fed's policy.
Today we have the Chicago Purchasing Manager's Survey. Tomorrow is
Construction Spending and an ISM number, along with the start of the FOMC's
two day meeting.
(Did someone pick up Danish? Ok, whose turn was it?) Wednesday brings us the
ADP employment data, always of questionable predictive ability for non-farm
payroll, and the end of the FOMC meeting. (Don't look for any change in
rates, but we'll all be watching the verbiage.) Thursday is a productivity
number, and on Friday the always-important NFP report on Friday. (Remember:
jobs and housing, housing and jobs!) As a proxy, the 10-yr T-note closed
Friday around 2.30% but this morning the yield has dropped to 2.24%, MBS
prices are better by roughly .250.
An old man is walking home alone late one foggy night when behind him he
hears, "Bump....BUMP...BUMP...."
Walking faster, he looks back and through the fog he makes out the image of
an upright casket banging its way down the middle of the street toward him.
"BUMP...BUMP...BUMP..."
Terrified, the man begins to run toward his home, the casket bouncing
quickly behind him, FASTER...FASTER...BUMP...BUMP...BUMP...
He runs up to his door, fumbles with his keys, opens the door, rushes in,
slams and locks the door behind him.
However, the casket crashes through his door, with the lid of the casket
clapping,
"Clappity-BUMP...clappity-BUMP...clappity-BUMP...clappity-BUMP...clappity-BU
MP..."
On his heels, the terrified man runs.
Rushing upstairs to the bathroom, the man locks himself in. His heart is
pounding; his head is reeling; his breath is coming in sobbing gasps.
With a loud CRASH the casket breaks down the door, bumping and clapping
toward him.
The man screams and reaches for something, anything, but all he can find is
a bottle of cough syrup!
Desperate, he throws the cough syrup at the casket...and, the coffin stops.
If you're interested, visit my twice-a-month blog at the STRATMOR Group web
site located at www.stratmorgroup.com
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&et=1106435366068&s=4179&e=001SVt-lj
bp53436QjxD9vbwURtIPPjV05jEcEKyBN3SjS2forXe0C_foO8RjEV-Uye0N7Z_Sh1il0SRXPx6P
jQauayNXQjni-Hc9Sseu-hhZcR1ujeZyAEpw==]
. The current blog takes a look at Fannie & Freddie & the FHFA, and the
changes they have in the hopper. If you have both the time and inclination,
make a comment on what I have written, or on other comments so that folks
can learn what's going on out there from the other readers.
Rob
(Check out
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&t=6rwdmjiab.0.epg7qedab.zy6u9cdab.8
721&ts=S0696&p=http%3A%2F%2Fwww.mortgagenewsdaily.com%2Fchannels%2Fpipelinep
ress%2Fdefault.aspx]
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&t=6rwdmjiab.0.v7uif6dab.zy6u9cdab.8
721&ts=S0696&p=http%3A%2F%2Fwww.thebasispoint.com%2Fcategory%2Fdaily-basis].
For archived commentaries, go to www.robchrisman.com
[http://r20.rs6.net/tn.jsp?llr=zy6u9cdab&t=6rwdmjiab.0.fpg7qedab.zy6u9cdab.8
721&ts=S0696&p=http%3A%2F%2Fwww.robchrisman.com%2F].
Copyright 2011 Rob Chrisman. All rights reserved. Occasional paid notices
do appear.
This report or any portion hereof may not be reprinted, sold or
redistributed without the written consent of Rob Chrisman.)
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