Here
at the Pacific Northwest Lenders conference in Portland, a big topic of
conversation is, like it is everywhere, regulation. Understandably private
companies are making money off of the quagmire of government regulations.
"In an effort to clarify a number of intertwined regulations and agencies,
AllRegs has created a concise and comprehensive mortgage regulator guide.
Whether you're a community bank, credit union, savings bank or private mortgage
lender, this guide will help you understand the current regulatory landscape.
This guide also includes links
to the relevant state agencies for mortgage lending according to the Act they
regulate." Of course the lenders want to lend but as pointed out in this article, when any
and every default can result in a far more costly response for frivolous and
immaterial errors it creates a defensive lending strategy. It is almost
comical to watch some branches of the government encouraging guideline widening
and catering to underserved borrowers while other branches are busy with
excessive put back, indemnification negotiations, and enforcement policies.
Is
it any surprise that Realtors believe lenders should provide easier access
to loan programs designed to help make homeownership more affordable,
according to a new survey released by TD Bank? "The survey,
which was conducted to help lenders understand Realtor's perspectives
surrounding the current housing environment, also found that two in five
Realtors think it is harder than ever for buyers to secure a loan, more than
half of Realtors believe buyers are compromising their wants simply to buy a
home due to low inventory, and a quarter of Realtors consider properties
overpriced and fear first-time home buyers are avoiding the market." When
will someone poll lenders on Realtor practices? When will someone
remind us that once the deal is done, and the real estate agent collects their
commission, that the lender & investor are the ones at risk - not the
agent? Perhaps real estate agents would be interested in buying pools of
SISA loans.
And which processor in their right mind wants to work on a loan file 4 inches thick? In Wisconsin, an entire lending operation was shut down due to lack of trained personnel.
But
lenders are becoming more efficient, and are competitive. Richey May Select recently
released its financial benchmarking results for the second quarter. As
anticipated, there were marked improvements from Q1 in both production and
profitability. Total production, amongst the independents, increased on
average 49% from the previous quarter, including 62% increase in purchase and
20% increase in refinance volumes. Additionally, pre-tax profits averaged
52 Bps (up from a loss of 5 Bps in Q1), with some lenders seeing as much as 100
Bps improvement in the bottom line. Unfunded lock pipelines increased for
the second consecutive quarter, which is a great sign for Q3 production.
For information on how to participate in Richey May Select, email Trevor
Reinhart, Trevor@RicheyMay.com, for more
information.
Trainings and Events:
AllRegs is offering a variety
of trainings this fall complete course list:
Evaluating Credit Profiles &
Understanding FICO Scores : (Webinar) - Friday, September 12
School of Mortgage Compliance:
(Classroom Course) - November 3-5
School of Residential Underwriting
: (Classroom Course) - November 3-6
School of Quality Control :
(Classroom Course) - November 6-7
Fundamentals of FHA Underwriting:
(Instructor-Led Online Course) -
Tuesdays,
Oct. 7, 14, 21, and 28
Fundamentals of FHA Origination:
(Instructor-Led Online Course) -
Wednesdays,
Oct. 1, 8, 15, and 22
Collateral Analysis: Reviewing
Appraisals: (Instructor-Led Online Course) -
Wednesdays,
Oct. 29, Nov. 5, 12, and 19
Underwriting VA Loans:
(Instructor-Led Online Course) -
Thursdays,
Oct. 30, Nov. 6, 13, and 20
FHA
classroom
trainings on Loss Mitigation provide information on FHA Loss Mitigation
tools. It will cover the new changes with Home Affordable Modification Program
(HAMP), pre-foreclosure sale and deed-in-lieu. Dates and locations are as
follows:
Tallahassee, FL. September
11th.
Birmingham AL. September
16th.
Indianapolis, IN. September
17th.
FHA is offering 3 locations
for its FREE one-day class discussing FHA appraisal requirements,
including FHA appraisal protocol, updates to FHA appraisal policy, as well as
equips attendees with the knowledge to determine property eligibility.
Milwaukie on September 16th
San Antonio on September
17th
St. Louis on September 17th
Updates training in Albuquerque,
N.M. on September 12th will cover FHA underwriting and appraisal
procedures and mortgagee letters.
FHA underwriting
classroom training covers the underwriting of loans proposed for Federal
Housing Administration (FHA) mortgage insurance.
Baltimore MD. September
16th
San Antonio TX. September
18th
Completing
today's FHA Appraisals is an instructor-led class where they will
discuss how to complete residential appraisals under FHA protocols and
highlights of recent program changes.
Las Vegas NV. September
16th
FHA
Appraisal Webinar on September 18th
provides an update and overview of FHA Single Family mortgage insurance
appraisal requirements.
2-
Day FHA Lender Training in Las Vegas, N.V. on September 16th & 17th
will cover a wide range of topics including: Recent program changes, Mortgagee
Letters, automated (AUS) vs. manual underwriting, and documentation
requirements.
Social
Media Bootcamp: OC C.A.M.P. registration scheduled on October 1st, Katie
Wagner will discuss what not to do with social media for your business.
Arch MI is offering two sessions 10:00 am Pacific or 1:00 pm Pacific
complimentary webinars September 16th on Analyzing Appraisals for Single-Family
Residences.
Register now for Ellie
Mae's free webinar on Wednesday, September 10, the next webinar in Ellie
Mae's RESPA-TILA Integrated Mortgage Disclosures webinar series.
NMMLA Luncheon on September 11th is
featuring George E. Torres, candidate for Bernalillo County Assessor.
WMBA is offering 3-hour live
training session September 17th, selling skills for Loan
Officers to improve business results.
MBA
Education
is offering manual underwriting and risk analysis workshop on September 9th registration for the event
provides the basics of risk analysis that every underwriter must understand to
make sound and saleable quality lending decisions for conventional QM and
non-QM loans, FHA and VA.
MBA St. Louis Education Seminar and
Expo on September 11th will include session topics on Property
Valuation, Selling in a Purchase Market, Serving a Diverse Market, American
Land Title Association Best Practices, Continuing Education - Missouri State
Test, and Combined Disclosure Statements Roundtable.
A
TMBA webinar series begins
September 9th covering a review of recent CFPB and other enforcement actions,
practical tips on how lenders can prepare for an examination, and the effects
of these initiatives on compliance and business strategies.
The
markets certainly were startled by the employment numbers released Friday,
although by the end of the day things had more-or-less returned to Thursday's
closing levels. The employment figures were great numbers for risk assets: well
over 100k miss on payrolls (when you factor in revisions), no sign of
meaningful wage growth, the unemployment rate fell 0.2%. The Fed will be in no
rush to pump us full of revised/hawkish guidance at the next meeting after these
numbers. The weaker payroll gain supports Fed Chair Janet Yellen's view that
the labor force is underutilized despite the unemployment rate falling to 6.1%.
The fed is using employment, specifically incomes, to determine how to handle
monetary policy.
What
are we looking at this week for economic news? Certainly not as much as last
week - but who knows what will happen in faraway exotic places like Russia,
Ukraine, Israel, China, or Walla Walla. (I am just seeing if you are reading
this.) We have some second & third tier economic news out in the first
three days. On Thursday we'll have Jobless Claims. But then on Friday the 12th
we'll see August's Retail Sales, the Import Price Index, the University of
Michigan Confidence, and Business Inventories. For numbers, the benchmark
10-yr T-note saw a 2.46% close Friday (rates bounced back up after dropping to
2.40% after the employment number) and in the early going seems happy around
2.44% with agency MBS prices a shade better than the close Friday.
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