"Trid or Treat...In
this case Treat. New American Funding is pleased to announce it closed
its first post Trid loan in just 8 business days. The details are here. New American
Funding CEO Rick Arvielo says the recipe is simple: "The
borrower e-consented and executed his intent to proceed immediately, the file
was turned in 100% sold and as a complete package, The NAF team and borrower
were in constant communication to insure authentication of all applicable
disclosures (i.e., LE and CD). It really is the same adage - a clean
file, e-consent and a fully sold and engaged borrower coupled with an awesome
ops team and files can close quickly and efficiently."
Compliance is the name
of the game. Banking and lending regulations are getting more diligent,
auditing more and more businesses to make sure consumers' data is protected.
And they have very good reason for this increased scrutiny. The past year major
corporations including Target, Staples, Home Depot, Inc., JPMorgan Chase &
Co., and, of course, Sony Pictures, had to step up to the PR podium to announce
they had significant online security breaches and cyber-attacks. "Today
it's not only critical your company be secure but also all business partners
who have access to your customer data. That means your CRM partner or any other
SaaS system you use to store or manage your customer's data is compliant with
SSAE 16 (Statement on Standards for Attestation Engagements #16). Achieving
SSAE 16 compliance is a lengthy and complex process that requires a significant
investment of resources by your CRM or SaaS partner. But when it comes to
protecting your customers and your company it is critical. SSAE 16
compliance ensures the policies, protocols and procedures are in place and
constantly audited to minimize or eliminate the risk of security breach." To
understand more about SSAE 16 compliance, you can access an educational
whitepaper here. This comprehensive paper is available
from InSellerate, an advanced SSAE 16 compliant SaaS specifically designed to
meet the unique needs of the mortgage industry. Or, if you're attending the
MBA in San Diego, stop by the InSellerate booth #223.
Did
you win or lose after October 3rd? "The winning lenders prepared for TRID
back in August allowing them to spend the first days of October focusing on
next year and capturing more borrowers with Matic, while the losers
poured every last ounce of focus into TRID readiness and rollout. Matic
seems to be gaining more attention now as a FREE mobile app and borrower
portal. Many new apps and technologies have been added recently, but
none quite as game changing as this.
In pure lender news, Planet
Home Lending, LLC, a leading national residential mortgage lender and servicer,
has formally closed the acquisition of the employees and certain assets of
HomeBridge Funding, the correspondent division of HomeBridge Financial
Services, Inc. "Planet considers this acquisition to be a major strategic
advance towards its goal of assembling a strong and viable third-party loan
origination platform. HomeBridge Funding, located in Irvine, California, offers
delegated and non-delegated mortgage loan products to community banks, credit
unions, national builders and independent mortgage bankers. The
transaction was structured as a purchase of certain assets of the correspondent
division, including a technology platform. The current employees have been
hired by Planet Home Lending. And Planet Home Lending is pleased to announce
they will be lowering its net worth requirements for it' Correspondent
customers to $1.0 million dollars. Certain requirements will have to be met by
the correspondent to qualify.
Turning our collective
attention to the markets and rates, overall economic data over the last week
mostly disappointed with soft retail sales, continued declines in headline
inflation and a contraction in industrial production output. As the Federal
Open Market Committee prepares for their Oct. 27-28 meeting, last week's data
raise new questions about underlying demand fundamentals and the inflation
outlook over the next several months. The odds of a short-term rate increase
in 2015 continue to ebb...
For scheduled news this
week we start with the NAHB Housing Market Index today. Tomorrow is the usual
Housing Starts & Building Permits duo. Wednesday is the non-market moving
MBA Mortgage Application Index. Thursday are Initial Jobless Claims, August
FHFA Housing Price Index, September Existing Home Sales, and September Leading
Indicators. Friday is some forgettable U.S. Markit Manufacturing PMI number. We
closed the 10-year Friday at 2.02% and this morning we're at 2.05% with agency
MBS prices worse roughly .125.
