What do you hear about Bernanke's replacement?"
First off, most of the
"news" articles are merely editorials - don't
expect anything before
September. The Fed chairman talk is focused on three people: Janet
Yellen,
Larry Summers, and Donald Kohn.
Investors and the bulk of Congress would prefer Yellen
while the White House
wants Summers - Kohn is a distant third. Overall, most of
Europe is on
vacation, Congress is on a 5-week recess without
finishing funding the
government and resolving the debt ceiling, and the earnings announcements
for the 2nd quarter are pretty much over. So this week
could be uneventful -
we could all use that.
That doesn't mean companies are sitting on their hands.
Due to an internal
promotion, Colorado State Bank and Trust has a unique
opportunity for a
seasoned Mortgage Branch Manager with a strong
originating team - this
Denver Metro team has a proven track record of producing
over $200 million
in loans over the past three years and comes with a
strong support staff.
CSBT is forecast to fund $3.5 billion in production this year, and has a
servicing portfolio of nearly $14 billion dollar
portfolio.
"We offer a wide variety of products for nearly
every borrower's need,
process and underwrite locally, and encourage those
relationships in order
to close loans quickly.
We are the largest bank in the country not to accept TARP
money." If
interested please contact Meagan Douat at MDouat@BankofTexas.com
[mailto:MDouat@BankofTexas.com]
and the position is posted on the career
center at CSBT
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgobGhIBmgfHIKExKnGYWdTWkQdpylils0toX
2hlCnScYnCdocO2ft7v2xvQbiVpt4iNyJkFdrgqHzLcs2HHLRLobP35xh8aK3IU=].
And Affiliated Mortgage Company's
Wholesale/Mini-Correspondent Division, led
by industry veteran Jerry Alred, is now expanding and
developing this
channel throughout Texas and beyond. Jerry explains that
Affiliated is
pursuing seasoned Wholesale Account Executives for the
Austin, Houston, San
Antonio and Dallas markets. Ideal applicants should
embody the
customer-first approach which exemplifies Affiliated's
business model as
well as being professional, responsive and motivated. AMC
offers a variety
of in-demand wholesale products including Texas Veteran's
Land Board, Fannie
Mae Flex 97, Texas Cash Out, Libor ARMs, USDA, VA, FHA,
My Community
Mortgage and more. Affiliated Mortgage Company is a
wholly owned subsidiary
of Benchmark Bank of Plano, Texas and is comprised of
Retail, Correspondent
and Wholesale/Mini-Correspondent divisions. The
Mini-Correspondent channel
has a warehouse program available to clients who qualify
and the Wholesale
and Mini-Correspondent divisions are licensed in 28
states and continue to
grow. For more information about the wholesale channel,
please visit
AffiliatedTPO
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgobRB-r1ERzCExcrxzCPiZyy16zdXmoLvGFB
HaB5VzjxSDxY5AMjJVpZ0lkWQ2JhuW3fKUi1isybRuJKLkx9-tTDr3_s0PvApqW_K1Bs3pw-_8Vg
QT8NjH5d].
If you would like to further you career with a secure,
dynamic company,
submit your resume to jobs@affiliatedmortgage.com
Compliance is the name of the game. There are a lot of
compliance training
firms, and I am asked about it often, since now
compliance education is not
the trend but the reality. I can't list every compliance
vendor, but for
example a search shows the 10-yr old Praedo Institute
provides "very cost
effective compliance education that is robust and
track-able. Its compliance
education catalog consists of 11 core courses including:
RESPA, TILA, LO
Comp, SAR/AML, Fair Housing, Privacy Laws, Ethics and
Fraud, QM, Advertising
and GFE, and for $1,665 your company can buy the annual
subscription for
unlimited users. (Sniffing around a little farther, if
you follow the link,
you can take advantage of a 10% discount on any of
Praedo's courses,
including the compliance catalog, and an additional 15%
off any continuing
education, pre licensing education, UST or even the
compliance catalog. The
user should use the
coupon code "celebrate" when prompted at checkout.) If
you have any questions write to Chris Maturo at chris@praedo.com
[mailto:chris@praedo.com];
the site is Praedo
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoZE3BuhpW6Qa85EBBmu_jVIeXSeEZsv0irD
9Jem9zzkk-GQnXzCmk_KqCTxUcE2ZLHB4LdtgxVEzsc6w3DspO8yzPeDDtx8OZ_Az7dB1p-N6MLl
-3fwSL55yubrIvEwtTUAzMUptWl1vQdcIsQGIbjOfWUmR5X82WU10xPUVrdBbRJtCbn0w4oKQB5a
QuqDonKbOPGdMuob1w==].
Compliance is one thing, fraud is another, and if you
think the residential
lending industry is done with its public relations
nightmare, and paying for
the sins from years ago, think again. Fraud is still
plaguing us. "Steven
Pitchersky, 64, of Rancho Mirage, was charged Friday,
Aug. 2, in an
indictment with one count of wire fraud for his role in
an alleged mortgage
refinancing scheme that involved the creation of shell
companies and
fictitious players to defraud Ally Financial of about
$5.3 million.
Pitchersky operated Nationwide Mortgage Concepts, a
California-based
mortgage lender that recruits customers through direct
mail and has been
licensed to conduct business in about 40 states."
Here you go: GoodRiddance
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgobE8675T_cNMtCVt-Fsz6LvX8hNdnAFlaCT
KSboyMbIVaUWKhASAINpbDKaKc64yWRSVWINY2NCtiuq4caB8iUYDet3LdWGDdHym_GQZt2rPn7P
d-f1LiUlJFft4EKvx5lya6FXWQUvZmsoSBOq9M1QKUoyxBZtQvYCOEnQSc_EKoAxzekHaEF4weqD
90YHipV3oo7OqzHCbmhj2qaSA-3Zb1eSdQv8jceT1ED8Lmx0vV9hOX373DYZ].
"What the devil is going on with flood insurance? A
recent bill was passed
before Sandy, and one of the sponsors is Maxine Waters so
the thought may be
to redistribute the wealth of those who can afford to
live near water to
those who cannot - any truth to that?" I don't know
about the Maxine Waters
angle - she did co-write a bill (see a few paragraphs
down), but it appears
that the government subsidy is going away. There are five
companies approved
by FEMA to write flood policies through National Flood
Insurance Program.
The premiums are subsidized by feds, and that subsidy is
going away and thus
the premiums will be going up. Although it is scheduled
for October, lenders
are already seeing rate changes. There are other
insurance companies, such
as State Farm, etc., that write their own policies and
those premiums were
always much higher than NFI. They aren't in business for
their health -
companies are going to cover the loss of any subsidy, so
in theory if one
owns a house on the sand on the Gulf Coast, and it could
be wiped out by a
hurricane every other
year, the owner will pay the cost, not the taxpayer.
There is another rumor that the government re-did the
flood maps so many
people are in flood zones who were not in the past, and
that storm and flood
activity has increased rates across the country just
based on claim
activity. There are reports of potential buyers being
declined after the
cost of flood insurance was factored into the future
monthly costs and
pushing ratios beyond qualifying.
Sovereign (Santander) sent out a note to clients in early
July saying, "The
Federal Emergency Management Agency (FEMA) will be
suspending some MA
communities from being able to participate in the NFIP
beginning on July 16,
2013 because of non-compliance by these communities with
FEMA's floodplain
management requirements. If any of these communities can
document compliance
before July 16, that community will not be suspended.
For properties that are in Special Flood Hazard Areas
within these
communities, this could impact your ability to originate
new loans secured
by such properties
because flood insurance will not be available unless and
until they address any
non-compliance with the FEMA requirements. It is
important that you review your current pipeline and identify any loans so
that the consumers can be alerted if and when insurance becomes
unavailable. Go to OurFriendTheFederalRegister
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoZI5-an-C6JC2IT9pRnj1t2HBB2rkqvcFEF
kgvXhXQFD9SiimJEAaAfO3420DQSxb3tcAcaqtwIG7_xOWhu0XA-_wEJQ-OcZd5zfRIFOwwuKH5p
7gBPdKN0kFWtQpPKcW3qqaWMVefh8dD3-Iy3MIcamn25Xo2bFTCEcXLLnwK0Vg==]."
(Look for the "Department of Homeland Security"
section in the right-hand
column).
The memo went on. "Some of your policyholders soon
will receive letters
announcing rate increases that will phase out or
eliminate subsidized rates.
Companies will
send the letters to policyholders at least 60 days prior to
the policy renewal date to announce rate changes
effective October 1, 2013.
The changes will affect
certain pre-FIRM properties, which are older
buildings constructed before the community joined the
National Flood
Insurance Program and adopted its first Flood Insurance
Rate Map (FIRM).
These include properties in most high-risk A and V zones,
as well as
undetermined-risk D zones. The letters explain that the
Biggert-Waters Flood
Insurance Reform Act of 2012 (BW-12) requires the
phase-out and removal of
subsidized rates. Two types of rate changes will be
announced: a 25 percent
rate increase will be applied at renewal for business and
other
non-residential properties, properties that have
experienced severe or
repeated losses, and non-primary residences (this
increase began in January
2013), and a direct move to full-risk rates will be
applied at renewal for a
building purchased - or a newly purchased policy with an
effective date-on
or after July 6, 2012, the date the law was signed.
Lapsed policies
reinstated on or after October 4, 2012, also will move
directly to full-risk
rates. The policyholder will be asked to submit a renewal
application with
additional information, including an Elevation
Certificate, so that the
building can be elevation rated.
"Agents should expect questions from policyholders.
FEMA's rate guidance is
available in the June 27 WYO Bulletin. Additional
guidance for renewing new,
lapsed, and assigned policies can be found in the July 10
WYO Bulletin. Fact
sheets and other materials are available at FEMA
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3Ygob5TEeCTk_TspDbbXOJ0WoI8BZjlr__z8jH
Of6j9jxWQcHOpl-J9VT7ctBp2PyskQmjUs7JKuU-y66MX_jHYoxW2FzrcyEvCCpfeXoZK1YldA==
]."
How about some upcoming events of interest?
Hey, this might be interesting (and timely given my jokes
on Thursday &
Friday).
Given that there
are 90 million Millennials (born between 1980 and 2000),
the Ohio Mortgage Bankers Association (OMBA) is offering
a FREE webinar on
"Capturing the
Business of the Millennial Generation," presented by
Kymberlee Kaye Raya of Big Shot Marketing. The webinar will be presented
this Thursday, August 8, from 10:30AM to 12PM CST PM. To
register, please
respond to omba@ohiomba.org
[mailto:omba@ohiomba.org].
A log-in will then be emailed back to you. Attendance is
limited, so please
respond as soon as possible.
Next week I am fortunate enough to be "the warm up
band" for Dave Stevens at
the Michigan
Mortgage Lenders Association's annual conference. Check it out
at MMLAShinDig
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoZmlWtmnSrnHfHCPgbTE_SZTp3176na9MEW
wIjrjRzovfp_BJpSlFamZqaimPMDkJiiD6y1XobFrt6j_knIOavGw5Ano8QsPHfQb0zlFXWPYQKp
zZ-4bKVINBO96a1yaBxG7MEOPpYyFg==].
Down in the Carolinas, the MBAC 58th Annual Convention
"The Art of Lending"
is attracting registrants from across the country. With a heavy focus on
effective communication and current compliance issues, an
expanded trade
show and a diverse roster of presenters they are
expecting record
attendance. The
dates are September 21-23 and the location is Hilton Head
Island, SC. Check
it out at www.mbac.org
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoZMQZZDIHUODCm7D-Jq2f2liM3uthTwTtdd
OIzFpoLSD3NrDWXckt3INrKi2GSilL40x_wu0pDiv2Fqwt7hwEp0D2g0cpjgA0dqdUK87d4QpQ==
]
at Upcoming Events
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoYJ7u81swZOKHHCUrYqhlwsEz0dYqjIah7d
Cistdx9Z7SVVMqAH2KlH86XdcCyzLfr6la3Vkxg66cOXd67SBtlch26VcHcoxuHX3zgnPS1hxK8n
QURlKzXPpjoUWoC8KXJh2lomm-21wu4LC2GGn3ELG1EyjshzDy14QDJkGO47f00Lcca7HHUE_ZNW
cwAIDqmioht6pd6LD5XqyhunNz9dB6lm6kG-_-Kvn9nXI9tzPw==].
Reps from the FHA's Santa Ana Homeownership Center will
be offering a
two-day classroom training in Phoenix, AZ on August 7th
and 8th. (Thank
goodness for air conditioning!) Recent program changes
and announcements,
comparison of AUS vs. manual underwriting, feedback
certificates and
documentation, income and asset calculations, refinance
transactions,
Post-Endorsement Technical Reviews, insuring
deficiencies, and underwriting
FHA appraisals all feature as discussion topics. Although
it is aimed
primarily at operations professions, loan officers and
real estate agents
are also encouraged to attend. Registration is available
at PopsiclesAtLunch
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoYrtAh3dkZqCopqCgdG3PrQ1yCsVRuTFMGb
4jWBzglTRad-kCjRyvAkUtUdj5I_chJviGTlW9Wdkjeturpr4v2HaDrvzjWdwzQrnw9PtftedGYX
27ORUyCOpRIhrzrapwEzw39tC3-y60e07eJPAkskr8sxbx9feEP5Aj0UXAGuHnU8PkKMiF_ywcMi
C_MNXUJiHiYBMPkEzoiM2QExU0R8].
Also available from the FHA is an on-site loss mitigation
training in
Indianapolis, IN on August 21st. Designed for
HUD-approved counseling
agencies, servicing lenders, and non-profits, this
particular session will
address the changes on the FHA loss mitigation retention
waterfall as
outlined in Mortgagee Letter 2012-22 from earlier this
year. To register, go
to TheBrickYard
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoYhL-KmFqGAU0siQy2EvcxUNTEh3x4EqRn9
VgTLAKX4v-mSCeBKNLPzBwk6XnWAY-rapBtM1icBdZ26vUym2dc5sRmJLZDEQeTduri-ktPPjfrw
LSJ18VpX2sFtHX0AxITQ17XURoc_GBSrUakFWCAYj1xI7xh3WgCf3qiGQ7HmEezNnAfMnFzydAU_
S_Cs68ScYt5Bjn0h4VF9wM6y1Aui].
The same training will be offered the following day in
Albany, GA; to
register for the Georgia class, go to BullDogs
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3YgoYA1WN-2_bi4HHrbP65DD2dNRkvAwJuj1eT
es3pE8Pk4uWxP43OL7J1Ra9kOJ2jH_4qIndw1Y68J53B6DfyvXnCqUGjFBFGTIhXDdHRYrk_bnoe
aW9ZkW3ryeAxRmKrpjB0KS-t_5H41cqoW5UWr7EB0C9rpKtI6rHm0L4bJzV25YfxEb63H5LvKW1r
50BxR7mnL1SQXR1MYLV6MqzurGQS].
For those with a fondness for crab and planning well in
advance, the
Maryland Association of Mortgage Professionals is hosting
its annual crab
feast in September (date and location TBD) and its
holiday party in Columbia
on November 21st. Check the official calendar at
Don'tForgetTheButter
[http://r20.rs6.net/tn.jsp?e=001ftL-gZ3Ygobs0Zt_1N6SEZe3FZU-IdfPMxsTx3ZW9M_0
HDGdsYCklS5F0VgsjwYKf3xRYAuxJV_l84LO_6JiZuhYZzoKGkOrN5jwPqjW2lwN_xyNY4rEpjuB
7laka0EVyKjnITsaRkSjqz3kXlATGQ==]
for further details.
After Friday's numbers most analysts agreed that anyone
believing that any
tapering off of QE3 in September is going to have a very
tough sell around
the FOMC table in
6 weeks. In fact, last week's economic data undoubtedly
gave the Fed a few more things to ponder on their summer
vacation. From a
broad economic standpoint, growth is slower than
previously thought, with
the latest year-to-year real GDP growth clocking in at
just 1.4 percent, and
July's employment data was also on the soft side with payrolls adding just
162,000 new jobs and previously reported gains for May
and June revised
slightly lower.
That being said, although things seem slow, the downside
risks to the
economy also appear to have diminished. The unemployment
rate has fallen to
7.4 percent, as layoffs continue to dwindle. Weekly first-time
unemployment
claims fell to just 326,000 in late July, which is the
lowest it has been
since January 2008. Consumer confidence has picked up and
more consumers are
moving forward with purchases of motor vehicles,
household durables and even
homes, which were put off when job prospects were less
certain.
As mentioned in the first paragraph, perhaps August will
be quiet. We'll
need it, since we can "look forward to"
Congress returning in September, and
arguing about the debt ceiling and funding the
government, along with the
next FOMC meeting. So we'll take the nice gains in agency
MBS prices on
Friday, which almost brought us back to
"unchanged" for the week,
price-wise. And don't look for much this week:
today we have ISM
Services, a trade balance number tomorrow, Jobless Claims
on Thursday, and Treasury auctions on Tuesday, Wednesday,
and Thursday.
Speeches from Fed officials may also receive some
attention from investors.
For rates, the 10-yr closed Friday at 2.60%; this morning
it is sitting
around 2.61% and MBS prices are about unchanged.
Is romance dead? If so, is texting possibly the reason?
A middle-aged couple had finally learned how to send and
receive texts on
their cell phones. The wife, being a romantic at heart,
decided one day that
she'd send her husband a text while she was out of the
house having coffee
with a friend. She
texted:
If you are sleeping, send me your dreams.
If you are laughing, send me your smile.
If you are eating, send me a bite.
If you are drinking, send me a sip.
If you are crying, send me your tears.
I love you.
The husband, being a no-nonsense sort of guy, texted
back:
I'm on the toilet. Please advise.
(Brings a tear to the eye, doesn't it?)
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?e=001ftL-gZ3Ygoa7HJTK9b24_uWmP6B9r17x8zzt-pUMnMhI
sGe5AUv7nX3GEJiV1cVkjx2CsLYxI9KHCSAIS6Z9vrnpBIne8maX6eW5uH9hyimpSFt4gQ_zDlc-
FRlw5wLf].
The current blog is, "A Little Technical Knowledge
About REITs." 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
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