How
is TRID going for you as a Manager or Originator? Has your company had to
delay any closings yet? It seems as though there are companies who were
prepared for TRID and others who weren't. Some companies spent hundreds of
hours preparing and testing for TRID, and they are experiencing significantly
fewer problems than many others I hear about. One of those companies that
was prepared for TRID is LendSmart Mortgage.
"As an independent mortgage bank growing across the country, LendSmart has
a leadership team that their employee's trust and their culture centers on both
the originator and consumer. LendSmart has implemented a system that allows
them to send the Closing Disclosure out prior to receiving a CTC which has
allowed originators to continue meeting their closing dates while others have
struggled. Their technology advancements and custom CRM create
opportunities that simply don't exist elsewhere. For those looking to
advance their careers, LendSmart has new leadership opportunities for the
right team of people in Texas, California, Washington, and Georgia.
Contact Director Tom Dolan for
more information
Events continue to come
in, and many have specific causes. For example, some are meant to train
existing staff while others are intended to bring in new blood. Joel Berman
writes, "I'm hoping that the concept of 'Next Gen Mortgage Professionals
Rally' become an industry standard that is added to national, regional and
state mortgage banking & mortgage broker conferences on an ongoing basis
wherein the rally is promoted to the surrounding college community, the veterans
& to those interested in changing their careers. This is not just an
attempt to get 'millennials' into the profession nor is it just for developing
LO's but also operational personnel. This industry needs to develop a program
'together' to achieve this mission rather than just develop self-serving
programs individually. With NMLS reporting the average age of a loan
originators being 54 we need to recharge this industry with programs to
attract, train, and mentor the new members of this profession."
Speaking of which, the National
Mortgage Professional Magazine is launching a series of FREE Holiday Networking
Parties in Texas, California and Florida! Each party starts off with the
Next Gen Mortgage Professionals Rally to launch its campaign titled, "Recharge
the Mortgage Profession" and college students, veterans and individuals
interested in changing careers are invited to attend. The rallies will be
followed by business building workshops from industry leaders such as Greg
Frost from PRMI, Barry Habib from MBS Highway, and Frank Garay and Brian
Stevens from NREP. Workshops will be followed by a networking party where
attendees will mix and mingle with other successful mortgage loan officers and
celebrate the evening with music, complimentary food, prizes, and a heavy dose
of holiday cheer! MLOs with NMLS numbers, college students and veterans attend
free. Register by clickingthe state that you wish to attend: California, Texas, or Florida. Lenders and
vendors, to learn more about the few remaining sponsorship opportunities please
click here.
Does anyone remember
when Fannie and Freddie got into a little trouble and were forced into
conservatorship under the United States government? It rings a bell too; the
New York Fed recently
published a paper which evaluates the rescue of the two GSEs, and even
though we as an industry are mired down by the fallout of those events (with
some having formed opinions long ago about how well its gone so far), it's a
well written paper which evaluates the success (failures to some, please don't
email) of the past seven years. The group writes regarding the initial
necessity of public intervention, "First...stabilizing the GSEs
allowed them to continue financing mortgages. This was particularly important
at the time because of the tight supply of other forms of mortgage finance,
including a market freeze in the non-agency securitization market. Second,
the government rescue supported overall financial stability. GSE debt and
mortgage-backed securities were widely held by leveraged financial institutions
and commonly used as collateral in short-term funding markets. Allowing credit
losses on these securities would have exacerbated the weak capital and
liquidity position of many already stressed financial institutions and raised
the possibility of forced asset sales and runs. Third, foreign central
banks and governments also held significant quantities of GSE obligations; a
default by either or both firms could have had international political
ramifications, and potentially undermined the perceived creditworthiness of the
U.S. government itself."
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