HOW TO PROPERLY
PLACE NEW EMPLOYEES. (Thanks to Marcus L. for this one.)
1. Put
400 bricks in a closed room.
2. Put
your new hires in the room and close the door.
3.
Leave them alone and come back after 6 hours.
4. Then
analyze the situation:
a. If
they are counting the bricks, put them in the Accounting Department.
b. If
they are recounting them, put them in Auditing.
c. If
they have messed up the whole place with the bricks, put them in Engineering.
d. If
they are arranging the bricks in some strange order, put them in Planning.
e. If
they are throwing the bricks at each other, put them in Operations.
f. If
they are sleeping, put them in Security.
g. If
they have broken the bricks into pieces, put them in Information Technology.
h. If
they are sitting idle, put them in Human Resources.
i. If
they say they have tried different combinations, they are looking for more, yet
not a brick has been moved, put them in Sales.
j. If
they have already left for the day, put them in Management.
k. If
they are staring out of the window, put them in Strategic Planning.
l. If
they are talking to each other, and not a single brick has been moved,
congratulate them and put them in Top Management.
Finally,
if they have surrounded themselves with bricks in such a way that they can
neither be seen nor heard from, put them in Congress
Actuaries,
statisticians, the press, and the mortgage industry love acronyms and
abbreviations, any list of which would take up this entire commentary. A couple
new ones are out there. "Got NIPPLS" t-shirts are making the rounds -
turns out it is the acronym for Name, Income, Property value, Property address,
Loan amount, Social security number. And let's not leave off HENRY: "High
Earner Not Rich Yet." And in other trivia, the Canadian government is
warning citizens to stop defacing its $5 bills by making them look like Spock
FNMA's
predicting a 16% drop in residential loans in 2016. Top originators know their
continued success will stem from their ability to adapt to change. On Thursday,
February 25 at 2:00 p.m. EST the National Mortgage Professional Magazine
will host a webinar presented by Silver Hill Funding to reveal how diversifying
your business with small balance commercial mortgages can have a big impact on
your bottom line in 2016. In less than 60 minutes they'll show you how easy it
is for your organization to start originating small-balance commercial loans
now. Click here to sign up for this FREE Webinar on small balance commercial!
The
Community Mortgage Lenders of America will host a political outlook
session in New Orleans at the Lenders One Winter Conference March 6-9.
CMLA will present Prospects for Regulatory Relief and the 2016 Campaign
and will also host a reception March 8 (Click here to RSVP) at the conference hotel. The CMLA is
unique in lender associations, representing only small and mid-sized community
based mortgage lenders. Lenders One offers its members an annual $4,000
advocacy credit toward CMLA membership dues and CMLA offers Lenders One members
a one-time $2,000 discount on its annual membership fees. CMLA Executive Director
Glen Corso said "we appreciate our strong relationship with Lenders One
and are pleased to be a part of the conference."
On
Thursday, March 3, 2016 at 2pm EST/11am PST, American Mortgage Law Group, P.C. and The Mortgage
Collaborative will be co-hosting a complementary webinar entitled,
"Consumer Financial Protection Bureau: Where Have We Been and Where Are We
Going as an Industry? 2016 Hot Topics Webinar." The webinar will include a
discussion of CFPB ongoing policy efforts, including the Bureau's intent behind
recent policies and how such efforts are affecting the industry and consumers
today. The webinar will also focus on how the industry is dealing with hot
topics and gray areas in regulatory guidance, and common issues lenders are
experiencing across the country regarding topics such as compliance with the
Know Before You Owe mortgage loan disclosures/TILA-RESPA Integrated Disclosure
Rule (TRID), Home Mortgage Disclosure Act (HMDA), Marketing Services Agreements
(MSAs), and Loan Originator Compensation. Featured guest speakers include:
Julie Vore from the Consumer Financial Protection Bureau, and Gary Acosta,
Co-Founder and CEO, National Association of Hispanic Real Estate Professionals.
Click Here to Register! If you have questions regarding
this webinar, or if you have specific questions or concerns you would like
addressed by our guest speakers, please contact Managing Member James Brody by
clicking here.
AllRegs
by Ellie Mae is offering essential mortgage training this spring, online
and on-site, for underwriting, servicing, quality control, mortgage compliance,
appraisal review to name a few. The classes fill up quickly so be sure to
register soon. Below is a list of April trainings: Mortgage Compliance for Origination - Begins April 4 (in
Washington, D.C.), Fundamentals of FHA Underwriting - Begins April 5, Appraisal Review - The Framework - Begins April 5, Intermediate FHA Underwriting - Begins April 6, Underwriting VA Loans - Begins April 7, Quality Control for Servicing - Begins April 7 (in
Washington, D.C.), Quality Control for Origination - Begins April 7 (in
Washington, D.C.), Analyzing Alternative Income - Begins April 7, Principles of Conventional Underwriting - Begins April 20; to view additional training available this spring from AllRegs,
click here.
February's
monthly conference call of the California MBA's Quality and Compliance
Committee is accepting registration now for their February 25th
interactive forum via WebEx. Free of charge, this months' topic is Regulatory Compliance in
Servicing.
ComplianceEase
is hosting a live, complimentary webinar titled, "Developing an Integrated
Approach to TRID Compliance" on Thursday, February 25, 2016 from 11:00AM
to 12:00PM Pacific Time. If you would like to register, click here.
Fannie
& Freddie news and changes? You bet - they just don't stop.
The
government was happy to hear that Fannie Mae will send $2.9 billion to the Treasury as its
profit grows: Fannie posted a profit of $2.47 billion for the fourth quarter.
But
those of us in the industry know that both Fannie and Freddie may need future bailouts as their reserves continue to
dwindle. Yes, the FHFA Director Watt spoke before the
Bipartisan Policy Center regarding the GSEs. The first part focused on
decisions made since he took over about two years ago, while the second part
focused on the GSEs' future. Director Watt spoke of the risks associated with a
protracted conservatorship and the need for Congress to act - thus, opening the
door slightly to an exit from conservatorship, in addition to the declining
capital buffers which will no longer exist by statute starting January 1, 2018.
Today
Fannie Mae is reminding lenders that trended data goes mainstream in the
marketplace with the new tri-merge file that will be delivered by Equifax and
TransUnion beginning in March. Following its introduction, CRA resellers will
be required to migrate to the new report by April 1, 2016. The rollout will
allow lenders and the marketplace to get used to seeing the trended data for
several months before Fannie Mae releases DU 10.0 in June. The format of
the tri-merge file has not been changed in over twenty years and these
additions are anticipated to be a game-changer when it comes to credit risk
assessment. The new file will provide access to historical monthly data
(when available) on several factors, including: balance, scheduled payment, and
actual payment amount that a borrower has made on the account. All of this new
information, in addition to outstanding balance, utilization and availability
of credit, on time or delinquency data on existing credit accounts will allow a
smarter, more thorough analysis of the borrower's credit history.
The
FHFA, Fannie Mae and Freddie Mac have employed an independent dispute
resolution (IDR) program aimed at resolving repurchase disputes. This new process
will offer an impartial third party to resolve demands that remain unanswered
after the appeal and escalation processes have been exhausted. The IDR process
for Fannie Mae will be available to all active lenders and include timelines,
standards for case packages that must be prepared, an option to use legal
counsel, a hearing with a neutral arbitrator and representative from the lender
and Fannie Mae and reimbursement for certain costs and expenses. The IDR
process for Freddie Mac will be available to all active Seller/Services and
will include the same components as Fannie Mae. In both cases, the arbitrator
will make the final decision and the written award will be final and binding.
Rob,
regarding the Fannie Mae Home Ready program, if the borrower lives in one MSA
and buying in another with a different income limit, which one do you
use?" Per Fannie the answer is that the property that is being purchased
using the HomeReady loan is what is used to determine the respective income
limit. Check out the HomeReady page for tons of info and Fannie's Q&A
references to this on page 2. Folks in the West really like the mapping tool
for this program - especially in rural areas since there are so many MSAs that
don't follow traditional boundaries.
M&T
Bank will comply with updates to the UES for Fannie and Freddie loans,
(does not include M&T Treasury Product) effective for all loans
applications dated February 24th. The updated guide will be posted
to the MEME and Empower Info Systems.
Fannie Mae Connect
Release 1.1 added five new reports in Fannie Mae Connect -- Loan
Delivery Edit Dashboard, Lender Dashboard, Collateral Underwriter® Submission
Metrics, Appraisal Findings and the Market Opportunity and Profiles Tool.
These new reports potentially have new users who will require new user access.
Fannie
Mae has enhanced the HomeReady Income Eligibility Lookup tool. The new
version is mobile friendly for web browsers on Apple®, Samsung®, and Android™
devices. The enhanced tool also has clearer messaging, with the HomeReady
income limit prominently displayed next to the input box. Visit the HomeReady page to check out
the enhanced tool, new dates for lives webinars, and other resources.
As
one would expect with no news the bond markets, and thus rates, did very little
Monday. Equity markets and oil prices did well, which was nice to see for many.
One interesting thing to note was that the British pound took heavy losses
after London's mayor backed the U.K.'s departure from the European Union.
But
hey, it is a new day with a new set of news. At 8AM CST we have the December
Case-Shiller 20-city Index, and later on the February Consumer Confidence
figure as well as January's Existing Home Sales. If you have a few shekels in
your pocket there's a $26 billion 2-Year Treasury auction. We closed Monday
with the 10-year at 1.77% and in the very early going today it is nearly
unchanged as are agency MBS prices.
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