(Working
on collecting tax paperwork and checking your finances? Thanks to Carol for
this one.)
"Death,
taxes and childbirth! There's never any convenient time for any of them."
- Margaret Mitchell, Gone with the Wind
"I
just filled out my income tax forms. Who says you can't get killed by a
blank?" - Milton Berle
"The
U.S. tax code was written by A students. Every April 15, we have to pay
somebody who got an A in accounting to keep ourselves from being sent to
jail." - P.J. O'Rourke
On
lawyers: "Ignorance of the law is no excuse not to practice." -
Conrad Teitell
P/E
RATIO - The percentage of investors wetting their pants as the market keeps
crashing.
Simplicity
in modern taxation is a problem of basic architectural design. Present
legislation is insufferably complicated and nearly unintelligible. If it is not
simplified, half of the population may have to become tax lawyers and tax
accountants." - Henry C. Simons
"People
are getting smarter nowadays; they are letting lawyers, instead of their
conscience, be their guide." - Will Rogers
Well it's
that time of year again, yup, election season. As you may or may not know with
all the fireworks going on, a fellow mortgage industry member is running for
Congress. This poses a unique situation for the industry to have a member in
Congress. Marc Savitt, former President of NAMB, is running for the 2nd
Congressional seat in West Virginia. Marc has been a strong advocate for the
industry over the past 20 years and a mortgage broker for almost 35 years. You
can get more information on Marc here.
NAMB is having a conference this week, and
Parkside's Matt Ostrander is speaking at it on 3/10. The topic will be
"How to succeed in a volatile rate environment." "It has been
many years since we have experienced a material increase in mortgage rates.
While higher rates are never inevitable, it is always good to be prepared for
higher rates and the impact that could bring to the industry and borrowers
alike. But will that actually happen or will we see feedback loops from a
globally connected economy in our new big data world? How may you navigate the
moves so that your business thrives in any rate environment? This session will
address what to expect if mortgage rates are volatile in 2016, and what
mortgage professionals can do to be prepared for such an environment. Industry
volume, investor demand, and product development are all expected to adjust
with any shift in the yield curve. Get an inside look at how industry
leaders are preparing for risks and opportunities that may present themselves
in a volatile rate environment. Presented by Matthew Ostrander, chairman
and CEO of Parkside Lending.
National
Mortgage Professional Magazine is hosting a free webinar on the Fundamentals of Manufactured Lending on Thu, Mar 10, 2016
2:00 PM EST. This presentation will give an overview of the Manufactured
Housing Market including program guidelines, property eligibility, and
available lending options. After participating in this webinar, you will be
able to confidently speak with customers who are looking to purchase or
refinance a manufactured home. American Financial Resources' Nicholas DiMilia
will talk about the opportunities for originators in this space.
On
March 22, ATS Secured is hosting a free webinar, "Mortgage
Repurchase & Indemnification Demands Including TRIDs Impact." Presented
by Amanda Raines Lawrence and Melissa Klimkiewicz, both of BuckleySandler LLP,
the webinar will focus on the challenges lenders are facing
today based on greater loan analysis and investor scrutiny. Don't miss this
chance to learn how to deal with the latest demands on the mortgage industry.
Register here.
Fannie
Mae is offering a series of webinars to help you prepare for the
implementation of Desktop Underwriter® (DU) Version 10.0 the weekend of June
25, 2016. Key enhancements and other updates will be discussed with time
allotted for questions. View
the DU Version 10 Overview webinar schedule and register today.
Effective
for case numbers assigned on or after April 27, 2015, a Financial Assessment of
all prospective borrowers must be completed prior to Reverse Mortgage loan
approval with Plaza Home Mortgage. On March 7th, an informational webinar will
explain Plaza's new guidelines and procedures to comply with the requirements.
The
MBA has something for everyone in the months of April and May.HMDA Implementation Workshop in both D.C. and Texas, Legal Issues and Regulatory Compliance conference May 1st-4th
in Denver Colorado, April 3th-6th National Tech in
Mortgage Banking Conference and Expo in Los Angeles as well as webinar
recordings surveying the HMDA
rule's new requirements and what they mean for your business.
Mortgage
Industry Advisory Corporation's (MIAC) 7th Annual Secured
Financing conference is accepting registrations. This event, April 27-29 in
Scottsdale, will include topics such as Advance data capture and collateral
performance measurements: introduction to DR Surveillance, Vision / DFAST
stress testing, auditing client loan level data, and much more.
Vendors
and lenders continue to roll out new products. What about vendors
watching other vendors, or closing agents? The CFPB has stated that it has
supervisory authority over the service providers of bank and non-bank lenders,
including software vendors, and a while back Director Cordray said,
"Consumers must not be hurt by unfair, deceptive, or abusive practices of
service providers. Banks and nonbanks must manage these relationships carefully
and can be held accountable if they break the law."
Lenders One Mortgage Cooperative, a national alliance of
independent mortgage bankers, correspondent lenders and suppliers of mortgage
products and services, is announcing the addition of an innovative vendor
oversight platform called Vendorly that will allow for the management of
increasing regulatory requirements. "As vendor violations are on the rise,
and enforcement against mortgage bankers is anticipated to intensify throughout
2016.More than ever, it's important for lenders to comply with regulatory
guidelines through a comprehensive vendor oversight program. Vendorly is a
proprietary vendor management solution. Our technology is designed to
streamline due diligence, document maintenance, monitoring and audits. You can
enhance your protection and increase operational productivity with additional
solutions from our experienced support team who will help you assess risk and
execute an oversight plan. Additionally, Vendorly will mitigate third party
risk, increase operational efficiency, and simplify Vendor Oversight: Rely on
our vendor oversight solution and get more time to focus on your business.
Three
mortgage companies have jumped on the Alight Mortgage Lending train. Alight, known for its
real-time cloud-based financial optimization application, has signed Village
Mortgage and Guardian Mortgage Company. "Lenders new to Alight get very
excited when they realize they can evaluate challenges and opportunities from
every angle to develop not only a 'Plan A,' but also plans b, c and d as
well," said Jared Huff, managing director for Alight. Celebrating its 20th
year in business, Village Mortgage is licensed in 6 stated with 15
branch locations. Guardian Mortgage Company Inc. is a 50-year-old
residential mortgage originator and servicer located in Dallas, Texas with loan
origination offices in Texas, New Mexico, Arizona and Michigan. And Mountain
West Financial, one of the western states' largest lenders, is
headquartered in Redlands, California with 37 Locations throughout the Western
United States.
Effective
February 19, National MI became an eligible mortgage insurance carrier
on conventional loans delivered through the delegated business channel for Flagstar
clients. Delegated customers should refer to the current Conventional Delegated
Underwriting Welcome Package, Doc. #4013 located in the Seller's Guide
regarding terms and conditions for loans with mortgage insurance.
Firstsource
Solutions Limited, a global
provider of customized Business Process Management (BPM) services, today announced
its acquisition of the Business Process Outsourcing (BPO) business of ISGN, a leading provider of end-to-end technology solutions
and services to the U.S. mortgage industry. The BPO division provides
Origination, Servicing, Title and Valuation Services to many banks and non-bank
lenders in the U.S. More than 700 employees from ISGN's BPO division in the
United States and India will join Firstsource. The move provides Firstsource
with marquee customers and strengthens its Banking, Financial Services and
Insurance (BFSI) portfolio while also offering significant potential
opportunities for cross-selling of services. "We're looking forward
to introducing ISGN into the Firstsource family and expanding our capabilities
in the U.S. mortgage BPO market with the company's impressive customer
portfolio," said Rajesh Subramaniam, Managing Director & CEO of
Firstsource. "The acquisition will bring Firstsource an experienced and
strong management team from ISGN, supported by employees with significant
domain and delivery expertise that will enable Firstsource a strategic entry
into the growing US Mortgage business." The acquisition is expected to be
finalized within the next few months.
eLynxhas completed an integration with RamQuest enabling lenders to utilize eLynx's expedite ID
compliance solution to exchange property, fee, and loan data electronically
with thousands of settlement service providers using RamQuest creating a
simplified collaboration to generate the closing disclosure.
Ellie Mae has
launched three new solutions, further extending Ellie Mae's
Encompass all-in-one mortgage management solution. Details can be found on The Ellie Mae Compliance
Management System™, Ellie Mae's next generation Encompass CRM™ and the
Encompass Mobile™.
Platinum
Data Solutions has upgraded RealView appraisal quality and compliance technology
with the industry's only user-controlled customization feature in an appraisal
technology. This feature enables users to customize their RealView software by
authoring their own rules at any time of day, with just a few mouse clicks. For details, view its company news release.
United Guaranty is
introducing its MI NOWM mobile phone app-the fastest way to get a rate
quote with the benefits of Performance Premium pricing. The free download for
iPhones is now available to United Guaranty MI Guide® users at the
Apple App store. For more information, visit ugmiguide.com.
United Guaranty's SwiftClose was
rolled out effective February 16th. Its new underwriting
requirements align with DU and LP, specific to short sales and allowing non
occupant co-borrowers. These changes will make it easier to insure loans with
United Guaranty as it more closely align with the GSE's. UG's full
announcement is available here.
Turning
to mortgage rates, which are pretty much set by the mortgage-backed security
market, they went up a little on Friday. With all of the marginal economic news
in the U.S. it is easy to poke fun at the unemployment data, but nonetheless
job growth has, if anything, accelerated this year rather than slow down. Now
if only wages would improve (Friday showed a 0.1% decline in hourly earnings in
February but January's wage growth was very strong so we're still doing well
for 2016).
This
week is weak for economic news, and hopefully things are tame overseas so
lenders can work on funding those locks! Today and tomorrow are nil although
there is a $24 billion 3-year note auction by the Treasury. There isn't much
Wednesday either aside from a $20 billion 10-year note auction. Thursday things
pick up a little with Initial Jobless Claims and a $12 billion 30-year Treasury
auction. Friday we have the February Export Prices ex-agriculture and Import
Price ex-oil (08:30 EST). We closed the 10-year at 1.88% Friday.
No comments:
Post a Comment