(There
must be an analogy here with loan processing...)
An out-of-towner
drove his car into a ditch in a desolated area. Luckily, a local farmer came to
help with his big strong horse, named Buddy. He hitched Buddy up to the car and
yelled, "Pull, Nellie, pull!" Buddy didn't move.
Then
the farmer hollered, "Pull, Buster, pull!" Buddy didn't respond.
Once
more the farmer commanded, "Pull, Coco, pull!" Nothing.
Then
the farmer nonchalantly said, "Pull, Buddy, pull!" And the horse
easily dragged the car out of the ditch.
The
motorist was most appreciative and very curious. He asked the farmer why he
called his horse by the wrong name three times.
The
farmer said, "Oh, Buddy is blind and if he thought he was the only one
pulling, he wouldn't even try."
Yesterday
at a job interview I filled my glass of water until it overflowed a little.
"Nervous?" asked the interviewer. I replied, "No, I always give
110%." I wish that I was really that clever. Glassdoor, the jobs and
careers marketplace, has announced its annual report of the Top 10 Toughest Interview
Questions for 2016. 1. "Which magic power would you like to have?" 2.
"If you were a fruit, what kind would you be and why?" 3. "If
you could have dinner with three actors that are no longer living, who would
you pick?" 4."How many hours would it take to clean every single
window in Manhattan?" 5."How do you get an elephant in a
fridge?" 6. "If the time is quarter past 3, what is the angle
measurement on the clock?" 7. "If you had three minutes alone in an
elevator with the CEO, what would you say?" 8. "How many people born
in 2013 were named Gary?" 9. "What will you be famous for?" 10.
"How many diapers are purchased per year in the United States?"
The
MBA's Tech conference is today, and with it plenty of news, education, tech
opportunities and news.
Under
the "new products and education" banner, "In today's regulatory
environment, technology can help you stay compliant and help lower your
compliance related cost. New Technology Eases Compliance and Regulatory
Concerns, written by Josh Friend, CEO of Insellerate, provides insights and ideas on how to manage
and mitigate your risk of exposure. Insellerate is a SaaS based automated
lead management and marketing platform that gives you full control over your
leads and your sales process through highly customizable workflows and
activities. If you are attending the MBA Tech Show Come visit us at Booth
#117 to learn more. Or download the article here.
STRATMOR announced at the "MBA National
Technology in Mortgage Banking Conference and Expo" that it has launched an
expanded 2016 Technology Insight Survey. Previous Technology Insight Surveys
--- 2015 participation included lenders representing 40 percent of industry
volume --- showed that roughly 3 out of 4 lenders are not satisfied with the
value they are getting from their LOS systems, of the roughly 1 in 4
lenders that are, most are smaller lender wanting to "keep things
simple," and roughly 20% of lenders reported abandoning an LOS
implementation, with proprietary systems being least likely to be abandoned. It
is easy to see how important it is for lenders to have information about the
technology they are considering based upon the independently surveyed
experience of real users, as provided by the Technology Insight Survey.
Originally
designed to provide lenders with objective information about various
commercially available and proprietary LOS solutions, the 2016 Technology
Insight Survey has been expanded to include information about Point-of-Sale and
Lead Management systems and vendor readiness for TRID. According to Garth Graham,
STRATMOR senior partner in charge of Marketing and Sales Advisory Services, the
intelligence gleaned from the Technology Insight survey is more important to
lenders today than ever before. "In the industry's current slow-growth
environment, capturing market share from competitors will be a key factor in
achieving success," said Graham. "To do so will require superior
capabilities in generating and managing leads and that means having access to
the very best in technology. That's only possible when lenders can make
informed decisions based on objective data. We've tailored the Technology
Insight Survey so that lenders are able to draw upon the cumulative knowledge
and experience of their peers with the technology and vendors they are
considering." To register for or to find out more about STRATMOR's 2016
Technology Insight Survey, email techinsight@stratmorgroup.com.
Secure
Insight and Strategic Compliance Partners formed a business
alliance. This partnership presents an opportunity for each company to provide
its clients with best-in-class complementary services. SSI will now be able to provide its clients with
attorney-driven, fixed-price compliance programs which mitigate risk and
deliver solutions for today's increasingly regulatory climate. Additionally, SCP will be able to offer its clients a proprietary data
driven risk management solution when evaluating closing agents.
Earlier
this year PHH caught some tech attention with the successful deployment of a new automation solution for
its Single Point of Contact (SPOC) process. There you have it: a great example
of a lender investing in technology to delivery regulatory compliance.
Old Republic Credit Services, a national leader in credit reporting and origination
products and services for the mortgage industry, announced today that it is
changing its name to Partners Credit & Verification Solutions. The
name change follows the acquisition of Old Republic's interest in the joint
venture by its managing partner and software provider, Credit Interlink. The
shift to a new name will cause no direct impact to customers as management,
staff and product lines remain unchanged. Management anticipates the consolidation
will also foster cultivation of new strategic relationships and in turn help
expand offerings for customers.
loanDepot announced a partnership with Avant,
an online marketplace lending platform. This partnership will expand credit
options to responsible borrowers nationwide. Under the agreement, these two
FinTech platforms have teamed up through an API integration that will expand
access to credit through a borrower referral powered by a seamless digital
experience. As a result, responsible borrowers will have expanded access to
credit products that better align with their financial needs. LoanDepot
delivers consumers access to credit through purchase, refinance, personal, and
home equity loans online and through eight nationwide customer-care supported
tech-enabled business centers.
NAMB+, the for-profit provider
of discounted products and services to members of NAMB has partnered with Morf
Media Inc., a provider of customized on-line training to mobile networks.
Choose a link and click if you are interested in more information about NAMB+ or Morf Media.
vLoan, Union
Home Mortgages consumer direct division, launched vQual, an innovative online
mortgage pre-qualification tool vQual technology allows borrowers and
their Realtors to receive a pre-qualification letter on their mobile phone,
tablet, or computer instantly. Find out more about vLoan's vQual technology.
eLEND, a division of American Financial Resources,
Inc., has announced the launch of the eLEND mobile loan estimate comparison
tool to assist in evaluating Loan Estimates. The industry's first new,
technology-driven platform designed to support the newly imposed Consumer
Financial Protection Bureau (CFPB) disclosure regulations, the eLEND "Rate
My Rate" mobile loan estimate comparison tool offers borrowers the ability
to compare Loan Estimates from other lenders with eLEND offerings to see if
they can save money on a mortgage best suited for their needs.
I
mentioned this a few weeks ago, but as a reminder MetaSource, LLC. has acquired
Titan Lenders Corp. MetaSource provides an array of technology-driven
services and solutions, including business process outsourcing (BPO), business
process management (BPM), enterprise content management (ECM), workflow and
customer service experience. The acquisition of Titan broadens the company's
footprint in data-centric mortgage services.
Turning
to lenders and the bond markets, we're off to a running start on a new quarter,
with mortgage bankers reporting great March's and ample pipelines. And rates
continue to be darned good although they went up slightly Friday and U.S.
Treasuries declined after the employment data. The numbers came out pretty much
as expected - maybe a shade stronger.
Last
week mortgages were slightly "tighter" to Treasuries as Chair
Yellen's dovish comments reassured investors on the pace of rate hikes. It
seems that projections for MBS supply are roughly $150 billion in net
issuance for 2016. That averages out to about $600 million every business day.
And with the Fed buying $1-2 billion every day, one can see the impact it is
having on the supply & demand balance.
Frankly
there isn't much scheduled news this week - and when that happens our markets
are often subject more to what happens overseas. That aside, today we'll have
February Factory Orders at 7AM PDT. Tomorrow is some February Trade Balance
number, a JOLTS jobs number, and March ISM Services. Wednesday is the MBA
application numbers and the March FOMC Minutes. On the day before Friday we
have Initial Jobless Claims, and nothing of consequence on Friday. The numbers
for folks wondering where rate sheets are going to come out: we closed last
week with the yield on the 10-year at 1.79% and this morning it seems
content around 1.77% with agency MBS prices better by a few ticks (32nds).
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