Homographs are words of like spelling
but with more than one meaning. A homograph that is also pronounced differently
is a heteronym. You think English is easy?? This took a lot of work to put
together! (Part 1 of 4.)
1) The bandage was wound around
the wound.
2) The farm was used to produce
produce.
3) The dump was so full that it
had to refuse more refuse.
4) We must polish the Polish
furniture.
5) He could lead if he would
get the lead out.
6) The soldier decided to
desert his dessert in the desert.
7) Since there is no time like
the present, he thought
it was time to present the
present.
8) A bass was painted on the
head of the bass drum.
9) When shot at, the dove dove
into the bushes.
10) I did not object to the
object.
The European Central Bank has
been collecting data on cyber-instances at 18 major banks as part of a pilot program that will be expanded to other lenders. The
initiative is intended to create an early warning system for bank cyberattacks.
A good thing.
Sierra Pacific Mortgage is making buying a home
even more possible with the launch of Freddie Mac's Home Possible program.
This flexible loan offers low down payment option that helps low- to
moderate-income borrowers realize their dream of homeownership. Sierra
Pacific currently operates 8 Regional Fulfillment Centers and is licensed in 49
states, and is a nationwide direct lender for HUD, Fannie Mae, Freddie Mac, and
an approved Seller with FHA, VA and USDA. Sierra Pacific offers retail,
wholesale, and correspondent channels.
"US
Mortgage Corporation was very honored to be one of the premiere
sponsors of the PinkTie.org annual gala event held on Long Island by donating
$20,000 to fight cancer on behalf of the Don Monti Memorial Research
Foundation. "We consider contributing to the community as a
vital part of being in the lending community, and it gives us great pleasure to
help fight for this cause", says Steven A. Milner, Founder and
CEO. The event had nearly 3,000 industry professionals in the Real Estate
community and a slew of celebrity Athletes and personalities, with 100% of the
money raised going to the cause. "We should all never lose sight of the
fact that we are fortunate to be in a position to contribute. This
business and this community has been wonderful to us, so giving back is only
natural for US", says Scott A. Milner, President. US Mortgage Corporation is a 22-year old nationwide direct lender and FNMA
seller/servicer and is always looking for people to share and grow our vision
either by building a sales team or joining an existing one. For more
information, please contact Andrea Silver."
M&T Bank Corp, a
large northeast U.S. regional bank, did not admit any wrongdoing but agreed to
pay $64 million to settle civil charges it misled the government into insuring
hundreds of risky mortgages, leading to substantial losses when the loans went
into default. The U.S. Department of Justice tells us that the settlement resolves
charges originally brought by an internal whistleblower that the company
violated the federal False Claims Act. The case was brought in 2013 by Keisha
Kelschenbach, who spent 16 years working for the bank as a senior underwriter.
Her cut of the money has not been determined. M&T was accused of having
from 2006 to 2011 certified loans for FHA insurance that did not meet
underwriting and quality control requirements. The government said M&T also
uncovered numerous loans that contained "major errors," but reported
just seven to HUD, of which the FHA is a part. "Mortgage lenders that fail
to follow FHA program rules put taxpayer funds at risk and increase the changes
of borrowers losing their homes," Benjamin Mizer, head of the Justice
Department's civil division, said in a statement. M&T settled to avoid the
cost of litigation and looked forward to "continue as a leading and
responsible provider of home loans in the communities we serve, including as a
FHA program participant." (The case is U.S. ex rel Kelschenbach v. M&T
Bank Corp, U.S. District Court, Western District of New York, No. 13-00280.)
Fannie & Freddie,
conventional conforming changes? Always a lot going on that is relevant to
every residential lender seeing that the lion's share of biz is still heading
through conventional conforming channels.
Freddie, for one, has
witnessed a steady decline in mortgage repurchase activity in the last four
years, at least for the mortgages Freddie Mac buys. "Mortgage repurchases
are a last resort if a quality control review finds a mortgage didn't meet our
underwriting requirements at the time of sale. It's a last resort because the
lender is given multiple opportunities to address a problem, such as providing
missing information from the loan file, before a repurchase is considered.
Completed repurchases have dropped from a peak of $4.2 billion in 2010 to about
$400 million in 2015, a 95 percent drop.
"When
seller/servicers sell Freddie Mac loans with greater certainty, they are more
likely to make loans that take advantage of the full extent of our credit
box....Many seller/servicers have made significant investments to improve their
loan manufacturing process by using new tools, technology and
processes. We expect this trend to continue as we begin to phase in Loan Advisor Suite later this summer. Loan Advisor Suite is
a flexible, end-to-end loan delivery solution we designed with our customers to
increase lender efficiency and provide earlier insight into representation and
warranty relief.
In other Freddie news, it
reminded the industry that it has made improvements to its representation and
warranty framework four separate times in as many years. "These changes
help ensure that the new representation and warranty framework is more
transparent to seller/servicers and gives them greater certainty in the loans
they sell to us. The most recent change to the framework provides
seller/servicers contesting certain alleged loan-level representation and
warranty breaches a more extensive appeals process, plus an independent dispute
resolution process."
Wells Fargo Funding
removed the Loan Score requirements for its Prior Approval High Balance
Conforming Loan Program. As of May 2nd, Wells will follow Fannie Mae
requirements. Wells has also updated it Conventional Conforming pay stubs
requirements effective on or after May 30th. Payroll earnings
statement for the most recent pay period must be computer-generated or
typewritten, clearly identify the borrower as the employee, show the gross
earnings both for the pay period and year-to-date, show the pay period covered,
and show the employer's name. Note: Follow Seller Guide Section 820.13(a): Age
of Documents requirements for age of credit documentation.
Wells Fargo is
adding Freddie Mac Home Possible Advantage Loans beginning May 23. The Home
Possible Advantage program provides borrowers with financing up to 97% LTV and
105% TLTV. Wells will be updating adjusters for Home Possible® Loans to better
align with Freddie Mac effective May 16, 2016 and adding adjusters for Home
Possible Advantage® Loans in conjunction with its announcement to accept these
Loans effective May 23.
The Fannie Mae Servicing
Guide has been updated to include changes related to the following: Certain
Default-Related Expenses, Law Firm Matter Transfers, Servicing Requirements for
Nevada and Illinois Acquired Properties, Borrower Outreach Requirements and
other Miscellaneous Revisions. Read the Announcement for
more details.
As announced by Fannie
Mae and Freddie Mac, the Uniform Collateral Data Portal (UCDP) added new
Appraisal-Sharing functionality. By using the appraisal-sharing functionality, correspondents
and aggregators will benefit by replacing manual operations for sharing and
reviewing correspondent appraisal with an integrated solution using UCDP and
CU.
To get started, the
correspondent must complete the one-time setup process in UCDP to select a list
of aggregators with whom you will share appraisals. Review the UCDP Appraisal-Sharing Job Aid for Correspondents for
direction on how to set up appraisal-sharing. Ditech Financial LLC is
set up as a registered aggregator with an Aggregator ID TFT616.
The Help Center available
within Fannie Mae applications has been retired and replaced by its new
Technology Support page. The new page describes how to contact Fannie chat, and
includes a link to search for help online. For details, view Fannie Mae technology application(s).
M&T Bank is
offeringFNMA HomeReady HomeStyle Program. The HomeStyle feature only, the base
HomeReady is not being offered.
Optimal Blue has released an automated interface
with Fannie Mae's Pricing & Execution - Whole Loan™ Platform. This
automated interface will enable originators to take out commitments directly
with Fannie Mae (FNMA) through the Optimal Blue system. It will eliminate
having to re-enter commitments in the FNMA system after making the trading
decision in the Optimal Blue system. This interface is available to joint
Optimal Blue/Fannie Mae customers immediately, and is another component of
Optimal Blue's compelling ELS offering which automates mortgage workflow from
initial customer engagement through the disposition of a loan to the secondary
market.
Is
Fannie going directly to the borrower? "Use Fannie Mae's new one-page overview to let your
borrowers know how to access Framework's online, interactive course at their
convenience. In three easy steps, your buyers will build their homeownership
expertise with Framework and complete the course needed to qualify for the
HomeReady mortgage. You can start using the one-pager today and find more
resources on our HomeReady page."
PennyMacposted updates as applicable from Fannie Mae's DU 10.0 Release Notes
and SEL 2016-3. The effective date is included in each section.
The following AmeriHome
guides are updated with the changes in conjunction with Fannie Mae's
announcement SEL 2016-03. AmeriHome updates include: Fannie Mae Standard Conforming
Mortgage Program Guide, Fannie Mae Standard High-Balance Program Guide, Fannie
Mae DU Refi Plus Program Guide, and Texas (a)(6) Product Guide. In addition, beginning 4/18/2016, AmeriHome will be emailing a new,
automated "Ineligible for Purchase Notification," advising Sellers
when a loan delivered to any product or program does not meet AmeriHome
purchase requirements.
Effective with Home Possible
and Home Possible Advantage locks on May 13, 2016, Plaza will implement the
new LLPAs and LLPA cap structure outlined in Freddie Mac Bulletin 2016-8 and 2015-21.
Bopping over to the bond
markets, certainly the topic of conversation here at the MBA's Secondary
Marketing Conference, we didn't have much volatility last week. But this week we'll
certainly have a lot thrown at us in terms of scheduled news - most of out of
it dealing with housing. Today are the Empire Manufacturing Index and the home
builders weigh in their NAHB Housing Market Index. Tomorrow we'll experience
the Consumer Price Index, Housing Starts & Building Permits, and Industrial
Production & Capacity Utilization. Wednesday has EIA Petroleum Status
Report and the FOMC Minutes. Thursday starts with Jobless Claims, Leading
Economic Indicators, and the Philadelphia Fed Business Outlook Survey and
Friday closes out with Existing Home Sales.
We closed last week
with the 10-year at an easy-to-remember 1.70% yield and in the very early going
today it is at 1.71%.
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