Dan was a single guy living at home
with his father and working in the family business. When he found out he was
going to inherit a fortune when his sickly father died, he decided he needed a
wife with whom to share his fortune.
One evening at an investment
meeting he spotted the most beautiful woman he had ever seen. Her natural
beauty took his breath away. "I may look like just an ordinary man,"
he said to her, "but in just a few years, my father will die, and I'll
inherit 20 million dollars."
Impressed, the woman obtained
his business card and three days later, she became his stepmother.
Women are so much better at
estate planning than men.
Huh? People burned while
walking across fire at a Tony Robbins event in Texas? Imagine that! Speaking of
incendiary activities, an amendment passed the Senate Appropriations Committee
would bar federal banking regulators from preventing or penalizing banks for
providing financial services to state approved marijuana businesses. This will now head to
the Senate floor for a vote. I am sure that the alcohol lobbies are dead-set
against it, but using income from such businesses for loans bound for F&F
or the big banks could make things less complicated for underwriters.
BOK Financial Correspondent
Mortgage Services would like to remind banks and credit unions it purchases
construction to permanent mortgage loans utilizing a single closing that meets
Fannie Mae guidelines. Borrower benefits include time and cost savings, eliminating
multiple loan applications, fees and closing costs. We offer extended rate lock
options for up to 360 days, with a 90-day float down, allowing the lock in rate
on permanent financing when construction begins. Single-closing
transactions may be used for both the construction loan and the permanent
financing of a home if the borrower wants to close on both the loan and financing
at the same time. For more program information, contact clientrelations@bokf.com
or call 855.890.1485.
LoanCraft can turn
a pile of tax returns and K1s into a clean, uniform analysis, typically in less
than four hours. Typically, you get a full analysis of tax returns for personal and business
for $25. It's especially helpful given the recent changes around K1
distributions. They also don't have a minimum monthly commitment. Contact Ron George for more
information.
In
2013, LendingQB first released an interface to MCT's HALO-Link, which automatically transferred loan pricing
and pipeline data from the LendingQB LOS to MCT in order to improve the
accuracy of hedge positions. Today, the two companies completed an enhancement
to the HALO-Link interface that adds the capability for MCT to update the
LendingQB LOS in real-time with key investor information, such as confirmation
number, confirmation price and expiration date. The result is a
comprehensive and efficient secondary marketing process that provides pricing
and hedge risk transparency throughout the mortgage loan life cycle. This joint
effort demonstrates how collaboration between an LOS and a risk management firm
produces tangible operational benefits to mortgage lenders.
Franklin American
Mortgage Company announced it is now offering Fannie Mae HomeReady Fixed
Rate Product.
Overture Technologies has integrated trended credit
data into its automated underwriting system, a move that enables lenders and
investors to gain new insight into the credit risk of their non-agency loans.
The enhancement to the industry's leading independent automated loan
underwriting system (AUS) follows Fannie Mae's recent announcement regarding
use of expanded credit data in its Desktop Underwriter AUS. Trended credit data
records a consumer's use and repayment of revolving credit over time and
provides important insight into consumers' evolving ability and willingness to
repay a new debt obligation. Lenders, particularly those specializing in loans
to borrowers with previous bankruptcy or housing defaults, can leverage this
data to understand how consumers have managed their use of credit as they
re-establish their credit history.
United Wholesale Mortgage (UWM), has introduced a new proprietary Settlement Agent
Portal, which enables settlement agents to submit their closing changes
electronically to UWM. The new portal will streamline the closing process and
speed up the response time for UWM clients and their settlement agents. The
portal will enable settlement agents to review the preliminary closing
documents and submit their changes electronically, placing the file directly
into the closing queue. This process eliminates the need for multiple emails
and waiting for a Closing Specialist to reply to an email. UWM produced a tutorial video to highlight the increased efficiencies the portal makes
possible.
On the flip side, effective 6/30/16, Mountain West
Financial, Inc. (MWF) will discontinue the 203K Standard and Limited
Wholesale Programs. MWF will accept registrations up to 6/30/16 and all loans
must fund by 8/31/16.
And
recently the IRS notified vendors who provide tax transcripts
(such as IVES vendors) that they would need to implement new requirements in
order to continue providing tax transcript services. These new requirements
are intended to better protect taxpayer information. The updated requirements
include certain new assessments and certifications for vendors and lender
clients. The MBA's president Dave Stevens sent out a note saying that,
"While the IRS has not made their new certification requirements available
to the public, we have learned they will include items such as a requirement
that lenders provide their vendors with the Social Security numbers of any
individual authorized to use the tax transcript process. Some of the new
requirements must be implemented by July 1 and thus demand your immediate attention.
Other requirements must be implemented within 45 days.
"The MBA has asked
the IRS to delay the implementation date and is working for further clarity
around the requirements. The IRS, however, as of this writing has refused to
delay the implementation. I strongly recommend that you reach out to your
vendor today to obtain the requirements and complete the necessary
certifications and assess the impacts on your business operations. According to
the IRS, vendors will be required to suspend access to the transcript service
for any lender that fails to complete the required certification by midnight,
Friday, July 1. If you have any questions, please contact Rick Hill, Vice President,
Industry Technology at (202) 557-2718.
In better news, The Mortgage Collaborative, the industry's only
privately held cooperative, has surpassed $100 billion in estimated
originations in 2016 with the addition of its 59th preferred member,
Movement Mortgage. "This is an extraordinary milestone for us" said
David G. Kittle, CMB the Collaborative's Vice Chairman. "As we move
into the second half of 2016 and towards our August Summer Conference in
Denver, we'll be discussing how TMC will monetize this production in 2017. are
member companies estimated to do that volume in 2016?
For some training and
events coming up, some as soon as today...
The new Summer 2016 edition
of Arch MI's Housing and Mortgage Market Review® (HaMMR) will
be released next week. Following its release, author Ralph DeFranco, Arch
Capital's Global Chief Economist, will present two complimentary webinars on
HaMMR and the latest findings of the Arch MI Risk Index® (the
probability of regional home prices being lower in two years). Register now for
either Wednesday June 29th webinar or Thursday June 30th webinar.
Learn how to minimizing
risk exposure & liability with
a free recorded webinar from Bilzin
Sumberg. Join a panel of experts as they discuss
data security and privacy concerns in the private sector, as well as best
practices for minimizing exposure and liability. If you would like to register, email Philip R. Stein, attorney
at law.
Essent invites you
to register now for one of its July training
webinars. "There are so many vital topics being addressed by Essent's
training team, that you may have a difficult time choosing which one to take
first."
On July 19th
in New Orleans, the FHA is providing a free one-day training course
covering FHA underwriting procedures.
Valuation Expo, the largest conference for real estate appraisers, is
rapidly approaching. It will be held at the Baltimore Marriott Waterfront, July
11-13. "We will hear from industry who's who such as Joe Tracy from the NY
Federal Reserve; Jim Park, Director of the Appraisal Subcommittee; Zach Dawson,
Chief Valuation Officer at Fannie Mae, and a panel of bank regulators from OCC,
FDIC, NCUA, and FRB. In addition to 14 hours of continuing education available
there will be a trade show with software companies, E&O providers and lots
of AMCs and lenders."
In
security news, American Banker reports that the Federal Home Loan banks of
Topeka and San Francisco have signed up to participate in a Mortgage
Partnership Finance program that pools and securitizes government-backed
loans via Ginnie Mae. "We now have a new option for selling your
government mortgage loans into the Mortgage Partnership Finance program...MPF
Government MBS product is geared to make you successful with competitive
pricing in both servicing retained and released options," a memo told
members.
"The Chicago Home
Loan Bank created and continues to run the MPF program. The Chicago and Atlanta
FHLBs have sold the most loans through the program, which is also used by the
Boston bank. The San Francisco bank has also joined. The MPF program allows for
the sale and securitization of Federal Housing Administration, Department of
Veterans Affairs and Rural Housing Service loans." Although the program is
less than a year old, so far the MPF Government MBS program has securitized
$271 million in single-family loans through May.
Keeping on with the security
markets, Tuesday was a bit of a yawner although the treasury market recouped
earlier declines despite the bounce in risk assets. As ThomsonReuters put it,
"By the close, retail MBS volumes were near recent averages and biased to
better buying." But we were close to unchanged.
For rates we closed the
10-year with a yield of 1.46%. Today we've already had the MBA's weekly update
on mortgage applications for the week ending June 24 (-2.6%). We've also had
May personal income and spending (+.4%, +.2%). The Pending Home Sales Index
will be released at 4AM Hawai'i time. In the early going the 10-year's yield
is hovering around 1.48% with agency MBS prices worse a shade.
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