(Thanks to MT for this one.)
"Will you marry me?" = A marriage
proposal.
"Will, you, Mary, me?" = a
foursome inquiry.
(Yes, punctuation matters.)
With my current travel taking me through Florida, Milwaukee, and
now Savannah, geography is on my mind and yesterday I noted that Maine is the
only state with one syllable. This prompted stickler Doug B. to counter with,
"Actually, ALL states have 1 syllable; 49 of them have additional
syllables as well." In nearby 4-syllable Alabama, Regions Bank has
agreed to pay more than $52 million to resolve yet again another FHA set of allegations.
Time flies, and National Mortgage Professional Magazine and
Mortgage News Network are returning with their successful holiday
networking parties! On Tuesday, December 6 they celebrate in Irvine,
CA, they continue on Thursday, December 8 in Sunrise, FL and
wrap things up on Thursday, December 15 in their hometown - Long
Island, NY. The parties start off with complimentary business building
workshops for mortgage professionals. Then the party begins with a relaxed
trade show atmosphere with holiday music, food and festivities. They are
looking for sponsors for all three of their party locations. If you would like
an opportunity to network with mortgage professionals while celebrating the
festive holiday season, a sponsorship is great fit for you! Click here for more information and to secure your
sponsorship today or contact Beverly Bolnick, V.P. Sales and Marketing (516.409.5555,
ext. 316).
In wholesale news, M&T announced a "renewed
commitment to the Wholesale lending channel," re-engineering its
workflows. M&T's Business to Business Lending Center, found at www.mtbcl.com, is being enhanced to include information for
the Wholesale lending channel. "We have put together a comprehensive
program manual to assist our Broker customers in conducting business with us.
This manual can be found within the MEME InfoCenter on the tab titled
'Wholesale Program Manual.' As always brokers should read the bulletin for
details such as, "It is M&T's policy that we will prepare the initial
and all subsequent Loan Estimates on all transactions" and "M&T
does not charge an Origination Fee for any loan program."
As lender rely more and more on specialization to help
them during the lending process, vendors are increasingly taking a dominant
role. Let's see what some have been up to lately.
Mortgage Coach, ranked the #1 Mortgage App by USA
TODAY, launches the availability of seamless integration within LoanEngage
from Velocify tomorrow. "You are invited to have a first look at a
new approach to automated marketing for modern mortgage lenders. Join President
of Mortgage Coach, Joe Puthur, and Director of Business Development for Velocify,
Chris Backe, for an overview of 5 key retail lending trends and demonstration
of this innovation. Sign up here to see how LoanEngage can help more borrowers
make a confident decision with the Mortgage Coach integration."
Equator, a provider of default software solutions,
announced the launch of Equator Agent Elite, a premium suite for REO real
estate agents that adds transparency and actionable insight to the REO market.
Equator Agent Elite provides agents with access to Equator's local market data
and insights, platform and REO certification, real-time notification of new REO
assets and communication capabilities with servicers. Agents now have the
opportunity to utilize Equator's evolving tools and market intelligence to help
drive their business growth and gain a competitive advantage in today's
data-driven REO marketplace. Equator Agent Elite is designed to help REO real
estate agents stand out and land more REO business by providing a deeper
understanding of local market activity, platform certification and facilitating
proactive communications with servicers.
Interactive Mortgage announced its partnership with
Lendsnap "in creating a truly interactive
borrower experience. Interactive Mortgage believes this partnership will not
only help to accelerate our growth but push the mortgage industry to automate
and offer the borrowers a better lending experience. Lendsnap automates
borrower documentation during mortgage application by linking to borrower
financial and employer accounts, enabling quick and secure collection of
W2s, pay stubs, banks statements, and full tax returns. (Contact Mike Romano for more
information.) Interactive Mortgage is currently located in Orange with a
move planned to its new 40,000 sq. ft. headquarters within the next 30
days. (Interactive Mortgage is always looking for quality employees and
offers employment both in house as well as remote. Contact us today at info@interactivemortgage.com.)
AFR's MyLoanCenter is a FREE, white-label technology solution that will
streamline the way brokers communicate with their customers, offering
customizable options to provide optimal service. Complete with real-time
updates, innovative features, and mobile-friendly experiences.
Visit American Financial
Resources, Inc. website for more information.
Roostify announced that its
company has joined the Preferred Partner Network for The Mortgage
Collaborative, an independent mortgage lending network. Roostify provides
lenders with a complete digital mortgage platform from application to closing
which can be platform can be accessed from anywhere, including a mobile device.
Consumers can complete a mortgage application in under 20 minutes through
Roostify's intuitive interface, then submit, review and sign all documents and
disclosures from within the Roostify platform, with real-time updates from
their loan officer. The digital document and communication tools allow lenders
to automate time-consuming manual processes and focus more time on closing
loans.
FirstClose announced that Holston Methodist Federal
Credit Union has selected The FirstClose Report for its Home Equity Lines of
Credit (HELOCs) and Home Equity Loans. With instantaneous title search, flood
certification, valuation and property information with lien protection insurance.
The FirstClose Report delivers all necessary documents instantly, which allows
lending operations to reduce closing times from 40+ days to less than 10 days,
reduce costs by an average of 40% and reduce risk with $500,000 of A+ XIII
rated lien protection insurance per loan. In other news, First Lenders Data
(FirstClose) has aligned with Dart Appraisal allowing home equity lenders an
expanded number of appraisal vendor options when they order the patent-pending
FirstClose Report, an instantaneous data delivery solution that gives lending
operations title search, flood certification, valuation and property
information with $500,000 of A+ XIII rated lien protection insurance.
Indecomm announced that its InteleDoc Direct (IDD) eRecording Platform with Recopedia
has been integrated with the ResWare title production platform. This
collaboration brings Indecomm's latest innovations with the Recopedia toolkit,
to ResWare's title platform. Indecomm is the only company in the industry to
enhance a web-based eRecording platform with a toolkit that provides current
county specific requirements and fee calculations for all real estate document
recordings, rather than just prompts and tips about eRecording only county
requirements. The inclusion of this breakthrough technology into ResWare will
dramatically boost the efficiency of title agents, enabling them to meet all
their business processing and recording needs in a single platform.
The markets, and in turn lenders and LOs, have been
watching the non-agency markets with rapt attention. Banks and portfolio
lenders, for the most part, have been perfectly happy to add non-agency (jumbo
and non-QM jump to mind) loans to the asset side of their balance sheets. They
shouldn't forget, however, that late last month Angel Oak announced a $132.65 million securitization of
non-agency residential mortgages. AOMT 2016-1 was a $132.65
million securitization primarily backed by non-Qualified Mortgages (non-QM),
and was Angel Oak's second securitization.
As lenders know, investor demand drives the primary
markets. Angel Oak Capital's two securitizations are primarily backed by
mortgages originated through the firm's two affiliate residential mortgage
lenders -- Angel Oak Mortgage Solutions LLC (wholesale) and Angel Oak Home
Loans LLC (retail). Angel Oak Capital (through one of its accounts) retained 5
percent of the offered securities, to satisfy risk retention requirements of
the Dodd-Frank Act, and 100 percent of the remaining classes of subordinate securities.
CEO and CIO Sreeni Prabhu stated, "Our lending
platforms are on pace to originate approximately 3,100 loans totaling
approximately $800 million by year end. Angel Oak Capital will continue to
selectively purchase the loans we feel fit best within securitization
parameters and meet investor requirements." And Capital Markets' John Hsu
followed with, "There is a stark difference between the collateral in our
non-prime loans today and the subprime products issued prior to the financial
crisis. Today's loans adhere to the 'ability-to-repay' (ATR) regulation and
require significant down payment."
Keeping on with the markets, we did see some intra-day
volatility Tuesday, resulting in price changes from lenders, and by the time
the dust settled things were markedly worse, in both stocks and bonds, to where
they were Monday night. It didn't help that the $12 billion reopened bond
auction was poorly bid, and the supply of corporate debt being sold kicked in.
A piece from Cantor Fitzgerald noted that, "All-in-all no one reason for
today's sell-off but the reversal in EGBs (10 year bunds back to 7 cents),
supply (both Treasury and IG) and technicals as we have broken support all
played a part."
But the NY Fed will continue to buy about $11 billion per week,
rain or shine, using money from prepayments. The 10-year note worsened .5 in
price ending with a 1.73% yield and the 5-year worsened by .250.
Mortgage-backed securities fared better, worsening only about .125.
Leading up to tomorrow, which is a huge news day, we've
already had the MBA's retail application figures for last week announced
through CNBC: +4.2% with purchase apps +9%. We've also had the August import
and export prices (-.2%, -.8%, respectively). The 10-year's yield is 1.71%
with agency MBS prices better by .125.
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