Smart a$s answer
A lady was picking through the frozen
turkeys at the grocery store but she couldn't find one big enough for her
family.
She asked a stock boy, "Do these
turkeys get any bigger?"
The stock boy replied, "No ma'am,
they're dead."
Have you been asked to join the Trump Administration's new group focusing on mortgage finance policy? No? My cat Myrtle
hasn't gotten the nod (yet) either, but if you want on, you'd better give them
a call. Mark Calabria, chief economist to Vice President Mike Pence, said the
Trump administration is developing a group to focus on mortgage finance policy. "You will see in a few months
a set of principles, and then we'll go from there," Calabria said.
Verus Mortgage Capital, a leading Non-Agency/Non-QM
correspondent investor, continues to see record monthly volumes due to its
"expansive product offering and new correspondent sellers joining the
platform monthly." "Many companies are looking to Verus and its
innovative product offering to offset the impact from higher rates" said
Dane Smith President of Verus. In February Verus's affiliate Invictus
Capital Partners completed its first rated securitization backed by Non-QM
loans acquired by Verus, only the second investor to issue a rated
transaction backed by non-prime mortgages following the financial crisis. The
pool included loans with alternative documentation sources such as bank
statements for self-employed borrowers, consumers with prior credit events, and
business purpose loans to investors. Verus Mortgage Capital is adding
additional correspondent sales people nationwide to keep up with new client
demand" said Smith. If you would like to be part of a fast-growing company
that values its employees and is committed to making "common sense
loans" please email your resume to Jeff Schaefer, EVP, National Correspondent Sales.
Vendor mania!
Let's play catch up on some recent vendor news, especially
ahead of the MBA's Tech conference next week.
PCLender's next generation of servicehas integrated
consumer direct, automated workflow, and the agency's new technology
suites. PCLender is not only prepared for the new HMDA regulatory changes but
also has made dramatic updates to the dashboard reporting functionality and the
look and feel of the user interface, creating an intuitive experience to
further simplify today's lending complexities for community banks, credit
unions and mortgage bankers.
Indecomm Global Services, a leading provider of
business process as a service (BPaaS), software as a service (SaaS) technology,
and learning products for the mortgage industry, announced it will be
presenting next generation automation technologies in its Kaizen risk management and IncomeGenius income analysis mortgage platforms at the MBA
Technology conference next week.
In a move that will create one of the largest fintech
companies in the world, Vista Equity Partners is acquiring software maker D+H and intends to merge it with software maker Misys, the company reports. The combined company will have
a global footprint and the broadest set of financial software solutions
available on the market, with approximately $2.2 billion in revenues, around
10,000 employees and more than 9,000 customers across 130 countries, including
48 of the top 50 banks, per Vista Equity Partners.
Ten-year old MountainView Capital Holdings and its
subsidiaries are launching a new name and a new look: a new logo, new branding
and a new website. Its parent company is now known as MountainView
Financial Solutions, LLC. The company has also launched a new, more
comprehensive website at MViewFS.com. MountainView has previously operated
under multiple service names, including MountainView Servicing Group,
MountainView Capital Group, MountainView Risk Advisors, MountainView IPS, and
McGuire Performance Solutions.
eEndorsements announced the launch of its next
generation. eEndorsements 'client review content management system serves the
mortgage industry by making it easy to manage client testimonials across the
internet. The latest release allows for greater connectivity with back
office solutions such as LOS, CRM and Mobile Apps, along with optimized social
media automation to spread social proof to new prospective clients.
eEndorsements offers individual plans for loan officers as well as enterprise
solutions for mortgage companies; visit eendorsements.com for your free profile.
Valuation Management Group announced its renewal
as a Georgia Bankers Association (GBA) Strategic Partner. Valuation Management
Group handles the entire real estate appraisal process. This includes:
approving the appraisers, managing the appraiser panel, handling the bid
process for complex residential appraisal assignments and commercial appraisal
assignments, engaging the appraisers and performing a robust, quality technical
appraisal review.
MetaSource, provider of business process
management (BPM), workflow, and compliance solutions, has acquired
Dallas-based Orion Financial Group. This acquisition expands and adds
depth to its existing lien release offering for its portfolio
of solutions. Orion Financial Group has experience providing
mortgage assignments, lien releases and document retrieval
to mortgage servicers, investors, credit unions, and lenders.
Vantedge launched its Vantedge Real-Time Predictive
Marketing (RPM), a fully managed data-driven marketing service tailored for
credit unions. The subscription-based service combines real-time predictive
analytics, dynamic campaign management, personalized multi-channel message
delivery and ROI measurement with marketing advisory services. Vantedge RPM
leverages transactional, lifestyle and other behavioral data as well as
predictive modeling to help credit unions truly understand and even anticipate
the needs of individual members, serving them highly relevant and personalized
advertisements at the precise moment they're considering a purchase.
Ellie Mae announced the introduction of its Ellie Mae's Encompass Consumer Connect. Delivering a
state-of-the-art, completely branded and unique self-service online loan
origination experience for homebuyers. Lenders will be able to quickly turn
interest into applications by extending their brand to consumers with a fully
configurable, drag and drop website builder. Completed applications
automatically flow into the loan officer's pipeline within the Encompass
mortgage management solution. Incomplete applications can be quickly followed
up to gain that borrower's business and extend the relationship and ensure
compliance.
FormFree's automated asset verification service,
AccountChek, is now available through Ellie Mae's Encompass Consumer Connect.
The integration allows Encompass users to verify and share asset and deposit
information with their lenders in seconds without uploading bank statements.
AccountChek's cloud-based app securely connects with virtually any financial
institution to consolidate, analyze and verify assets and deposits, delivering
a safe and hassle-free experience for borrowers and greater purchase certainty
for lenders.
Simplifile's Collaboration and Post Closing
services will be available this month through Ellie Mae's Encompass all-in-one mortgage management solution.
The seamless integration allows Encompass users to collaborate with settlement
agents via Simplifile and work together seamlessly on documents and disclosure
data from pre-closing to post closing. Simplifile Collaboration enables lenders
to work directly with their settlement agents to share, receive, and validate
disclosure data, documents, and transaction details. Simplifile Post Closing
provides lenders with real-time updates on the recording status of documents,
then closes the loop on the entire mortgage transaction by delivering the final
title policy and fee data electronically.
Lenders One and the Mortgage Bankers Association
have formed an alliance that will provide new benefits to both Lenders One and
the MBA members. Because of the new agreement, Lenders One members who join the
MBA will receive a discount on their first year of MBA membership dues as well
as savings on MBA products and services. MBA members will be eligible to join
Lenders One and receive a discount on their cooperative dues as well as other
benefits.
Optimal Blue announced a new partnership with
Blend, the leading digital mortgage solution, to integrate their pricing
engine into Blend's platform. The partnership will allow lenders using both
Optimal Blue and Blend to seamlessly access pricing workflows within Blend,
making the entire mortgage application process significantly more efficient and
transparent.
Altisource launched noteXchange, a state-of-the-art proprietary mortgage
trading platform. noteXchange is a secondary market trading platform that
brings buyers and sellers together in a centralized exchange that enables
better communications, shorter sales cycles and automated processes with real
time pricing data coming from Thomson Reuters.
Require Holdings, LLC, announced it has completed
its acquisition of Deeds on Demand. Deeds on Demand is the first Internet-based
deed and real estate document service designed to provide fast, accurate and
integrated document preparation services. Deeds on Demand's services will be
merged with reQuire Real Estate Solutions, LLC, a wholly-owned subsidiary of
Require Holdings, that services the title insurance industry.
eOriginal, Inc. has been selected as the technology
solution provider for the Fannie Mae next generation electronic vault (eVault).
Fannie Mae is committed to enhancing the digital mortgage revolution and
removing obstacles to eMortgage adoption through a modern, secure, and scalable
platform. eOriginal's hosted platform enables the secure management of
electronically signed assets (eNotes) throughout their post-execution lifecycle.
In addition to investing in new eVault infrastructure, Fannie Mae is also
simplifying eMortgage adoption by transitioning to the MISMO SMART Doc Version
3.0 format in 2017.
Stewart Title Insurance, and ClosingCorp,
announced that rates and fees from Stewart's nationwide network of Stewart
Title offices are now available to lenders through ClosingCorp's SmartFees
platform. SmartFees will support, capture and verify title rates and fees from
the entire network of Stewart Title offices nationwide, enabling lenders to
obtain quotes for loan estimates (LEs) and closings. SmartFees integrates loan
file information, transfer tax and recording data, service provider fees from
more than 70,000 rate cards, and lender business rules and requirements into a
single, seamless process and platform.
Capital Markets
Another day, another rally - and yesterday both stock and
bond prices improved. The February Existing Home Sales report was the big data
release and showed sales declining more than expected on lower inventories. But
the median selling price was up 7.7% y/y to $228,400, and the median time on
the market was 45 days, down from 59 one year ago. First-time buyers were 32%
of sales. The FHFA Housing Price Index was unchanged m/m in January (+5.7%
y/y). December's growth was 0.4%.
Economists and traders are now opining on "bull
flattening" - the Fed has raised short term rates yet the long end of the
yield curve hasn't moved. The bull flattening of the treasury curve aided lower
mortgage rates prices although originator supply was relatively muted with
treasuries in rally mode with some hedge adjustments as some commitments are
likely to fall out given the recent rate rally. By the time the dust settled
the 10-year note had improved more than .250 in price (to yield 2.40%) while
5-year notes and 30-year agency MBS prices improved between .125-.250 depending
on coupon and security.
The big news overnight was reports of a "deal"
between Trump/Ryan and the House Freedom Caucus that should help drag the
health care bill through the House later today, but in a way that will all but
doom it in the Senate. The bigger question remains when will the GOP pivot away
from healthcare and address tax reform? This morning we've already had Initial
Jobless Claims (+15k to 258k, a 7-week high). Coming up is New Home Sales. The
US House of Representatives is also expected to vote on the current GOP
proposal to repeal and replace the ACA (aka Obamacare). We commence the day
with the 10-year at 2.41% and agency MBS prices a shade down/worse versus
Wednesday night.
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