(Smart aleck answers)
It was meal time during an airline flight.
"Would you like dinner?" the
flight attendant asked Chet, seated in front.
"What are my choices?" Chet
asked.
"Yes or no," she replied.
The average residential loan file has 367,000 documents - and
each one must be verified by the underwriter. Okay, just kidding. But every
Boeing 737 (like Southwest flies) has 367k parts. Boeing's assembly line moves
at 2 inches per minute, and a plane takes 9 days from start to finish to
assemble. If only processing a loan was that efficient...perhaps it can be!
It is beyond me how it's almost April already. And there
are plenty of upcoming events and training for residential lenders.
The revised HMDA reporting rule is upon us and
hopefully your company has implementation projects well underway. There is a
lot of consider and plan for across your business policies, processes, system
and organization while ensuring your data is complete and of the
highest quality for reporting. Please join Newbold Advisors, LLC and Gooi
Mortgage for a free one hour webinar on Wednesday,
April 12 at Noon ET to review the rule, discuss implementation considerations
and get some planning tips. You can register for "HMDA Reporting -
What, Why, Who, When" at this link.
The NYMBA 2017 Convention "Great by Choice"
will be held April 3-5 at the Desmond Hotel in Albany. Join NYMBA at
the Opening Dinner of its Convention on April 3rd, to hear one of New York's
finest and most dedicated members of the New York State Senate, Senator John J.
Flanagan. The dinner and opening reception may be purchased without a convention
registration or included in the Monday Daily Pass or Full Registration
Packages.
MGIC'sApril training calendar is ready and waiting with tons of
webinars to choose from.
InSellerate, the developer of the most advanced lead
management system in the mortgage industry, has announced its first Digital Lending Workshop. The live, full-day event will be
held Thursday, April 20 at the Center Club Orange County in Costa Mesa,
California.
If you're in Michigan, or want to be, join MMLA
Southeast Chapter for a speed networking event on April 27th. It sure to
be a fun evening at The World of Beer.
Finovate is known for showcasing the
best-of-the-best in the fintech industry, unrivaled for entrepreneurs and
companies looking to demo new technology or get discovered. FinovateSpring 2017 is gearing up for its San Jose event April
26th-27th. Check out its event brochure and
registration information.
Did you know that Fannie Mae provides participating
servicers with free loss mitigation training? The Know Your Options™ Customer
CARE (Connect, Assess, Resolve, and Execute) team will present two live webinars in April.
In Reston VA, June 8-9, is the MERS 2017 User
Conference bringing together System members from all areas of the mortgage
industry. Learn from the experts how to achieve the ultimate MERS experience.
Also, new this year, prior to the conference, in the evening of June 7th,
will be the celebration of women's leadership and achievement in the mortgage
industry. Registration is now open.
Are you registered for MMBBA's 2017 Annual
Conference on May 10th & 11th? Early Bird registration ends April 15th.
The TMBA has announced the location and dates of
its 101st Annual Convention. This year's conference - "Defining Our
Future" - will be held at the Hyatt Regency Hill Country Resort and Spa in
San Antonio, Texas on May 21 - 23, 2017. Our 43rd President of the United
States and Founder of the George W. Bush Presidential Center, George W. Bush
will speak at conference. Other notable topics include: How Changes in
Washington D.C Will Affect the Mortgage Industry; Changes to HMDA and Fair
Lending Implications; and Technology and our Next 100 Years. Registration and full details are now available.
Lenders & vendors raising money in a digital world
Before I forget, every year a new buzz word or phrase
appears in our industry. These days it's "Digital Mortgage". What
does it mean and what are you and your peers doing to act on it? You're in
luck, STRATMOR is running a new Spotlight Survey this month to answer these
questions and more about Digital Mortgage. To learn more about Consumer
Interaction, Automated Data Verification, and Database Marketing, click here and participate in our STRATMOR Spotlight
survey: Lender Adoption of Digital Mortgage Survey. For questions, contact STRATMOR.
Online lender SoFi announced on Thursday it has elected Mike Bingle,
Steven Freiberg, and Robert L. Joss to its Board of Directors. This news
comes just a couple of weeks after SoFi closed a $500 million funding round
led by Silver Lake. SoFi has raised $500 million to expand to Australia and
Canada. In fact, SoFi has now raised $2 billion to date. It moved into mobile
payments with its acquisition of online bank Zenbank earlier this year. SoFi's
latest funding round was led by Silver Lake and included existing investors
SoftBank and GPI Capital.
Strandview Capital, a strategic investor in financial
services companies, has committed up to $1.25 million in InSellerate, a sales automation software company
that empowers mortgage lenders to optimize lead opportunities by communicating
with borrower prospects within seconds of starting the buying process. This is
Strandview Capital's second investment to help fund InSellerate's rapid growth.
"InSellerate's first-to-contact dialer technology empowers originators to
respond to leads within 30 seconds of making a request. The simple-to-use yet
sophisticated system delivers almost instant lead engagement, real-time sales
and marketing resource management, as well as an effective prospect nurture
program. InSellerate further distinguishes itself by connecting the loan
officer to the borrower and real estate agent in real time, giving loan
officers up-to-the-minute status reports on the loan in process, alerting them
on required disclosures and timing disclosures to prevent compliance errors,
and helping them to turn current borrowers into long-term customers."
cloudvirga, developer of the automated, cloud-based
intelligent Mortgage Platform (iMP), announced it has raised $15
million in a series B funding round "led by a portfolio company of
The Blackstone Group, the world's largest alternative investment firm. The new
funding will support cloudvirga as it scales its technology and expands its
product offerings.Like others, cloudvirga's flagship mortgage point-of-sale
(POS) platform puts consumers at the helm of the loan application process. But
cloudvirga takes automation even further. It has completely re-engineered
mortgage workflow moves many traditional back-office tasks to the front of the
loan application and automates the entire initial disclosures process, enabling
cloudvirga to deliver unmatched transaction speed and efficiency to both
borrowers and lenders."
Alight announced that Nations Lending
Corporation has selected Alight Mortgage Lending for continuous
reforecasting. "With Alight, we'll be able to explore limitless
numbers of strategies for addressing marketplace volatility, see results across
our financials and record decisions made as a basis for future planning,"
said David Critzer, CFO at Nations Lending.
LBA Ware, a leading provider of automated
compensation software and systems integration solutions for mortgage lending
and retail banking, announced it has hired Matthew Marshall as a solutions
consultant to support the firm's sales efforts. Marshall will be responsible
for articulating the value proposition of LBA Ware's solutions through
preparing and delivering technical presentations to clients and prospects,
while also collaborating with the sales team to understand customer
requirements and provide support where needed.
Despite more technological and quantitative solutions now
available for banks as they make syndicated loans to companies, the human factor represented by loan officers remains
important can't be ignored In fact, a study by Columbia Law School
researchers yields strong evidence that highly valuable human judgment cannot
be automated easily to take into account the soft information that experienced
and successful loan officers routinely apply.
Capital Markets
Optimal Blue
has launched a new business intelligence product and unveiled its new API
initiative. "The first deliverables available through Optimal Blue's new API platform
allow secure access to pricing for eligible products for both consumer direct
and loan officer implementations. The APIs may be used by customers who wish to
integrate product and pricing data with proprietary website, mobile, or
point-of-sale solutions, and by vendor partners whose solutions are enhanced
through the integration of originator-specific price data for eligible
products. Through this API initiative, the company will enable an ecosystem of
third party developers serving Optimal Blue customers.
Bonds have been up some, down some, and Tuesday was down
some, causing rates to rise somewhat. Blame it on the strong Consumer
Confidence report, or the thinking that the market just wanted to sell off a
little. Consumer confidence jumped to a 16-year high during March and various
metrics of consumers' confidence in the job market and future income also
showed a lot of strength. Or blame it on the mediocre five-year Treasury
auction. Or the fact that the S&P/Case-Shiller 20-city index was up 5.7%
y/y in January, beating December's growth of 5.5%. The yield on the 10-year
went out at 2.41%.
For news, today we've already had the weekly MBA Mortgage
Index showing apps for last week (a non-event at -.8%). Coming up are February
Pending Home Sales, several Fed speakers (again), and a $28 billion 7-year
Treasury auction. With those items influencing the market we find the
10-year yielding 2.41% and agency MBS prices nearly unchanged versus last
night's levels.
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