(Thanks to Thomas A. for this one.)
This is something all 70+ year old's, or
close to, can look forward to and is something that happened in an Aged Care
Center.
The people who lived there have small
apartments but they all eat at a central cafeteria.
One morning, one of the residents didn't
show up for breakfast so my friend went upstairs and knocked on his door to see
if everything was OK. She could hear him through the door. He said that he was
running late, and would be down shortly, so she went back to the dining area.
An hour later, he still hadn't arrived so
she went back up towards his room and she found him on the stairs. He was
coming down the stairs but was having a hell of time. He had a death grip on
the hand rail and seemed to have trouble getting his legs to work right.
She told him she was going to call an
ambulance but he told her no, he wasn't in any pain, and just wanted to have
his breakfast. So she helped him the rest of the way down the stairs and he had
his breakfast
When he tried to return to his room he was
completely unable to get up even the first step so they called an ambulance for
him.
A
couple hours later she called the hospital to see how he was doing. The
receptionist there said he was fine, he just had both of his legs in one leg of
his boxer shorts
Let's end the week by me stating that I will never be pregnant.
But if I was, I don't think I'd want my labor streamed around the world. But
such is the plight of April the
Giraffe,
sponsored by Toys R Us.
Today, choosing the right sub servicer is more difficult than
ever. Adding to the complexity of that choice, is the fact that some
of the firms traditionally providing sub servicing may be under tremendous
financial pressures limiting their abilities to continue as going concerns or
at a minimum curtailing their operational capabilities to afford proper levels
of customer and client service. A company's financial wherewithal is fast
becoming a prominent part of the diligence guiding the right sub servicer
choice. RoundPoint is a strong financial institution and a
great choice on all fronts as a sub servicer. For complete information on
RoundPoint's sub servicing, please
contact Allen Price at 704.426.8846.
Banks supported by the Embrace Home
Loan's
operational fulfilment services program last year enjoyed 3-times industry
average growth rates! Optimizing Embrace's technology and talent, each
bank differentiated themselves in their markets by the exceptional experiences
created for their loan officers, referral partners and customers. Buoyed by
these record performances, and now the support system needed to compete, each
bank is eager to grow their sales teams in 2017 - and so is Embrace. Up to
now, all banks supported have come to Embrace via word-of-mouth...today Embrace is looking for a seasoned
sales professional, with a demonstrated history of presenting outsource
solutions to C-level bank executives. Embrace is licensed
nationally, and thus this position can reside anywhere. Interested
candidates should contact Derek Lombard, Director of HR
(800.333.3004 x3097).
Upcoming events
MBA Education is hosting a webinar on March 28th
to review the OCC's special purpose national bank charter and its potential
impact on mortgage lenders. This special purpose charter could be an attractive
option for residential mortgage lenders who would benefit from a more
streamlined supervisory and examination regime, exportation of interest rates
and certain fees, and preemption of certain state lending requirements,
including licensing. Attendees can expect to learn how the charter can help
lower compliance costs, how to begin preparing an application and business
plan, and how the new administration and regulators may impact the
charter. This webinar is complimentary to MBA members; click here to register.
If you're interested in, "Attracting Millennial
Buyers: Insights For Mortgage Lenders," Erin Lantz, VP & GM of
Mortgages at Zillow Group is hosting a webinar on Wednesday, March 29th,
at 2PM ET/11AM PT. Register here.
Hey, if you're in Southern California on Tuesday night,
April 11, the North San Diego County Escrow Association and Notary Near You are
hosting "Bring Your Favorite Real Estate or Mortgage Broker to
Dinner." Cocktails at 5:30, dinner at 6:15 at the Shadow Ridge Country
Club in Vista, and yours truly will be speaking afterward. Please contact Tracie Gressmen for more details and registration.
In legal news...
Experian, one of the nation's three major credit
reporting bureaus, misled consumers by telling them that the credit scores they
purchased from the company were the same ones that lenders used to make credit
decisions, the Consumer
Financial Protection Bureau said yesterday. And for that deception, the CFPB is
fining Experian $3 million. Peers Equifax and Transunion reached a settlement
on similar allegations in January.
Jay Clayton, President Donald Trump's nominee to be
chairman of the Securities and Exchange Commission, said the Dodd-Frank Act
should be looked at to see if its objectives are being achieved, but he
doesn't have "specific plans for attack" against the law. The SEC should
continue its work on rules mandated by Dodd-Frank that haven't yet been completed, he
said.
Technology & system updates? Yup!
Gibran Nicholas, CEO of CMPS Institute and creator of the
CMPS Platform recently wrote a white paper called How Technology
Changes the Game for Mortgage Lead Conversion. I was astonished that a 1% uptick in lead
conversion rates has a whopping $450,000 impact on annual profitability per 100
loan officers. Conversely, a 1% decrease in lead conversion rates carries an
annual cost of $450,000 per 100 loan officers to your company's bottom line. Click here to download the white
paper. Reach out directly to Gibran@CMPSInstitute.org if you're interested in
meeting up with him at MBA technology conference next week.
The FHFA released an update on the implementation
of the CSP and SS for the GSEs. Release 2 now calls for the SS to be introduced
during Q2 2019 vs. what was initially expected to be during 2018 due to more
time needed "for the development, testing, validation of controls, and
governance processes necessary to have the highest level of confidence that the
implementation will be both smooth and successful."
C.L.A. Title has a new free online quoting
calculator.
Give it a try.
loanDepot, launched its proprietary digital lending
platform (DLP), part of an $80 million investment in technology over the last
18 months. The first three proprietary technology solutions comprising
loanDepot's DLP, appropriately named mello™ includes an intuitive web-based
consumer portal, a state-of-the-art mobile point of sale system, and a fully
digital mortgage loan application experience. These solutions will be
seamlessly integrated with the company's scalable web-based loan origination
system (LOS), accessible to consumers and lending professionals via
collaborative dashboards from mobile or desk top devices. loanDepot's mello™
exists within a larger fintech ecosystem boosted with the integration of
digital marketing tools and by third-party data enrichment that ensure greater
accuracy, speed and certainty throughout the origination experience. mello™
will evolve loan origination to become a fully digital practice on a massive
scale that intuitively becomes a faster, easier, and more accurate experience
with greater certainty.
Pacific Union announced that FlexKey - Expanded and
FlexKey - Restart have been combined into a single Program Guide as part of a
redesign effort to promote better functionality for determining FlexKey
eligibility and remove duplicate policies. A new FlexKey Credit Grade
Calculator has been developed to assist in determining the credit grade for a
loan scenario.
To streamline and expedite the Credit Review process, Pacific
Union will soon be changing the way that non-delegated correspondents
upload credit packages. Rather than submitting a single credit package as one
bulk upload, new functionality will allow users to upload documents contained
in the Credit Package by document type. To watch a quick video and learn
more about this pending enhancement, click here.
Jumbo news
One way to obtain leads is through advertising, right? How
about this Redwood Trust ad for its 90% LTV jumbo
product?
Caliber Home Loans has expanded its Jumbo product.
Highlights include lowered FICO and 90% LTV with no MI. Jumbo pricing has been
improved by at least 50 BPS and there are new enhanced guidelines on its
Caliber Jumbo Fixed and ARM programs.
Plaza's Jumbo Programs have specific appraisal
ordering requirements. Appraisals for Plaza's Jumbo program MUST be ordered by
selecting the Jumbo loan type in the appraisal order screen; do not select
Conventional when ordering a Jumbo appraisal. If Jumbo is not selected,
the appraisal will not be ordered correctly.
Capital Markets
The story in the markets is that stocks and bonds may be giving
back the Trump reflation trade, where bonds sold off and stocks rallied on the prospect of
fiscal stimulus out of Washington. Donald Trump is getting a lesson in the
limitations of the bully pulpit as health care reform is tougher than
he thought.
Repealing and replacing Obamacare is the "pay for" for fiscal
stimulus and tax reform, so if it doesn't happen then part of the basis for the
post-Trump stock market rally is in jeopardy.
Health care reform's vote was delayed yesterday, but is
supposed to go to the House today. If it passes, that might be good for stocks
and bad for bonds. If it fails, it is bad for stocks and good for bonds (in
other words, if it fails, interest rates are probably heading lower). The
months-long equity rally has been based largely on improved nominal growth and
anticipation of US tax reform and both those underpinnings are still in place.
Certainly interest rates are almost an afterthought with
other news grabbing attention: stocks trading in positive territory, an AHCA
(health care) vote that is now postponed until today or possibly Monday, New
Home Sales in February ran at the second-highest seasonally adjusted annual
rate since 2007. (February was one of the warmest on record and that should
have bolstered new home sales. To keep things in perspective, between 1996 to
2006, new home sales ranged from 714K to 1389K, so the current level is
extremely low.)
The 10-year yield pushed back above 2.40%, with aid of a
morning bounce in equities, hitting a high of 2.44% before ending the day at
2.42%. Current coupon agency MBS prices worsened about .125. Today we'll have
several Federal Reserve speakers from various districts and with varying
topics. Whether they say anything new remains to be seen. Ahead of that
jawboning we've had February's Durable Goods orders: +1.7%, higher than
forecast. Rates are nearly unchanged with the 10-year at 2.42% and agency
MBS prices off a shade.
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