(Thanks to Penn P. for this one; warning:
rated PG.)
A drunk man who smelled like beer sat down
on a subway next to a priest. The man's tie was stained, his face was plastered
with red lipstick, and a half-empty bottle of gin was sticking out of his torn
coat pocket.
He opened his newspaper and began reading.
After a few minutes the man turned to the
priest and asked, "Say Father, what causes arthritis?"
The priest replies, "My Son, it's
caused by loose living, being with cheap, wicked women, too much alcohol,
contempt for your fellow man, sleeping around with prostitutes and lack of a
bath!"
The drunk muttered in response, "Well,
I'll be damned," then returned to his paper.
The priest, thinking about what he had
said, nudged the man and apologized. "I'm very sorry. I didn't mean to come
on so strong. How long have you had arthritis?"
The drunk answered, "I don't have it,
Father. I was just reading here that the Pope does."
Happy "420 Day," often followed by "Happy
Surprise Drug Test Day" tomorrow. Do you think your small competitor is
going to be around at the end of 2017? Perhaps. But I am reminded of some Deloitte research from late 2015 that finds only 12% of
Fortune 500 companies around in 1955 are still in business! Inc. reports
25% of new businesses don't make it past the first year and 50% fail within 5
years. Taking a look at start-ups, Russia just set up its equivalent of Freddie and Fannie, and, although not a
start-up, Impac Mortgage Holdings sold $56 million of its common stock as part
of a plan to securitize non-qualified mortgage loans.
Vendor products
"Want to improve your Appraisal Workflow? Discover
Sapphire Appraisal Management Platform by Veros - a powerful, workflow-driven valuation management
solution used by Lenders, AMCs, and Bankers to automatically manage and track
appraisal orders from start to finish, while maintaining quality controls and
regulatory compliance, including built-in appraisal scoring and secondary
market portal delivery. Sapphire has scalable functionalities and evolves with
business demands, and is seamlessly integrated into Encompass All-in-One
Mortgage Management Solution. Gain operational efficiencies, ensure compliance,
and reduce expenses with Sapphire. For more information or to request a demo,
contact Susan Anderson
(860-402-8337). More news about Veros.
"Struggling with launching a robust vendor
management program or want to enhance your existing one? See why MQMR dba HQ Vendor Managementis the first choice for vendor
management solutions. Having recently added loanDepot to its clientele, MQMR is off to a fast start
assisting its clients with vendor management in 2017. Said Jim Svinth, EVP of
Enterprise Risk Management at loanDepot, "We needed a solution, searched
the market, and found that MQMR provided a robust platform, truly understood
counterparty risk, and was willing to accommodate our needs. We are
overly satisfied with MQMR and look forward to further refinement to our vendor
management program." For more information about vendor management or
MQMR's suite of risk management and compliance services, reach out to Britt Haven or look
for the MQMR team at upcoming conferences: MBA National Secondary, Legal Issues
and Regulatory, and TMBA Annual."
Worried about the impact the new HMDA rule will have on
your company? Looking for ways to ensure Fair Lending at the point of sale,
particularly when you're underwriting non-agency loans? Want to learn best
practices for implementing processes and technology that will help you comply
with HMDA and Fair Lending? Join Ben Wu, Executive Director of LoanScorecard, a leading provider of automated pricing,
underwriting and compliance solutions, as he presents Fair Lending in a
New HMDA World, a live webinar on April 25th at 11AM CT, with an encore
presentation May 4th. To learn more about this webinar or to register, click here.
"Now here's some food for thought. What do Beyoncé,
Red Bull, and Virgin Atlantic have in common? They've all used publicity to
achieve enviable success. It's well known that publicity can attract the
attention of many prospects and help close deals much faster. Just think
about it: if you read and hear about a company all over the place, your
interest is piqued. When it comes to generating publicity for companies in
the mortgage industry, nobody does it better than Strategic Vantage. Its
management has been focused on our industry for over 15 years, and have
propelled countless companies to greater success. From start-ups to large
companies, their client list includes dozens of names you're surely to
recognize. I recommend you check them out at www.StrategicVantage.com. And if you'll be at the MBA
Secondary Conference in NYC at the end of this month, you can schedule a
meeting to see them there. Just reach out to them at Info@StrategicVantage.com."
Legal and government news
The U.S. Department of Housing and Urban Development (HUD)
announced an agreement with a group of California mortgage
lenders to resolve allegations they discriminated against a mortgage applicant
based on his national origin. The complainant alleged that American
Financial Network of Brea, California; Benchmark Communities of
Fresno; Brigantino Enterprise of Hollister; and an employee of Benchmark
Communities failed to prequalify him to purchase a home in Hollister because he
is Hispanic. Running afoul of the Fair Housing Act is never a recipe for
success. It prohibits discrimination in rental, sales or home lending
transactions based on a person's national origin, race, color, religion, sex,
familial status or disability.
The case came to HUD's attention when the applicant filed
a fair housing complaint alleging that he was unfairly denied an opportunity to
prequalify for a mortgage loan, precluding him from purchasing a home because
he is Hispanic. American Financial Network will pay the man $5,000,
Benchmark Communities will provide annual fair housing training for its
employees who interact with prospective homebuyers, and American Financial
Network will provide annual fair housing training to current and new employees
as they are hired.
Pacific Union Financial issued an alert regarding
the Michigan Legislature and Governor's recent enactment of three bills which
serve to abolish the concept of dower rights in Michigan law. The bills became
effective April 6, 2017. As a result, effective on and after April 6, 2017, both
spouses will no longer be required to sign documents (mortgage, rescission,
Loan Estimate (LE)) unless both signatures are required in accordance with the
Michigan Homestead Law. The Homestead Law requires signatures for both
spouses when the transaction covers the refinance of a homestead property
(principal residence).
Wells Fargo Funding's 2017 Annual Recertification
process for Sellers began the week of April 10, 2017. Annual Recertification
helps ensure Wells Fargo Funding has current information for each Seller and
remains compliant with various agency and federal guidelines. On or before June
30, 2017, Sellers must: Complete the 2017 Annual Recertification questionnaire.
Submit 2016 fiscal year-end audited financial statements (for those Sellers with
December 31, 2016, year-end dates) via its secure Wells Fargo Funding website.
Webinars and trainings:
Join panelist Mike Olden, American Reporting Company - VP
of Sales & Education today, Thursday, April 20, 1PM ET for a 1-hour MGIC webinar on
FICO Score and Credit Reporting Update.
On April 27 Buckley Sandler will host the first of
a five-part series of webcasts focused on state regulatory and enforcement
issues and trends. The first webcast in this series will be an overview
of the current regulatory climate as well as a discussion about the anticipated
increase in state oversight and enforcement because of the Trump
Administration.
Join experts from DocMagic, BeSmartee, and
LendingQB for a FREE webinar on April 26th explaining how to get
started the smart way with digital lending, so you can avoid the typical risks
under-informed lenders encounter.
Start prepping now for FHA's May 15th
implementation date for The Loan Review System (LRS). The newest webinar #3
Loan Review System (LRS): Lender Monitoring, Reporting, and Other Functions, April 26th.
Lenders that have not yet done so are encouraged to view LRS Webinars
1 and 2, accessible from the Single Family Housing Archived Webinarspage.
From April 24-28, NRMLA will host a series of online educational sessions to raise awareness about
reverse mortgages among professionals who work with older homeowners.
Register now for the upcoming Great River MBA
conference May 9th-11th.
Self-employed borrower tax return Woes? MGIC's
webinars will take you step by step through the analysis process. Register for MGIC's May 11th webinar - personal tax return analysis.MGIC's Self-Employed Borrower - Business Tax Return Analysis
May 17th webinar These webinars will highlight current guidelines and
updates for tax year 2016.
There are 3 ways to register for MBA's Small Balance &
Portfolio Lending Summit June 28th & 29th inDallas,
TX.
Capital markets
The US Treasury is looking for feedback from primary dealers on potential
demand and pricing of 40-, 50- or 100-year government bonds as it explores
funding options. Before you roll your eyes and chuckle, remember that several
countries, like Japan and Sweden, offer 100+ year mortgages for home buyers.
Rates, sitting here at November levels, have been
relatively steady: up a little, down a little: Wednesday they were up a little.
There was nothing to blame it on, other than possibly the sharp decline in
crude oil futures following the release of the weekly inventory data. But
usually a fall in energy prices tends to support Treasury prices. The Fed's
Beige Book showed modest to moderate growth in all 12 Fed regions between
mid-February and the end of March. This is a bit encouraging, considering that
retail sales, the CPI, and manufacturing production all declined last month.
For numbers, everything worsened about .125 in price.
A May Fed rate hike is now seen highly unlikely, while
June is split roughly 50/50. Today for potentially interest rate-moving new
we've had initial jobless claims (+10k to 244k) and the Philadelphia Fed
Manufacturing Survey (down "10.8" to "22" in April). Ahead
of us are the March leading indicators at 10AM ET. Versus last night's close
rates are up a shade with the 10-year at 2.23% and MBS prices worse nearly
.125.
No comments:
Post a Comment