(Thank you to Mark S. for this one.)
A husband had just finished reading a new
book entitled, "You Can Be THE Man of Your House."
Finding new courage that he never knew he
had, he strode purposefully into the kitchen and announced to his wife,
"From now on, you need to know that I am the man of this house and my word
is the 'Law'. You will prepare me a gourmet meal tonight, bring it to me, and
when I am done eating my meal, you will clear the dishes and serve me a
scrumptious dessert."
He went on. "After dinner, you are
going to go upstairs with me and we will make love the way I want! Afterwards,
you are going to draw me a bath so I can relax. You will put on soothing music,
wash my back and towel me dry and bring me my robe. You will massage my feet
and hands to relieve any last bit of tension so that I can sleep like a baby.
Then tomorrow, guess who's going to dress me and comb my hair?"
The wife replied, "The funeral
director would be my first guess, unless I decide to have your carcass crHow about this quote
from the tech world? "If you're not paying for the product, you are the
product." If you don't want companies to collect and sell your data,
like your e-mail, you can disconnect it from Google's security page. Go to "Connected apps & sites"
click "Manage apps."
Products
For brokers, Orion Lending announced the release of STAR, a
propriety advanced broker portal and pricing engine. STAR utilizes
state-of-the-art technology to allow approved brokers access to UW income
calculations, real-time disclosure tracking with LE/CD visibility, a live
concierge chat function, loan origination system, along with many other
advanced features. As the Digital Mortgage landscape continues to evolve at a
rapid pace, Orion Lending is committed to exceeding the needs of our broker
partners and outperforming the competition. Equally unwavering is the
commitment Orion has to its incredible staff and calibrated evolution as we
reach new heights and milestones. For those interested in learning more, send a
note directly to the executive team at Executives@orionlending.com.
I get asked often to predict if technology will replace
loan officers. The reality is technology should be helping humans, not making
them more anxious and inefficient. Sure, people make mistakes (they're humans
after all), but only people can add value through expertise, knowledge and
advice that would be difficult to replace with technology. Maxwell
recently published a great piece, "The Secret to Winning in the Mortgage Business," on how
technology can be used to create a world of technology-assisted humans --
empowering loan officers to do what they do best and ultimately win in the
mortgage business. This world where technology and loan officers co-exist and
thrive shines a bright light on the future of the mortgage industry for both
borrowers and lenders. Download the piece for the story of one originator's secret
sauce.
"Manual underwriting is time-consuming, prone to
human error, and puts you at risk for Fair Lending violations. Yet agency AUSs
can't be customized to reflect the underwriting guidelines of your specific
portfolio programs. Portfolio Underwriter from LoanScorecard can help improve efficiency, ensure
compliance with the upcoming HMDA rule, and mitigate Fair Lending implications
by automating decisioning and underwriting for your non-agency loans and
HELOCs. To learn more, join LoanScorecard Executive Director Ben Wu for a free
live webinar, "Fair Lending in a New HMDA World," on May 4th at 11AM
CT.
(While we're on webinars, HUD is offering the U.S.
Department of Housing and Urban Development invites you to join "Introducing the American Housing Survey," a webinar
which will take place today, April 26th from 11-12PM ET. "During the
webinar, HUD's experts will provide an overview of the American Housing Survey
(AHS)- our nation's most comprehensive study on housing in the United States.
The AHS provides vital information on topics that impact communities in every
corner of the nation, including housing quality, health and safety hazards in
homes, housing costs and value, food security, and neighborhood
demographics." Any questions following the event may be submitted to Hang.Liu@hud.gov.)
"Are you getting the most out of your warehouse
partnerships in an evolving market? There's never been a better time to
assess your most critical relationships to ensure they are adding maximum value
to your business. BofI Federal Bank would like to help align your
objectives, product offerings and discuss a potential Warehouse partnership
that makes sense for this market. Our Warehouse division provides $5MM -
$100MM facilities to fund agency, non-agency, FHA, VA, USDA, and a broad
spectrum of non-QM loans seamlessly in one competitive facility with
exceptional operational support for your staff. Feel free to call us at
888-764-7080 or email Robert Martini or Robert Norineto
see if a new partnership makes sense. We would love the opportunity to
show you what we have to offer."
Congrats to 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. In 2017 it
has been selected for the sixth year in a row as a member
of the IAOP Global Outsourcing 100 (GO100).
"Indecomm is again a Super Star of the list and recognized for its
sustained excellence. This achievement is grounded in Indecomm's
notable customer references as well as awards and certifications. The
GO100 provides a list of outsourcing firms that deliver excellence
and value to companies seeking their expertise and technology innovation.
For more information contact Linda Bomar, VP of Sales.
S&P Global Ratings the world's leading provider
of independent credit risk research announced the approval of Recovco
Mortgage Management LLC as a third-party due diligence firm. S&P
indicated that in their opinion Recovco meets the assessment factors discussed
in their criteria: "Incorporating Third-Party Due Diligence Results into
the U.S. RMBS Rating Process" published March 14, 2014. (Founded in 2009
and directed by mortgage industry veterans, Recovco Mortgage Management is a
leader in both quality and operational excellence and provides clients with auditing,
due diligence, fulfilment, quality control, servicing solutions, and valuations
for banks, mortgage companies, and market participants.)
New agency & lender products, or tweaks on old
products
Fannie Mae turned heads by
launching several new programs for borrowers saddled with student loans to
reduce their interest payments or help them buy a home. One of the programs
allows homeowners to refinance by combining their mortgage with student loans,
which may result in a sizable drop in monthly payments. For a homeowner to
qualify for refinancing under the Fannie May program, the consolidated total of
the mortgage and student loan cannot exceed $424,100.
The homeowner must also meet other borrowing criteria for
the loan. For potential new home buyers, Fannie Mae said a consumer
saddled with student loans would be able to exclude debt such as credit cards,
auto loans, and student loans paid by someone else from their debt-to-income
ratio. It will also allow lenders to accept student loan payment information on
credit reports, making it easier for borrowers with student debt to qualify for
a mortgage, the Washington-based mortgage finance agency said. But hey, don't
take my word for it - read Fannie's fact sheet.
And for those in the biz who have been pushing for the Fannie-Fannie
and Freddie-Freddie condo piece for years, here you go: "Project Eligibility Review Waiver for Fannie Mae to Fannie
Mae Limited Cash-Out Refinances."
Brokers should know that Orion Lending announced
the addition of a competitively priced Alt-A product to its lineup. "Alt A
has a strong place in the current lending arena and we are pleased to offer a
real-world product that will benefit both our Broker partners along with their
borrowers" said Curtis Edwards, EVP. The product features a 40 yr. I/O
term, Bank Statement and Asset Utilization options, 95% cash-out with no MI,
loan amounts up to 2.5M, and more. For more information or to speak to an
Orion AE, please reach out to info@orionlending.com.
Peoples Bank announced that, effective April 17, it
has partnered with Freedom Mortgage in a new Pilot Program for FHA loans
with a FICO score of 619 or less. The FHA Pilot Program is Non-Delegated,
which means that Peoples Bank will originate, process, close, and fund the
loans. But the underwriting of the loan and the Clear-to-Close will be
performed by Freedom Mortgage.
Bank of the West announced that its mortgage
program is now available to international clients who meet certain employment
and financial requirements, but have no credit history in the United States.
Citi Correspondent Lending's recent bulletin covers
general policy updates including foreign assets, multiple
properties: agency loans and property appraisal sales comps.
LoanStream Financial has bank statement
loans, fixed rate, 5/1 and 7/1 ARMs up to $2,000,000 and interest only options
available. For more information contact, LoanStream Wholesale.
Pacific Union Financial has a new Stand Alone Down
Payment Assistance (DPA) Program approval policy. It will review Stand Alone
Down Payment Assistance (DPA) programs for eligibility and publish a list of
approved programs. Delegated Correspondents are not subject to this policy
but must represent and warrant that a DPA meets requirements for the applicable
loan program.
NewLeaf Bank Statement program guidelines have been
updated to include a 12-month Bank Statement option, Interest Only
amortization, 2-4 unit properties and reduction in seasoning requirements for
major derogatory credit events.
PRMG has updated its product profiles.
Capital Markets
Franklin American Mortgage Company Correspondent
Lending announced the industry's first mini-bulk execution permitting
assignment of trades (AOT). "The new Hybrid Mandatory program employs
Compass Analytics' CompassBid and BidAOT services to streamline mini-bulk bids
and AOT processing. Mini-bulk sellers can now receive mini-bulk pricing levels
and assign applicable trades on a loan-level basis to eliminate bid-ask
spreads, loan sale/pair-off timing, and cash-flow mismatches without completing
burdensome AOT paperwork."
For lack of anything more pressing to focus on, the U.S.
markets have latched on to the French elections which favor keeping the EU
intact. But U.S. economic data was better than expected, which serves to nudge
rates higher: new home sales were strong, running at an eight-month high
despite some inclement weather in March, and the Case-Shiller 20-city Index of
house prices climbed at its fastest pace in nearly three years. Yet the $26
billion 2-year Treasury auction was met with the highest indirect bid since
2009, indicating very strong demand from abroad. The 10-year sold off .5 and
its yield hit a high of 2.34% and in MBS-land Tradeweb reported above-average
volumes as current-coupon mortgage-backed securities worsened .250-.375.
But that was so... yesterday. This morning we've had the
MBA's application survey numbers from last week: up nearly 3% with refis
jumping 7% but are still 34% below last year. And that does it for scheduled
news. We begin the day with rates a shade better than last night: the
10-year is yielding 2.33% and agency MBS prices are better a tick or two
(32nds).emated."
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