How much do the CEOs of builders make? Turns out they make some decent gravy, certainly good news for them. In other
good news, this time for WF, the FDIC and the Federal Reserve Board announced
that Wells Fargo had adequately remediated the deficiencies in its 2015
resolution plan. As a result, Wells will no longer be subject to growth
restrictions imposed last year. ("Resolution plans, required by the
Dodd-Frank Act and commonly known as living wills, must describe the company's
strategy for rapid and orderly resolution under bankruptcy in the event of
material financial distress or failure of the company.)
Products, and personnel changes
GSF Mortgage's Retained Servicing TPO Platform is now
funding loans for new banks and credit unions in Wisconsin. "GSF Mortgage is a direct lender for all agencies and will
be servicing your loan production locally. Your loans will not be sold to your
big bank competitors. This will ensure that local banks, brokers and credit
unions are protected from cross-selling activities that occur when loans are
sold to large depositories. GSF ensures that credit union members and bank
customers will be returned to you for all mortgage or financial needs. To learn
more about how to become a TPO partner, contact our Director of Third Party
Origination Leo Spanuello
at (262) 901-1425."
Chris Martin of FormFree writes: "Fannie Mae's
Day 1 Certainty initiative not only offers the tantalizing promise of reps and
warrants relief for loan components validated through Collateral Underwriter
and Desktop Underwriter, it's also been shown to deliver loan production
efficiency and savings for participating lenders. As the first vendor partner
approved to provide asset verification for Day 1 Certainty, we're now helping
dozens of lenders integrate AccountChek into their workflows. Another way we're
bringing AccountChek's simple, smart and secure asset verification to the
industry is through integrations with leading AUS, LOS and POS providers. Last
month, we announced integrations with cloudvirga and Ellie Mae's Encompass Consumer Connect. FormFree CEO Brent
Chandler recently spoke at Black Knight's Information Exchange about our
latest integration with Black Knight's LoanSphere Empower. AccountChek was
built with the borrower in mind, but it delivers tangible benefits to lenders,
from shaving days off the loan application process to delivering more accurate
and systematic analysis of ability to repay. Drop me a line to learn more."
Who doesn't need training? No one.
The National Reverse Mortgage Lenders Association
is hosting a series of online seminars during its second annual Reverse Mortgage Education Week through Friday, April 28.
Today is the last day to reserve a hotel for Mortgage
Builder's 2017 HMDA Boot Camp Conference taking place May 17-18
exclusively for Mortgage Builder customers. There are only 25 spots left so
RSVP today to secure a spot. Building on the success of our previous
trainings and conferences, this event is designed to prepare you for the
impending Home Mortgage Disclosure Act (HMDA) that goes into effect in 2018.
The day-and-a-half training will include expert speakers presenting the ins and
outs of the HMDA regulations, working sessions to review best practices when
using Mortgage Builder's software, and on-site technical support from the
Mortgage Builder staff who will assist you with updating your policies. If
you'd like to learn more, please contact Jim Walsh.
Plaza's May training calendar is available now with
multiple webinar topics to choose from.
The home financing season is beginning to heat up, Essent's
training department wants to help you be ready. Go here to check out the list of course options available to
you in May through Essentials training.
The Mortgage Bankers Association of Georgia (MBAG)
invites you to attend its 46th annual conference May 4th through 7th at Hilton
Sandestin Beach Golf Resort and Spa. The event boasts over 200 attendees,
and this year is partnering with ICLE for its Thursday night event. See and
hear Kris "Tanto" Paronto, hero survivor of the infamous Benghazi
attacks of September 11, 2012. Also, Tim Davis, National Sales Coach Movement
Mortgage and Kristin Messerli, Founder and Managing Director Cultural Outreach
Solutions. We will hear from National MBA's William Kooper, FNMA, Freddie
Mac, HUD, VA, USDA and Non -QM.
Did you know the new HMDA Plus rule
more than doubles the number of required data fields reported on the HMDA loan
application register (LAR) from 23 to 48? On May 22nd, TMBA
is providing an intensive training on how to build a
compliant HMDA Plus Program with Moderator Troy
W. Garris in San Antonio TX.
Register for the MBA webinar on May 24th for an
overview of GSE risk-sharing activities to-date, discuss recent
structures and evaluate the performance of these transactions from a lender's
perspective.
Want a good place to learn about how mortgage finance
systems operate in other countries, and to compare strengths and weaknesses in
ours and other systems? The MBA to the rescue (in DC in June) with the "International Union for Housing Finance World
Congress."
On May 11, American Banker offers up a fintech
webinar which includes an overview of customer satisfaction and NPS benchmarks
for national, regional, and community banks and credit unions, as well as
insight into customer trends that pose imminent threats and opportunities for
banks and credit unions. Ideas for engaging Millennial and Gen Z customers,
based on the unique preferences of each segment." "Why Fintechs aren't your problem."
Appraisal and collateral news
Never easy being an appraiser. Recently there was a
"shortage" of appraisers, and in many parts of the nation it would
take weeks, if not months, for an appraisal to come back. Now some appraisal
firms report that they are busier than ever, although critics are saying that
the appreciating market is causing appraisers to under-value the true
value of homes. And since the valuation data used for comps might lag the
current market, since the sales price was negotiated a month or two earlier,
lenders fear the more transactions could fail. But many say don't blame the
appraiser since they, like many, had their knuckles rapped during the credit
crisis - at that time for over-valuing properties.
Remember that last November House Financial Services
Committee held a hearing on "Modernizing Appraisals: A Regulatory Review and the Future of
the Industry." Since then a new administration and Congress have
convened, adding several new Senate and House members on committees focused on
housing.
In Illinois there is proposed legislation (Senate Bill 1817) that would repeal the existing
AMC regulation/registration act. If it passes, an AMC cannot perform
valuation services in Illinois for Federally Regulated Transactions (FRT) per
the Dodd/Frank Act after August 2018. "The State of Illinois is attempting
to get rid of this regulation because some feel that because the AMC statue
only covers FRTs (Federally Regulated Transactions), and FRTs only account for
8-10% of all loans being done in Illinois, that the cost to regulate AMCs to cover
such a small percentage of loans is not a value add."
Going back through my notes, in February a group visited
Capitol Hill including Mark Schiffman, Exec Director of REVAA, and Thomas Tilton of Troutman Sanders Strategies to meet some of those new
members. The meetings he attended were held to introduce REVAA and AMC's to
existing and new members of both legislative bodies overseeing housing policy. Politicians
& aides said that there are several legislative issues that were more of a
priority than Appraisal Reform. Jeff Dickstein, Pro Teck's Chief Compliance
Officer, made observations in the February edition of "Notes from Regulatory Road".
And what is an appraiser supposed to do when they receive
a state complaint? Here you go. And non-appraisers involved in compliance may
find it worth a skim as well.
"We are drafting a new policy and procedures for providing
a copy of an appraisal to the consumer. Would you please outline the most
important requirements that we should include in it?" Jonathan Foxx
replies, "Under Regulation B, the implementing regulation of the Equal
Credit Opportunity Act (ECOA), there are specific requirements for providing a
copy of an appraisal and other written valuations developed in connection with
certain mortgage transactions. There are four requirements that should be outlined in a policy
sections with respect to providing a copy of an appraisal to the consumer...
Allterra Group, publisher of the Appraisal Buzz,
has recently released its new 2017 AMC Directory. Before you begin working with a new
AMC, be sure to ask some important questions such as how long they have been in
business, and find out more about their current and past clients. Joan Trice,
CEO and Founder, put together some answers on this new AMC directory and what
makes it unique.
ditech will be updating appraisal fees on
appraisals ordered through Mercury effective for appraisals ordered on or after
April 18th. The complete fee schedule is available.
Effective April 9th, Flagstar's fee for 1004D_05
Appraisal Updates and 1004D_05 Certification of Completion changed to $150. The
fee will be noted in the Nationwide Flat Fees section of Appraisal Pricing
Matrix, Doc. and will no longer be separated by state/county.
United States Appraisals announced the addition of
industry veterans David Wegmann (Chicago) and John Powell (North Carolina) as
business development managers.
Capital markets
In the bond markets, demand (for securities) sets the
supply. Primary dealers showed lukewarm interest in the Treasury Department's proposed
ultralong bonds, with 100-year bonds receiving a yawn. In a research note
released Friday, primary dealer Nomura Securities International recommended a
maximum maturity of 50 years for US bonds and a $50 billion cap on ultralong
bond issuance. Anyone want 100-year Swedish or Japanese mortgages?
Yesterday bond prices went down, and thus rates up, as the
French election results pushed traders to unwind much of the risk aversion seen
in markets over the past few weeks. While Treasuries opened lower, they did
claw back significant ground over the course of the session. (As a reminder,
the first round of the French presidential election on Sunday gave 24% of the
vote to pro-European centrist Emmanuel Macron while National Front-backed
Marine Le Pen came in second with 21.3%. The two will advance to a run-off
vote, scheduled for May 7.) The 10-year note closed nearly .375 worse to yield
2.27% while 5-year notes and agency MBS prices worsened .125-.250.
For thrills and chills today, if you care about housing
stats from two months ago we'll have the February Case-Shiller 20-city Home
Price Index and February FHFA Housing Price Index at 8AM CT, and March New Home
Sales and April Consumer Confidence - all at 10AM ET, 9AM CT. We start the
day with rates a shade worse than last night, with the 10-year at 2.30% and
agency MBS prices worse .125-.250.
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