Wife: "Do you want dinner?"
Husband: "Sure! What are my
choices?"
Wife: "Yes or no."
Word had leaked out well before the announcement, making the
actual press release a little anti-climactic that it was evident the company
wanted a change in leadership, but Brian Hale is no longer the CEO of
Stearns Lending, LLC. Congrats to David Schneider who is the new CEO and a
member of its Board of Managers effective... yesterday. Stunning how fast
things can happen with a private equity firm. (Blackstone's Stearns' growth has
been amazing under Brian, and averaged a little over $2 billion a month last
year through its channels.)
Events & webinars
Live Training with Unify CRM - In addition to live
support, Unify offers live training via webinar and on site
trainings. Spearheading the training department is Earl McLain who has trained loan officers and corporations
in sales, communication and company culture for over 20 years and personally
conducts many of the trainings. "We are committed to our clients'
success. The tools we build into Unify make our loan officers money! That's the
bottom line!" Scott Lidberg, President of Unify. Real time integration with Loan Originating Software
systems, marketing automation, complete marketing library, data mining tools
and a commercial printing facility on site are just a few of the reasons
national lenders are choosing Unify to meet all of their needs. To learn more, Schedule a DEMO today or contact Scott Benson(651.288.7510).
Get your complimentary recording of "From Loan Officer to Rainmaker: Breakthrough Strategies to
Take Production to Record Heights." In this webinar
from XINNIX, VP of Mortgage Financial Services John Hudson outlines the
tactics and strategies he uses that took a 3-person team to 90 applications in
5 weeks! Learn from John and XINNIX CEO Casey Cunningham as they teach you the
defining factors that will empower your sales team to reach their fullest
potential and the vital role you play in their success. Get ready to see
immediate success in bigger and better ways than your team ever thought
possible! Click here to receive your free recording today!
For appraisers, register for the webinar, "Insider's Guide to
Successful Valuations" on May 18th at 11AM PDT.
Join the MBA
Compliance Essentials program on June 14th to learn about the increasing scrutiny by regulators and application of
statutory and regulatory Vendor Management requirements regarding
Mortgage Finance. Learn how to approach risk management - regulatory,
compliance, and reputational - with the adoption of and adherence to strong,
clear policies and procedures. Please note, this webinar is complimentary for
purchasers of the Compliance Essentials Vendor Management Resource Guide.
Please contact Lisa Volb for your complimentary access.
Company &
legal news
Analysts continue to
react to Impac Holding's quarterly numbers. Trevor Cranston with JMP
Securities LLC penned, "It was a down quarter as expected, but non-agency
loan growth was encouraging; we reiterate our Market Outperform rating. Impac
reported adjusted operating income per share of $0.12, slightly below our $0.20
estimate and down from $0.60 in the year- ago quarter and $1.37 in 4Q16. We had
expected first quarter earnings to be down meaningfully due to the typical
seasonality of mortgage originations as well as the spike in interest rates
that occurred in 4Q16 and we view the reported $0.12 number as in line with our
$0.20 estimate given the relatively large magnitude of variation between
quarterly earnings that Impac has reported over the last few quarters, ranging
from a high of $3.29 in 3Q16 to a low of $0.12 this quarter. While quarterly
origination volume was lower than we had expected at $1.6B, down 49%
sequentially and 33% year-over-year due to a significant decline in refinancing
volume, this was largely offset by a much better than expected gain on sale
margin, which came in at 2.36%, compared to our 1.90% estimate as the company's
product mix shifted more toward higher-margin non-agency and government
loans..."
Anyone can sue anyone else at any time, but the latest
filing is the City of Brotherly Love suing Wells Fargo accusing Wells of
intentionally steering minority borrowers into higher-cost home
loans than it offered white borrowers. The lawsuit accused Wells Fargo of
violating the federal Fair Housing Act, and seeks a variety of damages.
State-level rules and regulations
Wouldn't it be nice if all the states had all the same
rules and regulations, or that they all adhered to the Federal-level rules and
regulations? No such luck, and such differences merely add to the cost of doing
business for lenders and thus for borrowers.
Washington
has adopted an act which adds a new chapter to Title 1 RCW, which may be known
and cited as the Uniform Electronic Legal Material Act ("the Act").
Effective January 1, 2018, it provides requirements for preservation, security,
authentication, and public access of "all legal material in an electronic
record that is designated as official under section 4" of the Act. For further details,
read the full text of Senate Bill 5039.
The General Assembly of Arkansas has
recently amended Arkansas Code
section 26-60-110, which relates to the recordation of deeds
for purposes of the real property transfer tax. These updates will become
effective on August 18, 2017. These provisions outline the circumstances under
which a county recorder in Arkansas may record a deed after real property is
transferred.
Arkansas
also has recently enacted House Bill 1801 to
amend the Fair Mortgage Lending Act (FMLA).
This provision is effective on August 18, 2017. The FMLA sets out the
requirements for becoming licensed as a mortgage banker, mortgage broker, or
mortgage servicer in Arkansas as well as the surety bond requirements for
becoming licensed in Arkansas. The bill describes several duties of licensees
in the state. One such example is that a licensee must make reasonable
efforts with lenders with whom a mortgage broker regularly does business to
secure a loan that is reasonably advantageous to the borrower.
Kansas amended multiple provisions under its Mortgage
Business Act, effective July 1, 2017. Topics amended include the
application for a mortgage license Sec. 6. 2016, Supp. 9-509. Specifically,
rules pertaining to license expiration, nonrefundable fees, and failure to
complete renewal application as well as engaging in the business of selling, issuing
or delivering its payment instrument.
Effective as of May 8, 2017, Utah amended several
provisions of the Notaries Public Reform Act. The updated law
discusses the process and requirements for becoming a notary public in Utah. To be eligible for a notarial commission, an applicant must be at least
eighteen years old, and must be a legal resident of the state for at least 30
days prior to his or her application. He or she must be able read, write,
and understand English, and be a United States citizen or have permanent resident
status under the Immigration and Nationality Act.
Recently, North
Dakota enacted several provisions
of the Uniform Fiduciary Access to Digital Assets (UFDAA). The provisions enacted permit individuals serving in certain fiduciary
roles to access digital information of a user; specifically fiduciaries acting
under a will or power of attorney, a decedent's personal representative, a
guardianship, a trustee and a custodian. Notably, the provisions exclude
employers from the breadth of coverage.
Tennessee has amended provisions
of its Residential Lending, Brokerage and Servicing Act affecting the licensing
of certain non-depository financial institutions. The
amendments set deadlines for applicants for a certificate of registration,
licensees and license holders (collectively referred to hereinafter as
"applicants") to renew their respective licenses to operate. These Lending,
Brokerage and Servicing provisions
become effective at different times ranging from July 1, 2017 to April 1, 2019.
Tennessee also amended several residential mortgage
related provisions. Effective as of April 17, 2017, Tennessee amended
the application process for home equity conversion mortgages. In sum, they repealed the requirement of having to provide a copy of the
most recent federal tax return for each of the applicant's executive officers.
The other previous requirements were left intact. Effective immediately, Tennessee amended
the rate of interest charged by certain industrial loan and thrift registrants by increasing the rate at which a registrant may charge. The increases
occur in a step ladder manner. Also, effective immediately, an amendment was
made to the provisions of the sales of execution
and the judicial or trust sales to
extend the times between which these foreclosure sales are permitted.
Iowa
enacted provisions regarding its Uniform Fiduciary Access to Digital Assets, an
electronic record in which an individual has a right or interest. (It does not
include an underlying asset or liability and does not include health information
or individually identifiable health information). The act clarifies
the law regarding access to digital assets in
the case of death or incapacitation and grants fiduciaries access to a user's
online accounts, correspondences, and other computer files, if specified in his
or her will, trust, or similar agreement. These provisions are effective on
July 1, 2017.
Effective July 1, 2018, Indiana
has amended its provisions regarding notaries, adding Section
12.IC 33-42-0.5 to its Code. Also, added, Section 18.IC 33-49-9, which first
clarifies that the governor may appoint notaries public if doing so promotes
the public interest. Click this link to
view the full text of Indiana's amended provisions.
Capital markets
We saw a little steepening of the yield curve to start the
week yesterday with the 2-yr note steady but 10-year and 30-year rates inching
up minutely. Fortunately, "MBS spreads ended tighter to treasuries"
so there was minimal impact to borrower rate sheets. MBS volume was somewhat
light with Tradeweb telling us that volume was just over 70% of the 30-day
moving average.
The economy is driven by housing and jobs, and this
morning we've had April housing starts and building permits (-2.6% & -2.5%,
respectively - both weak). Coming up is the Industrial Production &
Capacity Utilization duo. We find the 10-year yielding 2.35% and agency MBS
prices worse a shade versus Monday's close.
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