By rchrisman@robchrisman.com
Smart Alek answer:
The
police officer got out of his car as the kid who was stopped for speeding
rolled down his window.
"I've
been waiting for you all day," the officer said.
The
kid replied, "Yeah, well I got here as fast as I could."
When
the cop finally stopped laughing, he sent the kid on his way without a ticket.
How do you appraise a school bus that is made into a home? Good question. But if you like mobile tiny homes, I've got a guy in Denver for you. This fellow builds school-bus homes. With solar, of course.
Products for processing, recruiting, subservicing
If
you are attending Mastermind in Las Vegas and would like to have a
confidential discussion with Jeff Mason, one of the nation's top recruiters
and a member of the prestigious Pinnacle Society, this is an incredible
opportunity to discuss market conditions, new opportunities, or ways to grow
your business. To schedule a meeting with Jeff, send a private message via
LinkedIn, contact via his website at www.mtgrecruiter.com,
or call 281-773-2810.
"If
you're a lender looking to capitalize on the opportunity with millennial
homebuyers, Equifax
(EFX) might have exactly what you're looking for. The global information
solutions company recently joined forces with Fannie Mae facilitated the
rollout of Day 1
Certainty and made the origination process simpler, faster
and more user-friendly than ever. Lenders now have access to third-party
data verifications (from employer-provided payroll records) for employment and
income and thanks to EFX's verification services, tax transcript forms can be
received directly from the Internal Revenue Service. In addition, the data
verifications show a prospective homebuyer's existing assets. The result of a
more digital mortgage process: for lenders, it means the ability to quickly
verify borrower information, reduces risk and moves the borrower down the
pipeline more quickly than ever. And for borrowers - especially millennial
homebuyers - the elimination of hoops to jump through when it comes to
providing documentation introduces the level of convenience they desire. Who
knows, it might even make the origination process a major selling point."
"X-Ray
Mortgage Intelligence Platform allows mortgage professionals
to visualize their loan data in real-time! Special Agent X has
announced an updated version of its mortgage reporting software X-Ray, which
eliminates wasted time across all loan tracking activities so you can focus on
selling and increased margins. Here is a real-world example: A branch manager
recently used X-Ray to spot a trend, isolate the performance issue and apply a
specific strategy to increase their sales. Further, this branch manager could
create workflow-specific reports, alerts and notifications at the touch of a
button. Ready to see what X-Ray can do for you? RobChrisman.com readers
who take
five minutes to book a free demo qualify for waived setup fees!
(Up to $5,000 in value.)"
What
does it take to become one of the industry's best producers? Download this complimentary
white paper from XINNIX: "A
View From the Top: The Wisdom of Elite Producers." Written
by XINNIX CEO Casey Cunningham and featured in The Mortgage Professional's
Handbook, this resource shares powerful strategies mastered by the
most Elite Top Producers across the country to help you take your production to
a whole new level! Click
here to download this free white paper, and don't forget to
explore the new Resource Library at www.XINNIX.com.
Want to learn more proven strategies of Top Producers? Sign
up for ELITE, XINNIX's Performance Program that empowers top
performing loan officers to accelerate their success, beginning June 13th!
"Mortgage
brokers: Do you want to compete with the technology of the largest lenders? Do
you want to offer your customers a fast, simple, and safe way to turn in the
documents you need? Lendsnap automatically collects borrower
W2s, pay stubs, bank statements, tax returns and more. We deliver
the actual statements directly from the banks and providers so you
can take your loan to any lender for any loan program. If you want to learn
more, visit Lendsnap or
email Mike Romano to set
up a conversation and demo."
State
level changes? They don't stop, making it expensive for lenders, therefore
borrowers.
I received this note/suggestion regarding broker
business. "Is California dysfunctional? In California, brokers are
typically regulated by the BRE, but also the DBO. The BRE doesn't appear to care much about the LO comp rule,
nor are brokers big enough to show up on the CFPB's radar screen. Brokers are
able to pick their comp plans with various wholesalers. I am not saying all
brokers do this, but I have heard that un-savvy borrowers are locked
with a wholesaler with whom the broker has a 2-point comp structure, whereas
knowledgeable borrowers are locked with the wholesaler with whom the broker has
a 1 point comp structure. The cure for this is one regulator instead of the
BRE and DBO. DBO ought to regulate all lenders."
Effective June 1, 2017, Maryland passed an act
that will change the mechanics of surety bonds filed in tandem with
applications to become a debt collection licensee in the state of Maryland. With the
amendments added to the act, the State Collection Agency Licensing Board (the
board) is now to be one of the named obligees, acting on behalf and for the
benefit of the state.
Effective January 1, 2018, Maryland amended certain provisions of the Maryland Personal
Information Protection Act. Specifically, the amendments changed what information is
covered and the steps a compromised business must take post-discovery of a
breach. The data covered under the Act includes all data in electronic or
optical form. Captured data must be protected from breaches. However, not all
data falls under the protection of the Act. The Act specifically omits data
that is publicly available or has had its protection privileges explicitly
waived by the individual for disclosure to third parties.
Effective October 1, 2017, Maryland adopted
several amendments affecting mortgages and deeds of trust recording prerequisites. Most of these changes are
minor textually but are important as they may have broad impact. First, a deed
other than a mortgage, deeds of trust and an assignment/release of a mortgage
or deed of trust may not be recorded unless an attorney or a party named in the
instrument certifies it. Second, the amendments define limitations as to which
individual constitutes an "attorney. After the changes, an attorney at law
must be admitted to the Maryland Bar to be able to be considered a proper
certifying party. Last, mortgages, deeds of trusts, and assignments/releases of
mortgages and deeds of trusts do not require a certification. So long as the
instruments were prepared by an attorney or a party mentioned within the
instrument, the document may be recorded without any certification
requirements.
Effective October 1, 2017, Maryland enacted the Maryland Uniform Electronic Legal Materials Act. This Act essentially makes
uniform electronic documentation of certain state legal documents and
databases. The following are important changes brought by the adoption of the
Act. First, determining whether a legal material is published solely
electronically or in two or more mediums is pivotal. A legal material that is
published solely electronically is deemed official and must be authenticated.
Second, a legal material that is authenticated is presumed to be accurate. A
party may contest the authenticity of the material, however, by a
"preponderance of the evidence" (this is legal language for more
likely than not, or 51% likelihood). Last, should a legal material be deemed
official, the publisher must take steps to secure and preserve the material.
Nevada has enacted provisions
regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are
effective as of October 1, 2017. The first several new sections of the Act
define key terms such as "catalogue of electronic communications,"
"content to an electronic communication," "digital asset,"
and "electronic-communication service." Section 31 specifies that the
new provisions apply to Fiduciaries, Personal representatives, Guardianship
proceedings, Trustees and Custodians. Section 32 directs the Rights of Users.
Sections 34-41 confer upon the rights of custodians as well as the Rights and
Duties of Fiduciaries.
Colorado has enacted several new
provisions regarding its Revised Uniform Law on Notarial Acts. These provisions are
effective as of August 9, 2017. Section 24-21-502 is a definitions section
which defines several notarial terms including "acknowledgment,"
"electronic signature," "notarial act," and "verification
by oath or affirmation." Section 24-24-504 describes the persons having
authority to perform notarial acts and to which circumstances the authority
extends. Section 24-21-505 identifies requirements for certain notarial acts.
Section 24-21-507 lists the acceptable forms of identification. Several other
provisions have been enacted, including sections addressing the performance of
notarial acts both within the state of Colorado and in foreign jurisdictions,
signature requirements in cases of persons unable to sign, and an officer's
authority to refuse to perform notarial acts.
Effective January 1, 2018, Alabama has enacted the Revised Uniform Fiduciary Access
to Digital Assets Act as Chapter 1A of Title 19, Code of Alabama 1975. The Act
allows a fiduciary acting under a will or power of attorney, a personal
representative of a decedent, a conservator, or a trustee of a trust to compel
disclosure of a digital asset from a custodian who stores the digital assets of
a user. The Act only applies to a custodian if the user resides in the state of
Alabama or resided in the state of Alabama at the time of the user's death. The
Act does not apply to the digital assets of an employer used by an employee in
the ordinary course of business. Additions include user direction for
disclosure of digital assets, content of electronic communication, procedure
for disclosing, custodian compliance and immunity.
Capital
markets
The
benefit of this is, of course, lower rates: Barron's cover story describes the
surprising "threat" to the American economy: no one
is spending money. It evaluates the lackluster consumer spending
growth in the US and discusses some of the reasons behind it. Real US personal
spending is growing at ~2.6% y/y despite a 16 year low in unemployment, rising
wages, lower mortgage rates, and a record high stock market. Some of the
reasons discussed in the article include rising student loans, income
inequality, healthcare costs, and the increased frugality.
In
terms of rates, the U.S. Treasury market sold off a smidge in a
curve-steepening trade yesterday as traders unwound some of the gains from
Friday's jobs data. The news in the morning wasn't much to be excited about
(unit labor costs grew less in the first quarter than originally estimated,
factory orders dipped, as expected, and May's ISM Services Index reading came
out lower than expected). The 10-year note was confined to a 3.5bp range the
entire session with a late drift lower (closing yielding 2.18%) but MBS prices
barely budged.
There
is no scheduled news today of any note, although coming up at 10AM ET is the
April JOLTS job openings figure. We begin Tuesday with rates having improved: the
10-year yield is down to 2.15% and agency MBS prices are better by .125-.250
versus Monday's close.
No comments:
Post a Comment