Mortgage Vendor Updates – Partnering
is the Name of the Game, Ellie & HDMA Readiness
Marriage Humor?
Wife: "What
are you doing?"
Husband:
"Nothing."
Wife:
"Nothing? You've been reading our marriage certificate for an hour."
Husband: "I
was looking for the expiration date."
There is news out that Brian Brooks,
general counsel for Fannie Mae, will be nominated as deputy secretary of the
U.S. Treasury. Brooks worked at California bank OneWest with Treasury Secretary
Steven Mnuchin. Seeing a trend?
Vendor news? Always.
While the LOS is a critical
system to a mortgage lender, there are other important supporting systems that
allow companies to more effectively originate and service loans. Understanding
how satisfied lenders are with these supporting systems - Product and Pricing
Engines, Hedging and Servicing Systems - and what factors are most important in
choosing a system gives critical feedback to the industry. STRATMOR is
conducting a study to better understand the needs of mortgage lenders regarding
supporting technology systems. This survey is free to take and summary
results will be provided to participants. If you are interested in
taking this 10-minute survey, click
here.
Mortgage document preparation vendor International
Document Services, Inc. (IDS), announced it has incorporated
a new document preview feature into its integration with LendingQB's
cloud-based loan origination solution (LOS). The feature allows LendingQB users
to preview mortgage documents, such as the Loan Estimate or Closing Disclosure,
before they are submitted to fulfillment, enabling lenders to spot and correct
errors prior to the creation of the final document. Preview docs are displayed
as a PDF, the same format in which the final document package is delivered, but
with a "SAMPLE" watermark, ensuring that the preview document cannot
be mistaken for the final document.
ReverseVision, provider
of software and technology for the reverse mortgage industry, announced that
the Northwest's Kiel Mortgage has chosen RV Exchange (RVX) loan
origination software (LOS) to power its home-equity conversion mortgage (HECM)
division. "Reverse mortgages are truly an emerging market; it's a
specialized product that requires dedicated attention and care," stated
Co-founder Laura Kiel. "Thanks in part to our education efforts, we're
seeing a dramatic, positive shift in the perception of reverse mortgages in our
area."
Optimal Blue
announced that it has partnered with BankingBridge
to enhance the co-branded marketing media that the web-based vendor provides to
loan officers and Realtors. Through this integration, BankingBridge can offer
participating lenders a simple, precise, affordable, and compliant way to
display accurate, real-time interest rates with multiple media platforms, thus
improving efficiency for lenders and, ultimately, increasing customer
satisfaction.
Indecomm Global Services,
provider of business process as a service (BPaaS), software as a service (SaaS)
technology, learning products for the mortgage industry, Advanced Data,
and a mortgage industry leader in enterprise-wide fraud prevention and enhanced
verifications; announced a technology integration alliance. The partnership
enables mutual clients to digitally use tax return transcripts through IncomeGenius,
Indecomm's web-based income analysis platform using Advanced Data's Income Tax
Verification (ITV) service. That data is then combined with other borrower
income data from the OCR capabilities in IncomeGenius to create a complete
income analysis. For more information contact Linda Bomar, VP of Sales.
Mortgage marketing firm, Best
Rate Referrals, announced the launch of Mortgage
Advisor, a feature-rich website that will make it easier for
consumers to navigate the mortgage financing process and connect with lenders. The
new website will serve as a one-stop mortgage financing shop that matches
consumers with lenders that best meet their financing needs. With Mortgage
Advisor, consumers can access a variety of loan products and lenders and a
variety of informational resources and tools including mortgage calculators,
rate comparisons, expert advice, lender ratings and reviews at no cost to the
consumer.
HMDA changes are currently
scheduled to roll out in seven months, and I asked Jonathan Corr, President and
CEO of Ellie Mae, for an update. "HMDA readiness is on everyone's
mind and Ellie Mae is helping our clients get ready in number of ways.
"Specifically, we have
Encompass Enhancements, an Encompass 17.2 enabled collection of the new dataset
required for loans with actions taken in 2017, 2018 and beyond in a single
system of record. A HMDA Loan Application Register compliment with the new
guidelines published in the CFPB rule and supplemental Filing Instruction
Guides (FIGs) are featured in this solution, as well as substantial automation
to reduce lender processing time and risk in creating reports. Also included is
the optional expanded Demographic Information Addendum. Upcoming releases will
include support reporting of repurchased loans, additional data quality validations
and the ability to collect and report borrower expanded demographic information
to the GSE's.
"We have a Webinar Series
of complimentary on-demand webinars on HMDA that include leading compliance and
legal experts in various discussions about the regulation and what lenders need
to be doing to be prepared in the years to come. We're offering HMDA compliance
training as a complete education solution including an online learning
management system and the practical application of HMDA, including a functional
understanding of the Home Mortgage Disclosure Act and Reg C.
"Ellie has a downloadable white
paper to understand the upcoming HMDA changes and how to ensure
continued compliance success has been published, and a Brief on upcoming HMDA
changes as a quick and essential primer on how to prepare and what Ellie Mae is
doing to get lenders ready in advance.
Finally, our fully developed Compliance
Center offers more information about HMDA changes, Ellie Mae's
regulatory support, FAQ's and more.
Capital markets
In selling news, for its 10th
nonperforming loan sale, Fannie Mae chose three winning bidders for
3,400 loans with an unpaid principal balance of $581 million. The group was
divided among three pools. MTGLQ Investors, Goldman Sachs, won the first pool,
Igloos Series III Trust, Balbec Capital, won the second pool, and Rushmore Loan
Management Services took the third pool. The transaction is expected to close
in late July. MTGLQ Investors LP, was a winning bidder of a Fannie Mae auction
for the eighth time.
Turning to the economy, what
has recent data told us about the economy, and therefore rates? The numbers
tell us that the U.S. economy is doing darned good. U.S. data releases
revealed that most labor market indicators are positive for the month of May,
as unemployment fell to 4.3% and job growth continues its trend of slight
growth each month. Various statistics such as U.S. home prices, real disposable
income, and real consumer spending all saw growth throughout the past months,
and manufacturing conditions are continuing to improve at a significant pace.
Though vehicle sales dipped somewhat, the positive income and spending growth
mentioned prior should continue to support the market. As the U.S.
international trade gap grew to -$47.6 billion in June, trade in Q2 looks as
though it will have a small negative impact on the quarter's GDP growth. One
thing to take note of is the high chance that the Federal Funds Rate increases
25 basis points soon, as recent inflation was lower than expected.
As opposed to last week's
dearth of news, this week we have plenty of scheduled announcements in the
United States - including the Fed meeting results - although there isn't
anything today. Tomorrow we jump in with some gauge of small business optimism
and a collection of Producer Price Index numbers telling us about inflation.
Wednesday, we follow that up with some Consumer Price Index numbers, the MBA's
read on last week's applications, Retail Sales, and the FOMC rate decision. On
Thursday, the 15th, we'll have some import and export price figures,
the usual weekly initial jobless claims, the Industrial Production and Capacity
Utilization duo, the NAHB Housing Market Index. Friday, we can all look forward
to the Housing Starts and Building Permits couplet, as well as a slurry of
University of Michigan consumer sentiment numbers.
We begin the week with
interest rates not much changed versus the end of last week. The 10-year is
yielding 2.21% with agency MBS prices are down a tick or two.
No comments:
Post a Comment