tag:blogger.com,1999:blog-87757180707086447042024-03-08T09:15:25.356-08:00Mortgage News and Market Snapshot provided by:Global Home Finance Inc.Global Home Finance Inc is saving Texas One Home Owner At a Time. We offer Conventional, FHA, VA, Jumbo, and USDA Rural Development products to help refinance or purchase a home. Visit us online: http://globalhomefinance.comGlobal Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.comBlogger855125tag:blogger.com,1999:blog-8775718070708644704.post-23687259864881701142017-12-11T09:32:00.000-08:002017-12-11T09:32:05.507-08:00ONE TIME CLOSE<br />
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<b><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">One-Time Close Construction
Loans for builders</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">Global Home Finance Inc. </span></b><b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">has recently
launched its Single Close Construction Program for FHA, VA, and USDA
construction lending. Since its launch, G</span></b><b><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">H</span></b><b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">F has
approved more than </span></b><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">15</span></b><b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"> builders to offer its products
in Texas</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">. This low down-payment construction option is a great
alternative in markets that are strapped for inventory</span><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;"> </span><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">like DFW</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">. G</span><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">H</span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">F
Mortgage is one of the few lenders in the country offering new construction
lending for the 100% LTV USDA product. <i>If you are a branch manager,
loan originator or processor with construction lending experience or would like
to offer construction lending products please, reach out to</i></span><i><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;"> <b><a href="mailto:bcahoone@globalhomefinanceinc.com"><span style="color: blue;">Brad Cahoone</span></a> at
972-724-3222 ext. 227</b>.</span></i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"> <b><u>Don’t get left behind your
competition!</u></b></span><span style="color: #1f497d; font-size: 16pt;"><o:p></o:p></span></div>
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<b><span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">Flood Insurance And The Government</span></b><b><span style="font-family: "Arial","sans-serif";"><o:p></o:p></span></b></div>
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<a href="https://www.blogger.com/null" name="LETTER.BLOCK1"></a><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">On
Dec. 8, the National Flood Insurance Program (NFIP) was set to expire.
Late last week Congress passed, and the President signed, a two-week
spending bill to avoid a government shutdown, allowing an extension on
the NFIP to 12/22. In the simplest terms, if the NFIP expires, virtually
no homes in any floodplain could be bought or sold if that deal involves
a mortgage company because anyone buying a home with a federally-backed
loan is required to carry flood insurance if that house sits in a flood
plain. <i>Any way to run a country</i></span><i><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">? We need a long
term solution and need to stop </span></i><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">"kicking the can down
the road."<o:p></o:p></span></div>
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<b><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;">ARMCO announced new loan data validation tools</span></b><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;">. </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBBUb8AYYu2YmdkCd4N7QIrRlYVtzHobLfAdpF5l4SEp_0M3eZYTF8PxISN8A-myVRL3po98lMf-UAbzPoDudNP_ch6SPHgeIyqW9gqRBzhOI=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span lang="DE" style="mso-ansi-language: DE;"><span style="color: blue;">ACESRisk
Management</span></span></a></span><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;"> (ARMCO),
the leading provider of financial quality control and compliance software
has announced the release of a new technology for mortgage lenders and
servicers that improves </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBna90eJ4gKu0SZhWcrN9XM3KATZqbvvJD84f8ohChU8H29eUZHXcZjkEnGvwDXxk8YypTf3ZcOx6m-qdOzlC2IYRhOosGKtAEkRioJlEyz5-2hASpI7JYx2_gr_nsIVJpDWgaSPcD4QnLxFZ_NfYa3FxM6lHGoZ6jx5FfL6k2ftM0QM2QW2yKbomdTnoU59_e_kbSVNRg5Rc-QyDOhwpe8A==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span lang="DE" style="mso-ansi-language: DE;"><span style="color: blue;">data
validation</span></span></a></span><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;"> in
the QC process. ARMCO's new </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBBUb8AYYu2YmdkCd4N7QIrRlYVtzHobLfAdpF5l4SEp_0M3eZYTF8PxISN8A-myVRL3po98lMf-UAbzPoDudNP_ch6SPHgeIyqW9gqRBzhOI=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span lang="DE" style="mso-ansi-language: DE;"><span style="color: blue;">datavalidation
tool</span></span></a></span><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;"> is
available through the most recent </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBBUb8AYYu2YmdkCd4N7QIrRlYVtzHobLfAdpF5l4SEp_0M3eZYTF8PxISN8A-myVRL3po98lMf-UAbzPoDudNP_ch6SPHgeIyqW9gqRBzhOI=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span lang="DE" style="mso-ansi-language: DE;"><span style="color: blue;">ACESAudit
Technology</span></span></a></span><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;"> upgrade,
which was released on December 9, 2017. This upgrade's principal
enhancement is advanced process automation functionality that enables
ACES to automatically identify missing data within the loan file. Data
integrity issues are one of the top causes of critical defects, according
to research released in the most recent </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBBUb8AYYu2YmdkCd4N7QIrRlYVtzHobLfAdpF5l4SEp_0M3eZYTF8PxISN8A-myVRL3po98lMf-UAbzPoDudNP_ch6SPHgeIyqW9gqRBzhOI=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span lang="DE" style="mso-ansi-language: DE;"><span style="color: blue;">ARMCOMortgage
QC Industry Trends Report</span></span></a></span><span lang="DE" style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: DE;">. With the system's new advanced automation
functionality, ACES now fulfills an essential function for avoiding data
validation errors.</span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">FHA/VA/Ginnie
program changes</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">Iberiabank Corp</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
and two subsidiaries agreed to <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBVV1ehqo6KSbhbBJ1VQRYbjblW9ZhG0IykleknIya8m1btzl97ypP0Cnb43pjMzLWEnw2rt3mMSAgUNyw4otZwW00DeFAWi6j_a9SyMb0NFg6aBKQuQZmkgTb75A9k-x6ekGDMF3qbADrzvVz-SwHBwYhci-WupgcE56ppDETI0NJ0_v0MHDyG0hIA1PWPUKy&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">pay $11.69 million</span></a> to resolve allegations they
submitted false claims for federal loan guarantees on mortgages, <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFB6pSPJ93xT6-UISqKjeNZTd-Egopwnd_OHUy2MwYP7Jz9lGZ37Stn1NXULRyZsvNpHVF4kHCGlkRQDdTt3DxixdqDJo4LXI-HXygiQO2gkS8lq89_dWO1EG9W_znWBmpunCXTp0UbVDOnCdknAUHZaCIcvBcQSe3knfg1b6xWcMUUg-snViBmGC_R4WubHUPF4BQ2sRPfAUNtY3hNdaLTk3XMnTGf01nZf0h5GWlpFz0gLvT0cniRlQ==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">the U.S. Justice Department said on Friday</span></a>. Between
Jan. 1, 2005, and Dec. 31, 2014, the Lafayette, Louisiana-based bank and
its Iberiabank and Iberiabank Mortgage Co. units admitted to certifying
mortgage loans that did not meet Federal Housing Administration standards
and paid incentives to underwriters, which is prohibited, the department
said in a statement.<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">Millennials have
"discovered" the <b>FHA 203(k) product</b>, allowing for
additional funds to improve/rehab the home and the total loan amount is
the home value after the improvements, according to an appraisal that
considers the plans submitted as part of the loan application. <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFB0FDi_0cFmRyMcyqN7PW1QUkNMST4QGAcoq5nt7Gvq6fya1AVR7bcnTV9KC9wYBZwRSnppn5eAoF6PNrvMucmM3PwMfMEKwyaVkXuttIdoau3Q-Jdgquf3YzK9ic0w7ZXsHfal9wNkaufPaVtxYfKPTV0l0dRBMz-oLZiUcrNGsimp5kiAh8nNrYo1SDaO9IHiYIPANtVsBFMVmAdIeCoKjeHDHkiTgEedz_RcYmPzD1Ikp-xI6B2gdF--U3Ct4OuaPXAtC-5E5XgmuJZAxrmoQCRFdtY_DUqR9CRcwCuEFVc0Z-mk2fpUtwVXGcku42WyFOih1ZQBCv0jtZ3X-mav_gsBlxc8LSetefWWmg1lXzWNTB851Y1LiPaX2dODeZLegQASLeoUfZ-YajXmoX0UaYmmLbmtlPMh3RGJepJJSQ=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">The Day, focusing on Eastern Connecticut, profiled the
product and several millennial homebuyers</span></a>. <o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">FHA</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
published <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBl9c8vFUBPrFPYAJPK9c1yvgMLOwZOoT-GFf3LqttNTVTvLA1LqhMIMrChI5TiRU8Do8zAxpRImwM5XYKbYPB_5AUKdGzxB4JkB8ndGtdd752mUdbBMdUZ6G02ODDAaOQE4UvLvo9MY4CLFHk3kmlXXQkdowc5r5LPszgfTjBFRUSDRMHbYMkbDOlSdv7_KXFcBQkCLy8gwanR0G9ny8hKheWZWjK4T75PJZsuBBtToAE2im0I7fusQ46IRAjQ6czsl2B5A-5nI7TYipEXEKqizqLrwWLvgSaTPWrFFFg7naNHkQLTvJGNXytQydinAMfKLRrv4e5w92GvX3oO4Uho4b0oI4aylDmpqGVBpzIhpsd8ny1ogFWpv-ainPQFaF-3R4yfg6voMolZFi968_NntPippF8aeGMzktdzCps7qz6kXkP2bItvIXpF9oP8zyCZC-cXT7I6vmzcF-BTuJ2hmY-z9DnBbqgOWSTdVLItFtJHq9VW9WKed9WJuJhjl5jfqGpmgK8DkS97d1GxY_zCeFE69URFWJqDuToL9BDe7o=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: #0563c1;">Mortgagee Letter 2017-16</span></a></span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">,
</span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">2018 Nationwide Forward Mortgage Limits</span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">,
which provides the maximum mortgage limits for FHA-insured </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBxnNZ6YXGP6Ueaw5IWNwFg4uZWLgCEzrQXAsvSuXUHRzazxBLT9dB9DXSf4MEBClbkrJ8JIrVJZcpRU9LhGosFR1Pi0znVPubQUoM3WovjVeHEVlZgqWRujkkDQQ2vkd93zLOrfYqbcNmyq-TXqY5AJAobJ-OzBIBAwh0qnmUUJNDJzunOJYB5w==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">Title II forward mortgages</span></a></span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">.
Mortgagees may view this list, along with a list of areas at the ceiling
and a list of areas between the floor and ceiling, on the </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBfqCmmYQtOgiNojgxjCOT-UvYhgCbW4gWJqowYnkIzhBsHgUdpkW-06rDh8jkE1o9b1y-HBD5OPmb2LD7CiQZy6ahFMUokG3niWp5Z8ru7TGPpmzX-91tlhVI1Ir4vD5VARZ5jq9_wnO1sP88mTofHZ4DYZstqEvt3Otxn0tj_t3SafdxideN_s_C1Hu69hI5DhAOUgzHd7VGhu7D8vDk3leaNZ2ot54I9YYSsZu7jpnurADjRRaTLoccq9HxQU27m8qXDTmur92bVqEQipSYekdQc8dmi50v8auczBjjVtDUWYgvLtiKfK8lXUodcJrK-JIptVyu6dbRbyD0iSiHtXvRxH0s1MnTTLSGUGkfTh-n4jklc_Xs7qZHZVorXlIy8GPb1drl9Oeq-HoMmP-Q_63QXi1fPlS7z_ANvieawzJiT0kwSCfYv291fey_txUVfgsm0-wyjc9Md2RgMc-nrPtBqqBP8P5mS6DcvfJD65vu8fUpjDahxlEoUUaJ9GBlJwLW9KX2rE-Ygii6Vve-GDy5dP3ynbBDQIqx-Yr9jy3uG3k5WwXEcdjxA2_jkcH2HA0epGe5ijbfp6IwZ_DzLMQgLgTnrMxbgMqbZEpvvXR-3n3SGNazjdQsEOdH-88B1r2UigEN_do=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: #0066cc;">Maximum Mortgage Limits</span></a></span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">
web page. FHA forward mortgage limits are available </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBsqKDy8bp12ddiBZZnjs9Peqch5xHC_SPBFhVjJv58G-nR2t0xlo0wOLw6zjJGXKSVQDzUEUgtEj7XxVJSZMZ5O9vR1jbaBYepA3F-o537GYF-Tb6QE75L1KMpbtUsQ97ToJMi9jqcEk3BZ31GH8fUtOEvNUpBp5ALcB1tpIqMxGX8lzmGUz04pULCSHO2VE4yj_Kg6KqIHXqsgZ6y1k32PWWw_-ZePkZlDKJ2CRtFCkAyzVtwRv_a-SjfzVnyGjICt1wzvccM2ZdymB76uhq0XGK33BWr2aHFlR3BEHMNt-c_Z3zfFKY2_xqz4ygFJ3yCS03M-cIT4_A5dypyPQQHotajuy2gpk2Mv0njCHtN5hgwRzge43SX_wgmp1S-hRABcQky_M62hFdu9Hg8kHzmdhn00oTMzKz-cgg6H2flF3bBU4UeIuVYSpMo-GokroBjw7YevCkFwpZBFK0Bz8_wGCQwqR5tBX-IsIsrz6e8fRXDHUudFTyyRiSMgdM-rSE4M-WDa6TUag=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: #0066cc;">by Metropolitan Statistical
Area (MSA) and county</span></a></span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">, or bydownloading a </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFB2yaXAoQ2yT7W7Nmn1ACyUDOqboF8sKPrYo6JwBS4r3AaZmQN6njYwn6fRlP5KuoEj-SbMczWYX18mGpwz2PlBB3HXsjyOXLeqHrCjDXaEmIsUlcExfvL2Pg_bBkf0H5N-HU64VX12YaT23PwfB6N7dJhoRxJ0K3Rpa7OXCRwu6qu-k-EgF1FZwf4yKMgo-s0r5ZdlXD7riQwOdAD8TMcz13PY-9Dl19D6jpHF19oeGaL7W87VzfpHms4LrrTKBUeAB62y_52K5-UlM9fz1OJXAK7kGKhoznOFShhVXg3bTgllTIoNg51p1amqnsQnAu7p5QtLnOfSgX3zAzignN8AMgy9BfLNnIegn1l35ltobcgC_7GV9AzyrXIiBTR7HPnIOdaM-q-8gZgitlcTBXrE1advQtQsneBn-3LEeltXGBZF-RYpP3_7rsTgHyk4b4ZEpksZRjR2fvET2J5cK2ybkAgGbW6nWh7aUAmR9v37oOLvkSVHuF8Qjx6-TbyCBzoaROlmu3jIA42F5CrqEsvlg==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: #0066cc;">complete listing</span></a></span><span style="color: #212121; font-family: "Arial","sans-serif"; font-size: 11pt;">. </span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">FHA </span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFB35EzoJxuhizm41-BFuzGJy_gZIcs8zfwLvOFHrzuPNXMs8S5giz0B8Ziy4c6e_LjgXopZOcXXEGTDfWCp9uy49eh7RzfIogQDXtobca6in-Fgq4d0pZOAbHRIeIFGa0_iQAw-URfBYZhZOLRLZ-gWEDYp6UF9Jf7m71UERZQwHo=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">announced</span></a> it is reversing a short-lived policy
announced in July of 2016 and will no longer insure new mortgages on
properties that include Property Assessed Clean Energy (PACE)
assessments. <o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">FHA</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"> has
set the agency's new schedule of loan limits for 2018. Click here to read
FHA's Mortgagee Letter on <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBT0STQqgMuKsRBiZSoRFtXzSuW4FJxFlH_PJc9Yk9Wa1sU67UdXSaQKPNQGlKlxJEml_tNdpMQS-5qixfC5k6y_WjftYc3m8-oJr7CSvIPbWnl8cAudX98ZJpWyVASZLgTh4xt2q5TI0SkCCULcXoaK-TLbIghS-6zxo3CjrXK18=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">2018 Forward Mortgage Limits</span></a>. Also available, FHA's
Mortgagee Letter on <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFB8az65YMXOgUa-eBodVPkwurcxqztBfcCX3w5jstbOic1adWX1zJTmRQXigH3Gl9S2gfihsdHH8AHA8XGpU41di_2WfaiDsIpBgtWu_ZpCGSg7PFBSfmTqxlBbmYrqJ0UcUcU3MUrInfwnhdbFys45X_IyowOJBgP4zc6bXlIWmM=&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">2018 Home Equity Conversion Mortgage (HECM) Limits</span></a>. <o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">Effective
Thursday, November 30, 2017, </span><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">GHF</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
implemented changes from the Department of Veterans Affairs' (VA) via <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBV5nzn-Gswxj0udA1u8VXzEtfWLmLJPWem_mQEcPy_ckvWdyKWlqBR-yTZC8Tpizo2L-sv3bccty1PCUDc9zHRHZQvvY-n-bwzcFWDd-fiD3pf2buJR72El5d0mI2eiXyZAkzuBNb8U_Kvis43H2txJhhGjwegz2CdUhdWMsgtpnqW-1OiHz2FA==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">Circular 26-17-11</span></a> regarding the requirements for
itemizing seller credits on the CD. Seller credits on VA loans will now
be shown itemized in the seller paid column on the Closing
Disclosure. <o:p></o:p></span></div>
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<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">GHF'</span></b><b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">s</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
policy on 2018 loan limits are summarized as follows: Conventional
Conforming - eligible now and may fund immediately. VA - eligible for loans
closing on or after January 1, 2018. The new limits may be used now if
the loan is closed on or after January 1, 2018. FHA - eligible for
case numbers assigned on or after January 1, 2018. The new limits
may be used now if the case number is assigned on or after January 1,
2018. USDA - </span><b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 11pt;">GHF</span></b><b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">'</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">s
maximum loan amount for USDA loans will increase to the new single family
conforming limit of $453,100 for USDA Conditional Commitments issued on
or after January 1, 2018. The new limits may be used now if the Conditional
Commitment is issued on or after January 1, 2018. The minimum loan amount
for non-conforming loan programs must exceed the FHFA loan
limits. The new minimum loan amount for non-conforming programs will
go into effect for all non-conforming loans locked or re-locked on or
after January 2, 2018.<o:p></o:p></span></div>
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<span style="color: #1f497d; font-family: "Arial","sans-serif"; font-size: 11pt;">GHF</span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
is now accepting VA loans using VA's 2018 loan limits for loans that will
close on or after January 1, 2018. VA's 2018 Loan Limits are the
same as the Federal Housing Finance Agency's limits. For purposes of
determining the VA guaranty, the One-Unit Limit column in the FHFA Table
applies. If a loan is submitted now and closes on or after January
1, 2018, the new limits apply.<o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">FormFree</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
has expanded its partnership with <a href="http://r20.rs6.net/tn.jsp?f=001X5O6VWEmEfI8nuFLTJ17dqnhpw1ZobXIosUzXYxx_z6jXlmuRdX_fleTMgpN2dFBj7frGhnKcSMQg1UfP83XpoWXqWtYbjST0ZM6LXtJcVDsaLG0lls8DznnUzaMmtTmbhfsdLo6zrHKjf8j0JPQtOpVfwdQ1p5bNdDzh0GZ8T5KHQwLri2XJwvUz8Uhe2tf5Aa8Rp_QyJNPkylgqeDLKJPtMotrc5xxasNJ9l3CURPxl6FLKUsWkUP_Wm5Nm7mMhKSh2nvoiS4FWU4DXlg2Cv1IjBS0kMECNuBAZMR_Ga8qSIDunjeyIzOhw7l_rlqbt-v9DYSusrom4haewprd3j8Wx0qZnDqmzwaA72vae_Nrk4Lyp_PhRE27eyKXMfzzgbActzyx7KAlfWdRUnEbHgHBJlQJQpxTOGIXHVZ0VVK2UDuq6X2qFL0n-mebnI2B7DAKpEwB_8iysLKpvFnGPRAcGUHVw942wUlczRh5pRPPEo3n7SoSFOwShnCvjIv6uw_wr06zkaanoj8gf62fkvfFdEo5DAzYBlu1SwbGiXSADsizPOw8mQ==&c=ShZXF5iDcac6HOQ8Dc8V2Wu5ga_-yUN38qpE3_9CnoXTC6i5WRR5ZA==&ch=Bh7PYJ-2QFTn9oYMGMG8y6b6Ib3giSyPM6u2EzZSUGUrct9ueFtpfw==" target="_blank"><span style="color: blue;">Envestnet | Yodlee</span></a>, a data aggregation and data
analytics platform, to include new data insights from Yodlee's Risk
Insight Solutions. The data allows FormFree to enhance its AccountChek™
reports with bank statement copies that meet FHA requirements and
fine-tune its analysis of borrower ability-to-pay. <o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">Capital markets</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">Resitrader</span></b><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">
announced it has officially completed its full integration with Fannie
Mae's Pricing & Execution - Whole Loan (PE-Whole Loan) application
for pricing and committing whole loans. "The integration provides
Resitrader clients with the ability to obtain pricing across all
'specified pay-up' options, and then commit and manage commitments for
Fannie Mae loans through Resitrader's digital trading platform."<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">In terms of
interest rates, despite the possible volatility-causing employment data
Friday morning, not much happened. U.S. Treasuries and agency MBS prices
ended the week on a mostly flat note (the 10-year's range was only 3
basis points), showing a limited reaction to the November Employment
Situation report. The report exceeded headline expectations, but revealed
disappointing average hourly earnings growth (+0.2%). The employment data
stayed true to a longstanding trend and did not alter the market's
expectations for near-term policy changes. The December FOMC meeting will
take place this week and the market remains certain that a 25-basis point
rate hike will be announced on Wednesday. <o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">So yes, the
unemployment data and other stats were on target, but wage growth remains
subdued. That isn't likely to keep the Fed from raising rates at this
month's meeting, yet it could give the Fed a data-based reason to move
more slowly on the next rate hike in 2018. Over the last 12 months,
average hourly earnings have risen 2.5%. If the housing market in your
area is going up 5-10% a year, and you want to buy, it's hard to do...<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">It's a new Fed
week, and let's see what's going on after the 10-year note closed
yielding 2.38% Friday. Yes, the U.S. central bank, via the FOMC, is
practically guaranteed to hike the range of fed funds by 25bp to 1.25% to
1.50%, with the ECB, BoE and SNB due with their latest decisions on
Thursday. In addition, Treasury will conduct their mini-Refunding over
today and Tuesday with the 3- and 10-year auctions both today.<o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">This morning we
have October JOLTS job openings and the November Employment Trends Index,
as well as a $24 billion 3-year note auction and a $20 billion reopened
10-year note auctions. Tuesday is November NFIB Small Business Optimism,
November's Producer Price Index for a read on inflation, and a $12
billion 30-yr auction. Wednesday are the MBA's application data from last
week, November Consumer Price Index, and the December FOMC rate decision.
Thursday is November Retail Sales, Retail Sales, weekly Initial Claims,
November Import Prices ex-oil and November Export Prices ex-agriculture.
We wrap things up Friday with Empire Manufacturing, Industrial Production
and Capacity Utilization. <b>The 10-year is currently at 2.36% and agency
MBS prices have improved nearly .125 from Friday's close. </b><o:p></o:p></span></div>
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<i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">A guy bought his
wife a beautiful diamond ring for Christmas.</span></i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">A friend of his
said, "I thought she wanted one of those pretty 4-wheel drive
vehicles?"</span></i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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<i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;">"She
did," he replied, "But where in the world was I going to find a
fake Jeep!"</span></i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11pt;"><o:p></o:p></span></div>
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Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-54349540928665403362017-07-03T11:49:00.000-07:002017-07-03T11:49:04.606-07:00July 3: Residential legal news; disaster area updates; FHA, VA, and Ginnie news from agencies & lenders<!--[if gte mso 9]><xml>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;">We've sailed
through half of 2017 already. ("Life is like a roll of toilet paper. The
closer you get to the end, the faster it goes." Since many folks have
today off, very few people are reading this, so I can get away with remarks
like that.) Turning up the intellectual level a little, who is William Stanley
Jevons? He was an English economist and logician, and while living in Australia
wrote a book titled, "A General Mathematical Theory of Political
Economy." I bring this up because in it he developed a theory about value.
Should prices be based on the cost of making goods, or should the price reflect
the degree to which a consumer values a product? Should mortgage prices to the
borrower be based on the cost of originating a mortgage, or should the price
reflect the degree to which a borrower values the mortgage? A good discussion
to have at your next sales event.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> <b>Ginnie Mae</b>
has provided <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhCv82Jr-rrGQwbDZs_vPYRtQF25orKI9uw3CXzTCM2ovfLu5n3-dc1svxWD1LYLF9EDivYSd8myCgOR_hqnOU5m0ZoUZ2SRzDTdIZ_XWvUcmXPg8xaaXu8nsyhFI1sBy59S-ZHtNVIoONiiTuvlol0Te2s9NQHlVAUubo_zkcu5_mOrn39VOuIA8cm9R7-qjs92IdkfnRgHHgYHAvCWmSvQTwDD1hMEs1j&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">disclosure
information</span></a> for its MBS Multifamily New Issuance Loan Level data.
Ginnie is also <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhC8rzvga8PD3R-hj6q19oQq6Xdz8_maSFv6uqW_SWmZoYEZEtUQXacuE6wG3tR8IiKrqrTYg68MevTtMmWco-ncGlymir_Np-Q-JZDe3SnnXNEbMdZiF3fQLUqhq7tX7of-SdrBgDsA5Ocg84AEJu9CqyhmMllb908yIFj9jm4vTFmOLf8E5v9j266ey6tLDbi&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">restoring
access</span></a> to the legacy REMIC search page and adding a link from its
existing data search page to access the legacy page as well. </span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> <b>Lenders
react to disaster news</b></span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> Most
investors and lenders rely on <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS1e_iyF-nxhJi9vj1OCb0XNRmDB-h_jcrNeWk-J9xrQBDw5PrctHMGT2XfJ1uE-gKUbI6d1sEwtCqfWjXIt8Gi1--OHfkPwmRPBTs7dwNiu4s3Ul5RRLkFuTYCxw9Q-ugw==&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">FEMA to
define a disaster and the area impacted</span></a>. Of course, any monies about
to be lent, and recently lent, in a disaster area are questionable from an
investor's perspective. Is the borrower safe, will they make their payments, is
the collateral sound? Typically a correspondent investor will have verbiage in
their contract referring the seller to it in the event an area is declared an
investor and requiring additional appraisals.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> Certain Counties
in Arkansas have been declared by FEMA as Major Disaster Areas for the Incident
Period Date:From April 26, 2017 to May 19, 2017. </span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> In response
to the Federal Disaster declaration for <i>Arkansas </i>counties of Boone,
Carroll, Clay, Faulkner, Fulton, Lawrence, Randolph, Saline, Washington and
Yell County and <i>Missouri </i>counties of Bollinger, Butler, Carter, Douglas,
Dunklin, Franklin, Gasconade, Howell, Jasper, Jefferson, Madison, Maries,
McDonald, Newton, Oregon, Osage, Ozark, Pemiscot, Phelps, Pulaski, Reynolds,
Ripley, St. Louis, Shannon, Stone, Taney and Texas; </span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> <b>Residential
legal tidbits</b></span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhCff4terdaXeuRfvvPdK9UTIfXYUnLbUB5HFjzAchXpRvrsftgD_k8qHx96DJmgDpMAm5ZFCwLhLwtEGE8ltTzRh4XaAEGtIhYwwKSrakwzmSwv6stejB1P6nuO-aU4yHdGLB-X7-USHrauJvgFiSJgg==&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Hard
money lenders</span></a> provide financing for borrowers who are left out of
the conventional lending process, and offer supplemental loans to help complete
real estate deals. These kinds of lenders typically take a second position to
the lender of the primary loan, which is typically a bank. </span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> When a
borrower recently defaulted on two loans secured by a four-unit residential
property in Berkeley, the hard money lender in second position faced the
possibility of being <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhCYn18-50uq3crpvhKV8bC9ZEtmdgJJZIg-O7u61mzzFrgis5lsS5A8Lu3FfWjOtO6Nzm8fnzp50OpHoW_j-nV7NYV7rT0UpJtz6273kqpk7-g3mpQ649g6HeQEP1XQWvRNV4rh-ce9-3N6T3VJb9DTP-WiqYrq4CnwtLEy0mjr2ElidNWwJno27T-YMFu1Llx&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">wiped
out by the foreclosure</span></a> initiated by the institutional lender in
first position. <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhCsTNgPH0DAnkXtXwXrxV-kaG9KqAy9PholIH54H7QonBvcUAvszBJQ5cSzv7HDM9eNCoA2A72LFU81Vvb_hz5zqHqaTc0nyRA2s-zXl5fX5USAMrnazp2xbHtWwZhRKeCO6odGBimTNqI8WY4yAueGw==&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Attorney
Henry Chuang</span></a> of The Law Offices of Peter N. Brewer stepped in to
help protect the client. First by reinstating the first loan, and then by
defending claims of predatory lending and fraud lodged by the borrower.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;">The strategy
utilized by attorney Henry Chuang not only won the case but also resulted in
100% of the attorney fees paid. If you would like to read more about this case,
<a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhC8-oSxfSZzVVHIxMRfYp7Z5QhzeqVCqEYhUoEwc-hQHSM--BK26Go0j6FwFrlDKdQLVja-5kjM1u0Jw-9ZwlEwjqpzJw-Mgev20jaexdnwMF79VOL5V6wPz5A7n4WR4iidkbb2W0bj-kh7CtPjZ7RUI3cOc1YUqmyi4Tq-c2QnkkqkDB0NemehLSTszzWQdfNWq_tW5-2UcMPIH8pCsxSTF3ghAaelQrbfKX_9rkEt39DXrHoCRUUIo6lHB12RvAody3rXnY4FwqAblZOPL2CKg==&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">download
the Case Study.</span></a></span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> Have you ever
heard, "get it in writing"? Of course, you have but do you heed the
advice? One broker learned this rule of thumb the hard way in a recent
California case between <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhCsMVMVRFQMABuvOOEEoSKUab2-AREVPYn0OIxBpH6qb7qdVnvZT5ZFFjBfhtI40CJzA5i8ZAowQboq5kl9jjNzCKo3nKqZg1XQHd6Wm_KUiqiq7qD791Ai_v71nbX_G3iR1eKvVOADU6EonMHpMgEfVhbp93v2EGC&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Westside
Estate Agency Inc. and James Randall</span></a>.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> The broker
agreed to assist a "friend" in purchasing a $40+ million home in Bel
Air but didn't get anything in writing as to the terms of his assistance. The
broker prepared 2 offers for purchase which were rejected. But, the seller remained
interested. A couple months later, the "buyer" hired an attorney to
prepare a new slightly higher offer which was accepted. The attorney received
$925,000 commission. The broker filed suit against the buyer claiming he was
owed the commission under a breach of an implied contract theory. The brokers
suit did not meet the statute of frauds according to both the Trial Court and
Appellate Court, here's why.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> The Appellate
Court held that even though the two unsuccessful offers contained language that
stated that the broker would collect a commission, since the broker was not the
procuring cause of the eventual purchase, he had no right to a commission.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> California
statute of frauds declares invalid any "agreement authorizing or employing
an agent, broker, or any other person to purchase or sell real estate"
unless that agreement is in writing and signed by the brokers client <a href="http://r20.rs6.net/tn.jsp?f=001634AJE4eRnjPLxeQ82bABmpbBpwpkL5vQDG7Aaa7daZhk56K2lfQS8pd1LnLyBhC_8HpzAMxR9wTlZWHrUGm6z8NYSRocYddAVGFJjtP6D78Mld5sHqxf6MYAbwih5eisr6-VxigMkFB8BNFE58KCM3EaxfD_12Xgt3U6YpjqZ6XjtcZ3UX_5RYVtjEV0rCGrJd7MvJ83nzDf-UhVUd_33zQrnTp9EXqTi5XVAS8ebrjY7zTTTBLjY_Uql4Ny0EkKN4Zb8nuLMTaOXb7-kJsfA==&c=Z3xo0uVMdqHnB0BFxsHgx_c9m3c1KRzQbEaHEwydEBwTv9W_QMl2WA==&ch=PF4taj4yyqTF1EHQi-Q2Xcsoq2-M3956D6GTsoLtYHIrzv8J3Fbd-A==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">(Civ.
Code 1624, subd, (a)(4).)</span></a> Merely putting a prospective purchase on
the track of a property which is on the market will not suffice to entitle the
broker to the commission contracted for, and even though a broker open
negotiations for the sale of the property, he will not be entitled to a
commission if he finally fails in his efforts. </span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> <b>Capital
markets</b></span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> FHFA Director
Watt, before the American Mortgage Conference of the North Carolina Bankers
Association indicated that the GSE are looking to expand credit risk transfer
programs to include 15-year and ARMs while Treasury Secretary Mnuchin, before
the Senate Committee on Banking, Housing, & Urban Affairs, indicated
stressed the importance of housing finance reform and the need to resolve the
GSEs. Of course, there is a lot of talk about what to do with the very
profitable Fannie Mae and Freddie Mac. But what happens if they have a losing quarter?</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; mso-margin-top-alt: auto;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> Casting a
quick look at interest rates (yes, the bond market is open today), on Friday
the 5- and 10-year U.S. Treasury were the highest they've been in over a month.
Fixed-income securities here and in Europe continued their sell-off that began on
Tuesday (prices move inversely to yields). Despite Mario Draghi's hawkish
remarks earlier in the week supposedly being "misinterpreted" by the
market, investors & traders have continued to sell. Granted, the economic
news here in The States (personal income & consumption/spending, Core PCE
Prices, the Chicago PMI, and the Michigan Sentiment Index of consumer
confidence) either met or exceeded expectations.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> For Friday's
session, the 10-year note price worsened nearly .375 to close yielding 2.30%
while the 5-year, which is a little closer in price movement to the typical
mortgage-backed security, worsened about .125. Mortgage rates experienced one
of their worst weeks in 2017 as originators were posting rates 0.125% to 0.25%
higher compared to the same time a week ago. The 10-year treasury finished the
day at 2.30% and for the month of June the 10-year increased by approximately
10bps.</span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"> There's an
early close today in the bond market, and most companies are only partially
staffed, but we do have some news coming out: Markit Manufacturing PMI,
Construction Spending for May, and the ISM PMI. Wednesday we'll have the MBA's
application data for last week, May Factory Orders, and the June 13-14 FOMC
Minutes. Thursday are June Challenger Job Cuts, June ADP Employment Change,
Initial Jobless Claims, May Trade Balance, and June ISM Services Index. And
then on Friday is all the employment data. We start the day and week with rates
a shade higher than Friday afternoon: <b>the risk-free 10-year T-note is
yielding 2.31% and agency MBS prices are worse a few ticks.</b></span><span style="color: #eeece1; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"></span></div>
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<![endif]-->Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com1tag:blogger.com,1999:blog-8775718070708644704.post-47174170883125596402017-06-20T15:08:00.001-07:002017-06-20T15:08:40.457-07:00June 20: Reverse Mortgage Primer - Product Attracting Forward Lenders?<!--[if gte mso 9]><xml>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">A
delightful angelic little boy was waiting for his mother outside the
ladies' room of the gas station.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">As
he stood there, he was approached by a man who asked, "Sonny, can you
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">The
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">The
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can't even find the post office."</span></i><i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;"></span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;"></span>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">"People
who don't give up attract other people's attention." As do people
whose humor is stuck in 4<sup>th</sup> grade - like mine usually is. <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEOguC8PWzNlqe6iVAJzpBbOGgxyvjv92-uE4PNOLtUGVq_8WBVKzRAiZ54e-2WcALbexR_5l7c2g4DFEsdTx8msMk4J-bZFv9-z9tPJJXr9QKg0GiF4ylSSuszLFis1VkQgKmRy9bwvUNzjVvKo6lQy532sPLdUeWqvcRJKOPPdx_Oo6O3VBtBfkVZdMA6Kv_gFY-S_iHXERTbfLs0YjBPtyJkt_kf0xzrUebgYxgYDE=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">For
example</span></a>. </span></div>
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<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Reverse
mortgage news</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;"></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Given
that 10,000 people a day are turning 62 (the minimum age to take out a
reverse mortgage), <b>plenty of "forward" lenders are looking at
the channel, or are fostering divisions to capture the business &
revenue</b>. Reverse mortgages are a "costly blessing" to older
people who have valuable homes, but not a lot of ready money. They allow
people to borrow money to spend now, that only must be repaid (plus
interest) when they, or their estate, finally sells their home. Real estate
agents and financial planners are often offered help by lenders doing
reverse mortgages: "We can help your clients navigate the tricky reverse
mortgage waters. We know there is a lot of old information out there - let
us help your clients learn the truth about what an HECM is and isn't."</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">A
reverse mortgage loan is available to homeowners age 62 or older and allows
the homeowner to borrow the equity in their home minus fees and costs. It
may only be secured by a primary residence for which all title holders are
borrowers and are age 62 or over. To be eligible, borrowers must receive
reverse mortgage counseling explaining the fees, costs, and ramifications
of getting a reverse mortgage. Reverse mortgage payouts can be in the form
of a line of credit or lump sum, with limits on the size of the lump sum
payout.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">June
15 was World Elder Abuse Awareness Day (WEAAD), and the <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEEELze2e-NqiwVDng3t0_nYn5A5RkGdztqCnfM88lHB-EReMTO6CSyA3q2G2uRU_jn7G_YDwR9zDRsZnKRHh2MESllPi1UBmDmmazUTCtsvZz530dC3QqJljakSgQhl9rNUp87sJG7p4=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">National
Reverse Mortgage Lenders Association</span></a> and the <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLE6lX9qXNeGeyF0i3TsmeNDhqBEwlRDJxhu1izi3L2Nhf8h1BqRsz-y10Ppx9KNIWQ4T4lHYnr6Rw2Ga_ZCpV6YUlYguCTO6LCavFDz9nl8lqQv7ORvxjHdVI12PKy7em9aFXWaeABifPmfRtnmQa_oQ==&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">National
Aging in Place Council</span></a> launched new consumer webpages to
"help older adults, and their loved ones, recognize the signs of abuse
and report instances of financial fraud and exploitation to the appropriate
authorities. Through their combined audience of more than 36,000 monthly
website visitors, the organizations hope to provide more seniors with the
tools to protect themselves from scams and abuse." V<b>isit </b><a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEEELze2e-NqiwVDng3t0_nYn5A5RkGdztqCnfM88lHB-EReMTO6CSyA3q2G2uRU_jn7G_YDwR9zDRsZnKRHh2MESllPi1UBmDmmazUTCtsvZz530dC3QqJljakSgQhl9rNUp87sJG7p4=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">Recognize
and Report Elder Financial Abuse</span></b></a><b> on NRMLA's consumer
education website at </b><a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxLlvxaLWukzP7tjf0AYxnF-QqYi7ArUeOzwq7pEaZNllDmnuA-aAvqJGmQLXLRcVT3cVT0ItcTIBHh3izKHyfjFdjttU5ZpQOKi3pct6PcED-D0j-4mVZwIDDmN2k0lOxA==&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">www.reversemortgage.org</span></b></a><b>.</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">The
Las Vegas Sun recently had an article about <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEfstN7tGjxrdoB1m1IAxW9UyGpc9xxhy8GPJ76qvpNtkHkdVLPcKBekrwtPaE17f5DO-6-sPu48i2jetfLnaYTDY1baKpQmx7fyvQ4FfG8hSNHYcIX7AmJYKyLEuscTwDocMruhWQl-jEm3NxwBWkyc4QhPzu_HE826fqB-KiL7mUkDGXYwhS4AAsStiAaQFRHJxtk7U1-4MWDmkDoaW7YMwsmgTQuEpd_tYuDtc-lkG20yfq5yG7JAa5sqqhQzXe&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">the
pros and cons of reverse mortgages</span></a>. Even the <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEhVCFqUEDz_JDRjwRvfke34HF6nBcOdlvpFVbuNsLpw8T0dqq0hRZKR7Jg8DMbWIm-HBh445zF8CmsbLZhMuqVyqqNmn3jk3l-PqEvyq7bY0pCZ0kRxMTTW1P0SVLGsZQztxfV-197_cjOhTVqrGGT8hgoDe-W07piZFRUWC58XUOgkJ3PUZlsw6449JvS4WM5WwBLmkpyfdi1Am7QIAcSgrIBW3PGWLljYef-MKVWTusA1Jb9Lzxdg==&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Huffington
Post</span></a> is telling consumers how to shop for a reverse mortgage.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Total
</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">new HMBS production issuance
dropped from $584MM in April to $543MM in May, but as an industry, we
continue to perform about 20% better year over year in total. The
$543MM of new prod created in May is roughly 121% of UPB issued in same
month 2016. This improvement is down slightly from the 127%
improvement YoY we clocked in April. Four of the top five issuers saw
a fall in issuance in May. For the 28<sup>th</sup> consecutive month, <b>AAG
</b>leads all industry participants in new production issuance. In
May, total new production issuance slipped to $128MM, good for 23.6% market
share, down a bit from $159MM and 27% market share in April.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">The
#2 spot goes to <b>FAR a</b>s the only top 5 issuer to show an increase in
issuance month over month. Market share increased from 16.2% to 20.5% as
issuance levels look consistent and strong across all 3 HECM rate
varieties. <b>RMF </b>ranked third in May as total new issuances
declined by ~$2MM to $101MM month over month. <b>Ocwen</b> was fourth with
$98.7MM in new production pools. Ocwen remains the 2<sup>nd</sup> largest
issuer of fixed-rate paper, finishing just $2MM shy of AAG for the fixed
rate crown. In 5<sup>th</sup> place, <b>LiveWell</b> issued $50MM in
May vs $59MM in Apr, as the firm saw market share fall slightly from 10.2%
to 9.2%. As always, fully interactive charts are on our site <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxJd4rHZUH5stBmd12npqUNYoBYrghH1HDoYPbwhfgJm2g71qgOiD-sI4ETyQ9EVqXG_aNg9fR5NEXioVAs7a9WnJgPiTCUokcBgTgZCdRZZ_g3LMLohAkRXIjeLmp97U_bA1xbtfPhkcdjw0rEGMbD6dGbBJjTHk5hz_fv-_iN661H_Fb5tt0rxR5FnZ4v2XBg==&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">available
here</span></a>.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">George
Brooks with IMF reports that lenders originated $4.5 billion of new home
equity conversion mortgages in the first quarter in his story,
"Reverse Mortgage Lending on the Rise Again, but..."
"Compared to the same period a year earlier, production increased by
16.6 percent. Purchase reverse mortgages comprised 83.6 percent of HECMs
produced during the period. Borrowers appeared to favor reverse mortgages
with adjustable rates over fixed-rate HECMs, which accounted for only 10.7
percent of HECMs in the first quarter. Despite increased originations in
the first quarter, FHA data show a gradual decline in HECM endorsements
since peaking in FY 2009 with $114.7 billion. For the full story and an
exclusive look at the nation's top 100 reverse lenders, see the new edition
of Inside FHA/VA Lending, now available online."</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">How
much so you really understand about a HECM Reverse Mortgage? One advantage
is that it does not impose a monthly payment burden on the borrower. The
disadvantage is that the reverse mortgage will cover only about 50-60% of
the house price, depending on the borrower's age, requiring the purchaser
to find the remaining needed cash elsewhere. The most common source is
asset liquidation. If you know anyone considering or that should consider
this program, This <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEboD_GY_ZOFLFRUFrcXSobgnhoPhSbx07uZr2zuC0N8Z-cjjP0kbUgvevCTLGtLbm2qXg_RMZOlZ57loF0KvsIiX4jq8U2SU0uFTIdhxB5v_61KXdhGkv8MqrCmwhZuughYPYCG1fL4aJsxEDfWsViBUnbxFTDPdcVVfQ3mQ0tjXZsIkFbcT_uP4BAn_9N9QtMe3ETrE8mgPqi7l37oA7fFxIoo2SfQWTcObKjnPA4Ds=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">HUFFPOST
article</span></a> will help give you some insight.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Recognizing
the significant improvements that have been made to the HECM program that
reduce risk to the MMI Fund and ensure responsible lending to aging
homeowners, President Trump published a proposed Fiscal Year 2018 budget
that would permanently remove the cap on the aggregate number of reverse
mortgages that FHA can insure. <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLE4-x-3jQtKwPgCA3yeKqh8_9lqhd3J-9Q7ux-KqULcLLLS3wzNxvrgmbr8gt-ict4XypXEbInlyYTbRQxmzIRCkS9K4ySuIjhc-Ddv8UBiGJiXlYcRMxid3guN5RYeqt_Nw0rXggSlZ7DCiKYj0Tg1vdOx5NEKH_SjquJI7W8m75_ai_YsWtjclyN_84115E9BLTB2hNbvaiSBPiQFzaT97-sm835m6XWwbGY0L2GKKr02xz2C66nE6OzHSMr6SVo6NJ-MmdIKlE=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Click
here</span></a> to read the full article.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">There
is training. For example, <a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLEHPWIHl0FFGxKuxQpEBYaHr_gx-HNKYeUotr6wxFL8oY9HsrJMm3kDSWEQDrlk9GqzjAj6Wi6wAvaw_xRPSG_QY5e5OTs6rp7JoTnyV2CzfWOMIapWp-QHjoYIKDWTKVMtml2MC6zH0Z9Nm_7ZT1Hy-ggZ_ixcCLb&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Plaza
offers a presentation</span></a> designed to help financial planners and
loan professionals to better understand how Plaza's Reverse Mortgage can be
used as a vital part of an overall retirement strategy and not just a loan
of last resort.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">The
lending sector certainly receives its share of "bad actors" which
the press highlights. For example, recent headlines blared, "<a href="http://r20.rs6.net/tn.jsp?f=001CO6ZtTHaCmboG2Jqe35-Tgddm_4V3p6bJaoBSLztXBYtBxscPhILxHFy7lAUIHLENsbGS4ebBD8OK_H5tbr11-R74mByxLCcS1QsUEZEkgaWcHu-JrtptOQHlIWeq6OsBhGeE--afJKVPhaft1m3HUEuhl5FP31R0WCJG5_LoxAiQa95G5jvat134a540h6-OJLH9Uyf4mH4TMzmNZbF06u3uw_J-YqABk6T1Z3aGJ-mD27_NjRcS5qnt29gIx06wjb1sdP1OUyi31Wil0rahTzVx5yFgFTgBMU-8j_c506L6Re5PErCEVroOEd8RgSxMj338WKLPfi_NFvuEQb6TKKX-ByeWJUehP3OiJF2SDQ=&c=8OrVT4sLoXvvSAdjqPepfLNlAF9m5hVZ5PYbTtv4KJSII4kD1glPeg==&ch=jyOOV05SwmXhExtFouMZ1ig0YiNbNUXeOkP6mvr-a1y6qyxl5yBQkA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Chicago
man accused of stealing $10M in reverse mortgage scheme.</span></a>"
"The Federal Trade Commission filed a civil suit against him in 2003.
The Illinois Department of Financial and Professional Regulation suspended
his loan originator registration in 2010. But it took until Mark Steven
Diamond - who also went by the name Mark Stevens - was accused of stealing
a total of $10 million of equity in the homes of at least 122 elderly
victims before he was arrested on Monday and, on Tuesday, upon appearing in
federal court, was charged with wire fraud and engaging in a financial
scheme, according to FBI Special Agent Garrett Croon, a media coordinator
for Chicago." The oldest victim was 98.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">"Mark
Diamond caused certain elderly homeowners to execute reverse mortgage loan
documents, despite the fact that they were disabled or otherwise unable to
understand the reverse mortgage loan documents," said Kelly Popovits,
a special agent with the United States Department of HUD, Office of
Inspector General. Diamond, 60 and of Chicago, is suspected of working with
at least five co-conspirators, officials said, defrauding seniors by
fraudulently obtaining home loans in their names and keeping the
profits..." </span></div>
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<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Capital
markets</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">On
the short end of the yield curve, where do the Fed Funds futures stand
after the FOMC meeting last week? For the upcoming July meeting, a 97%
chance of <i>no changes to rates</i>. For the Sep meeting, an 87% chance of
no changes, and for December a 54% chance of no moves. And who knows what
will happen in the next six months. The flattening of the yield curve
yesterday means that the 5-year Treasury yield is within two basis points
of a three-week high while the 30-year yield is within one basis point of a
seven-month low. Be careful what you wish for: <b>a flattening yield curve
is often indicative of a slowing economy</b>.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">NY
Fed President Dudley expects wages and inflation to pick up and for the Fed
to continue to remove policy accommodation, especially as he thought
halting it would jeopardize the recovery. Given the lack of news, it seems
traders and investors latched onto that, and the 10-year note price
worsened .250 and its yield closed at 2.19% while agency MBS prices sold
off about .125.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; mso-themecolor: background2;">Not
much news today (some current account trade figure) although oil prices are
dropping significantly, and there are three speakers from the Federal
Reserve which may make things interesting. <b>We commence Tuesday with the
10-year yielding 2.17% and agency MBS prices are making up the .125 they
lost yesterday.</b></span></div>
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Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com2tag:blogger.com,1999:blog-8775718070708644704.post-67531795725737440962017-06-19T11:44:00.002-07:002017-06-19T11:44:40.466-07:00June 19: Cap. Mkts. Exec Looking, Upcoming events incl. M&A discussion & Jobs & Housing Driving Rates<!--[if gte mso 9]><xml>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Winston Churchill said that, "If
the present tries to sit in judgement on the past, it will lose the
future." No argument there in mortgage banking. But veering away from
lending for a moment, who could predict that nearly 40 years ago the enduring
popularity of "Animal House"? I mention this because <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamxjwyH2_OfCYMzTGYHeiBK0HumlwXK8U9hgSvYwRNp4rT6frCaGhtf9pAsPIR91VboE6Q3LzMDvZIgIf_MraetFiI6P9m0Ig5FIOf6clUIL9KdTsV7-2DY8Lkj8IiBdnzmkLTIfsbjZ9btHBkATeQ-D2Sb570X9wGdlecUsc4q3ZWCobKJXpzRagg7oCrYled&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">we lost
Flounder</span></a> over the weekend, at only 63 years old.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Upcoming events</b></span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> </span><b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Finastra, formerly D+H, will be hosting </span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamnc3UuYbg9qx07_Cm6fG46G5NKCTpYwKkBa2VrU_YkjCcDgHN-dKDhEBc59KG2Ho-8gex1R07OopvvuMK64kSjqRlVvMmb7Apd5CpNcagLWgsS_yBO5K7eP5RR7D4SjhhCxKDIuwHjKLLSfVAu-1T46hHfZhHcAKpaz4suBh46fPynEWX8mcv4mX5xlPKwzPIzpwTj_fr5pXgZYKJjW7xlaqOGLMbcALn0qY5db5pgn-RASvlP5D369dP3kSps7tpS0n0ip0Ojdv0tuXRUn8PtwDBK2G8WUSAHGXwObqMj2LIUy_Hd3oIZ3SeQxBYSOVcTnDJbBHxGFAX4LAbodOnEIhoVor-TqW-_ZzsoqeSqfHpB7UEQnFqrE6NdpjZgaVdaCQ9ja05A7I=&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">a joint,
complimentary webinar</span></a><b> on June 29th at 1PM CT with Gartner's Craig
Focardi on Emerging Technology Trends in Mortgage Lending and Finastra's Head
of Retail Lending Product Management, Steve Hoke</b>. "This one hour live
event will help you to learn about the emerging trends in the mortgage market
around cloud systems, paperless workflows, RegTech and multi-channel mortgage
fulfillment including mobile."</span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> <b>Zelman & Associates </b>is offering up </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">a
short conference call for its institutional investor clients on Monday to
discuss key takeaways from our May homebuilding survey. If you're interested in
listening to the Homebuilding Survey Conference Call: Replay Number: 800-332-6854,
Replay Passcode: 989455, link to survey: <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamSrNd07By-oNixtk-MZja4okUbonqhwO2QyMtTRXlP8EVEFi5616YJGTRI8ZSYl6UmKdVPyN_mO2Z_fqQHCrk2YuSSUsdkRQyFdSfVrKoB9kGj93juymh2wSm6PL_Gnn3qqpx0_4CaAlfc3u5Muxn6w==&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Homebuilding
Survey: Order Growth Remains Solid While Price Accelerates Further</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;">.</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> <b>OpenClose</b>, a multi-channel loan origination system (</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamMj2bJSVZVDY78cZ1NT-Y133gGrTqSiNMbM0gUTlDdYTDwxgg-Sr3bTZtxI0pDThjQN7QZqIzYcPjKRbKeoMaoaTtyOGEzaExQpz6JPCl1lefej4TN3jKhQ4vQnGi2HKBNwtjb31y0zPIMCe2TqcGSA==&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">LOS</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;">) provider, and <b>QuestSoft</b>, a provider of automated mortgage
compliance software, will host a joint webinar covering the new CFPB HMDA
regulations, how they will impact organizations, and outline specific plans to
make compliance with the new HMDA rules the most efficient and time-saving
process in the mortgage industry. </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamlD_DCM5KOnayqbX2HbXBoi7lAcJuHliKJpJrWof18hC2CJhFRZdL8h9t-QSmI54hLyNa9YI8UDcYcvi9Nw7craePaE6w-Ll-bJS_1RFAHH2Ev-Jj_bTcfnExAGxJmOR5wR5oATFH-0HY5AtuQ4_RkGPP6XgV44NmoOrPi4qmdbAryzwIUGxDqr3EuBGIEbzUkbZfCS05Q70=&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">The webinar will be held on June 21, 2017 from 1:00 p.m.
- 2:15 p.m. EDT.</span></a></span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Throughout the month of June, <b>Essent</b> will be
releasing valuable insights on Millennial Homebuyers. Visit the new page <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamVj8lw_3XJ9NVm1f7CeSrAUmhexBlBdRm2EuLUX1kBfl5GIUx-dGbG7hwN5v7FssNzQHhveoZ6lsQ4FaAatq6Hs0SCSzYcRjJQUmqsiqrWsezzjsdWaDi9fNsTNWDgJDZ&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">here</span></a>,
to view the Infographics and Fact Sheets, as well as sign up to receive the
complete study at the end of the month.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>FAMC</b> published its June
Wholesale <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamOJhPqcHWkkmbeaOivBQn8oNR2OyAKW_mCifVLuWOtvGfLyz2jp_FS6cCDm4JYYh-vkbJS8CA1SHm8o5U-W_-h0KRdgveM4CMuYVXRd2wgXniZgavmnodg8slLr9MCPY4WF4VjuQdH_E=&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Monthly
Customer Training Calendar.</span></a> This month's calendar offers a variety
of training opportunities such as "Mortgage Fraud", "LinkedIn
for Beginners", "Self-Employed Borrowers", "How to Review
an Appraisal", and "HomeReady is a Home Run".</span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> Register early for <b>MMBBA's</b> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamHLybt3ChjvdeQu7ME9wARiar1nBQharofBJs8Qp6gDBmX31QgfvDO5F1UTIr8mhFcbSWesw8WSQYMf6E0VUZIqz7cilSoNE-S1a8CAIugbU7dCySuwDAi0RyokoAQiKL9zKD4UZx3vtb5Zz6OSV0iyXmyVZ8ID4b&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">September 14<sup>th</sup> Crab Feast Social and save
money.</span></a></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">With the successful implementation of the Loan
Review System (LRS) on May 15, 2017,<b> FHA</b> approved lenders are now using
the system for most Title II Single Family quality control functions. As part
of its continuing commitment to ensure a successful transition, FHA is hosting
a live webinar on Wednesday, June 28, 2017, to describe best practices and
address common questions that lenders have about LRS. <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamenseQFl8e5aXoF_Nf1WuLI3RY39Ye_nKk8EkOEEZrLAWWr0v-1_FgUiisfIk7--H81A-ogFDzgsYngL7Wsuaqmewn9U4gzmz0P68SsrtnZ75xGCggYkUC0wzxU_mXFBcGy4pjrprJ8ohjkCi-TanhA==&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">You must
register to attend this free, online webinar.</span></a> Attendees will receive
the link to access the webinar and other details with their registration
confirmation.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Will the pace of M&A accelerate
later this year or perhaps in 2018? And how can you position your company to
take advantage of whatever may ensure? Join the String Opportunity-2017 Webinar
featuring Jeff Babcock & Jim Cameron of the <b>STRATMOR Group</b> for a
presentation on "M&A Market Conditions - Opportunities for Midsize
Independent Lenders". You will discover answers to those questions plus
more during <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4egpGHqxwhamudDafAuRdjpIIt095DBRhRGXYOM5aVaThQHllt9ftAB0fc3FDby3INTB0tf7-SAVicM6R8plGxDDcKd3X5DNdMU4fUThxWh4e6cvAcbyf5Ny7rFRB64kGyjkZIEAvoTPAA4y4dn2G_KKyxsx4lv5eWkM1b3idYGEYgzZo9zK9CM4R4keU17qVA==&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">STRATMOR's
June 29<sup>th</sup> webinar. </span></a> </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Sign up for the June 21st <b>Silicon
Valley CAMP</b> 2017 </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;">Lender EXPO. </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Come
hear me present the latest news in the mortgage economy, and then "hear
how three Top Producers created, built and sustained remarkable mortgage
businesses in different ways - a distinguished panel moderated by SV CAMP
President Richard Wang." LUNCH is included, and <i>admission is FREE
to members but ONLY if you</i> <a href="http://r20.rs6.net/tn.jsp?f=0010XLrksE31oNX0gaLoWi9YXdgW-GogCWgL_iiEr5LP6MF_5Qcz-UI4YfnwlXkkgC7LV1PKSsw42fD1A7XPFDWW0_9wUpAyjdHdbHQBsRfdXCDvLAZvLGmSo4IeUOr8_z87MB--7nBa6QMr3PX7c7N0cJIDG8BvTaq_Ik13t_tkmGkeWkQ_eyuen9f_GQTHS75G8mudfrKQys=&c=jk_vKC0cd8qvgfPD4rHjV5cYvYEMGfSAzBlcn96i_vBq0jsv8MvjJQ==&ch=B-dcNXfP-_ZmzwjlFXkFsKa-hVK5gebjhUrHyrJ_nu0jb4xLhDTBsw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">pre-register.</span></a></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Capital markets</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Jobs and housing are the
lynchpins of the U.S. economy.</b> A hot employment or housing market can push
rates higher, and vice versa. Late last week we had some disappointing housing
data that came in much worse than expected with a -4.9% decline in permits for
May compared to forecasts of an increase. Housing starts were off -5.5%
for the month compared to expectations of a +4.1% increase. There were also
prior month negative revisions for April. Multifamily starts which tend
to be volatile were off -9.7% but single family starts also dropped with a
decline of -3.9%. The permit data included a -1.9% decline in single
family month over month data. Regionally the south and the Midwest had
the largest drops in permits. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Going back even farther, if one
looks at the May jobs report, it showed that the labor market has lost some
steam. The headline payroll gain surprised to the downside and came on top of sizable
downward revisions to the prior two months. Notably, the three-month moving
average gain has steadily declined from about 200,000 in February to 121,000 in
May. The drop in the unemployment rate to the lowest level in 16 years was
because of a large decrease in the labor force that outpaced a decline in
household employment. Certainly uncertainty looms large for both the fiscal and
monetary policy outlooks over the next year.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> In the past week US job openings
reached an all-time high of over 6 million, a promising development as the
labor market continues to create jobs. Hiring, however, dipped in the past
month, and reveals structural challenges for the US economy as the new job
opportunities may be mismatched with the skills job-seeking workers can
provide. Though the non-manufacturing index dipped slightly in May, surveys
suggested continued expansion in the service sector; economic expansion this
year will likely exceed that of 2016. There have been no notable changes in the
CPI or retail sales in the states, and though housing starts recently declined
they are expected to rise to an annualized rate of 1.207 million.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> And a glance overseas indicates
that economic expansion in the Eurozone is expected to continue sluggishly
through recent political uncertainty settling in the UK, and the ECB is not
expected to raise policy rates anytime soon. Elsewhere, Chinese industrial
production fell shy of expectations and Australia's labor market added a notable
37,400 jobs.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Investors are certainly thinking
about these economic trends. Friday U.S. Treasuries, and MBS prices, improved
slightly as both the Housing Starts and Michigan Sentiment reports missed
economists' expectations. The Atlanta Fed reduced its forecast for Q2
residential investment growth to 0.4% from 1.8% on the former report. We also
heard the first public remarks from FOMC participants since Wednesday's rate
decision today and Dallas Fed President Robert Kaplan said that the Fed must be
very cautious in raising rates further. And Minneapolis Fed President Neal
Kashkari believes that the Fed should wait for the current lull in inflation's
upward path to end before hiking rates again. And that there are others on the
Committee who are probably agree.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Investors in fixed-income
securities, like MBS, have other options as well. Mortgages have modestly
outperformed Treasuries since the beginning of the year, thanks largely to
"<b>carry</b>." <i>A carry trade is a strategy in which an investor
borrows money at a low interest rate to invest in an asset that is likely to
provide a higher return</i>. The lack of rate volatility or spread volatility
has nudged many investors, especially money managers, into carry trades in
order to generate market, or better, returns. The Fed announced a tentative
plan for winding down buying MBS ("tapering"): with the Fed releasing
their plan for balance sheet normalization and hinting at a September
announcement, things change. As a result, investors have been reluctant to be
overweight MBS, to the benefit of corporates.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Over the weekend we had another
election for the press to hash over - this time in France. Macron's party won a
commanding majority in parliament following second round elections on Sunday.
His Republic on the Move (LREM) party controls 350 seats (out of 577) in the
lower house (although turnout hit a record low). </span></div>
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-themecolor: background2;"> There is no scheduled news here in the U.S. of
much consequence today or tomorrow. Wednesday we'll see the MBA's application
numbers for last week as well as May Existing Home Sales. Thursday things heat
up a little with June Philadelphia Fed, May Import Prices ex-oil and Export
Prices ex-ag., Initial Jobless Claims, and the FHFA Housing Price Index. Friday
is May's New Home Sales and a bevy of Fed speakers. To start the week, <b>we
find the 10-year's yield, which ended last week at 2.16%, unchanged, and agency
MBS prices a shade better than Friday night.</b></span>Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com2tag:blogger.com,1999:blog-8775718070708644704.post-4580655716106728102017-06-15T07:51:00.003-07:002017-06-15T07:51:31.559-07:00June 15: Bank M&A, EverBank & Wells in the Headlines, Renovator Jobs on the Rise<!--[if gte mso 9]><xml>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #eeece1; mso-themecolor: background2;"></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #eeece1; mso-themecolor: background2;">Funny: </span></b></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">At a wedding
ceremony, the pastor asked if anyone had anything to say concerning the union
of the bride and groom. It was their time to stand up and talk or forever hold
their peace. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The moment of
utter silence was broken by a young beautiful woman carrying an infant. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">She started
walking slowly from the last row toward the pastor. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Everything
quickly turned to chaos. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The bride
slapped the groom. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The groom's
mother fainted.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The groomsmen
started giving each other looks and wondering how best to help save the
situation. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Amidst the
turmoil, the pastor asked the woman, "Can you tell us why you came
forward? What do you have to say?" </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The woman replied,
"We can't hear in the back."</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<td style="padding: 3.75pt 3.75pt 3.75pt 3.75pt;">
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">In legal
news, in Denver, the state's high court has ruled that HOAs can't
necessarily sue in <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6SxWpDTfaRtEWYMOxOjMs4KDGnJv1yQwaiJlYfb5ozmmtIm-gmdg50jVhFdtwHxVbf_BUjjw0GvsEviWBpXtdRKfrpc3jaeYnJ5-rxtpBSuFisXqAPQJABiWEdE9aVX_Mtmo9Eu648d7vOyr4kQa7YeOBXazyrx4bM0ugRyJ5KRKfChBR1lz4G_A9goXDGCCaOYIeyT1ckoRQBB2g4lqpwc=&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">construction
defects disputes</span></a>. A couple thousand miles away, the odds of
passage are slim but Congress has finally moved forward with a bipartisan
amendment that could <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6SxWpDTfaRtE7teduzfN60S1H8H0CtB6oL2LIrkQix9Aujmtxrthn7jZdL9vKnlh6jsnCrEcvJ3B9CeZLtAsgCspaO1Cuyox_CMU4Cfet7R8GicsFqpI325cJZ642q2RxVVhM9cuXKj10Cb1F3RFKy6_Oe0duTv2iq7_UdGzv3wdtgYsOEYktIkNVMKoiqYE8Aco3NYC4aP6PUFae8GE4hc51Y7evuGmE9oxhxAKv257yVneHy9RZeYCHPbf9NDcmg==&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">allow
banks to do business</span></a> with marijuana companies. I don't know how
high it is on the priority list...</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Bank
news </b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> As
mentioned in yesterday's commentary, <b>SoFi</b> applied with the FDIC on
June 6 to obtain a <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6UytzS8dwlswakk-G7trbbDkzyqZ3ml3yJv-Y-O8_JpKheWIAJJPMEWPyq8UI2I-hoJouTqViVH4iUyH2stH4GCmebDf0TvrDG3LKnj5AL2pispeJCtMF0ukTyW-hKdRtpWc0kgyeUXBv3LiL2rTgWTBWpF1I8uVmv2DWryKddRY1zU1FGhWlk0m7BwMBrDuTasU2jxGip4zP_4AhxKHZUY=&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">de
novo bank charter</span></a>. The application is open to comment through
July 6. Good news!</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Now
for the bad news: now we have the new term "stealth
modification." <b>Wells Fargo</b> is <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6SxWpDTfaRtEF5rXfCyMCRKidUFIAKwk1Scch7tirSVSsLjxA6By1agfkN_UOcNozujTJgUur4x9Ll721itPMOxOh2PYVA3NN0BxReG9iJoYqYD4AfSDcntuhqziogo7rFtPydV-covbAxUN2yUlYkvHr_BapurSTqp0y3NtY_-BiwUpKm7j4ZCj5ETsWyocnEhOCm5lwLzMCSJ5Pja6uTA=&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">accused
of making changes to loans it services</span></a> without telling the
borrowers. "The changes, which surprised the customers, typically
lowered their monthly loan payments, which would seem to benefit borrowers,
particularly those in bankruptcy. But deep in the details was this fact:
Wells Fargo's changes would extend the terms of borrowers' loans by
decades, meaning they would have monthly payments for far longer and would
ultimately owe the bank much more. Any change to a payment plan for a
person in bankruptcy is subject to approval by the court and the other
parties involved. But Wells Fargo put through big changes to the home loans
without such approval, according to the lawsuits."</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> But
"The Coach" says, "Not so fast." Bloomberg writes that,
"<b>'Wells Fargo strongly denies the claims in these lawsuits</b>,'
spokesman Tom Goyda said in an emailed statement.’<i>The terms of these
modification offers were clearly outlined in letters sent to the customers
and/or to their attorneys, and the payment change notices sent to the bankruptcy
courts.</i>' Goyda said modifications help customers in distress to meet
their mortgage payments, and that such moves have enabled more than 1
million families to stay in their homes since 2009. The bank doesn't
finalize changes without getting signed documents from customers and, where
required, from bankruptcy courts, he said."</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>The
National Mortgage Servicing Association</b> (NMSA) announced the
appointment of Jim Taylor, SVP of Property Preservation with Wells Fargo
Home Mortgage Asset Management, to lead the organization's effort to
mitigate the threat that vacant and abandoned properties pose to homeowners
and communities.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> TIAA's
acquisition of <b>EverBank</b> is <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6SxWpDTfaRtEwK6h0CI02N7yiwuJ7GCv4ajlyG8ILXEb3p_mhTlnqMo7pr_odfUR7eDPfvvGWRmy4fxB6EizuJqzdMxZyrCPh4C2oeYenyLy-pxefg1oWiurJCDV83cOcRAl7osZUXRo&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">now
complete</span></a>. TIAA's existing banking business, TIAA-CREF Trust
Company, FSB (including its division "TIAA Direct"), has been
combined with EverBank to form one full-service bank, headquartered in
Jacksonville, Florida. The legal name of the combined bank is TIAA, FSB,
but for now, we will continue using the EverBank<sup>®</sup> brand name in
a variety of materials.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Yet
S&P Global Market Intelligence reports the number of US bank and thrift
M&A deals has declined from 284 in 2014 to 278 (2015) and 243 (2016).
And so far this year, based on data through early June (98 transactions),
the total would be about 235 (2017).</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> In the
last week or so <b>several bank M&A deals were announced</b>. Four-bank
holding company QCR Holdings ($3.4B, IL) will acquire Guaranty Bank and
Trust Co ($267mm, IA) for about $44.2mm in cash (21%) and stock (79%) or
about 1.40x tangible book. In New Jersey BCB Community Bank ($1.8B) will
acquire Indus American Bank ($235mm) for about $20mm in cash (20%) and
stock (80%). 14 bank holding company Glacier Bancorp ($9.6B, MT) will
acquire Collegiate Peaks Bank ($469mm, CO) for about $73.9mm in cash (22%)
and stock (78%) or about 1.92x tangible book. CresCom Bank ($2.2B, SC) will
acquire First South Bank ($1.0B, NC) for about $162mm in stock (100%) or
about 1.92x tangible book. In Texas Southside Bank ($5.7B) will acquire
First Bank & Trust East Texas ($1.0B) for about $218.8mm in cash (11%)
and stock (89%) or about 2.28x tangible book. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Banks
lend money - usually their depositors. There is other lending, however
(look at mortgage banks, for example): <b>Amazon.com says Amazon Lending
service has surpassed $3 billion in loans to small businesses</b> since it
was launched in 2011. In the last 12 months alone it has loaned over $1
billion to small businesses. Hiking up the sales for third party merchants
is a plus for Amazon, as the company gets a piece of the transaction.
"We created Amazon Lending to make it simple for up-and-coming small
businesses to efficiently get a business loan, because we know that an
infusion of capital at the right moment can put a small business on the
path to even greater success," Amazon Marketplace VP Peeyush Nahar
said. Over 20,000 small businesses have received a loan from Amazon and
more than 50% of the businesses Amazon loans to end up taking a second
loan.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Banks
are certainly watching the potential changes to the regulatory environment</b>.
Bloomberg's Matt Scully reports that, "Wall Street's mortgage-bond
business could benefit from regulatory rollbacks outlined by Treasury
Secretary Steve Mnuchin earlier this week that would allow lenders to
gradually loosen underwriting standards, according to analysts at Goldman
Sachs Group Inc. Cutting back or revising rules imposed on mortgages after
the 2008 financial crisis would likely boost sales of privately issued
bonds that finance home loans, analysts led by Marty Young wrote in a note
to clients Wednesday. Possible changes recommended by the Treasury
Department include repealing or revising rules on risk retention and
lifting caps on points and fees that lenders can charge.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "'The
Treasury report describes potential changes to mortgage and bank regulation
which could be enacted without legislative action, and which thus stand a
good chance of eventual implementation,' Young said. While the changes
could boost issuance, they still would not bring bond sales back to
pre-crisis levels because lenders will remain wary of legal and
reputational risks, he wrote.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "The
report recommended changes to several complex rules that push banks to
avoid riskier versions of mortgages and ensure borrowers actually have the
ability to repay. It also suggested regulators either repeal or revise
so-called risk-retention requirements that force issuers of private-label
mortgage bonds to hold a piece of the securities that they issue, which was
an effort designed to align lenders' interests with investors."</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Capital
markets</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> This
morning we've had our usual read on initial jobless claims. But employment
in residential specialty trades is way up compared with the end of 2011,
when the job market for home renovators bottomed out in the aftermath of
the housing crash and recession. Employment in the category has <a href="http://r20.rs6.net/tn.jsp?f=001S49MroUWkDfU4kLEuMc9kJ2jeG9pnyeR-ZFvNWppR36oQ55AqTsw6SxWpDTfaRtEv9jONtTqaPSWzs13k764iRHos3YDK4vMB2v1iabdanbIFn5f-0OJpa1kO5tz8rCutG9GiXr-pn4a0k0MKE-YLHhP1iAtIzZFGdVNfjpWfeKbnUyzajHx5oZcbW7jsrfVCeo5HlbDKtBPIn8TuFJorqs6W8J9bh4sevXHuhk_zj16225CBRdJon4fIFWlfgJ81HqzY-X8H9flSwZXj0nbX2wZuJP0bAOE3bUodsYvlns=&c=3sQXf9KJLvFQ-7sTwKuzyQ_bpRbJwer0JCeOmiqzq-sX1OoPfbPGTQ==&ch=l6V1B5BG-gX4qENlwpkstW-PdmbZAfOtv1lLSEbDupiECWvF_9FrSg==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">risen
32 percent since then</span></a>, to just under 2 million jobs in May.
Private employment overall rebounded 12 percent in the same period.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Yesterday
volatility picked up in the U.S. Treasury & MBS markets. They finished
with large gains for long-dated Treasuries and much smaller gains at the
front end of the curve. In the morning, the Consumer Price Index inflation
numbers missed expectations for the third-straight month in May. And retail
sales coming up short. The shortfall in inflation sparked a lot of buying
and short-covering interest when few traders wanted to commit to big
positions ahead of the Fed rate decision. Then we had the Fed announcement
(more below); the median expectation of the FOMC participants is for one
more hike this year and three hikes in 2018. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> As
expected, the Federal Open Market Committee voted to raise the federal
funds rate's target range to 1.00-1.25%. <b>Of more interest to LOs and
mortgage folks, the Committee unexpectedly agreed to a plan for balance
sheet reduction</b>. Sometime "later this year", the Fed will
begin allowing a reduction of a maximum of $10 billion of securities ($6 B
of Treasuries and $4 B of mortgage securities) every month. That cap will
increase by $10 billion of securities every quarter until the balance sheet
is declining by $50 bln/month. Put another way, the Fed is maintaining its
existing policy of reinvesting principal payments from its MBS and agency
debenture holdings, but added "The Committee currently expects to
begin implementing a balance sheet normalization program this year,
provided that the economy evolves broadly as anticipated." Also, the
Committee said it would be prepared to resume reinvestments if there was a
material deterioration in the economic outlook where a reduction on the fed
funds rate was not enough.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Yet
bond prices improved and rates dropped - another day where someone would
have lost their shirt if they'd know the information ahead of time. Most of
the rally was based on the weak economic data, and the removal of
uncertainty in the markets by the FOMC addressing the balance sheet
question. The 10-yr yield hit its lowest level since November 10 and the
2s10s curve the flattest since early September. The 10-year note closed Wednesday
yielding 2.14% and agency MBS prices improved .125-.375 depending on coupon
and maturity.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Looking
at today we've already had initial jobless claims (-8k to 237k), the
Philadelphia Fed's manufacturing index (27.6), the Empire Manufacturing
number from New York (up to 19.8), and May import & export prices (-.3%
& -.7%). Coming up are the Industrial Production and Capacity
Utilization duo. We start the day giving back some of yesterday's gains: <b>the
10-year is yielding 2.16% and agency MBS prices are worse about .125 versus
last night's close.</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</td>
</tr>
</tbody></table>
</td>
</tr>
</tbody></table>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-26145351785725050142017-06-13T10:54:00.003-07:002017-06-13T10:54:34.325-07:00June 13: Upcoming Events& Capital Markets Exec. on Closing Loans in This Market<!--[if gte mso 9]><xml>
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<span style="color: #eeece1; font-family: "Verdana","sans-serif"; font-size: 9.0pt; line-height: 115%; mso-themecolor: background2;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">rchrisman@robchrisman.com</span></a></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">We're getting
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">An atheist was
walking through the woods. "What majestic trees! What powerful rivers!
What beautiful animals!" he said to himself.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">As he was
walking alongside the river, he heard a rustling in the bushes behind him.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">He turned to
look. He saw a 7-foot grizzly bear charge towards him. He ran as fast as he
could up the path. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">He looked over
his shoulder & saw that the bear was closing in on him.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">He looked over
his shoulder again, & the bear was even closer.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">He tripped &
fell on the ground. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">He rolled over
to pick himself up but saw that the bear was right on top of him, reaching for
him with his left paw & raising his right paw to strike him.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">At that instant
the Atheist cried out, "Oh my God!"</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Time stopped.
The bear froze. The forest was silent.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">As a bright
light shone upon the man, a voice came out of the sky. "You deny my
existence for all these years, teach others I don't exist, and even credit
creation to cosmic accident?" Do you expect me to help you out of this
predicament? Am I to count you as a believer?"</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The atheist
looked directly into the light, "It would be hypocritical of me to
suddenly ask you to treat me as a Christian now, but perhaps you could make the
BEAR a Christian?"</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">"Very
well," said the voice.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">The light went
out. The sounds of the forest resumed.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">And the bear
dropped his right paw, brought both paws together, bowed his head & spoke:
"Lord bless this food, which I am about to receive from thy bounty through
Christ our Lord, Amen."</span></i></div>
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<br /></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">How do you like these two headlines
today, good news/bad news for lenders? "Fed set to shrink huge bond
portfolio, pushing up interest rates." And, "Trump Administration
says financial watchdog agency should be defanged." And <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGQp-i9v2vy7zlyEHmb_jhkQgORjY25DzBMghEGzKG_fTuxeRnHzMUkk3E386Qwjv7cnSUnntE-6tjuGeazsYj7OjCNagd8b0q71miwJWYn6nqh55kOg_-jJiHAnUtSHLu-rttbJGfV8MiwhHPPAhSG8le77L08hTtU82L0Ye8gAJeDzylQ3UZ8xeoAQbQxhjU&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">here's a
story for the public to read</span></a> about aggressive down payment programs
and then berate their current lender about not having a <b>0% down mortgage</b>.
Don't forget the Wall Street Journal story about <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGhH4fYyaaiZCN741AF4mBgnZK1GI-7A6sjZjbU3FJCn45aQxn87yFPesUsGjuMVJjHMZpWF3K5UxOKPy_8nD2FAJDwY2P6cFQFAkxFKC7Y55-jJs0dWyxF7JztxA2LWUcC7gs49XMj-Fz8Ms-Q3bxcjRIXePPJKy-8tqqD02kRBE0DRuhEdyUhiFy45BkcAG-isgjCknIlhg=&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">the rise
of "subprime" lending</span></a>.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Training & events</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Many CEOs, CMOs, and digital
marketing managers have been thinking about how their company appears online.
You should be also. Everyone is invited to attend a lively discussion about
user & self-generated content and how both can help your company with
search engine optimization (Google), recruiting, and your company website. <b>This
webinar is Thursday 6/15 at 2PM ET</b> and is hosted by <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-T1OTdTncsc93jhdTGvjx9jgGHCUub33T_K8QaYfU7aYHUwAYGSRzYbyk8Bxl9yGXCoZWHnzLylViv9ndHeok43HqG0UUBEwG0A9xVFdg1NHfz5dQKO0z-M=&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Seroka
Brand Development</span></a> & <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-ZX6QJPiiKKchDFeHBDvDMstSJ5m8O7GgSyLorbp8lsvFsVMglI8-ppC56nks1cJcMdKzQVFbT9pG3AKQYpTcBO14L7FrdhAYwNa4S1BO7Xtqv7jqNuP2v9aAazc8oxCfg==&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">SocialSurvey</span></a>.
Scott Harris and John Seroka will cover 4 key topics and provide you with a ton
of actionable ideas to implement at your company immediately. This fast-paced
webinar will be both entertaining and informative. Register today for <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGnxBKws3HbuK9VednIGUnGiBZIsOYYfFhkHVQ0MsxQuaZ8zFkvlm_AjQtz-X8j3r_YWM_vFj_5dJXKGQ1LQXORae_S6QApRjdhiYEMAbcCoYyoFfZppaF9bqU64R5QVjXMleHGxP71vtUxvhkw4TCf3FyUTVSCCWkMnnq87M1iEs=&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Manage
Your Online Brand</span></a>. Spots are limited.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">All MLOs should block out <b>Thursday,
June 15, at 2PM EDT </b>on their calendar to join another quality webinar from
our friends at <b><i>National Mortgage Professional Magazine</i></b>. This <b>complimentary
webinar</b> presented by <b>Ron Vaimberg, nmpU President and Head Coach</b> and
<b>sponsored by REMN Wholesale</b>, will provide you with strategies and
tactics on"<b>How to Get the Appointment with Any New Referral
Partner."</b> With closed offices and real estate agents that rarely come
into the office, connecting with them is getting almost near impossible unless
you know the secrets to getting their attention. The secret is you must know
exactly what to say and do. Click <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGcOswltA75nQ7-iY5BLRZ0STycyOZ_TvmCPTn6Oqlnzrax3WCOUrpLB3EiDaXUPLXOxoLJ7xtqIZpz2q7UMBnR-r_NELfisPLamst-efPljl-dlML_L-y3uHixEpEh_AVRB6pdBKJGI2aH_f87esb-aDRkwlR0pfH&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">here</span></a> to
sign up for this FREE Webinar!</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;">Time to get "Rolling with the Changes"
with the </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKG7Zutgukf34sOkzjwH7qMRD90mbYjOfiZd1us20pWYJZDa8yA76rXaiLB6dGVx02jx04BHvwntP28sTUY0YL9GZF2pSXfa_Ev_1ZZz1p3usHn4fpkGaUkWZwEfNlFzeOlLpTBW2rUVaMzMVzX57m0V60WOAXHTMyHRKqUq5OOk5k=&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">MMLA Annual Lending Conference</span></a></span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: EN; mso-themecolor: background2;"> <span lang="EN">at the Soaring Eagle Casino & Resort
in Mt. Pleasant, MI, July 30<sup>th</sup> - August 1<sup>st</sup>. There are
different options available to fit your schedule and your budget. </span></span><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Don't miss the debut of the <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGqKNKgrK64IFSzO6ctioDIjP7qQy31GWSTk20Ga5fNJDkWQH-1G-svGW9bYSt1W8Zv4X3yt0eZW6EB_cXu-hBmgYxONKGRucDho1ATQeoq-g-C8iGZz8GlgaJzji4OIsjbUo6NjoPM6jw9Qt7DG68zQ==&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Colorado
Mortgage Summit</span></a> September 29<sup>th</sup> at the Marriott Tech
Center Denver. The Denver market is one of the nation's hottest housing
regions, and the new Coorado Mortgage Summit promises to be one of the top
regional mortgage shows of the year. </span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Registration is now open for <b>CalyxSoftware's</b>
<a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGOTQYER1bEMGw7UZo52MPunMmOA0AOo0QT7jUCQIHx_dY-FEtalOjmdWDWOeDtBsqadh-uvH9He0X6hJcBhZvnRUN7CWdYMIwzJuJSh5OpijSl8uI_IPk5w1nWtY9stxQUufo_4Pmo4yXxztFwvyAiEBQLhJRKll7_VE3RLhdJl8=&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">CalyxVision
18</span></a>, the company's second national user conference. The event will be
held February 11-14, 2018 at the <a href="http://r20.rs6.net/tn.jsp?f=001lwN_n1rVJn7-gxfecNmJkLIDJ93e2WIOMfr1QWjrx8ePmWvnVKct-XVuEP-bkzKGTZqCFx13lo303RUHcXrsqOvpS0CHTwyI_qpJqXuGZioHcpkzMawJsMlhTkUV8tDICZIztLeKUq2Rg_GUajlhAKRrsILezSNMbtfgCu05F3dNrr40-E0REJ7FiRHftQAZMF233Amv8QdAmt2s9F4BFIffC_w0mTl47NUG1hIXROdZeHeJOya9ihEsnxbOkbCdEDs2s7viq-ZZUajN7-JFiA==&c=gkT3LuLgI0aHEN2FJ5QcabuvU0d9_v23NuMSqThFPcwpE7KOnZ359w==&ch=jAI4MfpPn2t7Q-8p0knII0DqjepaecRysHQ-Gn-yuO0l2UUORBnX3w==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Hilton
San Francisco Union Square</span></a>. <i>CalyxVision</i> offers the unique
opportunity for lenders and brokers to receive more than 16 hours of in-person,
hands-on Calyx<sup>®</sup> software training. In addition to training, <i>CalyxVision</i>
attendees will enjoy a comprehensive educational experience with more than 20
hours of sessions covering industry hot topics.</span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Capital Markets</b></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> One capital market chief
writes, "LOs and capital markets folks everywhere await the Fed decision
tomorrow, when it is presumed the Fed will announce a .25% rise to the Fed
Funds rate. With economists now placing odds at over 90%, does that make the
announcement a mere formality without consequence? </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "Not quite, as <b>a rise
in the Fed Funds rate will still have trickle-down (or trickle-up) effects on
your rate sheets</b>. Last week we saw an increased lock volume due to lower
rates - many investors saw the Comey testimony lacking the substance to derail
the Trump administration's ability to pass future legislative agenda - but I
also hope you capitalized as best you could on those lower rates. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">"Mortgage companies will have
two choices with rates in the wake of an announced Fed rate hike: raise rates
or cut margin. It's the classic mortgage company dilemma, and one more and more
of us are having to face with the proliferation of sites like Zillow where
customers can see several company's rates side by side, or Quicken, where
customers are lured by a low advertised rate and breezy process. Lenders can
choose to focus on one or two of product, price, and service - not all three
consistently. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "A rising rate environment
puts pressure on the sales staff to both process customers at higher rates than
what the customer saw upon initial application, and sell that same customer on
progressing quickly through the process before rates increase further. A
company like Quicken on agency products, or Chase on 20% down jumbo ARMs, is
always going to be able to sacrifice margin further than us to close the deal,
so we need to turn the focus to other positives. </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">"Maybe you are a local lender
who can provide a personal touch in discussing the area with the borrower, or
maybe your company also offers helpful products like the recently announced
Fannie Mae student loan cash out refinance. <b>There is always an angle to be
communicated to the borrower that can help you close a loan</b>."</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Looking at rates, prices edged
down Monday, and thus rates moved higher, in a "curve-steepening"
trade. And this as MBS volume was well below normal at 75% of the 30-day moving
average according to Tradeweb. Are locks down, meaning fewer MBS to sell to
hedge? At the close, the 10-year note was lower .125 in price to yield 2.21%
while 5-year notes and MBS were worse a couple ticks (half of .125).</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> This morning we've already seen
the NFIB Small Business Optimism Index for May, a secondary number, which was
unchanged and has seen no change since January. We've also seen May's wholesale
inflation number with the Producer Price Index: flat, but the "core"
rate, excluding food & energy, was +.3%. Coming up is a $12 billion 30-year
bond auction. <b>We find rates a smidge higher versus Monday's close with the
10-year yielding 2.22% and agency MBS prices down a tick or two.</b></span></div>
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Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-18456288590553560902017-06-12T09:25:00.000-07:002017-06-12T09:25:14.660-07:00
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<span><div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
</div>
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<b style="mso-bidi-font-weight: normal;"><span style="color: #eeece1; mso-themecolor: background2;"><span style="font-family: Calibri;">Mortgage Vendor Updates – Partnering
is the Name of the Game, Ellie & HDMA Readiness<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<em><span style="color: #eeeeee;">Marriage Humor?</span></em><o:p></o:p></div>
</span><div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Wife: "What
are you doing?"</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Husband:
"Nothing."</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><o:p></o:p></span></div>
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Wife:
"Nothing? You've been reading our marriage certificate for an hour."</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Husband: "I
was looking for the expiration date."</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">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?<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b style="mso-bidi-font-weight: normal;">V<span style="mso-bidi-font-weight: bold;">endor news? Always.</span></b><o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> 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. <b>STRATMOR is
conducting a study to better understand the needs of mortgage lenders regarding
supporting technology systems</b>. <i>This survey is free to take and summary
results will be provided to participants</i>. If you are interested in
taking this 10-minute survey, <a href="http://r20.rs6.net/tn.jsp?f=0019G5HbzceNHmcIjh-bD8ANO1JN98m7WxnYbmp-KFxnI87tTOZv2JMxC9QBMRhCXa6p6gmhPCfg-Hnlt5hjAqIeUl1n54TF2ReCnQpNFLWCZGyd5jFeMFFz7Ur_uJIJJon_3FIprMccT2YlqItLNBzCMETrJ9T74aMPTeaGVFQtazK6StA_yJ7hXG0JyO8D0RNl6FKsJfqw2Y=&c=ktiza8NpfAsZPRVoGY0NubjP9ZimJ-FSQ2hLkI9MkOFhR6NGRoL-Lw==&ch=ciHs0hFzwnf_ckOEJofMMgI0u5SyeujvIcyvtu8uJtOhlMkfC8geoA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">click
here</span></a>. <o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> </span><span lang="FR" style="color: #eeece1; font-family: "Arial","sans-serif"; mso-ansi-language: FR; mso-themecolor: background2;">Mortgage document preparation vendor <b>International
Document Services, Inc. </b></span><b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">(IDS), announced it has incorporated
a new document preview feature into its integration with LendingQB's</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">
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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>ReverseVision</b>, provider
of software and technology for the reverse mortgage industry, announced that
the Northwest's <b>Kiel Mortgage</b> 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."<o:p></o:p></span></div>
<br />
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<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Optimal Blue
announced that it has partnered with BankingBridge</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">
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.<o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>Indecomm Global Services</b>,
provider of business process as a service (BPaaS), software as a service (SaaS)
technology, learning products for the mortgage industry, <b>Advanced Data</b>,
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 <a href="http://r20.rs6.net/tn.jsp?f=0019G5HbzceNHmcIjh-bD8ANO1JN98m7WxnYbmp-KFxnI87tTOZv2JMxI9TZP3b8uPbkD-e9F4GPbvM_w1Nfw1rMIt2eNDrYM5U3T4LE4VmsBwl-C6fw7Cl9CzOkl2emjHe0ewFZlSgO14XIec-Og0cuP3QwmDEBxFInphtrgixmjI03nCNZ2o2OXJ4GKdBL3ZHWWTcXKIn9ZM=&c=ktiza8NpfAsZPRVoGY0NubjP9ZimJ-FSQ2hLkI9MkOFhR6NGRoL-Lw==&ch=ciHs0hFzwnf_ckOEJofMMgI0u5SyeujvIcyvtu8uJtOhlMkfC8geoA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">IncomeGenius</span></a>,
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 <a href="mailto:linda.bomar@indecomm.net" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Linda Bomar</span></a>, VP of Sales.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Mortgage marketing firm, <b>Best
Rate Referrals</b>, announced the launch of <a href="http://r20.rs6.net/tn.jsp?f=0019G5HbzceNHmcIjh-bD8ANO1JN98m7WxnYbmp-KFxnI87tTOZv2JMxC9QBMRhCXa6M-MuXN51nsFCo0WFGQemrhj7_IXJLfvP5jS3osOqg75dV7ZgDbpeXeU60Ye0Wo6OhzJWW8slyevwB_CnRPb_msuQEFYwu0VRt252aW0mv6Ad0XPyBerjlA==&c=ktiza8NpfAsZPRVoGY0NubjP9ZimJ-FSQ2hLkI9MkOFhR6NGRoL-Lw==&ch=ciHs0hFzwnf_ckOEJofMMgI0u5SyeujvIcyvtu8uJtOhlMkfC8geoA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Mortgage
Advisor</span></a>, 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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> HMDA changes are currently
scheduled to roll out in seven months, and I asked Jonathan Corr, President and
CEO of <b>Ellie Mae</b>, for an update. "HMDA readiness is on everyone's
mind and Ellie Mae is helping our clients get ready in number of ways.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "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. <o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "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.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> "Ellie has a downloadable <a href="http://r20.rs6.net/tn.jsp?f=0019G5HbzceNHmcIjh-bD8ANO1JN98m7WxnYbmp-KFxnI87tTOZv2JMxC9QBMRhCXa6QyDmFCeLYVh4MoalWHmg3nFEKLsdlOLTcNW0wNrcyPWXOtcMl9oRRxnnDROMKhatDXLoxqEhxoYpA9aWZD6NFdl4Yuljp4aW2sPWCJj3OTaS4_apG7uebF6YcAPbaECGO17cFXvffX9wzzcDI_-kyQ==&c=ktiza8NpfAsZPRVoGY0NubjP9ZimJ-FSQ2hLkI9MkOFhR6NGRoL-Lw==&ch=ciHs0hFzwnf_ckOEJofMMgI0u5SyeujvIcyvtu8uJtOhlMkfC8geoA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">white
paper</span></a> 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. <o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Finally, our fully developed <a href="http://r20.rs6.net/tn.jsp?f=0019G5HbzceNHmcIjh-bD8ANO1JN98m7WxnYbmp-KFxnI87tTOZv2JMxC9QBMRhCXa6QyDmFCeLYVh4MoalWHmg3nFEKLsdlOLTcNW0wNrcyPWXOtcMl9oRRxnnDROMKhatDXLoxqEhxoYpA9aWZD6NFdl4Yuljp4aW2sPWCJj3OTaS4_apG7uebF6YcAPbaECGO17cFXvffX9wzzcDI_-kyQ==&c=ktiza8NpfAsZPRVoGY0NubjP9ZimJ-FSQ2hLkI9MkOFhR6NGRoL-Lw==&ch=ciHs0hFzwnf_ckOEJofMMgI0u5SyeujvIcyvtu8uJtOhlMkfC8geoA==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Compliance
Center</span></a> offers more information about HMDA changes, Ellie Mae's
regulatory support, FAQ's and more.<o:p></o:p></span></div>
<br />
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<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;">Capital markets</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> In selling news, for its 10<sup><span style="font-size: x-small;">th</span></sup>
nonperforming loan sale, <b>Fannie Mae</b> 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. <o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> Turning to the economy, what
has recent data told us about the economy, and therefore rates? <b>The numbers
tell us that the U.S. economy is doing darned good.</b> 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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> 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 15<sup><span style="font-size: x-small;">th</span></sup>, 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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; mso-themecolor: background2;"> <b>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.</b><o:p></o:p></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-18314288536259433012017-06-08T07:37:00.002-07:002017-06-08T07:37:15.629-07:00June 8: Events & CDD, HMDA Training, Survey on Digital Mortgage Benefits, Origination and Millennials
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a><o:p></o:p></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">(<i>Thanks to Robin for this one.)</i><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Did you hear about</span><span style="color: #eeeeee;"> the guy who is an
insomniac dyslexic agnostic?</span> </span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">He lays awake at night wondering if there
really is a dog.</span> </span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Summer's here, school's out for many, and it's time for
vacation, right? Here's a little trivia for your co-workers. What is number of
available vacation days that Americans collectively <i>did not take</i> in
2016? Try "</span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vnqub_0k4vHaux2BkdLbTKfqPDqikpQzDM6OxKolskPIcTdFb9BOHw3188o1Yd0d5gSNqmO9mPLIWPVf3_o5tNhVVPYvGa6r7xhn1I-aARNSsQztETrX6MtAJ8BF494eg3PZG2cHO65gCnDJO6ZHvYP7utAXng76OuSxAC1AyFCs=&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">662 million</span></a><span style="color: #eeeeee;">" on for size. (There are about 124 million
full time workers in the U.S.) Do you really think you'll be on your death bed
saying, "I'm sure glad I didn't use all my vacation time again this year -
the company would collapse without me there. Besides, I enjoy work more than
vacation!"?<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> If you are looking for <b>a good book for training new
hires</b>, here is a strong option to help them with their studies: "</span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vSPWcVNwqI6u1Q4n7XdE10O7OnD5uqT5S5zXnKCQlS7vh4UcQm0qg77LHMXz2LOJmKIx5KVNugHuZ549Y0uoDm-p1Ma5Wp4_DYJ6IgqmE9pE9HxxR4-3rEEn1vqIuEdmQEp2gNYyHf39blUaWFG7nvolof8FS86tx95BjjSnfs59FEgaGWPLoy5_YlruyDwaVtqIAKzstk7c_JSJHPWA-G5_gbEFzpUXt1f6j4MvNeYVysoU8Otxmfeab7TWkHJU6J7GtIpXSih1PzIOjypb1tn7ayhQ8sOa98QYf8fE2CP0ADc42TImrfg==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">The Successful Mortgage Broker: Selling Mortgages After the
Meltdown</span></a><span style="color: #eeeeee;">."<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Freddie, Fannie, investor conforming conventional news
& changes</b><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> For over 20 years, <b>Freddie Mac</b> has provided
superior underwriting capabilities to lenders. "Now, we're leveraging the
power of big data and advanced analytics to build game-changing solutions into
Loan Product Advisor - our next-generation underwriting solution. Our goal is
to drive efficiency in your loan manufacturing process, ultimately helping you
cut costs and giving you rep and warranty relief sooner. For example, our
automated collateral evaluation will speed up, simplify and save money in your
appraisal process - you'll get your borrowers to closing faster, while
receiving immediate certainty for collateral rep and warranty relief. Loan
Product Advisor's automated asset and income validation will reduce paperwork
helping to quickly confirm qualifications for borrowers. Finally, you can now
expand homeownership opportunities through automated assessments for borrowers
without credit scores. Plus, Loan Product Advisor is a simpler, more intuitive
tool with easier navigation and data visualization, Ready to learn more? Visit
our </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1v0ZGeksfkKpsmcScJS_w3jmbUFvoKDDp4eWasRqUlOXTZNH85SrdELuYeAnv02wIArObucVJHOBzqPhkJtu5eleGScHPIQ2pMRNBNeXynb3KGFzO7xuhomsBFX8e6gkMQLr0y54_B_GdxLUwq-j3EyuyWhoZB2mKCEWaU8gJjUNgR8ire-alX7IoSiNKSBcdszdk90B2ps-6ng_6W5QaG2VO-LdQ7q4qW76t2g3De76p4gjCzaFuB-_bXR2LWpY_zz9GUVIE__8ADcdONjFLrZJlELb7M4jKO6513FAtNor-CF11OkfYn0W0R8ZU6vAGsxW4gr0_viVYHxzU7nYZdgw==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">Loan Product Advisor</span></a><span style="color: #eeeeee;"> web page."<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> A few months back the D.C. Circuit panel gave the U.S.
Department of the Treasury and Federal Housing Finance Agency (FHFA) a win over
the allocation of profits from Freddie and Fannie to the Treasury. This
affirmed a lower court's ruling that actions taken under the FHFA's
conservatorship of the GSEs cannot be challenged in court. But Fannie and
Freddie shareholders sued the two for agreeing to the deal. Now, the FHFA and
Treasury are </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vFjA7SSG_f8MXXXpMGAXziiyVTh8oBPfcTbwO4QpVToMXmiOJkoeLO66qkxN_Lmhk42dblnWSS_Sp3vPrDPiiCOE7mwICQZftSoQDADLiYL75y_s_b9DNjKX_qfOR25dZlQY6bPgH2TDH-WU0ORHSLcv6s7C3RQiDuKx0P7a60mp5hJUAar09Wt_epdZDLTPDnB8TVjA0pEjl95Kkh772kA==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">urging the D.C. Circuit not to modify its ruling</span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Fannie Mae and Freddie Mac have </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vnEitvNtTBiGZOK4HKOG3zB5ipX19CwuAr6PfflK61y4nAJPKI915cg6Y9gNK3dzQt8io6OYxgrBbt3dR-WkaRYSyk7bf4gDMsJfW9fq6tmxOlabjgL-kepqpBnw9OkIlt6xPO0z6DlxEZQVfvuUjtX2ozfS_9iH_Do5KVfQjANRioyPHmCX119xbP64as9cr3tOtibYJmmryZBt12Xt69zaHDsSgFPhC8W-nILbnArsbY6mPlsv41Q==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="announced - UCD"><span style="color: #eeeeee;">announced</span></a><span style="color: #eeeeee;"> that the Closing
Disclosure PDF will not be required to be embedded in the UCD XML file until
April 2018.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Fannie Mae has added a clarification to effective dates
for a prior foreclosure allowable increase has been made to the Hawaii AAA
Matrix. To view the updated matrix, visit the </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vHd-1aXRgR4vSJd1RCcb6G17LVXnMEGU4OwYBDZ-xYGka2zLDHtidcR_bvpPUbgt_GfuMWZMgujSBm7y1jTmb9rIGSH7RQwIDcFbWxXLNK6Cw4OA0-zwV2_4wvp_4Ehrvgu-a0KS7mWJjI-mSGeUmQWzKTTg6cMn5f4vuL_RESFnvv-bWfiJy53rR1Eb0Hg609ZZVPRh_2kjbbq423cO7oRuSt7BDZ_1oA5w3L5ds3SLb8WeP10HC8Q==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="Excess Attorney Fee/Cost Guidelines page"><span style="color: #eeeeee;">Excess
Attorney Fee/Cost Guidelines page</span></a><span style="color: #eeeeee;">. <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Freddie Mac launched a </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vMWie6hrVtMQJ6Q7FpmIn0gDPBtltNyg8FOL1nNcbMyH3sI52Nqti_kSDkX9Kk8kFrtMmpLN2MCNBM3pPx6mmN2tXE6iWcQhT-5dQw2KXeVONWZwpnI9iyMyk4kKWI9pnrQY7q86usNxg-AdciXOzDA==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">Single-Family Fraud Risk homepage</span></a><span style="color: #eeeeee;">. Freddie established its
Financial Fraud Investigation Unit - which is responsible for the prevention,
detection, investigation and resolution of mortgage fraud - in 1989, and we've
continually worked to keep the industry informed about the types of schemes
detected. However, this page pulls together all its resources, including those
for seller/servicers, industry professionals and consumers. It tells people how
to report suspected fraud to Freddie Mac and it includes a </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38AnUtT5BwDRlYAod3t2_IUzbfMOmu-fK6LILMTEDYaSh4q14hwb_-fNEBohK292hx6x2qOfwAeTCymixJWujis2LcQc7Kf25kCXnF2sqVCOc2JLLfG87ScI9QY3ywColuJHUt842qvf6l_7sxe8Jml3UdB4x6yu1Z0xRB8eFmddCJgduxvwBJ29cAP1WViA74w==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">Fraud Mitigation Best Practices checklist and</span></a><span style="color: #eeeeee;"> a </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1v1pIrzNuhmPBo4Z7NsDosykDXE6pEY4aEZcbNQZVlmIQlOsRXu3ChLBVrUEMBHqs5v1nJ7xSzjnLCmoN2M0mqQ12VNWcirvWDUVinVkYTvEwbkRnWqRK4Kw-NMg6hWWEXJBvjowIkvOj3XWbQpDTbfDtoAq6MaTiDJagRVsaOfajh1heUFDvl0w==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank"><span style="color: #eeeeee;">Mortgage Screening Process checklist.</span></a><o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Franklin American Mortgage Company</b> expanded its
HomeReady guidelines to include all Homeownership Education and Counseling
options per the Fannie Mae Selling Guide. Homeownership
Education/Counseling from a Community Seconds provider or a HUD approved
Counselor as applicable are permitted in addition to Framework. This change is
effective immediately.<o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> To ensure an efficient purchase process, for Fannie Mae
and Freddie Mac loans with Note dates on and after 9/25/2017</span><span style="color: #eeeeee;">, <b>AmeriHome</b>
will require that Sellers submit their UCD files to <i>both </i>GSEs <i>and </i>provide
evidence of a successful submission via the UCD Findings Reports. In addition,
AmeriHome's FHA Standard 4000.1 Program Guide</span></span></span><span style="color: #eeeeee;"><span style="color: #1f497d; font-family: "Arial","sans-serif";"> </span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">has been updated to clarify that, although single-close
construction</span><span style="color: #eeeeee;"> loans and construction loan <i>modifications </i>are <i>not </i>eligible
for purchase, loans for the purchase of a newly constructed property are
eligible.<o:p></o:p></span></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> To allow more preparation time, <b>Fannie Mae</b> and <b>Freddie
Mac</b> have </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vnEitvNtTBiGZOK4HKOG3zB5ipX19CwuAr6PfflK61y4nAJPKI915cg6Y9gNK3dzQt8io6OYxgrBbt3dR-WkaRYSyk7bf4gDMsJfW9fq6tmxOlabjgL-kepqpBnw9OkIlt6xPO0z6DlxEZQVfvuUjtX2ozfS_9iH_Do5KVfQjANRioyPHmCX119xbP64as9cr3tOtibYJmmryZBt12Xt69zaHDsSgFPhC8W-nILbnArsbY6mPlsv41Q==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="announced - UCD"><span style="color: #007697;"><span style="color: #eeeeee;">announced</span></span></a><span style="color: #eeeeee;">
that the Closing Disclosure PDF will not be required to be embedded in the UCD
XML file until April 2018. To support adoption of UCD, there are </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vyt51eWtkGNRjq4s3HEzn9oScL72-Erkbxzylpk9hMXw9LPFWoFk6rdN0JZM9ksq20F_SZOuFG9-xv3m0EbMpyKC0dZWJ3LuXJHrXjafN7PbC8WvOlLCn5KXI8joc1lMEJ4OdFtlCQngBMuZDUq644qrCj52KOrG879CxluGdAmfhE704nmmb4kvVXYJWL2VjJGBk8H45FkeehttaK8q5bergxkY3CyARP8RahKxJx6f-dV7GOkED3g==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="live webinars - UCD"><span style="color: #007697;"><span style="color: #eeeeee;">live
webinars</span></span></a><span style="color: #eeeeee;"> to facilitate the changes and offer abundant resources on
the </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vE88srGLdgVUsZZKootOly1k04nrFh6_yxmi9phWYM8ythsFaguL07S3ljSI1xIKj2Ka1yGvMm308jVhsz-_K146HaT_aLvo7py82WMoA8BCpxMsdH6np6q_qo-Ke35J7x2LgilDHsk1XbtvfBu0gZuGQnfZJZo_NuR6Pnefgnj12XmGnlzsns87hGsg7xYOS5ANiWQ_UQvoX2jd6PQUNQjnM_xs2xJhHiHSibOSOE4l8-mrIcP8TPw==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="UCD page"><span style="color: #007697;"><span style="color: #eeeeee;">UCD page</span></span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">Fannie Mae</span><span style="color: #eeeeee;"> </span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">recently announced
several condo </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vZItb1dakwl_OXmG6_bF-1MVW2Tfrc5guguuFLi9QDd5injnhrHjyTZlqxHBqIfxOROHLhmWZ56KgvhDTCZHtQgpE6IgOB6qXO2ZBbx6y3HqcXn9wVwNu9VFN97FNzoqj5P--cE5Xjt2IDpDlHSpOZSaQAkIky4ltitn_VOrgnDSUN3Z4R7m3zO-DJKVrlCwGw9nSxBH_xK4-V0skWNJHIQptpDKzAwJugwQlkKVNRuOlToBZQeX7lA==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="policy changes - PIW"><span style="color: #007697;"><span style="color: #eeeeee;">policy
changes</span></span></a><span style="color: #eeeeee;"> and a reduced </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vnl1egGnyxBkxJQkbk2doBhieLpVqDlTILhVWlnOdh_J0doaN-2S-h-1RdvV_kT6TvLYNxlRCddbNWXehlwRWYVDyJOUaxMX__dXyPFC37OjDg9mayHqhtJjquhblWWdHroXmkgtlIypo_Y-ZNkbjqDK9DA7L22KnlR3KjmjJOIVAuJTruc_qzuPSai5kS9IwwogAQrVeo4fon80Fjngm_9mFDEFUIcKCt0PdesHvMXXAO1z3c81MsA==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="Streamlined Project Eligibility Review Service (PERS) fee"><span style="color: #007697;"><span style="color: #eeeeee;">Streamlined Project Eligibility Review Service (PERS) fee</span></span></a><span style="color: #eeeeee;">.
Learn about PIW eligibility requirements and more in our </span><a href="http://r20.rs6.net/tn.jsp?f=001TAGJt8EwPLnlxxgBYEFm8z4Bh67GChKCPbfNGa-DkANLSOfgV5m38GmwcVIAGO1vXYdaJ8qz4Ed3A6oOp4595TxbGD2RkG4oIW4rP6F3c3lkVBIr-U8y8whwQvM0AB-U58sEhxUug6JS5IAkfExQPeg1sC_eiImY2Mol6EVjusJY8AiaU45ydmqPPX5fXTA329ckOcad0wM0VkAC7zPohvkNxxxQmYE15aVTcnKXHYzfBySql1TPdSvMB0g1SVVBBdREVQBRHxnFi-gxg6rhuphsivopoTXhlEAQYPVHDVxYQ8VDe8Opww==&c=C6GYXVLO2QPRzmuaOERwJujFbiFr09EP2Ly7bmwddUzxK1NY-HPfPg==&ch=16NItHurVr63i3kQgQfzzmklJsEdxjxJ1d7IF5is2pbjrTQWrjuqmg==" target="_blank" title="PIW FAQs"><span style="color: #007697;"><span style="color: #eeeeee;">PIW FAQs</span></span></a><span style="color: #eeeeee;">. </span> <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> To align with Fannie Mae's policy for the Condominium
Project Questionnaire - Full Form, <b>Wells Fargo </b>has clarified its age of
document requirements to specify that, when utilizing the Wells Fargo
Homeowners Association Certification Review, Form 24 or 25 must be completed
within 180 days of the Loan Note date. Wells is also updating its Homeowners
Association Certification Review forms for consistency with the Seller Guide by
including a question and answer for zoning with legal non-conforming use of
land.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Capital markets</b><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Here's a note that I received from a director of
capital markets from a well-known lender about locks</b>. "What have we
seen with locks over the last several weeks, and how dependent are locks on
rates? Prevailing rates have decreased due to several factors, most notably a
suffocation of post-election optimism around the ability of conservatives to
pass pro-business agenda. Less regulation and lower taxes would in theory
increase investment in markets and corporations, causing higher stock prices
and boosting the economy, and in turn mortgage rates, at least that was the
hope that drove up markets. <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">"Recently, markets have displayed confusing patterns, as
U.S. stocks remain near at or near record highs despite economic data that
continues to be positive but fails to meet expectations, pushing treasury
yields and mortgage rates lower. We have seen the 10-year treasury yield go
from above 2.40% in mid-May down nearly 30bps to a low last week of 2.14%.Throw
in the geopolitical and cultural conflict we have seen - nationalist fervor in
elections, dozens of terror attacks around the globe, political tensions
involving Russia, the U.S., Syria, North Korea, Britain, domestic conflict
within government over Russian interference in the election and before
transition, travel bans, and withdrawal from the Paris climate accord, etc. -
so much news to digest in the 24-hour news cycle world we live in. <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> "But what does it mean for rates and locks? Many of
my competitors were forced to evaluate profitability with a shrinking refinance
business in the wake of the presidential election in November. For our company
specifically, we saw purchases go from nearly 60% of our applications in early
May down to 42% last week. The increase in refinance business is always
welcome, but we need to avoid basing future projections on this, as <i>I would
say this recent rush is primarily from borrowers who had been looking to
refinance before we saw rates increase in April.</i> <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> "Now that rates have decreased slightly and provided a
temporary boon for refinancers, I expect the boon to be only that: temporary.
Fed Fund futures have priced in over a 90% probability of a rate hike at next
week's Fed meeting, and although markets will undoubtedly have this increase
priced in come the time of the announcement, an increase would still likely
mean a rise in prevailing mortgage rates over the next few months. <b>For LOs
asking me if they should wait or lock and get the ball rolling, my answer is
going to be that a sure thing now is a better proposition than waiting and
responding to markets in the future</b>. With mortgage rates and treasury
yields are back down towards pre-election levels, today is as good a time as
any to push those borrowers toward closing their deal."<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Yup, suddenly "refi" is back in originator's
vocabularies. Yesterday U.S. Treasuries, and agency MBS prices, moved higher in
a "curve-flattening trade." Why? Job Openings and Labor Turnover
Survey (JOLTS) data showed job openings increasing more than expected in April.
Oil prices rose meaningfully for the first time in a week as a dispute between
Qatar and Saudi Arabia continued to preoccupy energy traders. China's
government said that it stands reading to buy Treasuries, now that the yuan has
stabilized. There are heightened concerns ahead of Thursdays' "risk
events" including the UK general election. The 10-year note price closed
over .250 better (2.15%) and 5-year Treasury securities and MBS improved about
.125.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> This morning we've had the MBA's survey of last week's
locks: up 7.1%. Purchase apps were +10%, and refi apps were up about 3%.
Overall apps are still down 16% versus this week last year. That about does it
for scheduled news. <b>We begin Wednesday with the 10-year at 2.15% and agency
MBS prices worse a shade versus last night's close.</b></span><o:p></o:p></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-12085750926728970912017-06-06T07:32:00.002-07:002017-06-06T07:32:44.930-07:00<span style="color: #eeeeee;"><b style="mso-bidi-font-weight: normal;"><i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">June 6: Products From Processing;
State-level Lending Law Changes - Does California Have a Price Loophole?</span></i></b><br />
<span style="color: black;"><span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="color: #eeece1; font-family: "Verdana","sans-serif"; font-size: 9pt; mso-themecolor: background2;">By <a href="mailto:rchrisman@robchrisman.com" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">rchrisman@robchrisman.com</span></a></span><span style="color: #eeece1; mso-fareast-font-family: "Times New Roman"; mso-themecolor: background2;"><o:p></o:p></span><br />
<span style="color: black; font-family: Times New Roman; font-size: small;">
</span></span> </span><i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">Smart
Alek answer:</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span><br />
<span style="color: black;">
</span><br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">The
police officer got out of his car as the kid who was stopped for speeding
rolled down his window.</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<span style="color: black;">
</span><br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">"I've
been waiting for you all day," the officer said. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<span style="color: black;">
</span><br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">The
kid replied, "Yeah, well I got here as fast as I could."</span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<span style="color: black;">
</span><br />
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<i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">When
the cop finally stopped laughing, he sent the kid on his way without a ticket. </span></i><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<span style="color: black;">
</span><br />
<span style="color: black;">
</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">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 <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-Z7DZlTvo9BOz3NwWNIlTC75AO9bqaeEcKDWTU9WLee8XCjR-zECVYXX9uZ1rQYVDbn-2YYx8lVZbq_yj5LPcz7xDl7ZCvP8ikCyjFNeUdeTMHh7zqkdKu1e6AbI9JNxF7ho22NX5l2XsX7KoK-lHzlcNMnb2xllVcO9tyqudc5wT2t8KQsy8VTRL0XlQw5P78&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">school-bus
homes</span></a>. With solar, of course.</span></span><br />
<b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">Products
for processing, recruiting, subservicing</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span><br />
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">If
you are attending Mastermind in Las Vegas and would like to have <b>a
confidential discussion with Jeff Mason</b>, 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 <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZYgzeqwSM91Nzp8wHLa6NIzTrgr20yIrwmGjSlHsiOkQ2UARIu3k6SG_rDZo13G8rJH54pqAHaEIl-MLCBZ00nuMsVAnlg8UoAAojx38m1MTOt8WYFseQSw==&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">www.mtgrecruiter.com</span></a>,
or call 281-773-2810.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">"If
you're a lender looking to capitalize on the opportunity with millennial
homebuyers, <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-Z4LFxsriz4O8nFLy-Htip7Zc7FL-TUxa-7lvawPUA8Q5giSmpxwoqzBdVZs_A9nvbuRZ5OzGBkobKYKBc0OqHNPhPtUCRLrkZUgTAHlT3p-y1ssJjq_vDHoznWz9xTCfd&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">Equifax</span></b></a>
(EFX) might have exactly what you're looking for. <b>The global information
solutions company recently joined forces with Fannie Mae facilitated the
rollout of </b><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZP-OVzPkqmamSqyFaXsHgbgBBTg7flVCz4frKqstcOWrgSqMzfrW84nbrydoaA8CiSDUkiho6LUbQkyhlLX-qXiH5m9jJY0KhLoTSPHmt8wfbw-JZOl2nR248_uV9PBhWO1oUsYefXRVZ-HvGm6E1gCD9mdrVAxANXqjJcXtjEmKR-PihC2PNL9GNGGOi6Cb__FOv-6nR85wb2zXdCwrxkI1M1jAjPuoJOwf22iRoH_pQNz1lge7bmDPUwG5q2VOrGmKM8Kc22Xk9TOQ7yByBdt5SpR0qceMtiFZzA6895tMHhWkoT9vMFeEOIEsAidBC&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">Day 1
Certainty</span></b></a><b> and made the origination process simpler, faster
and more user-friendly than ever</b>. 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."<o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> <o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">"<a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxqGuOlwu970wjczCdueJenaAXYHy0ri9BIq1JG3USx3UMusxmW-l2J4NKm4ToQ9E8oX3gZtTM9l-yq4fkhGToBsZzhpibqPipVIN7nRK8Zq2_0Ti292d8xw=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">X-Ray
Mortgage Intelligence Platform</span></b></a><b> allows mortgage professionals
to visualize their loan data in real-time! </b>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 <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxqN7m9WJ0vfIa1uoLOBV5xqkbSpCrCfSXFfKgaHX_bPwvscSkyE7vmTdgjZ_uZE1HL07hjpnZQvr5ppGHsn0eCtahq4JROjkoNI39uOZwHd2qiVQ2XE9PHja2aYUuPSmVYseSqSpVY13&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">take
five minutes to book a free demo</span></a> qualify for waived setup fees!
(Up to $5,000 in value.)"<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">What
does it take to become one of the industry's best producers? Download this <b>complimentary
white paper from XINNIX: </b><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZQiDDLpbP7EcUb6soj8WdOjYWKo9DUc5WQQoWZmjhW4AL9yHgk8Yzhm8jGFqHEx1MX9gP7Rl2rtvjLnDxtl57_VbUD--OoJ6pGhgXR2qvlF23a3nrhKGCHb098HpqhSW7MceY2skwV23aDMjfAm0N5yAHpG7eDWVXftU_PD9Or7TAz0A3V2wXjEKpXZFCgaNJ&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">"A
View From the Top: The Wisdom of Elite Producers." </span></b></a>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! <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZQiDDLpbP7EcUb6soj8WdOjYWKo9DUc5WQQoWZmjhW4AL9yHgk8Yzhm8jGFqHEx1MX9gP7Rl2rtvjLnDxtl57_VbUD--OoJ6pGhgXR2qvlF23a3nrhKGCHb098HpqhSW7MceY2skwV23aDMjfAm0N5yAHpG7eDWVXftU_PD9Or7TAz0A3V2wXjEKpXZFCgaNJ&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">Click
here </span></b></a>to download this free white paper, and don't forget to
explore the new Resource Library at <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxlVLKCbNlURHSWa6T_gYq6VhftUuCVUl4U3bJlWVl0Av8UwVZ0m70PECZIz9KuRcBaNCxibITtVJfVseNarVl4VfA9jz_W_YpISRmx95uYRCb6yjXGZftj8=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">www.XINNIX.com</span></b></a>.
Want to learn more proven strategies of Top Producers? <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZlG7v1v2aUE8W4WVhxKjokIjY_uXUkBGO0TlA-B54y7vAqbP1l4NrHabwrjdjId7zGc1TQTjWjosaTsV85LXfK59EWARCQIhLol8Rg96xJ7Dlf4-ZGZLvBpCmSJPgg40H0duxb1cjtrM4whNktdHeDQ==&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span style="color: #eeece1; mso-themecolor: background2;">Sign
up for ELITE</span></b></a>, XINNIX's Performance Program that empowers top
performing loan officers to accelerate their success, beginning June 13<sup>th</sup>!<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> <o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">"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? <b>Lendsnap</b> 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 <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZnE_bs0I3pdJPHWJ6UZi0q_bKuF7ikDeOUPWd1B-1W1coj0MurgL0XAhjuynq-SLgvzIX4Pkjt-gcmCLY0a8f5Yut9uy7gUiDFL2wF4xOuzJnjw7S2yp10GcVrvWUB818NrBIl_6yAjfEdOXsksjkYFKQDR0yd_Fl4_twBTqtDfo6Tamja1B7z0x6m2UQBxZxP4y0vh4uOgQmH924B-NIX3KOEE8X8077eNTsQspZhcAGorSi3Ywu49mL61ZWh1Yn_fe48qEKnZ5BcStXnS1Rh50sS07Sm0BCDiwtv_2wetunKgfb1ocs-qUNUIgqPQm2CR5b_td8OBCY5VP0JmAnr0g2B6G0SAMcGW0Q9FBBgEtG9RIWvrTbE2dIpNvgU6cO&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Lendsnap</span></a> or
email <a href="mailto:mike@lendsnap.com" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">Mike Romano</span></a> to set
up a conversation and demo."<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> </span><b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">State
level changes? They don't stop, making it expensive for lenders, therefore
borrowers.</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">I received this note/suggestion regarding broker
business. "Is <b>California</b> dysfunctional? In California, brokers are
typically regulated by the </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxqtabYL2g5zTrQIaZnL7DfkM5sCWz1GTrLrMl2NWQcs5HL3gqM4Sr9f39OM8TVn5r0zbIf8hIv6V8zGSNf7HXQvYVSLVV5ihUihDTnLVKM0wKTB91VBAqSc=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">BRE</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">, but also the </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZUsetNrQVvnTqSNS0t5lF34pE2MvU4u5hKbyTa5A0j9AGP7pa-c2cwRq3wtqGO7D0tIK2UbvO86OPEY6sXildswgrFUSH7YM3lHpvcStNaYYvBxCcu6zyC5AMx9uy0LRi92buHgtziwI=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">DBO</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">. 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 <i>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.</i> The cure for this is one regulator instead of the
BRE and DBO. DBO ought to regulate all lenders."</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Effective June 1, 2017, <b>Maryland</b> passed an act
that will change </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZYdsZktgx-I3Hae6yLTAwwoCcsmCEUGTs_jZVe1oyPH6Wt6-s9QnIapNCGFDmX-QPj6r9KA71BE21X-HjxsIpeCTe1kqx314qAAvuu2n1djgt7yTIyS6Vxnl6cTf5s4869wX3aB_mV_cTvslzzTYAmLHIDMswL9NY&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">the mechanics of surety bonds filed in tandem with
applications</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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. </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Effective January 1, 2018, <b>Maryland </b></span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZIzICmPVIk2oTV63RBPfK4eX1IcsTYwY_zEho8c2tJ2XCiu_f9LoJDcj9y0Ba2fo0IHuHmBA5kkHGsEvCYbhiZRPDxoEa1Icm4zfKHx2i3tIAPGKG9rsRcOIGmlooIEuTviI495VF8Vvfk2WBvc3rKAhYWhbmWA6dV3N69vw7eQY=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">amended certain provisions of the Maryland Personal
Information Protection Act.</span></a> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">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. </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Effective October 1, 2017, <b>Maryland</b> adopted
several amendments affecting </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZZIBD9qjFkb88qVmg0k6axEi2x18Dl5LYvtLXDdlKgTH9fomdJK96fWxRJ5cS3G4x34xKNBXWKw2FcsIAZ0M_ruDcHLBzv-Y25Wm0mJL2I-iVoIMpPmzX9hjrbiKaPzmOz54wlO7XFThwpn-6GRcFqEEURhdSYe9A08ZzTQcJxus=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">mortgages and deeds of trust recording prerequisites.</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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.</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Effective October 1, 2017, <b>Maryland </b>enacted the </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-Zso4Pbp7ebgNtBpKp_4zAo3P8mHJ4BrQFdkXUgq4IwL8hwbeVSiyU25qO9XHT1OE-IVosUxJ-Ko54e-tZpoNevx8jaLHUVFeRN3P_BHl4U3CoLK2pfWEYi3LTGPjq-ph4kEzsMav74upzn9R2azfimeqXxdvseoczgzoGqFa10Uw=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">Maryland Uniform Electronic Legal Materials Act.</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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.</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> <o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-Z6MAw5iC6sb8S8eAG5ick_IPg_E5-bYaMicqexzbN_ioOBCJkEqAXTQcfjbTqd_9_0F1DeQh7-YGLQki4BVDw2vjXGFDvHOe0ZULFqNC3Egm9RKBbl7mCOv9pK6YlcjCdEjiA45iNqEoH4nmcW2Y5tQ==&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><b><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">Nevada</span></b><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;"> has enacted provisions
regarding its Revised Uniform Fiduciary Access to Digital Assets Act.</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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.</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
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<b><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span></b><b><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Colorado</span></b><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> has enacted several new
provisions regarding its </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZRaey8-Ktj0YWNBVBoRPrvOLIhmYHPmfZTHNXmcEigWYw7npfX8eVDhCfE8nkyJnFV4JqbQj-ZxGqOv_dLs6w0yguhKDn4RcdINCgoSIcaBJAHv78riEp32sH0p5-UYLInoBlYEhLLd-ZH8qwOgeVpx6apZiYQ57VE3w_ARw9vb-mOtv3SWZ5ncMHFSvYi4-2iFbfErWeSC4=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">Revised Uniform Law on Notarial Acts.</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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.</span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> </span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;">Effective January 1, 2018, </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZlDWMa8KTBqps0CAvv0R9wh-XH7i6CWGzvp3lZRrZsWI1eA6t6PSDpR3ZgfizGOSVsfI_OgSj7sCaBSmNKZSH7Bwu2oO2cZRI_Cx8U_kdofhggOv9Bi3Fars8RNMqlllN8Xd_LwY8DqI=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span lang="EN" style="color: #eeece1; mso-ansi-language: EN; mso-themecolor: background2;">Alabama has enacted the Revised Uniform Fiduciary Access
to Digital Assets Act</span></a></span><span lang="EN" style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-ansi-language: EN; mso-themecolor: background2;"> 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 <b>user direction for
disclosure of digital assets, content of electronic communication, procedure
for disclosing, custodian compliance and immunity.</b></span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> </span><b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">Capital
markets</span></b><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"><o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">The
benefit of this is, of course, lower rates: Barron's cover story describes the
surprising "threat" to the American economy: <a href="http://r20.rs6.net/tn.jsp?f=001tTWFuiWdjyjMRuPkYllIYdPw1JcBYeIguTWYDXKlfLLg4elBgVDOxgbh-dS14X-ZBHiG46lCJ3JSw9ryeqkR01uT2OIttrf6DyGHZ4UIY3JSqBo0Z_ZptOpGlLI0sTFILreHOW4mpcru7qwe7igcPX1atjI9173LKh31fobeSug37Z_PeCPJ-BoceXex4cdHUlaKLCVh3USEyiz3j02oQGf2iF32dSvvIEr-sW2UKBULuxOyZMn9y6ESITF7uZooFeT381qi2JQ=&c=_1nKdBKxX8wX3ar4heOYo7HI-yS688A2stHu-AkL1ufM38B5uSMRfQ==&ch=m3vWpwyXmdkkAci0gvt26ce7aEkjHNHDKR0dlWZ0yy9uyaDmWpSQFw==" target="_blank"><span style="color: #eeece1; mso-themecolor: background2;">no one
is spending money</span></a>. 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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">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.<o:p></o:p></span></div>
<br />
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<span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;"> </span><span style="color: #eeece1; font-family: "Arial","sans-serif"; font-size: 11pt; mso-themecolor: background2;">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: <b>the
10-year yield is down to 2.15% and agency MBS prices are better by .125-.250
versus Monday's close.</b><o:p></o:p></span></div>
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<o:p> </o:p></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-85506775466681866882017-06-05T12:38:00.003-07:002017-06-05T12:38:52.866-07:00<span style="color: #eeeeee;">June 5: Bank rankings; RESCAP legal news; June Fed Rate Hike Odds</span><br />
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">(Warning: Rated PG, I guess.
Thanks to Nick S. for this one.)</span></i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></span></div>
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">A firefighter was working on
the engine outside the station when he noticed a little girl nearby in a little
red wagon with little ladders hung off the sides and a garden hose tightly
coiled in the middle.<br />
The girl was wearing a firefighter's helmet. The wagon was being pulled by her
dog and her cat.<br />
The firefighter walked over to take a closer look.<br />
"That sure is a nice fire truck," the firefighter said with
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"Thanks," the girl replied.</span></i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></span></div>
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testicles.<br />
"Little partner," the firefighter said, "I don't want to tell
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The little girl replied thoughtfully, "You're probably right, but then I
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</span></i></span></div>
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<span style="color: #eeeeee;"><i><br /></i></span></div>
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<br /></div>
</i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Bank news</span></b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
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</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">"Bigger is better"
with some things, right? For those that think it applies to banks, and for
those who like lists, <a href="http://r20.rs6.net/tn.jsp?f=00119JkC1ag2zzxtquT4Zb0PLlf3OJoGfSRMFcMJRUc5w9DbDavUHJ6vNeaLkb04Z_vef2OvW6C109h8SSLyNWsm9wy8jhFIugW5HHlq62IOxsijctjxC1RSX_tabLsMO7kfSrG_qp6AoerEqBa1BahXVyConC8ilE0FePgR2uud5bogx3S6Kbb11O1hTa2eWGSZdxsN45iytwWZ4W_irM4NAndraZ1Qn5CLm-B09_mfe2InrT9ziqo7r___yPTc4SD&c=jT2N2_8HeSUSJcaqDBa0nf-jTCUZpB7lxgVsmmQNrA4hTS71ZGc_JA==&ch=pHSlV_WM8FX4ccyhGMZMmJLysBzJ4djc4eKtyhS_dhL5pzwdARppQg==" target="_blank"><span style="color: #eeeeee;">S&P Global Market Intelligence</span></a> finds the largest US
banks by assets as of the end of Q1 in order were: JPMorgan ($2.55T); Bank of
America ($2.24T); Wells Fargo ($1.95T), Citigroup ($1.82T), US Bancorp ($450B);
PNC ($371B), TD Group ($371B), Capital One ($349B), Bank of New York Mellon
($338B), and HSBC North America ($295B).</span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">People's Intermountain Bank
($1.7B, UT) will acquire Town & Country Bank ($135mm, UT) for about $20.9mm
in cash (35%) and stock (65%). Doolin Security Savings Bank ($48mm, OH) will
combine with Belpre Savings Bank ($48mm, WV) in a merger of equals. In nearby
Indiana Horizon Bank ($3.2B) will acquire Lafayette Community Bank ($172mm) for
about $32mm in cash (10%) and stock (90%) or about 1.66x tangible book. And
banks don't only have to buy banks, right? Peapack-Gladstone Bank ($4.0B, NJ)
will acquire asset manager Murphy Capital Management Inc. (NJ) with its $850mm
in assets under management.</span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Things aren't always rosy of
course. Regulators closed Fayette County Bank ($34mm, IL) and sold it to United
Fidelity Bank ($574mm, IN) under a purchase and assumption agreement. (United
picks up one branch, all the deposits, and about 84% of the assets.) </span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Banks are where the money is...
but what if you don't have much? SmartAsset did a study that considered
affordability and livability factors to find <a href="http://r20.rs6.net/tn.jsp?f=00119JkC1ag2zzxtquT4Zb0PLlf3OJoGfSRMFcMJRUc5w9DbDavUHJ6vNeaLkb04Z_v8OS9fLQSBhHqN-_df0G9ksSxVi6qWJ-xeg75E7Y5T85NEVxRFppJsTbHu89ItLQ_3iB_AyY-9DyfVmNlcLFVaZUs2zyK5l6GrM_lnrUgEee-Xpbb4aUqqmHnHnNX7gbrFi8-qHvfc5solbMNjHiNlfC1MepjcwA_OwXxmyjTmMk=&c=jT2N2_8HeSUSJcaqDBa0nf-jTCUZpB7lxgVsmmQNrA4hTS71ZGc_JA==&ch=pHSlV_WM8FX4ccyhGMZMmJLysBzJ4djc4eKtyhS_dhL5pzwdARppQg==" target="_blank"><span style="color: #eeeeee;">the best cities for people who earn the U.S. median salary of
$55,000</span></a>.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Legal update</span></b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Clem Ziroli Jr., President of
First Mortgage Corporation, reports that on May 18, 2017 attorneys for the
corporation argued in U.S. District Court proceedings in Minnesota that claims
by the RESCAP Liquidating Trust for $24.5M should be mostly dismissed, and that
the remaining claims were overstated by 90%. RESCAP is the successor to the
bankrupt unit of General Motors Acceptance Corporation's RFC, which was a
dominant figure in the 2008 financial meltdown.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">"RESCAP lodged claims of
breach of warranty and representation at loan origination for loans dating back
to 1999. First Mortgage argued that all claims for 93 of 169 loans should be
dismissed for being brought after a 6-year Statute of Limitations had passed.
First Mortgage also argued that all claims for another 46 loans should be
dismissed because the damages claimed were actually caused by a superseding
cause such as RFC voluntarily agreeing to a short sale or a loan modification.
Then, First Mortgage also argued that RFC's actions to elect to do non-judicial
foreclosure for 45 loans was a further basis for dismissing all but 6 of the
169 loans.</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
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<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">"Then, with respect to
RESCAP's $1.4M claims for those last 6 loans, First Mortgage argued that
RESCAP's claims were overstated by 90%, relying upon an August 2014 decision
from the same courthouse about the same dispute against another RESCAP
defendant which said, </span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">'In May 2012, RFC declared
bankruptcy in the Bankruptcy Court for the Southern District of New York. The
dozens of lawsuits against RFC involved a balance of more than $100 billion in
original loan principal. And because RFC extended a promise to repurchase
faulty loans and investments as part of its offerings, RFC had already spent
millions of dollars repurchasing investments and loans. After RFC declared
bankruptcy, investors and other interested parties filed hundreds of proofs of
claim. Ultimately, the bankruptcy court approved a global settlement of over
$10 billion to resolve the claims against RFC. The settlement assigned the
rights and interests of RFC to the ResCap Liquidating Trust.'</span></i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></div>
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</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">"The judge said First
Mortgage may file its motions together with similar motions by the other RESCAP
defendants, but must wait for expert discovery to be completed. That may be as
early as Thanksgiving. First Mortgage is committed to continuing this fight."</span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</span></i></span><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">The Office of the Comptroller
of the Currency</span></b></span><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><a href="http://r20.rs6.net/tn.jsp?f=00119JkC1ag2zzxtquT4Zb0PLlf3OJoGfSRMFcMJRUc5w9DbDavUHJ6vNeaLkb04Z_v2-UbirLfh0EJMBvqXIELK114ogOtag3fKEOcEdi-m3RADXyhY1opj7QX8wKCZpd0ftgS607xDSJHurdFMJI1dhbwLydUt4TMCOhYOx6E9YLsL2oat2PSDeswtU7u_B_Tt20qJcPYFuk-6NZHJX2p7rxJhtfkjQxf59pt1arqoAcficNQGpMX_A==&c=jT2N2_8HeSUSJcaqDBa0nf-jTCUZpB7lxgVsmmQNrA4hTS71ZGc_JA==&ch=pHSlV_WM8FX4ccyhGMZMmJLysBzJ4djc4eKtyhS_dhL5pzwdARppQg==" target="_blank"><span style="color: #eeeeee;">(OCC) issued Bulletin 2017-18: Violations of Laws and
Regulations.</span></a><span style="color: #eeeeee;"> The updated policy and procedures are effective on July 1,
2017 and apply to examinations of all national banks, federal savings
associations, and federal branches and agencies. </span></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif"; font-size: 11pt;">With these changes, the OCC aims to increase the
effectiveness of its process for handling violations of laws and regulations.
The updated policies and procedures provide the OCC with guidelines on
consistent terminology, communication, format, follow-up, analysis, documentation,
and reporting of violations.</span><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></span></div>
</span></i><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Capital markets</span></b><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">
</span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Despite the arguably weak
payroll number, the Fed Funds futures market (a way of gauging what all the
smart folks think the probability is) <b>increased their probability of a June
hike to 93%.</b> The 10 year continues to rally, and we are at the lowest
yields since early November. The Trump "reflation trade" - $1
trillion on infrastructure plus tax breaks - continues to deflate, at least as
far as bonds are concerned.</span></div>
</span></i></span><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</span></i><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">Friday, after the employment data,
we had a nice treasury rally following the weaker than expected payrolls report
as the 10-year note led the market higher, price-wise, and rates dropped with
the 10-year yield dropping to 2.14%. (If employment is not strong, inflation is
not an issue, so rates shouldn't go up, right?) And so on Friday the 10-year
note price improved .5 and closed with a yield of 2.16% whereas the 5-year and
agency MBS prices improved about .250 depending on coupon and maturity.</span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt;">But it's a new week as we head
into June. From overseas, scheduled news-wise, are two central bank decisions
on Tuesday and Thursday. Also on Thursday is the UK general election - another
election to talk about! Skipping over today (see next paragraph), tomorrow
we'll have the JOLTS job openings figure, Wednesday is the MBA apps data from
last week, Thursday is initial jobless claims, and Friday the 9<sup>th</sup>
is...not much.</span></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
</span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i><i><span style="font-family: "Arial","sans-serif"; font-size: 11pt;"></span></i></span><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif"; font-size: 11pt;">This morning isn't
much either. We've had some 2<sup>nd</sup> tier productivity (unchanged in 1<sup>st</sup>
quarter) and unit labor costs (+2.2%). Coming up later are some factory-orders
numbers and ISM numbers. <b>We launch the week with rates a smidge higher
versus Friday's closing levels. As a proxy for rates in general, the 10-year's
yield is 2.18% and agency MBS prices are worse nearly .125.</b></span></span> </span></i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"></span></div>
</span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><i><span style="color: #333333; font-family: "Arial","sans-serif"; font-size: 11.0pt;"><span style="color: #eeeeee;"></span></span></i><span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9.0pt; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><span style="color: #5d5d5d;">
</span></span>Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com1tag:blogger.com,1999:blog-8775718070708644704.post-72712610690617982762017-05-31T08:33:00.003-07:002017-05-31T08:33:45.946-07:00
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a><o:p></o:p></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">(Thanks</span><span style="color: #eeeeee;"> to Nick C. for this one.)</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Two</span> <span style="color: #eeeeee;">Tennessee rednecks are out hunting, and
as they walked along they came upon a huge hole in the ground. They approach it
and were amazed at the size of it.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The first hunter</span><span style="color: #eeeeee;"> says, "Wow, that's
some hole; I can't even see the bottom. I wonder how deep it is?"</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The second </span><span style="color: #eeeeee;">hunter says," I don't know.
Let's throw somethin' down there, listen and see how long it takes to hit
bottom."</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The first hunter</span><span style="color: #eeeeee;"> says, "Hey, there's
an old automobile transmission over there. Give me a hand, we'll throw it
in and see."</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">So, they picked it up and carried it over
and count one, two, three and heaved it in the hole. They are standing</span><span style="color: #eeeeee;"> there
listening, looking over the edge, when they hear a rustling behind them. As
they turn around, they see a goat come crashing through the underbrush, run up
to the hole and, without hesitation, jump in headfirst.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">While they are </span><span style="color: #eeeeee;">standing there staring at
each other in amazement, peering into the hole, trying to figure out what it
was all about, an old farmer saunters up. "Say there," says the
farmer, "You fellers didn't happen to see my goat around here anywhere,
did you?"</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The first hunter says, "Funny </span><span style="color: #eeeeee;">you
should ask, but we were just standing here a minute ago and a goat came running
out of the bushes doin' bout a hunnert miles an hour and jumped headfirst into
this here hole!"</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The old farmer said, "Naw, that's
impossible. I had him chained to a transmission."<o:p></o:p></span></span></i></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">It has been interesting talking to residential lending folks
around the nation about their mix of business and how it has changed - if at
all. It turns out that </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1fx9S4gyImn0_HmTb9t1cTOJcT61Lbw5_VdHTDTVLp6OkweF-aCJSLHPjGTOfQcJeAZqs6vul2JLuqvuhpT37pevIUtonPNUuT_q71-YJDrAT0iZENLeXtIsradRMEn4tNAQqjcbyCyXds1X9UsvsAb3p24eWBHqSuyGaM0NRQN51pRcG8zglvUfC-Nm9WMw_Ygol-0b6fHaj13bwfzTPcA==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">49 percent of people who have refinanced their home in the first
quarter of the year did cash-outs</span></a><span style="color: #eeeeee;">. That's the highest rate in the
post-recession economy, up from 12 percent in mid-2012. To put things in
perspective, in the run-up to the recession, that figure was often over 80
percent.<o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"> </span></span><span style="color: #eeeeee;"><b><span style="color: #1f497d; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">E</span></span></b><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">vents, products</span><span style="color: #eeeeee;">, non-profit work</span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> "Mastermind Summit in Vegas is around the
corner. Not too late to <b>book an appointment with </b></span><a href="mailto:scott@socialsurvey.com" target="_blank"><b><span style="color: #eeeeee;">Scott Harris</span></b></a><b><span style="color: #eeeeee;">,
CEO of </span></b><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CuqqhQvCxrqMS2vbtRqCfmyAv8yKYV7wITjyZka63mVu7B1EcqXAKsVahK4J2_YCAAkKPMLUpRxwi9_9HGrMiF_wKLC9pwPCuc9GcnlMZjUw2HA0OvxF-QDIQ_KzNBJGgxg==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">SocialSurvey</span></b></a><span style="color: #eeeeee;"><b> and find out what all the buzz is
about</b>. Find out why nearly 50 mortgage banking companies including
Churchill, Inlanta, </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1QT9iDP-9BiF7uWdrmD58QCQ4xkGUDx4xb0ly7v60h67OyRoT4-CTPCNnthTm3w7HcjvmQHDlT8Jvd6c3cijoVsWVMBEGszcGmvsJA0fveSmizVg31vyT1XjCtbmB_tDu_FHTF5VTeiialsPDoi-0H8teqYjLWbe3fobUgGO9j8wZ9VrDdZI-FQ==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">PRMI</span></a><span style="color: #eeeeee;">, OnQ, </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt17jgzMEtqbbtPwgSwpwmG28tGSIt1p_c8f2utxPeyKQah3kWy4Lss4dujlLPOS4ymon10qfVS_3zkElgrOBUPi-uXeFdvxM_u-JKnqV-H3jup3TI3LOftzL7je3pDDdGFocPYGynRyVkaQ1nUjf_M8hMAyMnQkzsR&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">New American Funding</span></a><span style="color: #eeeeee;">, and Embrace have signed on with
SocialSurvey in the past 9 months. Enterprise Reputation Management is a
new term that lenders are figuring out. Better to be ahead of the curve
than playing catch-up. </span><a href="mailto:scott@socialsurvey.com" target="_blank"><span style="color: #eeeeee;">Meet up with Scott</span></a><span style="color: #eeeeee;"> in Vegas to learn more. Remember, if you
are not actively managing your online reputation, your unhappy borrowers will
be happy to do it for you!"<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt17ZLw4G3HRJxGguTSMzblGIdOx3_iKIuayPvs7qUGVJLZ8RXYJ9jY4d0Z6FkmAqw9eu_usmkLU0EWnX7peK37So60ht0SkzFCFN26MnOMUIQtWYxjkSEgEQ==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">Gateway Mortgage Group</span></b></a><b><span style="color: #eeeeee;">, a mortgage banking firm
with over 145 locations nationwide, has signed a national partnership with </span></b><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1bif_vXIoETHhnkGK4gJHP41z8p-ZoOkkljIxWJtxDhKvEZfGKHi25It9NFXSEOiMXmIhjd6xTEXoZF7ZnqbCdkssDNSX4XsaUBpmG98uW9_1WvhqaGhLQg==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">Folds of Honor</span></b></a><b><span style="color: #eeeeee;">, a 501(c)(3) that </span></b><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1mHlXnBbc51oOyqe88tmjbQwUIxOpqgYLC8yjz7ut5By8nYO8mE-0Jq0cpiD5zBqd1XaR4nI3vTFm6XkgSB1bEL_-E7xgghysjAPbphjFTj2ce1AbmzpRm3tSXd0PmTXd&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">provides educational scholarships</span></b></a><span style="color: #eeeeee;"><b> to
dependents of fallen or disabled military service men and women.</b>
"Freedom isn't free and more than two million dependents of disabled and
fallen soldiers live with this every day," said J. Kevin Stitt, CEO of
Gateway Mortgage Group. "We have chosen to stand with our military heroes,
and their families, who have made the ultimate sacrifice while serving our
country courageously." Since 2007, Folds has awarded more than 13,000
educational scholarships in all fifty states, including more than 2,800 in 2016
alone. Beginning on June 1, 2017, Gateway will make a donation to Folds for
every mortgage loan originated and closed in their Retail channel for the next
twelve months. In 2016, the Gateway Mortgage Group funded more than 15,000
loans in its retail channel and should surpass 20,000 new loans this year. <b>For
more information on this program, please contact </b></span><a href="mailto:Mark.Revard@GatewayLoan.com?subject=Chrisman%20Report%20-%20Folds%20of%20Honor" target="_blank"><b><span style="color: #eeeeee;">Mark Revard via email</span></b></a><span style="color: #eeeeee;"><b> or by calling 918.392.8580</b>.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Training and Events:</b><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Tomorrow (6/1) is the </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CuqgSU0V1Jh1s5D-z0JOHSgots6PKGk-JxK2W7GTDHniqt4iCzFLjJtmz7xx7StHmlU6f5owbWkLL9g_RtvzYVN1TInfD-H54iOskItXqkQ2cofSgJ3GKi0JzSKCVUoxE8A==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">California Mortgage Expo</span></b></a><span style="color: #eeeeee;"> in Southern California.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>MGIC</b> is offering </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1eFiFV6v8BHRLa8KISTnpqnIDc3ImfpT04XwSZGznq-ssnttmhFYCWOCVaPbkEIjznjdBFKmn0oz0RdHMbKDBfGJ-N66LRCgK5nJZ94rBcV2xxRaSaXelg_FaYQqXAMGQme06-xkZvACL5j_z_feY7Rc8h3o4PmIImojpZMsfBw5jjF2a_OkC18jGuxv5b4uNI63qwTehf6fwA2ULm3TtccHIGD3i1RV_NF90wTRG40x6vRVa1HqKdH4cw5ZU-snIQMBOVZuK4LuImBgidvC-acfsZCL43K9Pq9GezhKVFAmW0Nvxjy8eOinjiOiK3wIyP_aqn3pRGJD6WNARfP9t_3agoonl2RrakrZnHCxJhnis1RQqoW4fZ5GoQK04Fr3hYgjEISbeVh5z4WbRgTBA7MAXPgRxNoNqM6xAmNup3oM=&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">skill building training programs and special events</span></a><span style="color: #eeeeee;">
available throughout the month of June. <o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">Plaza's</span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> newest webinar</span> <span style="color: #eeeeee;">will
help you identify common fraud trends and schemes, the red flags that alert you
to potential fraud and the tools available to help you combat fraud. </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1SgtPSIhpOIGxH6mCAMujOuz8Uv40pRhkkpx80gVrfCDuFj9QcyeCVgb9YWN0LivvZ8VgHYImWyeLyo07S6S17VcorCQAQTWqYOIViRq7XHe9iY8D3OHoSbGT8mnC7LhkATLjJQAiQNpk_ugfpJ3bNgGR6jrxsypq&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">Register now for Plaza's June 1<sup><span style="font-size: x-small;">st</span></sup> webinar.</span></a><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> If you would like to refresh your knowledge on the latest
processing, appraisals, underwriting self-employed borrowers and other
essential lending topics, </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1lKSg8iK48nNZwegEcKNAPljAJgiauz0MgWMNGwoF2UE8cRETxMkqJHo77ZEcyYGASyzIT-O1Y0EI80kYp2gZWPN84lWmUhFN5zcSOzpOLpsc-9nRGws9Wd4lnTsZyngEL0LoyrEvUYioIn8CI4ePcp_5oE5M3HlCyudJn2p026qh_UWAyrC5j196VUpTVmAtE-MSGdENZNUZgHas86gsFlyc2U4BmwkZlYPY7wO43WFk3ozCLWo3AR_DPq6u4gl2kLY7Z4pE67FDk-PohZXmOYG81fKOtPEkvWVfnVcwSbNqE7kfGcDc83fGLiU8O_Ie&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">view the <b>Arch MI</b> course catalog of June webinars.</span></a><o:p></o:p></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> It is not too late to </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1o6QOoeS47Gq24HTfJXWOQA81FR7CF-Sb7y3ubP3HwEHCgW0m1Mo9Fdt7iyW4jheKpnB9EG1uz30zPXg-0CbrtP-qjMH5Dot3l3MMTsQMWjo=&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">register</span></a><span style="color: #eeeeee;"> for <b>the National Settlement Services Summit
(NS3)</b> being held June 7-9 at the San Antonio Marriott Rivercenter. One hot
topic of discussion slated ishas PHH changed RESPA compliance?RESPA experts
address the state of compliance today considering the ongoing case of PHH
Corp. v. CFPB.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Learn more about <b>Fannie Mae's</b> proposed Underserved
Markets Plan, developed in support of the Federal Housing Finance Agency's Duty
to Serve rule. Housing experts will review the actions Fannie is proposing to
help the manufactured housing, affordable housing preservation, and rural
housing markets identified by Duty to Serve. Fannie Mae welcomes your questions
and will share how to submit formal comments on our plan. Click on the links
to register for a session and add it to your calendar: </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1PGjmwvdu85yeJiK4sRvZOvTJpuznUCaoGTDEaevEvDK7-3BphkUXHKfgrgyejnQvm4rlfKOSYm9WdNMFxGWNbueQ2QowU2feT8tahEVwjDNK4LIReBgwjPtDYDSsAaEfbb-cF_Te4G3Rbjw1t1OnY7_WrCptQEfB2XruYMevxgxD5GBFVDYRcgI772FI1TXyMFBFAgnMMuV7C7P6tCX1PMHsAHocovpV60MySfBHWZdd4Q6nemRL1A==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank" title="Tuesday, June 6, 10-11 a.m. ET"><span style="color: #eeeeee;">Tuesday, June 6, 10-11
a.m. ET</span></a><span style="color: #eeeeee;"> or </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1hl_HoE5cHBT2IHbi2VAhKoflPc41ciTNCWDkyG1xKxxnNZPpTFytwqw5XrVqGG5xELnfa0ht5v-Cde65ph7JXjA-fgdCNIgzwCXnXQnFI1Cz-4AC3qAqkjpW1--LFFF2SdolIhGe1e-CAZZIdl08JWBCWAXHzrIp4PgSgyt6qQcmruyS4ywPAYoEhFbYBhy1igSVkUvurpLxtRx2mdv6628XYThKL6URQBG1EVo9BJ49hBtF1xyxiQ==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank" title="Thursday, June 8, 3-4 p.m. ET"><span style="color: #eeeeee;">Thursday, June 8, 3-4
p.m. ET</span></a><span style="color: #eeeeee;">. To learn more about Duty to Serve, visit the </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1R2JW3JBANg3_RSvt9_FNC8xLGFwj-u1jB_0sm1Xdob8BpdEV06WPKp6DyFpdH1I1a0vMoJYl7KfqsgL4q-9TLk-WJEcb8ZJt7lFzO7fXJiF9niCZnapu_Pb5xTZalkF-ZwwtySXn2xJm5DpbgbVacQxyszydh3ORlwcoxwC486KunMZ3hcWcVXS4CikXqHxrjpq28gskLD7POcui8KpKxg197pJSVJsVipuCmCrBdmMVALv3ikUDqQ==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank" title="Duty to Serve page"><span style="color: #eeeeee;">Duty to Serve page</span></a><span style="color: #eeeeee;">. <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Vendor M&A and news</b><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> News broke yesterday that <b>Optimal Blue is acquiring
Comergence Compliance</b>, "the mortgage industry's leading third-party
oversight platform." "Comergence provides an array of third-party
originator (TPO), appraiser, and social media risk management solutions that
verify third-party compliance in real-time, a capability unmatched in the
industry...innovations in due diligence automation and ongoing surveillance
services." Michael Stallings, Executive Vice President of Comergence said,
"Recent Comergence innovations, including an analytics tool to help
account executives identify new TPO opportunities and a breakthrough solution
for social media risk monitoring, strongly complement Optimal Blue's existing
product offering."<o:p></o:p></span></span></div>
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<span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">Mortgage document preparation vendor </span></span><b><span lang="FR" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: FR;"><span style="color: #eeeeee;">International Document Services, Inc. </span></span></b><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">(IDS), announced</span><span style="color: #eeeeee;"> its Uniform Closing
Dataset (UCD) XML file has been certified to meet all UCD requirements by both
Fannie Mae and Freddie Mac</span></span></b></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> ahead of the GSE's September 25 deadline for UCD delivery. To
have its UCD XML file certified by the GSEs, IDS </span><span style="color: #eeeeee;">underwent an extensive testing
process to ensure the dataset was delivered in a GSE-acceptable format.<o:p></o:p></span></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The National Association of Women in Real Estate
Businesses (NAWRB) is proud to announce <b>Ten-X</b> as a Premier Strategic
Partner. A real estate technology industry powerhouse, Ten-X recognizes
the importance of growing the community of women and women-owned and small
businesses in the housing ecosystem. "Partnering with NAWRB connects us
with one of the fastest growing business segments in the country," said
Rick Sharga, Ten-X Executive Vice President. "On average, women have
started over 1,000 businesses a day since 2007; this strategic partnership will
assist Ten-X in expanding our business relations while contributing to the
sustainability, homeownership and success of women entrepreneurs." <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Coming this fall: Equifax, Experian, and TransUnion
VantageScore 4.0 scoring. "VantageScore 4.0 is the first and only
tri-bureau model that leverages trended data to take into account the
trajectory of borrower behaviors, engages patent-pending machine learning
techniques to generate a more accurate score for those with sparse files,
aligns with the removal of tax lien and public record data under the National
Consumer Assistance Plan (NCAP), aligns with NCAP's exclusion of medical debts
for 180 days (allowing time for insurance payments), and as with VantageScore
3.0, this new model generates a score for 98% of all consumers with a credit
file. This translates into a scoreable universe 30 to 35 million greater than
conventional models, including 12 million more African Americans and Hispanics.
Also like its predecessor, VantageScore 4.0 excludes paid collections including
paid medical collections."<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Cascade Financial Services, a manufactured and modular
home lender, has selected </b></span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1vveBGnd9s0_jIINW1azkeytzlE_6J5dUuy8C_fsP4SlXlc2vyFRfw0b9PRWtWRAZUpEH7IY5oxauE5YcXi9AJS8toOmPrtA3OomxO7fopcuXWhYjGVp_e1cK0Bny-X-t&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><b><span style="color: #eeeeee;">Alight Mortgage Lending</span></b></a><span style="color: #eeeeee;"><b> for continuous
reforecasting and planning</b>. With Alight Mortgage Lending, Cascade will be
able to better measure the excess servicing for future securitization purposes.
Because Alight is cloud-based-accessible from anywhere, anytime and from any
device-management will be able to make decisions in real time. "We
need to be able to provide our private equity investors accurate and meaningful
financial forecasting and modeling daily," said Michael Jones, CFO,
Cascade Financial. "We'll use Alight's scenario analysis to better
understand the ripple effects of changes in pull-through rates, as well as
expense and revenue triggers, to maximize profitability." <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Capital markets</b><o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Freddie Mac</b> has been busy with enhancements to </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1uCLS-bTuCSS9mNsQlpahF1hEY1s7pqoEbbBfKE9GwAhnsglrjTj-7SrajoevVTQ3JNmNOZCeylaEVfOHvc6i6DCGfYvwdV1ySCnvoKOlvwoVkj7rVdQWHUWBiAuh3HVuTclWqORb4VI=&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">Deep MI CRT Program</span></a><span style="color: #eeeeee;">, its second front-end credit risk
transfer offering. Through a forward credit insurance policy provided by a panel
of mortgage insurance company affiliates, this structured transaction provides
additional coverage beyond the primary mortgage insurance on 30-year fixed-rate
mortgages with 80-97 percent LTVs -- which is placed immediately upon their
sale to Freddie Mac. Transactions are executed via a competitive, transparent
auction process.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>FINRA Rule 4210</b>, which establishes margin
requirements for Covered Agency Transactions, are set to take effect in
December and mortgage originators are already preparing for the rule's
implementation. Some of the proposed solutions for mortgage originators include
applying structured mortgage financing or transacting in futures instead of the
TBA market, but </span><a href="http://r20.rs6.net/tn.jsp?f=001wzhPO8YF1oV1Ruzfi7nEpudlYA5eoNK0jlZv1M-HkA38bLU8G-3CumlzcQzCqxt1kJLoR_RLO_UQ4Ym7Rcnb8_Nbafih5dgFFWTQoEEptu05VPgabNWliASEzLdpxhZnnU9cpuuXz4ZZVhl-6_UF9MWtl9QgsA1USkmZm3lBsn919dnWzcVvhQ==&c=DpRSATRsEbdcwjBB-GggpeF0KNGzp99I9HLb5rCo6EDzreWlei0dOA==&ch=mFbN7f7DZ86L4kfu5fVeTfYq0NVUp3_LkdkrZAP9WMk5eG7clqXeQw==" target="_blank"><span style="color: #eeeeee;">Incenter</span></a><span style="color: #eeeeee;"> has introduced an alternative option: Enterprise
Margin Offset. From a recent Incenter Brief on the subject: "Enterprise
Margin Offset seeks to optimize originators' existing balance sheet assets on
hand and margin at the enterprise level. Ultimately, by leveraging retained MSR
that they already have on balance sheet, originators can leverage MSR portfolio
hedging techniques to further reduce their overall income statement volatility
and now, just as importantly, reduce their overall cash margin burden."
(And no, this is not a paid ad.)<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Looking at the bond markets, and thus interest rates, we
had a little rally yesterday (prices up, rates down) after Core PCE inflation
fell to a 1.5% year-on-year pace in April. Contrast that with Fed Governor Lael
Brainard's statement that another rate hike would likely be appropriate soon.
Take your pick: Fed optimism on the growth and inflation fronts versus investor
pessimism. The different opinions have served to flatten the yield curve and
the 2-year/30-year Treasury yield spread has narrowed to 158 basis points, near
a post-election low. <o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Housing? En fuego! If you believe the Case-Shiller
numbers, home prices rose at their fastest rate since 2014. The Case-Shiller
20-City Index of U.S. home prices was up 5.9% y/y in March, in line with
February's growth rate. MBS closed higher and mostly wider with treasuries
better bid.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> When the proverbial dust settled Tuesday the 10-year
risk-free T-note price had improved nearly .375 and closed yielding 2.22% and
the 5-year note had improved .125. Agency mortgage backed securities were all
over the place, but for the most part had improved about .125.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> We've had our usual MBA survey of last week's locks:
-3.4%, and -14% from a year ago. Coming up are the Redbook Same-Store Sales
Index, Pending Home Sales, Chicago Purchasing Manager's Index for May, and the
Federal Reserve's latest Beige Book at 2PM ET. <b>Out of the blocks this
morning rates are almost unchanged: the 10-year is yielding 2.22% and agency
MBS prices are worse 1 or 2 32nds - not much.</b></span><o:p></o:p></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-62497135612664776792017-05-30T10:42:00.004-07:002017-05-30T10:42:47.761-07:00CRM, Subservicing Products, State-Level Lending Law Changes, Servicing Trends and Packages
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a><o:p></o:p></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">"Jesus</span> <span style="color: #eeeeee;">Loves You."</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
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<i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Nice to hear in church, but not for a guy
in a Mexican prison.<o:p></o:p></span></span></i></div>
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<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Prod</span><span style="color: #eeeeee;">ucts</span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">"'Best of the Worst.' Does this describe your subservicing
experience? That just about sums up the</span> <span style="color: #eeeeee;">reason why </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhjNgrSansOaBUygiqNkBO3UXz4ZODW9zH8TNWixJUkP3DmMeMZa8lW82jc2m1iive1bJoxQbNttLs62lvlhUEqPdtwX3mt9iaS-MCcoa3yPkNSTFu3XSmQU=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">The Money Source</span></a><span style="color: #eeeeee;"> (TMS) brought their servicing in-house in
2015. By doing so, they saw their delinquencies improve by more than 50% and
customer service levels have been at all-time highs. TMS is now offering
state-of-the art subservicing for those of you tired of dealing with the 'Best
of the Worst.' To learn more, visit </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhjNgrSansOaBUygiqNkBO3UXz4ZODW9zH8TNWixJUkP3DmMeMZa8lW82jc2m1iive1bJoxQbNttLs62lvlhUEqPdtwX3mt9iaS-MCcoa3yPkNSTFu3XSmQU=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">www.getSIME.com</span></a><span style="color: #eeeeee;">."<o:p></o:p></span></span></span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Use Mastermind to</span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhhWQ_dGgwzLp_4zsfwiQxqIiA4ZCTdj4MiRCQzM_KkMIed5K1KnTasUYfJMBmIbQnHnwsGoQ56-chPyxPPLE50c0KawsUVCTXVNLdscZq7luQKAVzXQpkMw=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;"> <b>UNIFY</b></span></a><span style="color: #eeeeee;"> your Business! "We'll be there... Will
you?" </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhhWQ_dGgwzLp_4zsfwiQxqIiA4ZCTdj4MiRCQzM_KkMIed5K1KnTasUYfJMBmIbQnHnwsGoQ56-chPyxPPLE50c0KawsUVCTXVNLdscZq7luQKAVzXQpkMw=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><b><span style="color: #eeeeee;">Unify</span></b></a><span style="color: #eeeeee;"> has been an Enterprise solution for the
Mortgage Industry since 2009. "With our enhanced platform 'any' sized
organization can leverage the END to END solution. <b>Unify will help loan
officers build, track and manage all aspects of their business and increase
productivity by 20% or more</b>. Unify continues to add revolutionary features
like our Mobile App, Mortgage Inquiry Alerts and RainMaker to meet the demands
of its clients. </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhmvQCqEL8kvepIAui-0kL4OkRJHIe-B33gsUvbJI5qxv0qASeVXG0Qe0kfyf2rLJerOJsiCZJDkpYgp0NgFXnaONpmEBKEMD46K8Y_j7zqXyWg8LAtAfBPvDZy0lc-fIrCiM6UXZ90EN9rGG5Jx4ZiAuWMfIfOBZAyU4ptTQswrh&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><b><span style="color: #eeeeee;">Schedule your UNIFY DEMO at Mastermind now!</span></b></a><span style="color: #eeeeee;"><b> </b>Contact
Scott Benson (651.288.7510) or Matt Zabbo (618.610.5868).<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><b><span style="color: #eeeeee;">State-level</span> <span style="color: #eeeeee;">lending changes</span></b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> We continue to be</span> <span style="color: #f3f3f3;">reminded of the cost, and difficulty, of
lending in multiple states.</span> <o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5u-LlQahEyUiZ1qOMM61lO_WXIAsC9juHzinrVjYMGyXy-AFXf4gnbb-00PwWis49nZtYUcNLmA6IFLaAhro_j6YPhllTA0kR_gkJ7ilS5W1uRKr51Ojq81XULs3bSO6sc9CRtjxV3RPpfMH0cuAoFAprB7UdaVFRmtdHuWNWTH8j7nYK0O28XOZPyzUoc4H5u8LBR-LjdpuwfrTL9n2oKiZksSJBFTy3XCmuswvrT08=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;"><b>Washington State</b> enacted the Revised Uniform Law on
Notarial Acts,</span></a><span style="color: #eeeeee;"> which applies to a notarial act</span> <span style="color: #eeeeee;">performed on or after July
1, 2018. </span></span></span><span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">The bill specifies that a notarial officer
has the authority to perform a notarial act, subject to certain requirements.
The bill requires that a notarial officer determine </span><span style="color: #eeeeee;">that the individual has the
identity claimed or that the signature being verified is the signature of the
individual. The bill specified requirements for applicant for a commission,
details for the official seal or stamp and responsibility of the director to
maintain an electronic database of notaries public.</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5HYZXBJOK9vy6OeoXWHcBAVY3NRHhg3JTwK6XILxjmMH5MeamNAe3524XhBNceHxm5uUfS_-pgzP151E7aaHEyMBLAcQTZ5Udj9e3ApmAYpCjRATLh2oN3mg2lPbjudE-zmbgBO1NyzYDdrjql3JwaMXR6GqrTB2QkJfZ0e0sxHc=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;"><b>Iowa</b> has modified</span> <span style="color: #eeeeee;">several minor provisions under the
Consumer Credit Code.</span></a><span style="color: #eeeeee;"> These provisions are effective as of July 1, 2017.</span> </span></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">The first amended provision is Section 524.213. This section modifies</span><span style="color: #eeeeee;"><span style="color: #eeeeee;"> the
rule that directors shall not be paid an interest rate on deposits by a state
bank of which he or she is a director by adding that any waiver of customary
charges related to deposit accounts shall not violate this restriction.</span></span></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"><b>Montana</b>
amended </span><span style="color: #eeeeee;">its provisions to correct erroneous references in material that include
updates regarding notaries, taxation, and mortgage servicer prohibitions. These
provisions are</span> <span style="color: #eeeeee;">effective on October 1, 2017. Other updates include provisions
regarding disabled veterans, invoices of distributors and aviation fuel
dealers, accreditation of schools, language programs, firearms, and license
plates. </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI511aIOmPVpWBg34XOIHhPTfUVvLyMN4TrcgrctdGJ_41NoOXIosotgEM9iaQ0hXojb3hI-YKt4ix3ZVRjkC9Q_8A7lIXJg_lM3peF2h9dnYil2XTGxwmZqvzBQixpVFSKPhYGx0cfzsi0hx5E0PCytw==&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">The full text is
available here.</span></span></a><o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"> </span><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Ver</span><span style="color: #eeeeee;">mont</span></span></b></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><span style="color: #eeeeee;"> </span>modified </span><span style="color: #eeeeee;">multiple provisions through </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5e6uATXjb5lClcD38rbh1vgtBnr6C5dOINjz9iM5_uUj9Qb_RWklokQKuUdu4j535ZgGPlWErXzpt6gPLASMvLiFxam4EYOLg0RCoDHtmZeAMgiScyZeW-ZsNmhgFZTY37NwOUQNSiYLtQQV8fUYZ7A-q0YmmZAVGThO7ccRoyJUOSxHOHW3kZnEyR_KUAVHaL1web8w9RAsQ8EdD2jfKN5PIWSy9KbxP&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">House Bill 182 that includes amendments regarding licensed
lenders and loan servicers.</span></a><span style="color: #eeeeee;"> Provisions in this bill range from effective
immediately to effective on July 1, 2017; unless noted otherwise. Amendments
affect </span></span></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"><span style="color: #eeeeee;">pre</span>-licensing</span><span style="color: #eeeeee;"> <span style="color: #eeeeee;">education requirements </span></span></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">for loan originator
applications</span></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">. Financial responsibility of money
servicers, debt adjusters and loan servicers and how the Commissioner might
evaluate such financial responsibility. The bill defines the term "virtual
currency" and added new definitions for "lead generation" and
"loan solicitation". Provisions have been added for individuals
engaging in the financial services regarding suspension, revocation, and
nonrenewal receivership.</span> </span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5JqPVi6vpgPH-RbDNTgZzhSsXRAOwWlTeN_ou_Wws_lrUEq01M5kigYdIQC84-tpkfOtz6cBSY1TL2nwrKUlXxiv5x1Nj74M6Y-Ax1sp5jg7H5z0UAIKKPtSGPb1C9ceE0NziQ1yt7i6eDRJPnKMK2y2-HNkzgGToSDWl3jNFKiP2qtMDI-EB7HnfOdCIkXcDIppgsnGR3lfvHEg_ScAvBV8uf0i2wC4P&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">Vermont also enacted provisions, effective on July 1, 2017,
through House Bill 35</span></a><span style="color: #eeeeee;">. </span></span></span><i><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">Sec. 1. 9 V.S.A. chapter 57 Subchapter 1</span></span></i><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"><span style="color: #eeeeee;"> is</span> now titled "Voidable Transactions" rather than
"Fraudulent</span> <span style="color: #eeeeee;">Transfers." Amendments were made to <i>§ 2285</i> to make
minor changes to many of the definitions in the section. Also, an
amendment was made relating to insolvency, burden of proof regarding the
elements of the claim for relief by a preponderance of the evidence to a
creditor making a claim for relief under the applicable subsection and the
rules used to determine a debtor's location.</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
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<b><span style="color: #333333; font-family: "Arial","sans-serif";"></span></b></span><br />
<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Vermont </span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">House Bill 152 revises
the Vermont Revised Uniform Fiduciary Access to Digital Assets Act by </span><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5OLLEJJ9ob27oZc2Vw-5MOlvkMqygbeT_qT42vKtcc53t5Cs9zj7P0rYKte6RItOm7Q3hVd7NUjkTmetxxx59ScLCBuLWqHwkaj41tB5HttgKLWMKK0SqbQxfcXiY5NwMEijEmLEAlmFUvAEGK3WRm-WW5DN1OuhoAucv670chFs0qp8_i3wTK-Yu3JRmncqkhhHDLJ47CZW_aNEBF7Dynnno_zn5gV7l&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">adding</span> <span style="color: #eeeeee;">Sec. 1. 14 V.S.A. chapter 125.</span></a><span style="color: #eeeeee;"> 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.<o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
<b><span style="color: #333333; font-family: "Arial","sans-serif";"></span></b></span><br />
<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Nebraska</span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> amended its provisions
relating to fees for recording and the filing of certain documents through
House Bill 152.</span> </span></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">These provisions are effective on September
1, 2017 (or 3 months following adjournment of the current legislative
session). Allocations for a portion of the recording fee</span><span style="color: #eeeeee;"> <span style="color: #eeeeee;">designates to
preserving and maintaining public records and for modernization and technology
needs relating to such records. The update further provides that the funds
allocated under this subsection shall not be substituted for other allocations
of </span><span style="color: #eeeeee;">county general funds to the register of deeds office or any other county
office.</span></span></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5tRfHygRuAmuVUXpNiIScgS2oEUohBd8wEI_hJu1zkbZjjwsNoDXaRzv2XpZ6umuMkMyUzXteooRza-ZyLJvddsnmjmTVEmWb478CpQuN4K2b9n1-bNO66G8di-RW00pI0DXB8GWknhCRdNlCMqdffBSiupeuTl3Lvt-mvMSY0Ec=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">The General Assembly</span><span style="color: #eeeeee;">
of North Carolina has enacted Senate Law 2017-10, which streamlines mortgage</span>
<span style="color: #eeeeee;">notice requirements, effective immediately.</span></span></a></span></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">
The Senate Law modifies North Carolina G.S. § 45-91 to state that the servicer
shall not be required to send such a statement if the </span><span style="color: #eeeeee;"><span style="color: #eeeeee;">fee is included in a
periodic statement sent to the borrower that complies with paragraphs (b), (c),
and (d) of 12 C.F.R. § 1026.41, or if the fee "results from a service that
is affirmatively requested by the borrower, is paid for by the borrower at the
time the service is provided, and is not charged to the borrower's loan
account."</span></span><span style="color: #eeeeee;"></span></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"> </span><b><span style="color: #eeeeee;">Servic</span><span style="color: #eeeeee;">ing
news</span></b></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">Contrary to
expectations about growing mortgage lending volumes, current industry trends
suggest a gradual reduction </span><span style="color: #eeeeee;">in capacity for both lending and servicing that should
alarm policymakers. Christopher Walen sent </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5iyGy9SqPBPCjXO5EtQ06U4vk5XPzAq1LlrF3GCRYbNW6Lsg-LHd4VXaA5Ag3SMpnIlB2tXH6uGx8UzIRdSwB9svxP23XCV-dlWCfCGGYNFMr0Xox6tCxJndeZgN6n1yhug_bsGltZTp_Pam2r5R-EfX6QoC9vlbQSWA15QdOdMUMe2_zbpxZSQ==&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">this piece</span></span></a></span></span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"> <span lang="EN"><span style="color: #eeeeee;">out in September warning the industry.</span> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"></span></span><br />
<span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">Servicing can
influence rate sheet pricing just as much as the MBS market: what investor is
going to pay a premium</span><span style="color: #eeeeee;"> for loans in a state that tends to pay-off earlier than
other states? MountainView Financial Solutions' Matt Mauer sent out a nice
chart on </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001b1yngyggNqmUIyKonWkcswgYs8TpyRHERRhaKuxVnAep8eWKRqPRhtEIEYBu8EI5YtgKwQAkIRZdvh7cMZslUiFHTOXfcbZYsinAHG8MnNXYS9pvLsPhzEypMoVys9eF-japnNno0hDfk36HySPfs1m9br-XMN2gJ0k7cXbGhpiBXbTO6XP5SWMNzug9yloPn-PJbKzd4vvju3le3isniMo7b6MdIs_1URNfwdjIbLw=&c=DzY34DyMm8-u8xVLtOBMjxl4iqywqLu-cr8bxSabLHXhHUmhUO-fqA==&ch=RQTK8YfQ5VV-nsvqyQs_yaISgOBhGnFRNDTmcthaByf_D5__9kMTjg==" target="_blank"><span style="color: #eeeeee;">state-specific prepayment graphs</span></a><span style="color: #eeeeee;">. <o:p></o:p></span></span></span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><b></b></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><b>Phoenix Capital</b> is offering up, with bids due June
7<sup><span style="font-size: x-small;">th</span></sup>, a pool of $158 million Ginnie Mae servicing rights. Write to </span><a href="mailto:sfleming@phnxcap.com" target="_blank"><span style="color: #eeeeee;">Steve Fleming</span></a><span style="color: #eeeeee;"> if you'd
like more information. </span></span><span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">71% FHA, 15% VA,</span> <span style="color: #eeeeee;">13% USDA (by loan count),
>99% Fixed 30, <1% Fixed 15, 1.7% DQ; 0.6% FC, 1.2% BKs, 3.937% (F30)</span><span style="color: #eeeeee;">
Note Rate, 4.040% (F15) Note Rate, 0.366% wAvg Net Service Fee, Avg Bal $211K,
99% CA, <1% TX, <1% AZ (by ln ct.), wAvg orig FICO 680; wAvg Orig LTV
92%, wAvg Age 27 months, 89% Single Family Detached Properties, 100% Owner
Occupied properties, 80% Purchase Originations 83% Retail Originations, 8% FHA
Streamline, 1% VA IRRRL.</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">I have seen two <b>Incenter
Mortgage Advisor</b> MSR packages recently. The first is a $2.1 billion, 7,800</span>
<span style="color: #eeeeee;">loan, FNMA & FHLMC pool. The package has a WAC of 3.837%, $275k average
loan size, 766 WaFICO, 72% WaLTV, 90% OO, 64% SFR, 21% PUD, 42% RT Refi, 40%</span>
<span style="color: #eeeeee;">Purchase, 16% C/O with state concentration: California (41%), and NJ/CO/MI 6%.
The second package: $1.4 Billion GNMA, 3.87% WAC, $216k average loan size, 691
WaFICO, 94.8% WaLTV, 99.9% OO, 97% SFR, 95% Purchase, with Texas (47%),
Colorado (16%), Oklahoma (12%) and Washington (7%) as the top state. Next up
for IMAC is a $10 Million "Fix & Flip." The 33-loan portfolio has
a 12% WAC, 685 WaFICO, 4/2018 Maturity Date, As Is LTV 79.8%, After Repair
Value 59%, with properties exclusively in New York and New Jersey.<o:p></o:p></span></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><b>Phoenix Capital's</b> Project Fiji: $585 Million Fannie
Mae and Freddie Mac bulk servicing rights offering, 60% FNMA A/A, 40% FHLMC
Gold, 88% Fixed 30, 12% Fixed 15, 4.029% (F30) Note Rate; 3.379% (F15) Note
Rate, Avg Bal $269K, 100% of loans are located in Washington, 753</span> <span style="color: #eeeeee;">WaFICO, 79%
WaLTV, 91% Single Family/PUD Properties, 91% Owner Occupied Properties, 65%
Purchase Originations, 100% Retail Originations, 4% HARP loans; Project Alpine:
$4.7 Billion Fannie Mae, Freddie Mac and Ginnie Mae bulk: 94% FNMA , 6% FHLMC,
67% Fixed 30, 33% Fixed 15, 3.663% (F30) Note Rate, 3.052% (F15) Note Rate, Avg
Bal $214K, geography: 23% CA, 7% GA, 6% MA, 769 WaFICO, 58% WaLTV, 95% Single
Family/PUD Properties, 88% Owner Occupied Properties, 91% Cash-Out Refinances,
80% Retail Originations....<o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Prestwick Mortgage Group </b>had a $1 billion
Massachusetts FNMA A/A package. Total portfolio characteristics were as
follows: $263,677 average unpaid principal balance, 3.764% WAC, 68% WaLTV, 100%
retail (of Seller or an affiliate of Seller), approximately 93.5% of the loans
are on properties in Massachusetts 0.209% delinquency ratio (30+), with no
loans in foreclosure or bankruptcy as of the data date. <o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"> </span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">Incenter</span> <span style="color: #eeeeee;">Mortgage Advisors, sent out two
servicing deals this week. A Ginnie Mae package for $1.4 billion includes
mortgages originated exclusively through the retail channel with a weighted
average </span><span style="color: #eeeeee;">interest rate of 3.57 percent and delinquencies of 2.27 percent based
on number of loans. The loans are spread out across the U.S. Bids are due June
7. The second is tied to Fannie Mae loans. The Fannie portfolio has no
delinquencies whatsoever. The average interest rate is 4.33 percent. Bids are
due June 6.</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><b><span style="color: #eeeeee;">Capita</span><span style="color: #eeeeee;">l markets</span></b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">We're on Tuesday already, but looking back to Friday U.S.
Treasuries and agency MBS prices hardly changed versus</span><span style="color: #eeeeee;"> Thursday's close (only a
few 32nds up or down) despite an upward revision to the official estimate for
Q1 U.S. GDP growth. And durable goods orders for April missed expectations but
March's numbers were revised up. The 10-year note closed a shade better
yielding 2.25% and MBS prices roughly unchanged.<o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><b></b></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><b>Rates are down a shade this morning in the U.S. Why?</b>
Mostly news and nervousness from Europe. Eurozone equities are under mild
pressure due to ongoing Italian election worries, some Greek debt worries, soft
regional inflation numbers in Germany & Spain, and dovish remarks from
Mario Draghi are undercutting reflation sentiments in Europe. <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> This morning we've already had April's Personal Income and
Personal Consumption/Spending (both +.4%, as expected), and April PCE prices.
Coming up are the S&P/Case-Shiller Home Price Index for March, along with
Consumer Confidence. Tomorrow is the MBA's read on last week's apps, as well as
May Chicago PMI, April Pending Home Sales, and the May Fed Beige Book. Thursday
are May Challenger Job Cuts, May ADP Employment Change, Q1 Productivity and
Unit Labor Costs, Initial Jobless Claims, April Construction Spending, and May
ISM Manufacturing Index. Friday, we can look forward to the May employment data
and April trade balance<o:p></o:p></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-34076914986318603552017-05-26T07:33:00.001-07:002017-05-26T07:33:22.398-07:00Bank M&A, Example of Title/Lender Fraud, Basel Update for Los, Wages & Inflation, The Fed and Mortgage Rates
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a><o:p></o:p></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The only cow in a small to</span><span style="color: #eeeeee;">wn in Texas
stopped giving milk. The people did some research and found they could buy a
super milk cow up in Terra Haute, Indiana, for $2,000.</span></span></i></span></div>
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"></span></i></span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">They bought</span> <span style="color: #eeeeee;">the cow from an Indiana dairy
and the cow was wonderful. It produced lots of milk every day, and the people
were pleased and very happy.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">They decided</span><span style="color: #eeeeee;"> to acquire a bull to mate with
the cow and produce more cows like it. They would never have to worry about
their milk supply again.</span></span></i></span><br />
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"></span></i></span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">They bought </span><span style="color: #eeeeee;">a bull and put it in the
pasture with their beloved cow.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Whenever </span><span style="color: #eeeeee;">the bull came close to the cow,
however, the cow would move away. No matter what approach the bull tried, the
cow would move away from the bull and he could not succeed in his quest. </span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The people</span> <span style="color: #eeeeee;">were very upset and decided to
ask the Vet, who was very wise, what to do.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">They told the Vet what was happening.
"Whenever the bull approaches our cow, she moves away. If he approaches
from the</span> <span style="color: #eeeeee;">back, she moves forward. When he approaches her from the front, she
backs off. An approach from the side and she walks away to the other
side."</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The Vet thinks about this</span><span style="color: #eeeeee;"> for a minute and
asked, "Did you buy this cow in Indiana?"</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The people were dumbfounded, since they had
never mentioned where they bought the cow. "You are truly a wise
Vet," they said. "How did you know we got the cow in Indiana?"</span> </span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The Vet replied with a distant look in his
eye, "My wife is from Indiana..."<o:p></o:p></span></span></i><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Ready to rush off and join the blockchain rush? Not so fast. The
implementation of blockchain technology in the financial-services industry is
meeting some resistance, with <i>enthusiasm</i> not equating to <i>industrywide
rollout</i>. Like GSE reform, it will take many years and while blockchain's
potential for improving efficiency, security, and cost savings has been
discussed, the commodity sector has concerns about loss of confidentiality,
while other industry participants say </span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LWerRJWmckVHEN8zBCZODM8G-soWMPjzxTqyBfkVSZK6w5xceo9rDEaR2CTMmtE3f-ixmgLI8RjpmcCErayYPeDUp9E7CAhHv9rt23OFHIMt9j5sXW07-J0TXA1d4Q8lU325k_Xp4kmoixy4KxYZXy1ZqrqIuZUf1Gzd8VTp7ejI=&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><span style="color: #eeeeee;">formal regulation and oversight of the technology is needed</span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Bank news</b><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">"Rob, I heard a rumor that Wells Fargo pulled the
plug on its rehab(203K) and reno(vation) loan programs. True?" You should
ask your local Wells rep.<o:p></o:p></span></span><br />
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<span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span></span><span style="color: #1f497d; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Global Home</span><span style="color: #eeeeee;"> Finance Inc. in Lewisville, TX has updated their
203K Guidelines and expanded their rehab and </span><span style="color: #eeeeee;">renovation loan programs and now
offers a 90% LTV one-time close construction loan that can be used to build
from the ground up or also can be used to rehab your home in Texas. GHF has
also expanded their investor fix and flip programs. Call 972-724-3222 to speak
with a licensed Construction Mortgage Loan Originator and learn more. </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Bank M&A continues</span></span></b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">, and just in the last
week or so it was announced that Berkshire Bank ($9.3B, MA) will acquire</span><span style="color: #eeeeee;">
Commerce Bank ($2.2B, MA) for $209mm in stock or about 1.38x tangible book. And
thanks to Brian M. who passed along </span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LUAP5w_3W3B8Qm50r3zng56HiRxgY-4RbGpX9s6IRAvPbea7x6PvCTdtZnQzdwBtriLQsYfzIl1FYvzHJymEf0j23CF5qZ_-o7I2CRJqKvFs_g5t4l10OPdlGAYT5EpCNBJFnzmaZIshDIlYVHt7rd715tCjNvbPeVUQfY-Z8M4vwH-wtAIDdzDHEP8UMf_u3thMOLgLtE725wHy4Aowm_A8CWzPAKVDd&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><span style="color: #eeeeee;">this story</span></a><span style="color: #eeeeee;"> about the move of its headquarters to Boston.<o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Down the coast in Virginia Union Bank & Trust ($8.7B)
will acquire Xenith Bank ($3.2B) for about $701mm in stock. SmartBank ($1.0B,
TN) will acquire Capstone Bank ($511mm, AL) for about $84.8mm in cash (20%) and
stock (80%). In the state where the Green Bay Packers live Bank First National
($1.3B) will acquire First National Bank ($479mm) for about $76.3mm in cash
(70%) and stock (30%) or about 1.06x tangible book.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Do banks protect themselves against <b>fraud</b> to a
greater degree than non-depository lenders? Hopefully both categories are doing
what they can! I received this note from Texas about a recent episode. The
names have been changed to protect the innocent, and thank you very much to Linda
D. for passing this along.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> "A title company asked the seller to provide them
(and they did obtain) a voided check or deposit slip with the account they were
to send the proceeds wire after funding (standard procedure).<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">"The morning of funding, the listing agent receives
an email from the 'title company' to confirm the seller's name, email and phone
number (which she gives to them). The title company receives a phone call from
the 'listing agent' to let them know that the seller wants to change where the
funds will be wired and they will receive an email and a phone call from the
'seller' to confirm and an email from the 'listing agent.'<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The title company receives the aforementioned email from
the 'seller' asking them to change the account that they are to wire the
proceeds to after funding and gives them the new account number and bank. Title
company receives a phone call from the 'seller' to confirm the new account
number the proceeds are to be wired and an email from the listing agent
confirming the seller wants to make that change.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> "The loan funds. $100,000 is wired to the new bank
account number from the title company to the 'seller.' The listing agent calls
the title company to check on funding in the afternoon and title company just
happens to mention that they sent it to the 'new account number' that had been
given earlier that day. Because listing agent was a relative of the seller, she
felt that was a little weird and called the seller to confirm. The title
company immediately contacted the bank to pull back the funds. Monies were in
limbo for several days as the bank sorted things out."<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The moral of the story, of course, is to have standard
procedures and don't deviate or make exceptions. Make the follow up phone calls
and confirm. Don't post the title company in MLS. Confirm, confirm
and confirm. Be aware: fraudsters do not play fair.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Perhaps the average LO shrugs and says, "What's the
diff about this Basel stuff? Will it impact me?" <b>Yes, it will, directly
and indirectly, mostly be impacting the value of mortgages, and their
servicing, for depository banks</b>. If an LO specializes in originating a
product that banks don't want to own, there goes the demand for it, and then
the price goes down and the rate is higher for the borrower. "The Basel
Committee on Banking Supervision provides a forum for regular cooperation on
banking supervisory matters. Its objective is to enhance understanding of key
supervisory issues and improve the quality of banking supervision
worldwide." An argument has been made that one "improves the
quality" by increasing the amount of regulation - it is a safety and
soundness issue. <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">LOs should know that <b>top banks are </b></span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1L1BEUKfAK3ww9FybaOHBKaP2TQjMzEOrqUmnMrttu9o2Nnpv7WtEJNuzoymsFlpwua437-PdNM3p71aTL0R4gZMjsXZhqcmxN4iE10ivXJPAeQ6CsxtHSYzhbRLWGD-cIj38qMCUPPzx9D60mJpedp-2A87c2IZ2kRTXfo67dzWel364GCqCmZX9kK2ADTAXv&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><b><span style="color: #eeeeee;">calling for a pause</span></b></a><span style="color: #eeeeee;"><b> in the introduction of
capital requirements by the Basel Committee on Banking Supervision</b>, such as
the Net Stable Funding Ratio and Fundamental Review of the Trading Book,
allowing time for a review of their effects so far, before they are passed into
legislation. Meanwhile, doubts have arisen on whether the Trump administration
will observe the new rules, as its direction on economic policy remains
undefined.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Servicing is a big part of it, and the value of that
monthly cash flow impacts rate sheets. <i>The punitive treatment of mortgage
servicing rights (MSRs) under the Basel III risk-based capital standards threatens
to undermine the value of this important asset, with adverse implications for
the entire mortgage finance chain</i>. Performance, capacity and service
should be the primary drivers of who gets market share in servicing, not
excessively high capital standards on one segment of the industry.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">A paper by the MBA a while back listed the issues.
"The new Basel III rule increases the risk-weighting of MSRs held by banks
from 100 percent to 250 percent. It also decreases the cap on MSRs that a bank
may hold on its balance sheet from a 50 percent common equity component of tier
one capital to a more stringent 10 percent limit; MSR assets above the limit
must be deducted from regulatory capital. In addition, MSRs, deferred tax
assets and equity interests in unconsolidated financial entities are limited,
in aggregate, to a 15 percent common equity component of tier one capital
before they must be deducted from regulatory capital. The unnecessarily
punitive treatment of MSRs makes them one of the costliest asset classes in the
entire Basel III framework."<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The MBA goes on to talk about the impact on banks, and
therefore a great many borrowers. (Remember that Basel doesn't apply to
non-depository mortgage banks.) "In significant part due to the new Basel
rules, banks of all sizes have sold MSR assets at a record pace, moving these
assets to banks with smaller MSR exposures and to non-bank servicers. Many of
these transfers were driven by Basel-related issues, not necessarily by the
core competencies of the parties involved. As a result, many banks that are
good at servicing and want to remain in the business have been forced to
dramatically increase capital levels or shed the asset...The punitive capital
treatment, on balance, reduces demand for MSRs, creating a less liquid market
that could result in lower prices for mortgages sold in the secondary market,
and higher rates for consumers."<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The goals of the Basel Committee are admirable - I want my bank
to be safe and sound, have plenty of capital, and not take chances. But I also
want my bank to be able to make money from servicing loans. What does a big
bank think of it all, in terms of Basel? As an example, here's </span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LTd_Pvpq7Fo_jOFPFUWsgn309ziG7sezLXOex_K1dve3HZ9kasYEGlOmrx92NH4yTVSiDqJY3R24GHUUaq4j76Oi27TXvGBJv2SiSyKWxZq1B9VHuYciwCm5xAVzAitrgeXIe-MlTtDcGtaXhqD9TLSqr6d_yPb1yT4kwV2IJzJ8sc_WLAbKLzYj0mBsyUfsmiic-DXBFK1fEadFjbm8AcfQ1gA95PtFLbA4TmVy-_s1IbE9-KjxQ1h3ZkQRGDdyltn21CSh0rio=&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><span style="color: #eeeeee;">Wells Fargo's take on it</span></a><span style="color: #eeeeee;">. <o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><b><span style="color: #eeeeee;">Capit</span><span style="color: #eeeeee;">al markets</span></b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Tax reform looks </b></span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LhQLDlYmE8-cdCcoA8rtHsbgqUDl9ZPIyHigwqoiAlcidFKfphboEIh7vXO_ywraqnG5Y3JyRHeBDJzZftlgTULd5WixyBUWn5Agw7qn1nLZSsUksm5a__fU5aNtfg0bsoXW4_tHeI6YiU0hQuJ2EFo8q-s_6Lkp2&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><b><span style="color: #eeeeee;">increasingly unlikely this year</span></b></a><span style="color: #eeeeee;"> as Republican
rhetoric shifts to simple tax cuts, says Sen. Ron Wyden, D-Ore. Both sides of
the political aisle contain ample support for tax reform, he says, but the
Republican majority has failed to reach consensus on legislation that would
clear Congress and gain President Donald Trump's signature.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Jobs and housing drive the market, and this morning we had
weekly jobless claims. One of the biggest issues for the Fed is wage inflation
(or the lack thereof). The last time unemployment was this low, we were
experiencing 4% wage growth. We aren't now and </span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LOqtR_31oA6aBr-WiSA_xW3bkZddLmGxIss_LKTCaZ7lW4vAJcrHtPq1YQwLrBpvh_7yH0xTZiSqJ5yJogXA7Q2iaPulgIJLdFkCtCN5uFqhy15eEkaIrn5uQJzMtciUCZU_3PDPYzgX-uB3E6WHciNxOprPsHzftY5H-4Vnhsn7IyI9aM9hYD5RXX-mIRrXZ-ii45t1sdk2ZAL7-tRij91hIB8-MYrOmUzucWV84Njg=&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><span style="color: #eeeeee;">here are a few explanations</span></a><span style="color: #eeeeee;"> with a few different theories.
The first is that there has been a structural change in labor economics, and
that the tradeoff between unemployment and inflation is over due to
globalization, lack of union representation, etc. <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The second explanation is that wage negotiation dynamics
have been colored by the economy since 2008: employers are training people
internally instead of hiring outside at a higher price, employees don't feel
comfortable asking for more, productivity is lousy, and the huge reservoir of
the long-term unemployed means the market is not as tight as it may appear. The
final one is a measurement problem: that the BLS numbers aren't accurately
reflecting the reality of the marketplace. <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">One example that springs to mind is the construction biz.
Builders constantly complain that they can't find skilled labor in areas where
there is land, that they are offering signing bonuses, etc. But when one looks
at the actual BLS numbers, construction wages are only growing 2.1%. We are
seeing in the mortgage business with operations folks as well. So maybe we are
starting to see pockets of wage growth, however it isn't showing up quite yet
in the rest of the economy or the numbers.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The Federal Reserve's Open Market Committee has begun to
raise short-term rates. They don't set long-term rates, nor mortgage rates, but
at this point they can influence them. How? Using the billions of agency MBS
and Treasury securities on their books, aka balance sheet. <b>Actively
shrinking its balance sheet means selling these securities, which could mean
driving down prices and driving rates higher.</b> By buying and holding those
securities the Fed has artificially depressed long-term rates. You'll hear Fed
Presidents speaking about this nearly every week.<o:p></o:p></span></span></div>
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The Federal Reserve's bond buying has been the agency
action with the greatest effect on financial conditions, according to research
by Eric Swanson, a professor at the University of California at Irvine.
"Forward guidance was more effective than large-scale asset purchases at
moving short-term Treasury yields, while [bond buys] were more effective than
forward guidance and the federal funds rate at moving longer-term Treasury
yields, corporate bond yields, and interest rate uncertainty," </span><a href="http://r20.rs6.net/tn.jsp?f=001MrMBvZ_hoi5OdnsVwNBO1PrcfLMtWfxqyVdVUQoO9hB9bWXt3gttwXtHDvlTKv1LRuHJHnItUKzTi-yqjPaveueoggXSLdNhzlPDebNd2LNDG3NmstDdQFQAMCTATujMq0c7toilRD1ayruz-ePgNm2rnVConD2MQR1PgEgG-lA_Z6M3c0Pr48H4iz0VpMusRNr1VRSVSwxz3e7J72EgDi8feckTkNA48fQ49Qio4mp_6w8nMtde970h9W2bUeLYOhG0jmwPY9c8XcUJGaPygw==&c=01AE5OPePjB24k9S2SePb13PD2C6FBvFvg1vX0nmEnmrriU9f4_pig==&ch=hjxizxrj5ddr4cMbtkpFkml9O25BDD9HMHXHpRFEcLceJRS8YT-_MQ==" target="_blank"><span style="color: #eeeeee;">Swanson wrote</span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> And what's happened since the election? The dollar, after
shooting up in November by 5%, is now back to pre-election levels. The U.S.
10-year Treasury note yield, which pre-election, was close, give or take, to
2%, hit a high of 2.60% a few months ago and is back down to 2.25%. The stock
market is at or near an all-time high. With politicians' heads in other
matters, this combination suggests no fiscal stimulus, weak economic growth,
good corporate profits, and thus probably weak wage growth - not great news for
housing.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">In terms of the bond market, yesterday saw treasuries
"better bid" with the curve mostly flatter - but not enough for
borrowers to notice. Treasuries were confined to a 2.5 basis point range in the
case of 10-year T-notes, which ended about .125 better in price than Wednesday
night. Agency MBS prices were better by a smidge.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Ahead of the holiday the bond markets are closing early,
and of course are closed Monday, but not without looking at some economic news
first. We had the <i>second</i> estimate of Q1 GDP (revised to +1.2%, up from
+.9%), core PCE Deflator (+2.1%), and April Durable Goods (-.7%). Coming up is
the University of Michigan Sentiment Index for May; after that it will become
very quiet. After the first volley of numbers <b>the 10-year is yielding 2.23%
and agency MBS prices are better by .125 versus last night.</b><o:p></o:p></span></span><br />
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-16552564389374808412017-05-24T09:03:00.001-07:002017-05-24T09:03:35.828-07:00Bus. Dev., Title Company Cuts Fees, Bus. Opportunity, Guild's 1% Down Product, New Home Sales Trends<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">A woman went into a hardware store to
purchase a bale of peat moss. She gave a personal check in payment and said to
the clerk, "I suppose you will want some identification."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He replied, without hesitation, "No
ma'am, that won't be necessary."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"How come?" asked the woman.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"Crooks don't usually buy peat
moss," answered the clerk.</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt; tab-stops: 188.0pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";"><span style="mso-tab-count: 1;"> </span></span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">Memorial Day is coming up - the unofficial start of summer. And
barbecuing! Thanks to Kansas' John M. for sending this along this list of the <a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL4X2VVvFQQywaBx52-sflSeh6aB7QRBSLMwhsztjZwp7iKHVoMmKolkVFQnamQkbY5FcMRaxSbFerMYDd3JtMDYitmdo8p5mCaxsB9OUuFibgMf28Rj_NNorEX6OkqzkdezkIGNq6TY2FQBpjxHNq7Mu-lITbxoMqB-M6r40SLqia8LbfsAvbBOPxHqyFphPdM&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><span style="color: #eeeeee;">top 50 BBQ places in Texas</span></a>.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">Products</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><span style="color: #eeeeee;"> <a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL4hOfyRyOUo5NSAqhywCK6OUTkogO7fbVv-XFlsOTQbKCb022-xK5mZhoYB2wzIwDFI_pSndVz3eOeLCtBX4n6-I29C3XW1W-Li7LLPl4wEifl3I8rwlQG5A==&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><b><span style="color: #eeeeee;">Media Center LLC</span></b></a></span><b>, an industry leading provider of
CRM has partnered with another leading technology innovator, Optimal Blue, to
infuse its CRM/Automated Marketing platform with OB's real-time pricing
information</b>, which is 99.99% accurate at all levels for mortgage firms. Media
Center has provided CRM/marketing since 1995 and recognizes that their platform
must work seamlessly with other "Best in Class" solutions to maximize
user benefits. Dan Harrington, founder of the Media Center, says,
"It's really a dance that requires creative dexterity to connect the
leading pricing technology (OB) with a CRM/marketing platform that's proven to
be 'insanely simple' to use. When you get that right, as we've done in our
partnership with Optimal Blue, the benefits for LOs are extraordinary."
Originators whose companies are currently using Optimal Blue can learn more
about the prospecting and data-mining benefits of OB's integrated pricing
engine working within the Media Center's CRM by contacting </span><a href="mailto:paul@mediacentercrm.com" target="_blank"><span style="color: #eeeeee;">Paul Harrington</span></a><span style="color: #eeeeee;">,
Business Development, at 720-931-2375.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>New home sales trends</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "Pending" Home Sales, "Existing" Home
Sales, and "New" Home Sales - take your pick. They all show something
slightly different, and economists have their favorites. Housing and jobs play
critical roles in the United States economy, thus the abundance of various
statistics for each one. What have New Home Sales been doing recently? The
numbers measure sales of newly built homes, and are a lagging indicator since the
number comes out late in the subsequent month. Remember that sales can head
higher, or lower, for different reasons. For example, do sales drop because no
one wants a home, they're too exp</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL4lDU1HnKdxeNxSv_KtkbVXCN1PquDzneo0ibamgSvzA_PHYqcJhNJGoov6cUB8JdK9D0tU_pgkeIB3Cfsn757Z9SKqLyDvt9DbxN__fdL-0PkpIomPoycWfwqXi-HeIwOjEvMP8uLM21PipV6vW33YhWvb_SIU6N94CwM9FcHiD1IrDT-26n-36pffQf5-wISMTq3g5ea00KeiE2OuNgNZSVFKFzzMk7oDRl097cmz2P7ClsaCygc2215ZqBYHoAO9yeQRtdGPTQZK4H4rgumIA==&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><span style="color: #eeeeee;">s maintained a strong momentum</span></a><span style="color: #eeeeee;"> by rising by
more than 6% from January and by nearly 13% from a year ago.</span></span><span style="color: #eeeeee;">
</span></div>
<br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> New home sales rose 5.5% YOY to 555,000 in January. This
was 3.7% above the revised December reading. The median new home price was
$312,900 and the average price was $360,900. At the end of the month, there
were 265,000 new homes for sale, which represents a 5.7-month supply. The press
took note since we were barely back to pre-1990 levels which doesn't even
consider things like population growth and obsolescence. January's data
followed a downwardly revised 535K in December.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Sales fell in December to a seasonally adjusted annual
rate of 535k/month, a 10-month low. This data series is volatile, so new home
sales for FY 2016 were still up 12.2% to 563k. The median sales price was up
7.9% y/y (4.3% m/m) to $322,500. Analysts noted that lower sales pushed
available supply up to 5.8 months of sales. There were about 259,000 units for
sale at the end of December, which represents a 5.8-month supply.</span></span></div>
<br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">ensive, or there are none for sale?</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL4msdx8FuMmOhfOmAg_hDCiq8PIWXJqEMO6dH3ip7Ws-RuqZGCTVQDpusXxr-09TnU_QwGH9QNz7-DRlB3168MXT1SYl5LA3KFBUOh8qrOyDPly236gvUVXpKyJtL7e1IX7ImlXwGYWHgUCpry_vAP_8JOL4IaETpQ&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><span style="color: #eeeeee;">April's numbers just came out yesterday</span></a><span style="color: #eeeeee;">. We learned that
new U.S. single-family home sales tumbled over 11% from near a 9-1/2-year high
in April, down to a seasonally adjusted annual rate of 569,00 units last month.
March's sales pace was revised up to 642,000 units, which was the highest level
since October 2007. New home sales increased 0.5 percent on a year-on-year
basis. April's sales drop came after three straight months of increases - so no
big deal apparently. The key takeaway from the report is that upward revisions
to prior months more than made up for the shortfall in April relative to the
consensus estimate. The median selling price fell to $309,200 from $318,700 in
March. That statistic can easily be affected by selling prices, i.e., home
values are not declining but cheaper homes are seeing more sales. <i>Sales in
the West declined by 26.3%.</i></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> It isn't hard to find very high permit prices, rising
building material costs, shortages of lots, and fewer laborers. All that has
helped keep house prices elevated. The inventory of new homes on the market
increased 1.5 percent to 268,000 units last month, the highest level since July
2009. Still, new housing stock remains less than half of what it was at its
peak during the housing boom in 2006. (A six-month supply is viewed as a
healthy balance between supply and demand.)</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> In February </span><a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL4lDU1HnKdxeNxSv_KtkbVXCN1PquDzneo0ibamgSvzA_PHYqcJhNJGoov6cUB8JdK9D0tU_pgkeIB3Cfsn757Z9SKqLyDvt9DbxN__fdL-0PkpIomPoycWfwqXi-HeIwOjEvMP8uLM21PipV6vW33YhWvb_SIU6N94CwM9FcHiD1IrDT-26n-36pffQf5-wISMTq3g5ea00KeiE2OuNgNZSVFKFzzMk7oDRl097cmz2P7ClsaCygc2215ZqBYHoAO9yeQRtdGPTQZK4H4rgumIA==&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><span style="color: #eeeeee;">new home sales maintained a strong momentum</span></a><span style="color: #eeeeee;"> by rising by
more than 6% from January and by nearly 13% from a year ago.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> New home sales rose 5.5% YOY to 555,000 in January. This
was 3.7% above the revised December reading. The median new home price was
$312,900 and the average price was $360,900. At the end of the month, there
were 265,000 new homes for sale, which represents a 5.7-month supply. The press
took note since we were barely back to pre-1990 levels which doesn't even
consider things like population growth and obsolescence. January's data
followed a downwardly revised 535K in December.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Sales fell in December to a seasonally adjusted annual
rate of 535k/month, a 10-month low. This data series is volatile, so new home
sales for FY 2016 were still up 12.2% to 563k. The median sales price was up
7.9% y/y (4.3% m/m) to $322,500. Analysts noted that lower sales pushed
available supply up to 5.8 months of sales. There were about 259,000 units for
sale at the end of December, which represents a 5.8-month supply.</span></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">The month before, new home sales increased 5.2% in
November to a seasonally adjusted annual rate of 592,000. That was 16.5% higher
than the estimate for the same period a year ago, interesting since November's
move came despite rising mortgage rates (or maybe because of them as some
buyers rushed to lock in lower rates), providing a nice leading indicator for
economic activity.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Continuing our look back, September's new home sales rate
came in below expectations at 593,000/year. In August sales came in at an
annualized rate of 575k, a little better than expected, but below last month's
659k pace. The median sales price of new houses sold in August 2016 was
$284,000; the average sales price was $353,600. The seasonally adjusted
estimate of new houses for sale at the end of August was 235,000, a supply of
4.6 months at the then current sales rate.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> New home sales in the U.S. leapt to an eight-year high of
654K (seasonally adjusted annual rate) in July 2016 although the median selling
price fell 0.5% y/y to $294,600. Inventory fell to 4.3 months' worth of sales.
And in May sales fell to a seasonally adjusted annual rate of 551K in May from
586K in April (revised down from 619K). The downturn in May featured a 33.3%
decline in sales in the Northeast, although every region experienced a sales
drop except for the Midwest (+12.9%). Notably, the South and the West -- the
two biggest regions for new home sales -- saw sales decline 0.9% and 15.6%,
respectively.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Going back to summer of last year, </span><a href="http://r20.rs6.net/tn.jsp?f=001QlcqUtqoJURt_etKJZp406YWGS6BQ5d1xoNKV3JywzbLRuhBfvh4TIUkVARHCiL47jRSj5fZd_d-FO6Aor4fg2EiJEkHQ5vSjtTezcecn5diIWEFweQ22DqMzQ9iu2-do_nT1dujrTWu9W7WgKl6zoXFyZtLdrERsd9IfymVFIFPdaUV2DFh4mbH0kWWu3K6N9C57_Nq0HddFkRwJ43vov22k5z1GcZFE8r4C_P07NSiqHPcc0WQ3XnM_jETmWTIarrxFwFeC8dc9lcwUvnuSElR-cpFK9AD7YaOs5MPkwk=&c=8DMpLxXFrmVlVs9BnlfBgX0Egk8ytRawVfvkxMNPdSVXpjRjxMn0Og==&ch=XQmQN5HSjc9rLt_4Xug-NnmiXTpUkNkPTeiVSw2NBT2OJmxTe975Kw==" target="_blank"><span style="color: #eeeeee;">new home sales came in much stronger than expected,</span></a><span style="color: #eeeeee;"> at
an annual rate of 619,000. This was the highest level since early 2008. </span></span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Looking at interest rates through the bond market,
yesterday things were quiet until - are you ready for this? - a 52-week
Treasury bill auction was met with very weak demand. The metrics of the $20
billion auction weren't good ("sloppy"), giving folks an excuse to
sell fixed-income securities. Once the selling gathered some steam, even a warm
reception for the $26 billion 2-year Treasury auction could not stem the tide.
And yes, new home sales were poor, but not catastrophic enough to cause rates
to drop. The 10-year note worsened about .250 while the 5-year and agency MBS
prices sold-off .125.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> But today is a brand-spankin'-new day, right? We've
already had the MBA's read on last week's applications (driven entirely be
refinances it was +4.4%, but still 30% lower than a year ago). Coming up are
the non-market moving FHFA Home Price Index and existing home sales. This
afternoon are the minutes from the May 2-3 FOMC meeting to be released at 2PM
ET. Market participants will look for expanded thinking regarding the Fed's
balance sheet strategy. <b>We start the day with rates little changed compared
to Tuesday's close: the 10-year is yielding 2.28% and agency MBS prices are
better by a smidge depending on coupon.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-56244667455622906522017-05-22T09:10:00.002-07:002017-05-22T09:10:41.618-07:00Lenders Expanding, FHA & VA News and Lender Trends - Households Moving Toward Buying<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a><o:p></o:p></span></div>
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><i>(This is making its way around internet, but there is
nothing whatsoever to suggest that this really happened. It's fun nonetheless,
however.)</i><o:p></o:p></span></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">When Gandhi was studying law at University
College, London, a Caucasian professor, whose last name was Peters, disliked
him intensely and always displayed prejudice and animosity towards him.
Also, because Gandhi never lowered his head when addressing him, as he
expected, there were always arguments and
confrontations. </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">One day, Mr. Peters was having lunch at the
dining room of the University, and Gandhi came along with his tray and sat next
to the professor. The professor said, "Mr. Gandhi, you do not understand.
A pig and a bird do not sit together to eat." </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Gandhi looked at him as a parent would a
rude child and calmly replied, "You do not worry professor. I'll fly
away," and he went and sat at another table. Mr. Peters, reddened
with rage, decided to take revenge on the next test paper, but Gandhi responded
brilliantly to all questions. </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Mr. Peters, unhappy and frustrated, asked
him the following question. "Mr. Gandhi, if you were walking down the
street and found a package, and within was a bag of wisdom and another bag with
a lot of money, which one would you
take?" </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Without hesitating, Gandhi responded,
"The one with the money, of
course." </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Mr. Peters, smiling sarcastically, said,
"I, in your place, would have taken wisdom, don't you think?"</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Gandhi shrugged indifferently and
responded, "Each one takes what he doesn't
have." </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Mr. Peters, by this time was beside himself
and so great was his anger that he wrote on Gandhi's exam sheet the word
"idiot" and gave it to Gandhi. Gandhi took the exam sheet and
sat down at his desk trying very hard to remain calm while he contemplated his
next move. </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">A few minutes later, Gandhi got up, went to
the professor and said to him in a dignified but sarcastically polite tone,
"Mr. Peters, you signed the sheet, but you did not give me the
grade." </span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Wit always wins over anger.</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<span style="color: #eeeeee;"></span><br />
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<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">I recently heard a CEO say, "I am fine competing on
product, price, and service. But we shouldn't have to compete on subjective
interpretations of rules, regulations, and compliance issues." While
residential lenders wait for another "instructive" public enforcement
action (plenty of them are negotiated privately with no fanfare), you can
always see </span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZGzy4ugnbHHX16wLoRNqtYf4R91T1-S_1TDT5tHQu0L2owxHvGiZk5-cfzSiZIc3832ea0OYn5LwQl7V_4waP83eJ3ZNPP-rtwNF73CHELm_ULa3EY13SX-P2K9PJ192MKyRHZfx7t1FT4859yajELm0GyzsKk1H1AZaMzPn5rTUwEz9Lrd0TBVg==&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">past publicized actions here</span></a><span style="color: #eeeeee;"> or for something meatier and
useful here are the CFPB's </span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZGa1TctROSeszlFEYI2aB4Gjs_StuIjE_MI1ArlewUzYGTngs8Gf1BDOG_EOBJ2kbkZqqCy2ib5xhXskEQtkIgyf_b9ODUYZHR1ISyeinknZuV-SBcDccoqQjng19CSMkC4gMKHMEbccYuUhK6-fOcz1wygonQK7cafGQixH4s-4-roIn3gJdy6WYqn6DmdA97Ue3_UR3TiV6AZ4h7cv3aLMcL8kx55pNBMkg8VPvi138=&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">Supervisory Highlights</span></a><span style="color: #eeeeee;">. <i>(For example, pages 5, 6, &
7 address <b>underwriting borrowers on assets & down payment size and not
income</b> under the ATR rules.)</i><o:p></o:p></span></span></div>
<b><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">FHA & VA trends & program changes
from around the industry</span></b><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> Some originators will say that the FHA program is the
"new" subprime channel - certainly the program appeals to lenders who
like the profit margins, and it appeals to borrowers new to home ownership and
who may not have the necessary down payment for other programs. Good LOs have a
sense of demographics & population trends, and as it turns out, for the first
time in a decade, </span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZG4Fv_NFgizcY9Cc1jxu7qW4KlbXZ5Z47PNUWp9NCVD5e7XXBaINJxZgOkyB7HxGY-MaS_29cXzwzDqarIK2Ar8bkEk7oiLT1RcqspQGxpmG9gK9_0uzDaCKBKAVAuk-KBMod1L-xL-zQJWAYXGR4eW503cs8Hr0WO3hF6mW4XFomCjf3emIUbE7hfSczslOHpRoLIUPSyG6Wfg3rbJhfckg==&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">more new U.S. households in the first quarter chose to buy
homes than to rent</span></a><span style="color: #eeeeee;">, suggesting a long-term decline in home-ownership rates
might be coming to an end<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">Following the Office of Management and Budget (OMB)
approval received April 6, 2017, the <b>Federal Housing Administration's</b>
Office of Single Family Housing issued updated forms in </span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZGm-8ua5B58rRVfKILr0DXqJiOo7RRDzHHhSJDQMC_23M38v5br2_iJc2qodXUruBk75cSuvsj5sQSErHI84GGXsckjOJYMCDkSnahD0pcJnOBkj_sRVTiqtXwaOoIfo-l7994MyQrtatNOYN_0j4uay8ueKn_KrYIuFYGbollTZ-FYzBxb9p3Fr2PZwBGj9oXstZZN88-gpk=&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">HUD's Client Information Policy Systems (HUDCLIPS)</span></a><span style="color: #eeeeee;">Form
Library on HUD.gov that support its Claims and Disposition policy located in
the FHA <i>Single Family Housing Policy Handbook</i> 4000.1 (<i>SF Handbook</i>),
Section IV.B.2. The following list of forms, which expire April 30, 2020, are
for immediate use: The forms were listed in HUD's 30-Day Notice of Proposed
Information Collection (</span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZGT_FDLhdybrpVJUeRaaJCrhJwftnr5tUvQdVitWuJeV-fWhGomVecdmwF7b808sCV24Ds5cvyj8xhYOb8dC8bT-OFPz8ut61YMkoxopmVZHGgFJ_wVGjdB1Ps6y3GtN5qwlzIDt4MtGstDHFcCcSobcTogv0hRy5SIjiOcRe3HGfRnjMO7eOMWE3SwoLkwm1fwpMX-RpC5u650VZFhU6FAaJFC7TmJSBOII-7r4Aor_EiyK7wA2tEPS4xaF1_JOKziSa7jJMF8s_WO9wIgPUWgEjy00cjdigUmNI1IdMjHh_LWH4zSLmoNw==&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">FR-5997-N-05</span></a><span style="color: #eeeeee;">) published in the <i>Federal Register </i>on
February 1, 2017. The forms, which expire April 30, 2020, are posted on the
Forms Resource pages on HUD.gov.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> Beginning today, May 22<sup><span style="font-size: x-small;">nd</span></sup>, <b>M&T Bank</b>
is changing its FHA and VA FICO adjustment in the Correspondent Channel. Also,
M&T is increasing the FHA Best Effort Special from .200 to +.250 for all
eligible loans above $250,000. The Best Effort special will also be extended to
VA loans apart from VA IRRRLs.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "arial" , "sans-serif";">Royal Pacific Funding</span></b><span style="color: #333333; font-family: "arial" , "sans-serif";"> has expanded its High
Balance Government Loans down to a 580 FICO. Available for single-family,
condos, PUDs & multi-family homes. Maximum loan amounts vary by county,
call for full details.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><b>Mountain West Financial</b> announced the rollout of
the Golden State Finance Authority (GSFA) Platinum Grant program for its
wholesale customers. This is available for both conventional and FHA loans in
the State of California. Some of the great features of this program are: a
non-repayable grant for down payment and/or closing costs up to 5% of the first
mortgage loan amount; not limited to first time home buyers; minimum FICO of
640, and is available for refinancing too. The home must be a primary residence
and income restrictions do apply.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><b>Sun West</b> has Streamlined Underwriting and Expanded
Policies for FHA Loans with FICOs Below 640. It has created a set of </span><a href="http://r20.rs6.net/tn.jsp?f=001-1MGwa6xbdKWHm6Eemlb3Q2TpubJqeZO0QXpJRCgaiZeKzmRwUUycA1O3RPYLuZGBdb7fl5xizAUH5Y6btsilgPn36OhFi0xJn8oBIAUUmi7GBmTApDpi5A9EAGyFsfuGVFWC8DLq5x6yG3WuivV1PfqlarEEBKS6KJh_qX5xZBkJxZnqWfsd7SKEmfdFMTcdzThKByBHpJMgeySfOr1PQ==&c=bNCA_vTpGWNzCTJn33dpV8z8FqPavKfhQL0X0ckNqEYzJFeMAu8zEw==&ch=UVb0T7ujG1bFDhgPTJ8V_IqJBf5Vu95pEthBcpVe0FxrAf5hXeJReQ==" target="_blank"><span style="color: #eeeeee;">Comprehensive Credit Review Guidelines</span></a><span style="color: #eeeeee;"> to assist in
the substantive review of these borrowers. If the loan has a DU Approval or an
LPA Accept (i.e. FHA Total Score Card), Sun West will continue to rely upon the
automated approval along with the Comprehensive Credit Review Guidelines to
evaluate the borrower's special circumstances.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><b>Capital markets</b><o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">Things were quiet on Friday, apparently warming up for
this week, so I won't waste your time writing too much about the bond market.
In fact, the 10-year yield spent the whole New York session confined to a 2.5bp
range with the modest flattening of the yield curve at the open pared by the
close. And there were some slight movements between coupons, securities, and
maturities - but nothing to write home about. By the close of business on
Friday the 10-year & 5-year Treasuries, along with agency MBS prices, had
worsened a few ticks - certainly less than .125.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">While the press is focused on President Trump's first
official overseas trip since his inauguration starting in Saudi Arabia, this
week's economic calendar includes a central bank decision from the Bank of
Canada and the minutes from the Fed's May 3 decision. Today we had the Chicago
Fed's National Activity Index for April (.49, higher than expected) - not a big
market mover. <o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">Things pick up a little tomorrow with New Home Sales.
Wednesday, we can look forward to the MBA's survey numbers for applications
last week, the FHFA House Price Index, some Markit manufacturing numbers -
whatever they are, Existing Home Sales, and the FOMC minutes from the 5/3
meeting. Thursday are some trade numbers, the usual initial jobless claims. Friday,
ahead of the holiday weekend, are GDP, Personal Consumption Expenditures, and a
volley of University of Michigan numbers. <b>We start the week with rates a
smidge higher compared to Friday afternoon with the 10-year yielding 2.25% and
MBS prices worse a few ticks (32nds).</b><o:p></o:p></span></span>Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-77605437072090800632017-05-19T15:50:00.000-07:002017-05-19T15:50:16.236-07:00Sales & Ops & processing jobs; training events - Wells & Freddie team up; bank & credit union news - what is Chase doing?<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a><o:p></o:p></span></div>
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">Thank you to Spencer D. for this one.)</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<span style="color: #eeeeee;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">James and Cindy lived on a cove at Gull
Lake, Alberta. It was early winter and the lower portion of the cove had
frozen over. James asked Cindy if she would walk across the frozen part of the
cove to the general store and get him some smokes and beer.</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span></div>
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">She asked him for some money, but he told
her, "Nah, just put it on our tab. Old man Richman won't mind."</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">So Cindy, being the good wife and James'
true love, walked across the ice, got the smokes and beer at the store and then
walked back home across the cove.</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #eeeeee; font-family: "arial" , "sans-serif";">When she got home with the items she said,
"James, you always tell me not to run up the tab at Richman's store. Why
didn't you just give me some money?"</span></i><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p></o:p></span><br />
<i><span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">James replied, "Well, Cindy, I didn't
want to send you out there with cash when I wasn't sure how thick the ice
was!"<o:p></o:p></span></span></i><br />
<span style="color: #eeeeee;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeeeee;"><span style="color: #333333; font-family: "arial" , "sans-serif";"><o:p> </o:p></span><b><span style="color: #333333; font-family: "arial" , "sans-serif";">LendingQB's LOS platform has received high
marks for its vendor satisfaction and customer support in STRATMOR Group's most
recent Technology Insights survey report</span></b><span style="color: #333333; font-family: "arial" , "sans-serif";">. LendingQB earned an end user
effectiveness rating of 93% and exceeded functionality expectations for 22% of
its respondents - top marks that surpassed even proprietary systems. Overall,
LendingQB achieved a vendor satisfaction score of 96% and the highest marks for
user experience among the major LOS providers included in the report. The
STRATMOR Group Technology Insights survey findings are based on 266
participants ranging from under $250 million to $10 billion in annual volume. <a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjnUdNpDl5EBWRxKj14I9Bbi4O4tTi7VjfxOIAt5Do8OzT6yNT6kzqBY69lEQci_Wj-E5ml50rE0lGeu7id-aWjQBjFNM6KLH0XPyJ4RcvDr5cIF6NxjrPjCRQ0krIMC2U2uxfQ5MZctp&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">Learn more here</span></a><span style="color: #eeeeee;">.</span> <o:p></o:p></span></span></div>
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> <b>M&A, credit union, and bank news</b><o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">In the builder biz, home building, first-quarter deal
dollar volume is already approaching the </span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esp9rbTb0klLe67tVK7q4LZuBwUTd4J1npJHWdeHFJYg1VHy8TVyMftdB5oRjnWFsK90PAO4QieNdVUJcCcNfRsY2hTJkil0JHp5eIJF7z-vYtm1rb8zP3liDpfLHoEkOJsSmT-hQrklyb8WkDVye6OCdoW3OT3w5CdAbO49Xcy00fC_x-p3ObG59v07Gxz9GH&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">cumulative total of all transactions in 2016</span></a><span style="color: #eeeeee;">! <o:p></o:p></span></span><br />
<span style="color: #eeeeee;"></span><br />
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<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> A Bank Director Magazine survey of executives and
directors finds the top reasons banks say they would sell their bank are:
regulatory costs (54%), shareholder actively seeking liquidity (48%), limited
growth opportunities (39%), can't find new talent to replace exiting CEO and/or
executives (15%), can't keep pace with new customer expectations (13%) and
trouble acquiring new talent on the board (4%).<o:p></o:p></span></span></div>
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">Certainly, <b>depository bank mergers and acquisitions
continue</b>. Just in the last week or two several announcements were made.
Sandy Spring Bank ($5.1B, MD) will acquire WashingtonFirst Bank ($2.0B, VA) for
about $488.9mm in stock (100%). Seacoast National Bank ($4.8B, FL) will acquire
Palm Beach Community Bank ($346mm, FL) for about $71.2mm in cash (22%) and
stock (78%) or about 1.71x tangible book. The Farmers National Bank of Emlenton
($704mm, PA) will acquire Northern Hancock Bank & Trust Co. ($27mm, WV) for
$1.9mm in cash. First Bank ($4.4B, NC) will acquire Asheville Savings Bank
($795mm, NC) for about $175mm in cash (10%) and stock (90%). In Indiana
MainSource Bank ($4.1B) will acquire investment management firm Capstone
Investment Management. Bank First National ($1.3B, WI) will acquire First
National Bank ($479mm, WI) for about $76.3mm in cash (70%) and stock (30%) or
about 1.06x tangible book.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> At the other end of the scale, in only the fifth incidence
this year of a bank being closed, regulators closed Guaranty Bank ($1.0B, WI)
and sold it under a P&A agreement to First-Citizens Bank & Trust Co
($33.8B, NC).<o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #333333; font-family: "arial" , "sans-serif";"> The Financial Times reports Wells Fargo plans to cut costs
by $3 billion in addition to the $2 billion it has already announced. Branch
closures and cuts in travel, consulting, marketing, and</span><span style="color: #1f497d; font-family: "arial" , "sans-serif";"> </span><span style="color: #333333; font-family: "arial" , "sans-serif";">finance are all in the
mix.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">And certainly <b>credit union market share in residential
lending </b></span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esvOtt-GyHi6XMwsBKpy1ms8vA8xTlyNBHt2x9FN2ok33Zn_LDTOwDH1Rt7jXlzhEvJc92nmC1xMuf5rIGGmAvQXC9nHsIN1dQJ_W--DIjzJYO4hYW5zsxlMdNzROLd2rY74BHOwdmmXvZHo39Fz7xOtB2jLsGwGjjRcebLubXtZldskgCWNISd9V5MOacnzdUA27GekTHarNrmyAXan-ChtrLdVhvl8cFlA1sPoDvcSnlhUiaN4uE6q7VOlA7z5Lv&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><b><span style="color: #eeeeee;">continues to grow</span></b></a><span style="color: #eeeeee;"><b>.</b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"></span><br />
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<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> <b>Classes, events, & webinars</b><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "arial" , "sans-serif";">National MI</span></b><span style="color: #333333; font-family: "arial" , "sans-serif";"> has 2 upcoming June
2017 webinar sessions, brought to you by its MI University. <a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esmf1zSqgSwhc2HA1YRZ460qnFoa-JDxWQdz-2RX2CbFtvntjJiMubCrpwr6NgRUhOsWsR9SNex2LStBh_hIbDziqgVk0wed4lvAktIRR1H1MrtCGuQvF2CciLaO7hoAyL4tsg-FVVzEwNYhvhE85C4LJF9Wm5PFdr0z8wbBLeXqqxnN56-jyM-hXGgJOhF3qRTbSRtA8xGgnEsrq8mAlRYqwPxVoFZal9-D9ApeWCj63iS3TF7fBUUlEfqHamvxl2k8BMas_TRb8W4w7KnkF5vR6OU4EDdPAzGRCvKBQk_TuglO8Mb0Ki0xNCJ--8wv48Yjamgw8vNfh57oNLJR_pCw==&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: blue;"><span style="color: #eeeeee;">June 1<sup><span style="font-size: x-small;">st</span></sup>: K1</span>, <span style="color: #eeeeee;">Ordinary Income, Distributions, which
is It?</span></span></a><o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esHVS-cJidxYisBKo-a8cbN7YLq2zZnDX-KIGAFKh4Lzq4jWfVeg0gBk7T95knIglZbnBzeCnAD0x8Sutx-mXbxsPcMm1Pjp4foC6u_KeXk6p9MNPYw_Mw3CQuTnO_dz0o5D5UuaL0fmhve0IAsONvWbApjDMDjZQYG5QYi2yhyDcvYlOwWwmzMyHqN4SGADjknUcMR12kDjpX21UoxR4N1wemQBEs9GHIwqE9fKerBMwmieXfYWP5Cbo9ljWWYwi34MjZTiAhygS2CknVXZL0iIXwKGXCOZQHnEm4B_pREzjFmJzNykKhfF4JD2V5UVNfTTfphA3R06BsSIpH4LDLO24BmQQJ-8XMrSKF61gA7w4=&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">June 15<sup><span style="font-size: x-small;">th</span></sup>: Facebook to the max.</span></a><o:p></o:p></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">On the 24th of May, join a complimentary webinar with
Patrick Stone, Chairman and CEO of Williston Financial Group, to discuss: </span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9es-YRWqAaH3985jE5jgO_SpbXCo0sbWpRGuqr3lWC36cmcI6LVNkRRKi5F1U6hD7uON4ZfzzrrWw8k1rXeplLMshSGGRjNJug3A-npwVuIs-jH4Y2y_mgSNZhQafg4V-Ocxm-AsaRR0exdTv_g73-MEerwljxIdUqVPGD-czRYazx5Ch_OFI7FsA==&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: blue;"><span style="color: #eeeeee;"><b>Challenges and Changes Facing Title Agents</b>.</span></span></a><span style="color: #eeeeee;">
"Regulations, compliance, cyber security, Millennial home buyers... it's
not hard to find a new hurdle that our industry must clear. String Real Estate
Info Services is hosting a complimentary webinar on 5/24 at 2 pm EST. During
this hour-long webinar, Mr. Stone, a 45-yr veteran of the title industry, will
cover three key areas. Strategic - What changes should a title agent make at
the strategic level to address pending changes in market dynamics? Regulatory -
Over the past decade, Regulation of our industry has taken center stage. What's
in store for the industry going forward and how can a title agent prepare?
Economic - How can a title agent prepare for the changes our industry faces in
a manner that will maximize opportunities and profitability?<o:p></o:p></span></span><br />
<span style="color: #eeeeee;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">On May 23<sup><span style="font-size: x-small;">rd</span></sup>, learn about <b>new HUD 2530 rules</b>
with </span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esV65SZ9uIg5ZUi1bdmaAd1bCzS2xhamhZj_CDhJtQ79rhtELCMTugrAJLFrM9q0Jm-44F56sMHwj8DWZvUvNDBO0sChLH3adOPeF7NGuxW6MvxjFQgSZCzhJV7ATtwOS70l0gbrwqsteDRCCVpM7JduWJ4UiSLY4cTMtQcsp6tjz675sy-0U5ybC4WC6pfAXxgy8HpaD0JrGWH-WV5V6rHAoLAVDTPws8pLn0Dvi_SHPXGh71du2uZjIKLRRJTCdNJVu6FR_sCF3ydsTi4nLBUqKYOKPpLhty8CGtUggfKMDE8xHgPvXyamoeSpPfI3CNmcD5UPXq2E-v1zFirZyuYg==&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">MBA's webinar.</span></a><o:p></o:p></span></div>
<span style="color: #eeeeee;"><b><span style="color: #eeeeee; font-family: "arial" , "sans-serif";"> </span></b><span style="color: #333333; font-family: "arial" , "sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esnK9gsYAD7UNGMBnUijJ5CAUzgNNoUcQTLaqEAotdc8O5iwAn_9c9WQaRxITsf2Kqd1-xhR1_hMkI6FkRfcGpdXhaboUy_Q_jQFTQRnxPYuzgtsEq_tcOhlapZ4kRg_aB&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: blue;"><span style="color: #eeeeee;">The</span> <b><span style="color: #eeeeee;">NAWRB Nexus Conference</span></b></span></a> Early Bird Special Ends
May 31. Register now for its 3-day conference in Costa Mesa.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><b>Wells Fargo Funding, in cooperation with Freddie Mac,
is hosting in-market, first-time homebuyer/affordable product events</b> in
Costa Mesa, California (June 6) and Houston, Texas (June 8). The events
run from 8:00-11:30 a.m. in their time zones and are focused on helping lenders
gain market share in the affordable/first-time homebuyer space, including
details about homebuyer demographics, Freddie Mac's <i>Home Possible</i>® and
in-depth insight into those specific markets. LOs, sales/production/affordable
lending managers, underwriters, and marketing teams should consider attending.
Approved and prospective Wells Fargo Funding and Freddie Mac clients are
welcome. If interested, contact a member of your regional sales team or send an
email to </span><a href="mailto:CorrespondentDiverseSegments@wellsfargo.com" target="_blank"><span style="color: #eeeeee;">CorrespondentDiverseSegments@wellsfargo.com</span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"><b>Ellie Mae</b> has announced its </span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9es0ihUyu7nhi58co1gZumw8kKdvm31HfBU7KloBMUqZ9MTwHXOrDNRNE-mebp3QwVS-ZQLULwjirn8u408kViVllAq8IXsfJ_fPhDufZ4oFOFVF17IBGK8-S74VQE-SeA7&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">Encompass Summer Training Series</span></a><span style="color: #eeeeee;"><sub><span style="font-size: x-small;"> </span></sub>to help
Ellie Mae customers' advance proficiencies, improve compliance management,
optimize Encompass workflow, improve key business processes and learn best
practices. This training will be available in the following cities and dates:
Dallas - June 19th and 20<sup><span style="font-size: x-small;">th</span></sup>, Irvine, California - June
22nd and 23<sup><span style="font-size: x-small;">rd</span></sup>, Washington, D.C. - July 17th and 18<sup><span style="font-size: x-small;">th</span></sup>,
and Chicago - July 20th and 21<sup><span style="font-size: x-small;">st</span></sup>.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">On July 21st, in Washington DC, join <b>MBA</b> for its </span><a href="http://r20.rs6.net/tn.jsp?f=001ppbSOu2-FB1J_GXcvLEHNm8fj6zcxAgD4Bj2-5bWChZn6dAZTJgsjohCToB6i9esWBx_cwzpJ6AkWQEdlmobubGtVEkkNTIaI_Inp2gwSVsBxg_RImmUSY0hNAfRI81lFU7a2Q8K4hKkZUp8P7Ci3M7D_SyFwO1zRZRbVmm-qGp_N-HQRpspcr5mqQzkXuBLerpbaZucMQ-gjzVeSTqiz-tkC60vyBwE&c=jRe00nXyQEXKZvylt-huGwcYvDlMltLVJlo_Pwh6izXs9_PkGgliug==&ch=XFfF2BLF_nKIDBX_cTmfLUGMOiLsl_euLgGsfny2COprmeA3FlFu7g==" target="_blank"><span style="color: #eeeeee;">Collateral Underwriting Workshop</span></a><span style="color: #eeeeee;"> that will help improve
your decision-making ability, loan file quality, and increase productivity
throughout the processing and underwriting process for conventional and
government loans. Save $50 by registering before June 9<sup><span style="font-size: x-small;">th</span></sup>.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> <b>Capital markets</b><o:p></o:p></span></span></div>
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> Plenty of analysts and traders are talking about the
flattening of the yield curve. On the "short end" of the yield curve,
where short-term maturities are plotted, the Fed has increased rates and is
expected to do so again in June. But even if short term rates head higher, we
could still see long term rates not move as much, and have dropped this week,
leading to a flatter yield curve. The "flat yield curve" is a yield
curve in which there is little difference between short-term and long-term
rates for bonds of the same credit quality. This type of yield curve is often
seen during transitions between normal and inverted curves. For us novices, an
easy way to think of it is if the Fed raises rates and 30-year mortgage rates
don't budge.<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;"> This week the difference between a 2-year note and a
10-year note dropped to .96%, the lowest since October. <b>This drop in the
difference, or flattening of the yield curve, indicates waning confidence in
the U.S. economic outlook</b>, and is the result of this week's problems at the
presidential level. How can President Trump lead Congress in economic changes
and an infrastructure build-out when he is mired down in Russian intrigue? And
will the Federal Open Market Committee pay attention?<o:p></o:p></span></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">That aside, U.S. Treasuries lost some ground Thursday,
which means rates slid higher, as the risk appetite changed - but not much.
(The 10-year price agency MBS, and the 5-year note all worsened about .125.) If
investors want more risk they can turn to buying stocks; if they are risk
averse they'll tend toward bonds. It didn't help rates that the Philly Fed
number (third-highest reading since 2011) and initial jobless claims (232k)
beat expectations. <o:p></o:p></span></span><br />
<span style="color: #eeeeee; font-family: "arial" , "sans-serif";"></span><br />
<span style="color: #333333; font-family: "arial" , "sans-serif";"><span style="color: #eeeeee;">There is no news today, aside from a couple rogue Fed
presidents speaking, so it could be a quiet day. <b>We start it with the
10-year yielding 2.24% and agency MBS prices worse a smidge versus last night.</b><o:p></o:p></span></span>Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-43012985416062149842017-05-16T10:02:00.001-07:002017-05-16T10:02:31.983-07:00Stearns Change, Upcoming Events and Training, State-Level Changes from AR to WA<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Wife: "Do you want dinner?"</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Husband: "Sure! What are my
choices?"</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Wife: "Yes or no."</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">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 <b>Brian Hale is no longer the CEO of
Stearns Lending, LLC</b>. 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.)</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Events & webinars</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Live Training with Unify CRM - </b>In addition to live
support, <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16orie_B7IFRef4a13HPKXdacFeG2Ys5dBd-5nfYx6BM0O6CLfhIljRpwtskjm7GSMZKQ2FjWnfumcjmk7liE0cqYHQZ7aOxnLjJXqV4O_xYiedaLSMG3b9Df4nwEjNPTlA==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><b><span style="color: #eeeeee;">Unify</span></b></a> offers live training via webinar and on site
trainings. Spearheading the training department is <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVYvFjW_7CBsqBC7BtSpr5FE4ENPNd6Z5U2LPa_dPzrbowB3cM_bd60tyoCBrGMv6ZwEajLQHDBM3ehz08ENjku49WYf-OmrgIDxerIdX8VoHS1NV4a3eCR4V4IbFBVc8FCkFQCicMcDRkegfOfTMw1Q==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">Earl McLain</span></a> who has trained loan officers and corporations
in sales, communication and company culture for over 20 years and personally
conducts many of the trainings. <i>"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,</i> <i>President of </i><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16g1_RiXF3Yagm3Nsd8SazTaG4aCAMds60Yw9k18mITt9Pb0SFCf8FUJIqdTYOF5MpsWjlp7lhN4upmAKEp9BiCdgBWyen_iOoGjB8WBl7dROuwChvpA9r14=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><i><span style="color: #eeeeee;">Unify</span></i></a>.<i> </i><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pV6UYX81DqdF_gqtGt3PNX0LmRU2LjopMK8ps5zEstKrwZw_WGQCVKYMa0kHEnPdTyy-VWA0CDOzDGG6KJFQw4yooaXj7paqnxCxI2ih1d-SalLXmSZ5gf77TgDFiik1Du5i3ty_H7Lh4ry0RJSELrR9HxqQ1DWPto&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">Real time integration</span></a> 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 <span style="color: #eeeeee;"><span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16orie_B7IFRef4a13HPKXdacFeG2Ys5dBd-5nfYx6BM0O6CLfhIljRpwtskjm7GSMZKQ2FjWnfumcjmk7liE0cqYHQZ7aOxnLjJXqV4O_xYiedaLSMG3b9Df4nwEjNPTlA==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">Unify</span></a><span style="color: #eeeeee;"><span style="color: #eeeeee;"> to meet all of their needs. To learn more, <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVQSL0sxV1dfv9FEiy1xRvYtyFgdcogOF9eVimqB-8yROCSkL2zgq55gG_EDcRUYdw5BZy03AUwOn3rZ4u6O-0OfBtWprSONmY56uSUT21SWtxYfFuzWeQZu04qQGc80hei1rqrL_s1-qjSIOhq9WsbR2y7ADU-a9YXoYsh2rdz_0=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><b><span style="color: #eeeeee;">Schedule a DEMO today</span></b></a></span> or contact </span><a href="mailto:sbenson@unifycrm.com" target="_blank"><span style="color: #eeeeee;">Scott Benson</span></a></span>(651.288.7510).
</span></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Get your complimentary recording of <b>"</b><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pV6c28hay1NPCon-f6fjgREF9GigoAV8EsVtmcNI8qDQs-EPbKV0knoNgfvVMm044wv0jSW06J3kQL3sHQdDrEZABKWAVquj_62pV8kt97MhVOLYZY-iLndE-zWOQW8KQIkcTqpFClqPcfwfK54VnjO7eSjhQPRx-TMPLTzYv4FaA=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><b><span style="color: #eeeeee;">From Loan Officer to Rainmaker: Breakthrough Strategies to
Take Production to Record Heights."</span></b></a><b> </b>In this webinar
from <b>XINNIX</b>, 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! <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pV6c28hay1NPCon-f6fjgREF9GigoAV8EsVtmcNI8qDQs-EPbKV0knoNgfvVMm044wv0jSW06J3kQL3sHQdDrEZABKWAVquj_62pV8kt97MhVOLYZY-iLndE-zWOQW8KQIkcTqpFClqPcfwfK54VnjO7eSjhQPRx-TMPLTzYv4FaA=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">Click here</span></a> to receive your free recording today!</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> For appraisers, <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVVBwnz9RWviHTFnXzIBEHhrJjaHrWSj2zn1Iq8Qg6wsFdkn2GCAjJbiUKtd6pm_gXXBaTO1cDDscKTfcy4NhdpRuYrLnazMzpeuUY37EFjUTHauPKPm3n0G36c6W-CNzGejnUDe1It2GEGG0yzwCHYbMWBvAo7rAz&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">register for the webinar,</span></a> "Insider's Guide to
Successful Valuations" on May 18<sup>th</sup> at 11AM PDT.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVYwg_cunrzjkObOL12ey4jR6D24AoRqh6KdWZ0xLlneWNgzjqjCKN_8-fgsCVZkKcOdrzkKiaaT-VepsOE4TJvJwdyDiJ4d7HQYGWhrQjjvPhqlfrqqYTOGRdL6vSnIKjWL4yquo5H0F_I4mzSHxyHsPh20Z1IhI5G6FPE0Sn8KHwUL4jAmgEcqX4Srt6AAzHeubGR5Nw3EzK3Q4aL01Lqmmt5gadBUsKyB48M3SS5h6FUALXH7m56e1rP0wGHbYkzdRABjDloIHdS1pLbE8aac-UCxT5P-HDm4JK0W62e8UroAud0LgHMg==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Join the MBA
Compliance Essentials program on June 14<sup>th</sup></span></span></a></span><span lang="EN" style="font-family: "Arial","sans-serif";"> to learn about the increasing scrutiny by regulators and application of
statutory and regulatory <b>Vendor Management requirements</b> 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 </span><span style="font-family: "Arial","sans-serif";"><a href="mailto:LVolb@mba.org" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Lisa Volb</span></span></a></span><span lang="EN" style="font-family: "Arial","sans-serif";"> for your complimentary access.</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> <b>Company &
legal news</b></span><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";">Analysts continue to
react to <b>Impac Holding's</b> 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..."</span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Anyone can sue anyone else at any time, but the latest
filing is <b>the City of Brotherly Love suing Wells Fargo</b> accusing Wells of
</span><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVIT__Mjk650-cQmxhJnAf0nAy6sIwcIsw3QWQu3C5bmfO3y6k3OwE0DPebQjMMM6L-ESsPiMKc4k0wCMj3rmWwRwnGsXxq6K4S6Dstyg-RcPSiHqbcYEDKRa3bBnDVR8Y-5HA3qHYCBvguaSWC4hQSioq8B3tD6xiFKq8OxZJ8qGp10myqfkGsCQw_aK8VqVK&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span style="color: #eeeeee;">intentionally steering minority borrowers into higher-cost home
loans</span></a><span style="color: #eeeeee;"> than it offered white borrowers. The lawsuit accused Wells Fargo of
violating the federal Fair Housing Act, and seeks a variety of damages.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>State-level rules and regulations</b></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <i>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.</i></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><b><span lang="EN" style="font-family: "Arial","sans-serif";">Washington</span></b><span lang="EN" style="font-family: "Arial","sans-serif";">
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. </span><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVphYFwI1nofBD8qMknRVxLQ4d1pqyXhzDhaWLzpkiGfltclQwZkDUFm4BKedM296LGJSXjexIfH0sZPgtMNp40PM9aAUn-SrCOuUGSqjye5moekg6g3SVdsQRkeAXQlve70LNUfX-XL6jdtjRFL87hsTY7KIi5UWKL94U9vSGWXBSVcGxM3D4biVvGcgK5Yc6eFt6LskNh8ahXfIn4TPYeQ==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">For further details,
read the full text of Senate Bill 5039.</span></span></a></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><span lang="EN" style="font-family: "Arial","sans-serif";">The General Assembly of <b>Arkansas</b> has
recently amended </span><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVThbHen946PbY9Qkd7ojPb6QAH6v7bAqnXSZ6kY7uN6kTDerib6PFS__tCJHiVZg2Ts4nEw0l6ysGhsznsZ0CepnLY8uLZMbXcS0CGlhn75Q_VDjXZB3MnZEJJDCGlwJIvAxAJ3BBe7GrLVbxoeyj9ct-2cBIaKWDd5wTyKZtZNk=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Arkansas Code
section 26-60-110,</span></span></a></span><span lang="EN" style="font-family: "Arial","sans-serif";"> 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.</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> <b>Arkansas</b>
also has recently enacted </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVgTEvjz8lEMHgYEYMkDDE8ByGUr3JGCzUKVa3S3y5DwldjD5hsX17qZR7DxbHcMwB0GYBhyHPfQfyMkYeaZY2yIP9n_w-2IJ6NabvHETEb_IkNnKK7WZfPROxjNb3zUHKHdKZ_3fmdV2_dyzeBw86vI6zWUrzvQCPivo0MnywUOsmnSA_4uc4rw==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">House Bill 1801 to
amend the Fair Mortgage Lending Act (FMLA).</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";">
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 <i>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.</i></span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVQ9S3NLjDS_Q2p3_N8E6uvUzKL83_ndUIWxzCbRH4cic1NJMtDzQZ5zvLw6l49g3jZ4-79Kwm-7Gdycy957ee5czSVqO3ajMG0jfJdZtkGOJ9nBU_A8xXL-JTwh5On6FpbUoFK8NjkeSa3c1RNeWAL_Dc0b6T8eDNSH8ZrlaZDqsPZBXzLVuG4w==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><b><span style="color: #eeeeee;">Kansas</span></b><span style="color: #eeeeee;"> amended multiple provisions under its Mortgage
Business Act,</span></a><span style="color: #eeeeee;"> effective July 1, 2017. Topics amended include the
application for a mortgage license</span></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> 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. </span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Effective as of May 8, 2017, <b>Utah</b> amended several
provisions of the Notaries Public Reform Act. </span><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVJz5pCAsR2Q2M-7QHAQOYmIpLsjc674WmR8zr8xJch6s_z-a1s3IHKihGhwlFQ0brfWND-l-11rLeuuByMZp0y7ZgVBWlVQqaOM9vgWt0jsXM_gZuGo1PB4LIu2HVr_OC6ECscZDPBELcL4OXWWc6gibRubEVHTVi&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">The updated law
discusses the process and requirements for becoming a notary public in Utah.</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> 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.</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> Recently, <b>North
Dakota</b> enacted </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pV0UT4AZOCFAvUiIbkUSi5CflowC5ncOtEY3Ru-XNkxfqnIzv9vEVhRqDOxkUyK2hHpgj5DlaZ0bwkztOhQg7WdpXkVeoKHCdNhMqWaQJiOv_sXbBEJpgNWKKPvDfVY1FPwDM3LKvL89t-yVclo4Tv6MjqK3nkYIVWGgtObW7zqQctiDaQbPBe9w==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">several provisions
of the Uniform Fiduciary Access to Digital Assets (UFDAA).</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> 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.</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> </span><b><span style="font-family: "Arial","sans-serif";">Tennessee</span></b><span style="font-family: "Arial","sans-serif";"> has amended provisions
of its Residential Lending, Brokerage and Servicing Act affecting the licensing
of certain non-depository financial institutions. </span><span lang="EN" style="font-family: "Arial","sans-serif";">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. </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVb452GN6Wc1zuR8I99AXrRSXBQASPxJ4KJMTgyPkD30vMl2iIo7PQLGkTOVokvlDEL2cHqwxpx8nffeJeshhYzuTZtFOsGqlzz_sgQ0Cqdf4WPxezG76ZI0ZG5508t_QtAsYP_tb5fH0=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">These Lending,
Brokerage and Servicing provisions</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";">
become effective at different times ranging from July 1, 2017 to April 1, 2019.
</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">Tennessee</span></b><span style="font-family: "Arial","sans-serif";"> also amended several residential mortgage
related provisions. </span><span lang="EN" style="font-family: "Arial","sans-serif";">Effective as of April 17, 2017, </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVYiPnCbgc4GjmM-soa4snwQ6qqi5VB084KLUJFsD1dmh1fQuEZwyh8xG_FJmU-PFARAc3Rm-1gOO4w_9kRItJ8WRTEsgQ3-aIEA5yV4LlMJleT1UWkTpl3WCvII1Wg-bs6sXw2-4F4JxYQLlkz1utTBatlO_jSzVxOI85hbVjcGnB-RxNVZzGdg==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Tennessee amended
the application process for home equity conversion mortgages.</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> 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, </span><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVjri8HBitRnPHhQaqEz6y8-rDP0w5b9Q4q4l9e9nGVryFeKAIaMtsssYqklp7RVHrulcF3ZFHM6qkB6cZrkfbO069qQNI-J-0TuX1-TDxPFc6h9BkkgBQ3H15KRVxR67gcNroCq3imwcCPCU0hi072A==&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Tennessee amended
the rate of interest charged by certain industrial loan and thrift registrants</span></span></a></span><span lang="EN" style="font-family: "Arial","sans-serif";"> 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 </span><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVBAnNMD7kDW6F0MZ6P0aoHl4cokcbkOUNgT5my5AKUqzvm1YL3my78JEqC-lAZoqmANf0uFAkXyYuMpCAqMzdOK7myqovy46arRHGBxXhObn5GIzEUyywwzNUc0xZCamLkAmm0bp9Q9s9FmSXulwT4-YzsaViaBEQ&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">sales of execution
and the judicial or trust sales</span></span></a></span><span lang="EN" style="font-family: "Arial","sans-serif";"> to
extend the times between which these foreclosure sales are permitted. </span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> <b>Iowa</b>
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). </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pV97EABRXK4FN5MC8R27loZ6fbpNTGPvf0I0GEpp2_TlQXm4NjVSIv0Br8R8mWaNNT9JUrzEu0mGo6xR7Rfs44oyvFcMeZFS03o_2qK7kL_tMLuKPRUPWPBcAQ0LHPtAFzE2is7k9kZU6oZuyurub6k9D-T5rBZT_v7hnId_QEZ2w=&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">The act clarifies
the law regarding access to digital assets</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> 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. </span><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";">Effective July 1, 2018, <b>Indiana</b>
has amended its provisions regarding notaries, adding </span><span lang="EN" style="font-family: "Arial","sans-serif";">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. </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001slS2dLSgLbdMqWL8jAGP4DFU9Zuj8aMhJIpuE1WbM2jPyShuo0B16u9T7TiDV7pVnsTMe1WJBRvG84uE_L7QEt5JPeH2NYLT2WK1RVIMbV_0W9q2iUm-VeD1NsxlLUin7EE6DZNeD-KdWwsxyGF-v-tzzE9z6NNsJrZmmthkPipKCcm7_f76ZcEPK8PJf4ulb7zBx3Hw5coL-oC0P1OFZ4-7MP78oPFNBtxj5Zg_rGJ5userZu73EnGrgwmAj4rb&c=43d3mq9MyB515-UTbWx6fhybDKnSttRSy6_-nmN5Wii66wYSQS0swg==&ch=_O4Jnyfy1Zrvv7n0ZzNmSBNJqlfgM6755xI7ko505vXG8igEkRooiw==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Click this link to
view the full text of Indiana's amended provisions.</span></span></a></span></div>
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<span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> </span><b><span style="font-family: "Arial","sans-serif";">Capital markets</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> 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.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> 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. <b>We find the 10-year yielding 2.35% and agency MBS
prices worse a shade versus Monday's close.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-27245670787678524292017-05-15T08:37:00.000-07:002017-05-15T08:37:02.575-07:00Financial Choice Act Specifics(Rollback of Dodd-Frank, FHA/VA Pricing Changes, Down Payment News and Trends<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
<div class="MsoNormal">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">(Thanks to Brian M. for this one.)</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">An Arab Sheikh was admitted to a hospital
for heart surgery, but prior to the surgery, the doctors needed to have some of
his blood type stored in case the need arose.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">As the gentleman had an extremely rare type
of blood that couldn't be found locally, the call went out around the world.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Finally, a Scotsman was located who had the
same rare blood type. After some coaxing, the Scot donated his blood for the
Arab.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">After the surgery, the Arab sent the
Scotsman a new BMW, a diamond necklace for his wife, and $100,000 U.S. dollars
in appreciation for the blood donation.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">A few months later, the Arab had to undergo
a corrective surgery procedure.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Once again, his doctor telephoned the
Scotsman who this time was more than happy to donate his blood.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">After the second surgery, the Arab sent the
Scotsman a thank-you card and a box of Sees chocolates.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The Scotsman was shocked that the Arab did
not reciprocate his kind gesture as he had anticipated. He phoned the Arab and
asked him, "I thought you would be more generous than that...last time you
sent me a BMW, diamonds and money, but this time you only sent me a lousy
thank-you card and a lousy box of chocolates?"</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">To this the Arab replied: "Aye laddie,
but I now have Scottish blood in me veins"</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">Economists, like royal children, are not punished for their
errors. Data revision can be a career strategy for some, and certainly some
companies wish they could revise data occasionally - especially lenders in the
first quarter. Given recent data, here's one analyst who believes it will be <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1ir8tT1ljD98-onrYWfW1eXwo2ZV2xiRDRJ3dl4dfg_kI-BG_Da36OHpGRKwCI1wvIeSKhn3gxYFF4JsF89lxZfUeEN-__ES6ZJJqnoE6PKiX29wJAG9IBrmUAhpR6l5_uSAGjiswFoPbLE5gaKxp_ovXjyb5HMBZJFtTd0-YGYdXuTt7DhX6hN85PLmd3OCexAxI5da-S0w7SAeBbf2whOGeH3WPWsVLysknC9m4ROqF-q-RA0iBSPuQWXD2rqRgtT&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><b><span style="color: #eeeeee;">tough sledding</span></b></a><b> for Impac</b>, for example. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In other news, many in the industry are watching Congress'
moves. Recently H.R. 10, the <b>Financial CHOICE Act</b> introduced by House
Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough
votes to move the bill on to the House of Representatives floor. The Act seeks
to <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1ircIcWUuTN3TNTpF_vIxdFtDFtZv6A0INcyKIepl45teCLR1Fr42qz0NlD5SFZO61uV0DTQVTAyi8Jw1VhSu2i51NQ7dGkLyw2KPGl_PSwkUC9feBchckTYGCeFBkgEHUw9ekIUW2QxsvM9dPID5ymyGqvD1lL74QYL4jRmJ1QM2nnm0B13D_FQws6k0Blz9NJTO5gwOmHrVLlfuJn6ZXqNwoHzkQ3ReqBoMGNJOVGdDl_5UMUWdgdsmluyzbLoT7KHTvS3iqCDlcJTarZXLVdJ5GZiKItlfns&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">rollback or modify</span></a> many of the regulatory and supervisory
requirements imposed by the Dodd-Frank Act.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>New government products and pricing</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTVUoDX0zzCRhajzgo19ZsjyqfEtBeXvNBiaqDhLINffvUZjytIx1L9pjyCkDqHVZGTzze1YhAOI547C1rFqFj9RH7B2en6RrfII80sM-MrBmtNLiYLngC8outlh6ZmAsA==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><b><span style="color: #eeeeee;">JMAC Lending</span></b></a><b> is offering a .25% price improvement
on all FHA and VA loan products for wholesale and correspondent business</b>. <i>The
rate must lock by June 30, 2017</i>. Borrowers need a 620 FICO to qualify for
the price improvement (JMAC does go down to 580 FICO). "JMAC's government
lending features manual underwriting, fast closing (15-days or faster), plus
the opportunity to talk directly to the underwriter. Visit <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTVUoDX0zzCRhajzgo19ZsjyqfEtBeXvNBiaqDhLINffvUZjytIx1L9pjyCkDqHVZGTzze1YhAOI547C1rFqFj9RH7B2en6RrfII80sM-MrBmtNLiYLngC8outlh6ZmAsA==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">www.JMACLending.com</span></a> for more info."</span>
</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>NYCB Mortgage</b> has posted an updated FHA Case Number
Assignment form for its Table Funding Clients. This updated version of the form
is required when requesting new FHA Case Numbers and FHA Case Number Transfers.
This form is required for NYCB to initiate the underwriting of an FHA loan, so
be sure to upload the form along with other required underwriting documentation
(asset documentation as required by AU Findings, income documentation as
required by AU Findings, 1003, and Purchase Agreement if applicable).</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Royal Pacific Funding</b> has reduced its
Non-California Lender fee to $795.00. It has also added 600 FICO High Balance
availability on FHA/VA including Cash Out.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>FHA</b> launched its improved lender list search
capability from a new <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1irShtAmz7jIOkp3RYrD8wc-kwanYVb_HB3OknA77dbeO9V5wMnbZncwM4qanIGkrui3tSk7o2_CYLxeZZURvwhuhKEJ_xXEgv-KJ_0aL2_TyfFKMLycQwJHx-yM8IxmD0wjq4x82JkT7eyV6pRNkuhnTgFQPfEWu-Yq2jWBK4RfOVghko48scvSRzPJhTUKxZIVUlGEoy7Os74Gaj7mkaIQw==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">HUD Lender List Search</span></a> web page on HUD.gov. From this page,
the public can search for HUD-approved Single Family and/or Multifamily
lenders, using a variety of criteria. The new HUD Lender List Search page
replaces the previous Lender List lookup page on HUD.gov. While search criteria
have not changed, users will notice improved performance and quicker response
times when using the new search capability.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> If you're a broker and have you been looking for a jumbo
80/10/10 product, contact Sierra Pacific's AE <a href="mailto:Kelly.brown@spmc.com" target="_blank"><span style="color: #eeeeee;">Kelly Brown</span></a> for details.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>NewLeaf Wholesale</b> updated its NewLeaf Asset
Depletion, Residual Income and Jumbo 90% LTV No MI Product Matrices.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Speaking of which, <b>what is the news out there in down
payment and LTV land?</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Down payment assistance programs are helping middle class
families buy homes in hot markets. Mortgage credit certificates become more
popular and imaginary barriers hold back buyers. <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1irX70oc33FsElwysUORN81u0xKqTLtnSlJQIAuzYRkZarljguoTcFpBAIFHoHCUN4hvNz1J3aahw_wjFwoZ91My8Gy-ilZBm9CAM09AJdrBcruoy0c9nmyWGsT335SpEgRANIpiDhxbq4wDHi0cV0qXUN427f7atjSoPWe50SZZMUkA_pCYlhZi0A79wG9VeXNLA5BUV1y9a2eEk49huzTERaXjmD6J_upMARhNGLbe7c=&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">The February Down Payment Report, covering news and data on
residential down payments, is now available.</span> </a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Pacific Union</b> <b>Financial</b><span style="color: #eeeeee;"> announced the launch
of PacificPlus, the latest nationwide mortgage program with <a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1irj_TnWXYovYKronKBtDzLusRahXENRlIbeEfcjgAQsfyOBQv4xUXRIJH1JTr8g4UUEterioqud5SXBh9_L-Iu-eameI1Q-g0yfMyiGlXXSTzCG34I_MQDqQ==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">+Plus</span></a> down payment protection by </span><a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1iriY_kUDTTh-u5OQHSH0KHtLkIdL7UsBZ4L35wnRvqUKDjWzGgD1-CcvoHZICOfoIsFASNqeUS75xrO5r9-Pwi2NyUrifVXy88Y1dmGLs_MBI2Z2EY-gE7-Q==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">ValueInsured</span></a> embedded directly into the mortgage loan. With
PacificPlus, homebuyers can safeguard their down payment and buy with
confidence. Even if they need to move and real estate market values are down
when they sell, up to the full amount of their down payment may be covered and,
if all program requirements are met, any potential loss would be reimbursed.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Atlanta-based Down Payment Resource (<a href="http://r20.rs6.net/tn.jsp?f=0018Ix50RY9mjIRCrOTPYgns6jCaX6tQqBMVu5qbS0NLW2_YI5ESLfDWTpntAdZj1irB2I30ek-1ZwalDnqVcJK7xxxSntq3HQsT5HnIqw-oSmdmQ6bWlyTM4YR6aJ6dUQjdx3yyjPi4VcsDKfMjBr9DBNrZCdoK_KOmtbCng6cpjntjQH44IwNYQ==&c=XEallaPK9t56wEi2Xtr6hjlyp1Rsotzdg7C8dqSchbNQKmtNm3Kpag==&ch=jMZhQfYJkPxxJnV9U372TZ2VQSqmEkJpFdk4lqCuojruqEfqkI74Mw==" target="_blank"><span style="color: #eeeeee;">DPR</span></a>), the nationwide databank for homebuyer programs, and
the New York State Association of Realtors announced <b>a new down payment
program search tool for NYSAR members</b>. "The online resource will allow
New York State's Realtors to search and review eligibility and benefit details
of all homeownership programs in New York, helping connect their buyers with
available programs. Down Payment Resource's database uses a proprietary rules
engine that automates the process of matching eligible borrowers with
affordable lending programs, including down payment assistance, grants,
Mortgage Credit Certificates and more. DPR tracks 2,400 programs nationwide,
including 100 programs spanning New York City to central and western New
York."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Per <b>FAMC National Correspondent's </b>recent update,
properties that have been listed for sale must be taken off the market on or
before the disbursement date of the new loan and follow the applicable program
LTV/CLTV/HCLTV ratios. The previous requirement was 6 months before the
disbursement date of the new loan and limited the LTV/CLTV/HCLTV to the lesser
of the program requirement or 70%. In addition, all outstanding student loans
require a monthly payment to be included in the borrower's monthly debt
obligation, regardless of repayment status. The monthly payment reflected on
the credit report may be utilized for qualifying purposes. If there is no
payment indicated for the student loan, or if the credit report shows $0 as the
monthly payment, the qualifying payment MUST be calculated using one of the
following options: 1% of the outstanding student loan balance (even if this
amount is lower than the actual fully amortizing payment), OR A fully
amortizing payment using the documented loan repayment terms.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Yield curve update? As Treasury yields rose after the
election, then fell again, and have recently moved slightly higher, the gap
between two- and 10-year notes has settled to pre-election levels of 1.04
percentage points as <i>the market's expectations for economic growth and
inflation drop</i>.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Looking back to Friday, the bond markets were certainly
influenced by the weak Retail Sales and Consumer Price Index reports for
April... does our economy need, or can it absorb, two more rate hikes this
year? Especially if they're combined with a tapering of the Fed buying MBS?
Consumer spending, however, is clearly on a path toward being a much better
contributor to second quarter real GDP growth than it was in the first quarter.
And consumer inflation pressures moderated a bit in April. (That won't change
the thinking that the Fed will raise rates at its June meeting, yet it will
temper concerns about the Fed possibly needing to be more aggressive with its
rate hikes.) Rates headed lower with the 10-year's yield hitting 2.32% although
it closed at 2.33% and its price improving nearly .625 better than Thursday's
close. As usual, the 5-year T-note and agency MBS prices lagged somewhat,
improving .250-.375 depending on coupon, security, and maturity.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Overseas fun? Early last week the financial markets were
breathing a big sigh of relief with the results from the French elections,
which produced a lopsided victory for the establishment (i.e., pro-European
Union) candidate, Emmanuel Macron, versus the extreme right candidate, Marine
Le Pen. One less thing to worry about.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Looking at this week... there isn't much at which to look
for scheduled news. And who knows what will come out of the White House? Expect
volatility to remain low - which is fine with most folks. This morning we'll
have the Empire State Manufacturing Survey (May) at 8:30am ET, along with the
NAHB Housing Market Index for May. Tuesday are Housing Starts & Building
Permits for April and Industrial Production and Capacity Utilization for April.
Wednesday is only the MBA's Mortgage Applications Index. Thursday are Initial
Jobless Claims, the Philadelphia Fed Index, and Leading Economic Indicators.
Friday is zip.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> The Comey fallout continues although the narrative around
the Trump/Ryan pro-growth agenda isn't changing dramatically. In the early
going, pre-numbers, <b>we find the 10-year yielding 2.33% and agency MBS prices
roughly unchanged versus Friday night, so rates haven't done much since the end
of last week</b>.</span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-33896369703741943732017-05-12T07:35:00.002-07:002017-05-12T07:35:57.434-07:00M&A, UDAAP Settlement, TARP Update, Upcoming Events, Wells Eyeing Non-Agency Issuance<!--[if gte mso 9]><xml>
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9.0pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a></span></div>
<div class="MsoNormal">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">A student in chemistry class was instructed
to create a new substance by mixing some special ingredient with water. But the
student chose the wrong ingredient and the teacher realized mixing it with
water would create an explosion.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He stopped the student and asked him to
first stir the water in the bucket for five minutes before adding the
ingredient. The student wanted to know what that would accomplish.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The teacher answered, "It will give me
time to get away."</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Want to help educate a real estate agent, or a home buyer? Show
them </span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0JBjZtAr2X7bxYFaIuaNppW9M6_HbDo5AoHWxw-_JdlBBh0ZPXMO7yX33qI5N8Q-pj4Uruo2a2G5L-E0B24mSmhVY6jBqbNcDBlAR9tYG8b8=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">this site</span></a><span style="color: #eeeeee;">. "...comprehensive, accurate, and reliable
neighborhood information. From environmental hazards to criminal offenders,
school ratings to crime..." </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">Jobs, personnel changes, & business
opportunities</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "<b>A Top-10 Retail Lender with a deep-pockets parent
is looking to purchase/merge originating lenders with production of $500
million-$6 billion annually</b>. We offer extremely competitive compensation,
pricing and sales support structure. The key areas where we would like to add
new teams as part of our family are; NC, SC, VA, IL, MI, MW, TX, OK, Northeast,
OH, AL, LA and MS. We are not opposed to other areas of the country as well,
however. We will negotiate the best terms for the best companies. A 'plug n
play' approach allows for smooth transitions with little interruption to
business flow." If interested in having an initial discussion, <a href="mailto:rchrisman@robchrisman.com" target="_blank"><span style="color: #eeeeee;">please email me</span></a> so
a direct connection can be made; please specify opportunity. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">The government and lending</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> UDAAP, with its treble damages, is a bear. <b>The FDIC </b></span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0sAWFbAex3uSDztXU8ByoVypAt1l1MUileQ7xPHJrYM_O8k3FNM4VKGzzSg5nPT_F6C-iocLqzeNpNzzqf5Ju6CXq1ZR9QJOka9mLqUTXzLdte0lMLlXZVRcupO4qprncXp7a6dxEWr6kchoLRrgzNGtfX8LTy9qn&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><b><span style="color: #eeeeee;">announced a settlement</span></b></a><span style="color: #eeeeee;"><b> with the Bank of Lake
Mills, Freedom Stores, Inc., and Military Credit Services, LLC, for Unfair and
Deceptive Practices</b>, and it requires restitution to harmed consumers
including military service members and their families. "The Federal
Deposit Insurance Corporation (FDIC) announced settlements with Bank of Lake
Mills, Lake Mills, Wisconsin, and two of its institution-affiliated parties,
Freedom Stores, Inc. and Military Credit Services, LLC (MCS), for unfair and
deceptive practices, in violation of Section 5 of the Federal Trade Commission
(FTC) Act. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "As part of the settlement, the bank, Freedom Stores,
and MCS stipulated to the issuance of respective Orders for Restitution and
Orders to Pay Civil Money Penalties (collectively, FDIC Orders). The FDIC
Orders require restitution of approximately $3 million to harmed consumers, and
assess civil money penalties of $151,000 against Bank of Lake Mills, $54,000
against Freedom Stores, and $37,000 against MCS. The Orders require a
restitution plan that covers all past and present borrowers who, from 2013 to
2015, received loans originated by the bank through Freedom Stores and MCS, and
were harmed by the practices identified as being unfair or deceptive."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>What were the companies accused of doing? </b>Charging
interest to consumers who paid off their loans within six months when the loans
were promoted as six-month interest free. Selling add-on products in
conjunction with loans originated by the bank without clearly disclosing the
terms of those products. And failing to provide consumers the opportunity to
exercise the monthly premium payment option in conjunction with the purchase of
optional debt cancellation coverage on loans originated by the bank through the
Freedom Stores and MCS channels. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Did you know that 24 million people work for the
government in one form or another? And if it cuts back government payrolls (as
some politicians have suggested) will those people be soaked up in the private
sector? Billionaire ex-CEO of Microsoft and current owner of the LA Clippers,
Steve Ballmer, </span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC05O6A3oOWYx1GKYmOp1wwwrG3oBwBa07-usAFpYWbhiIBaNbW4GTxAEdwZcaiTbWOu6PG_7R-bRG8kPhqTRChs3RZGCxccl_B40wMUnvwL4-anCkE0qjKmvohf0fUpRykregUopNpfO-FJ8V0_JXmGtaYwtU2LHlPuLEOOYUb0PGx9OJQQBGowwABpgykphgxc5bWi3svJkRsOrddKjAPs2SjGhzKID4jlzrpaLHgIuI=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">revealed a database</span></a><span style="color: #eeeeee;"> aimed to report, record and track
government spending. In fact, it's more than just spending, it also factors in
deductions or lack of revenue. The project involves<b> "</b>a small army of
economists, professors and other professionals have been assembling as part of
a stealth start-up over the last three years called <a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC01ys8w_VRSqPN9zkjtCXXgoUrRqYvQGFXeC7Qxq8uTNAxbDJcbLaLJDbdZjy8t1UarErURng7eo_B4XNecruk9-f3hg119Zab4UBuc5v_FzM=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">USAFacts</span></a>. The database is perhaps the first nonpartisan
effort to create a fully integrated look at revenue and spending across
federal, state and local governments."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Remember <b>TARP</b><span style="color: #eeeeee;">? The U.S. Treasury Department has
announced plans to <a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0c1KeESw-8MxK1hegKTZiXwPiXoZOCmFNhHjYWRW0uNrcgQqfyDjxYBsu8QVmlbpxBynML57lvCK8e2oaQwNM_ubaNz0_mrg7QACKjjxJecQbjT1_u1JgcmG5kpfacZbSB9nX0QxmVFkjiTF2HHhA92__bNag3dpTqEsepf_kSWAcs2bq_EnucbF6SxOER2IErh-6ekxlR-c=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">sell $57 million worth of bank stocks</span></a></span>, which were bought
through the Troubled Asset Relief Program. According to the department's
figures, $275.8 billion of bailout funding has now been recovered, with around
$66.2 million still outstanding.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Housing's share of GDP </span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0hK168nrxPrm6damcP1Htzhgtwjr9M6cST-2ROojfr6cnZpKSY7M-LatMQmbbpNR6uy5qhMeN3IAyOyJqgmcY9wXsinQP7H79zSLW3C7B4I-B7luU4dKQDJwykUomuZL1vMgl6tBjYhtf1ER5cpC13iheA7kRmHzpf23vHQTG7n4=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">came in 15.6% in the fourth quarter.</span></a><span style="color: #eeeeee;"> Historically,
that number has been around 18%. Housing continues to punch below its weight,
as evidenced by tight inventory. It is hard to know exactly why homebuilding
continues to be weak - credit is an issue, as is the general post-bubble
caution, along with local land use regulations. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Trainings and Events:</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Today I am attending the <a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0x2zDXK1qO8UhU5gLErPxEaBRbMtd_H2zHXksrRF6cedvTHNcYSYbbkmDyX21VYY90tJR5yUbee9RUgRSRhrYRsvvFOh-f97qfnidDdIqCPGw1AAD1tSSwUv0mKwaR8Nb&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><b><span style="color: #eeeeee;">WMLA conference</span></b></a> in Cody, WY.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>California's MWF is hosting a CalHFA seminar May 17<sup>th</sup>
at 8:30am-12:30pm in Long Beach in conjunction with Genworth Financial. </b><span style="color: #eeeeee;">If
you would like to attend, please email <a href="mailto:Lisa.holland@mwfinc.com" target="_blank"><span style="color: #eeeeee;">Lisa Holland</span></a></span> for details. This is just one of our many
homebuyer assistance products, and the session includes training on all CalHFA
programs, borrower and property eligibility, processing, documentation, and
income calculations.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Data privacy and security risks are increasing for every
company. Gain a better understanding of privacy compliance, risks, and the
steps needed to protect your business. <a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC04hsSTOir5rKezJopfOItRO2ByffJxL-ak_dkGsTj5FUBuWdU2seoWkWdknDtT7qBrDBnVRAC-EluOQb5Y61zN0rYWsju9E3fbaoNJOCItvT7T9EeD6hB8sLWY2xhKuE-vYIEjpOxp5Tk8RQAEQzeHZEHGBPSkwLxJbbDvUN8d0NVFhmI63kHOxTEffC3SEzPdIAxzdYpkd6ILEb8Ol2CGb8NYKoQVzueEWVTShgc2bOwSc39c-7fLQ2iu7yZuUSCaSVbqRbP-cq0tAGOyITYuqndNwozGkldpFfhJo4z5RYEsyOsobtsj4kIwtBey4Na2-sgPv6H_TQCOIrglFb5f6x2UU1bKkx1SQkdBF05AAVSfAFD0X2f2Q==&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">Join Lorman Education Services on May 17<sup>th</sup></span></a> for a
live webinar to learn what every Attorney, Privacy and Compliance Officer
should know.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Learn about <b>Plaza's</b> renovation product offerings --
the Fannie Mae HomeStyle Renovation loan. The HomeStyle renovation loan is a
single-close loan that enables borrowers to purchase a home that needs repairs,
or refinance the mortgage on their existing home and include the necessary
funds for renovation in the loan balance. <a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0X-eakZh5PXpWTFH3vFSZSCOnYKzr_mLIoV3fiozR8TprGZF71fjDUKQRUHCCawqKcPWhW4l7UNGpxRjWT0bRMmV81dIZTNNxuAolCGWmt9pbpEqzdotf1oLC6v4N7hI39Y-E2U8XuT_ay-GrgLRBqBjaRzEVBeYh&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">This webinar is scheduled for May 17<sup>th</sup>, register
now.</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0pETS74GB-WWN3YoQSuSOBtaIflXn1zIgKMW6gzRx-g_Smid4ndThb2RktQllvu5017C4fVaC1SwY8E1UKFFm4IFkJCC4Qde2e94g6Jhjmv0QbL3by-PWJqXX-jN4c4zVLg9cfUqmN0w=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">Are you registered for the Great Northwest Mortgage Expo on
June 13<sup>th</sup>?</span></a><span style="color: #eeeeee;"> Be part of the area's exciting conference and
trade show for LO pros bringing together hundreds of mortgage brokers,
loan originators and bank and credit union lending officers from
throughout the northwest for an event full of education, networking and fun.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> If you think rates have been steady, you're right, and at
least one quantitative measure bears that out. The </span><a href="http://r20.rs6.net/tn.jsp?f=001uicRWHdu9xAZFKOhLQ9b61cE7N7iiUT7DsDK2m3vE4rW4u7xuVxA9ph1TbyMnVC0iTcfMSySG7EP1XmCH4QD68deG3rPwvATIMkc9rpXsJut7rrOU3YQpQfNhzDWQNVUoQF8po6Tx6DFu03zIjKPuCYeNAh6kXFdooCFm_xHel6-FeMJpqRuTFQZmfsCmrlHTHnVL-lQvmFKFkDTPmylthHbkWM94DOK3cKzYNQG2uk2S8H0woj69Exfm_58KO6svIWu0v2OS0j9L09oZFwR0dHhLTnOqSVwhDbalVZV0Tk=&c=kRxVOkH8vxOwR2fqJYVifPkSh4YOUc8ukltSbYSAWKV91FyObjdjmA==&ch=F-q0HhgfO7qftQRFBeCWrmWY6gCp4gMgYA1ui3VOy4WCaG59eoLE2g==" target="_blank"><span style="color: #eeeeee;">Merrill Lynch Option Volatility Estimate</span></a><span style="color: #eeeeee;">, based on
over-the-counter options on Treasury's maturing in two to 30 years, has fallen
to its lowest level since August 2014 to settle at "55.2203."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Private label, jumbo market?</b> Reuters' Dan Freed
reports that <b>Wells Fargo</b> is hoping this year to sell bonds backed by
mortgages without government guarantees for the first time since the 2008
financial crisis. Franklin Codel, who runs Wells Fargo's consumer lending
division, stated, "This year one of our aspirations is to come back to the
market with a couple of deals and we're <b>looking</b> at making sure we can
structure those properly ... to try to test the market and see what we can do
there to help bring confidence back."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "Never bet against the Fed" which released a new
purchase schedule and its 30-year conventional purchases are shifting up in
coupon to 4.0s at the expense of 3.5s. Based on recent statements it seems that
<b>the Fed remains on track to raise interest rates twice more this year</b>
(the odds of a June bump is over 75%) and potentially begin tapering their MBS
purchases. This week a WSJ article asked, "What Happens When Central Banks
Stop Buying Bonds?" It mentions that Central Banks have been the world's
largest bond buyers with the European Central Bank holding $4.5 trillion in
assets and the Fed holding roughly $4.4 trillion as part of their quantitative
easing (QE) programs. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Some expect bond yields to rise when the Fed begins to
slow or unwind their position like what happened during the 2013 taper tantrum.
Don't forget the "flow" effect of QE which is the impact that daily
purchases by central banks have on the markets. Bonds typically are stockpiled
by banks who may be more willing to offer investors better prices if they know
they can sell large amounts to an end investor (for MBS this would be the Fed).
If this goes away, then are other investors (money managers, REITs, banks)
positioned to take up the slack?</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In terms of the actual bond market, yesterday Treasuries,
and agency MBS prices, began the day slightly higher and ended the day that way
despite strong inflation and jobs numbers. The new 10-year note improved nearly
.125 in price to yield 2.40%. </span></span></div>
<span style="color: #eeeeee;">
<span style="font-family: "Arial","sans-serif"; font-size: 11pt; line-height: 115%;"> This
morning we already had more inflation news with the Consumer Price Index: +.2%,
core +.1%. Retail Sales also came out for April at +.4%, ex-auto +.3%. Later
are minor releases that cover business inventories and consumer sentiment. <b>In
the early going rates are lower versus last night with the 10-year at 2.36% and
agency MBS prices better .125-.250.</b></span></span>Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-39185193122115781542017-05-11T09:31:00.006-07:002017-05-11T09:31:56.318-07:00STRATMOR - # of LO Comp Plans, Legal and Compliance News and Classes - Texas Home Equity News<!--[if gte mso 9]><xml>
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9.0pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a></span></div>
<div class="MsoNormal">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The Will</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">In Annapolis, Mr. Wilson is on his deathbed
and knows the end is near. The nurse, his wife, daughter, and two sons are with
him. </span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He asks that two witnesses be present and a
camcorder in place to record his last wishes, and when all is ready he begins
to speak:</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"To my son, James, I want you to take
the Cedarwood Cove houses."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"My daughter Ellen, you take the
apartments in Highland Beach."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"My son, Joe, I want you to take the
offices over in the City Center.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"Sarah, my dear wife, please take all
the residential buildings in Edgewater."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The nurse and witnesses are blown away as
they did not realize the extent of his real estate holdings, and as Mr. Wilson
slips away, the nurse says, "Mrs. Wilson, your husband must have worked
very hard to have accumulated so much property."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">To which the wife replied, "My husband
had a paper route."</span></i></span></div>
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<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";"> </span></i></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">For me this week includes </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUijwMqwbjraZJD-CcRaLWkHdJlsHfN3h820hlmEx-_XBpIzICBG8KqSFAaqV7NpbZh6m2mzzA67cMeqVfTrHnAATrXu0x6Z-CgemnRn4gyKLg=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">Maryland</span></a><span style="color: #eeeeee;">, Utah, <a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUifxYtmwv-HjGJSKoGlAS8-0m8w2uLkrB8cnOObyoy2lSYx9ZtD8ojHCJw_wf7bYYT5va1pFQ0kk97dcaZUTc42dvhDAtCWKzeXMptpyqZz67URBNBij4wEpnQgq-hC3pn&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">Wyoming</span></a>, and California. There are all kinds of <i>rumors
out there</i>, ranging from Donald Trump naming Brian Montgomery as the next
FHA commissioner to US Bank re-thinking its role in the HFA administration
business. Stay tuned. The mood out there is somewhat mixed, depending on what a
given lender spent 2016 doing: making reinvesting in personnel &
infrastructure a priority, or not. We'll see how 2017 rates for the latter
group. It turns out states have underrated <i>places</i>, and since plenty of
people like lists someone posted their opinion of </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiM81PG8BNuxppQibLXHVBhlfY__3i95jx0reUN7xXEyoatEWDUF4jn7x6-FpM48sRCaQoQWBThlK28O81DQaPhg8IoUy2gB7aBNam8PI7ZjIvKhQUT0zON7rWU_NnRh868oVlNUNf2J4nShEmNBQXSsBx_UljInSic7mY0koWLJj1dFnoPUBlrd3O3u0eHa-I24LThTmC0mQ0Ba7d1nuZqInGgrvq6tBgxSuqbYWwR1Q=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">each state's most underrated place</span></a><span style="color: #eeeeee;">.</span></span><span style="color: #eeeeee;">
</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><b><span style="font-family: "Arial","sans-serif";">P</span></b><b><span style="font-family: "Arial","sans-serif";">roducts</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> What is the "right" number of compensation plans
for Originators? Lenders often talk about streamlining their compensation
plans, but that plan goes out the window when recruiting big producers. <b>According
to STRATMOR Compensation Connection, in 2015 the average Retail Lender offered
17 unique compensation plans to Loan Originators and that number is expected to
increase with a pick-up in recruiting</b>. How do your plans compare to
peers? Participate in the 2017 STRATMOR Compensation Connection to find out.
"This year we're digging deeper into benefits to look closer at PTO, Healthcare,
401K, and Educational Assistance offerings by lenders. <i>The deadline has been
extended to May 15</i>, so don't miss out on your chance to find out how your
compensation, compensation plans and benefits compare to industry standards and
peers. To participate, </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPM9jpuF4x1dXDxKc8iGBj06iNxvb56qDk8Us9l4DVb-jqx4VXTZKLtsRdBSr0DyW5FWUNM-IiwBHRiVNJh-l1ho_io3nWJt5jxFUG1H58B8VmCux96q3G0YCRaCsrnwQ5luqBKFJc4Ni0F80ykg4NGf11vAwO0tbFlQ==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">visit our site</span></a><span style="color: #eeeeee;">. For questions regarding this program,
please contact us at <a href="mailto:compconnection@stratmorgroup.com" target="_blank"><span style="color: #eeeeee;">compconnection@stratmorgroup.com</span></a>."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Mortgage Automation Software provider, </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiV103yXbRUv_Ap4N5VlQBT-1E85MoKKcv8wrvLIpjWo4t-Y1Zb8TbL9ExB1Q6xF-P0KA_Z24uEG8Ghga1n5WZJ5JGqed-6MTulFuDNRljogKpglgSkw9j20_mAbJbRuODWAwH_N2jFc9q0LFFOioGGCyjgZ_Ivz5Ub4QROzFSJ5Rf_ffXJCRrNcd_qPVQ1b6BwZYFeDJ4lj9S0wG-frzln7Ncke2oKekLRShLMyjAWrBoABVYD8FY6RGJHhJQxemgky94F6PanQY=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">Floify, announced the launch of their new Disclosure Desk</span></a><span style="color: #eeeeee;">,
which allows lenders and compliance teams to streamline the entire disclosure
process. The process of requesting, collecting, tracking, and securing borrower
disclosures has remained a very manual process, <b><i>often requiring
dedicated teams to ensure strict compliance</i></b>. Floify's Disclosure Desk
simplifies the disclosure workflow between the borrower and lender, saving
hours per loan and providing an elegant, modern experience for the <b><i>disclosure
desk associates and borrowers</i></b>. Lenders can track their disclosure doc
requests in their disclosure desk, get time-stamps on all borrower
communications and signatures, and can easily see the disclosure status of all
loans in their pipeline. Once approved, disclosure packages are securely
integrated with the lender's LOS. Lenders and their teams can <a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiV_9HeHKPsL5zde51MAhJz0INoxhUsVARWuuVk0wJJI2R87YNqeqyz2pHD22J6FnYPYFhgF5ljGXvReb9kHGxH05SH6YNOQGu3MxOiiczmoNFRWx_UHMZf8IKfQYeOMMMfcFCtKBvcsDg34GThrqIHQscUeZyVsmZH7ai0fewKS2uMJ_O3fcZWbTqjbE90JRRDWKn1Ix9b-sfoGeO9ADi78At1KrGNgQXy6RNgMG_X_UnKzz_DYPO9aHbwT_XEF8bMNARGBUkxpmDEKjdnxmpmw==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">get more information and a demo of the Floify Disclosure Desk
here</span></a>.</span></span><span style="color: #eeeeee;">
</span></div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> D+H's </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiS8VFCOaonQzdlTeyqREIIJaF_UlvXIqc893zGb4r1a66lw1nvcN6nb7p-etnxHx-50hfkhbu3T_6t_PhRRJNnG7QNRXYXbyouTnvFVKbvcdT8PkJ3qtJMd28n8jIiTjtvSIic-aZzrY=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">MortgagebotMobile</span></a><span style="color: #eeeeee;"> - an exciting new feature of Mortgagebot<i>POS</i><sup>™</sup>
- is a web-based solution that allows financial institutions to take accurate,
qualified applications through smartphones and tablets. You might ask, who
would fill out a mortgage applications on their mobile device? Or is this a
necessary channel? Early adopters of MortgagebotMobile are seeing upwards of
20-50% of all mortgage applications being started, worked-on or completed in
the mobile channel, most coming from non-Millennials. </span></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";">Can
you afford to miss out on that volume? </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiFlaL0Yddgpj2Ix14V-TWQ2UR3uE4l56c0Wd24XaDyPA2BH_TuDhKcLSvo8aV97GTZNoyVoIQTupISMMZtwGGa_7mF4KZFwNVq_bpxQCCysNXaZ4PZYPd6Q==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Click here</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> to find out how you can increase your competitive advantage by partnering
with D+H</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Legal & compliance</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> The question out there in the industry is if standardized
federal regulations would lower costs. Plenty of smart folks wonder if moves to
federally de-regulate will cause "blue-state" legislatures to
essentially amend state regulations to comply with previously rescinded federal
regulations. Having differing regulations across different states would
certainly drive up compliance costs for any mortgage company doing business
across state lines.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Trump's review of Dodd-Frank </b></span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiAM8S02P6Gc0n-W4VRWbg9qPV7JyLUQo1JxbGtELNGcwrGAchRpJdCI7j2fV3XWVTj6ZbLP3Z8dFASMVzV3G2oWi28xIFK8wywXInV0OweB-qkxaBVXJfsOCd2-XsALx0QJ6MXz_YBcPwx3qDsyVwqlDqspOD4t4Ww8k1nPD-lKw=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><b><span style="color: #eeeeee;">won't be complete by June</span></b></a><span style="color: #eeeeee;"><b> as originally targeted</b>
due to staffing shortages and instead will be done in stages. The Treasury
Department will first report back on what banking rules could be changed,
including capital requirements, restrictions on leverage and speculative
trading.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The U.S. Department of Housing and Urban Development <b>(HUD)
</b>announced </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiobWDnHh_4unnSQciBEZOCWsrVA5y1_syE2Y3M_kRcSvY8bhiaj-i0-sEUadNxJH1qcTOzIg9CoziasoNKdHsJ8sbkWIn7GdC6cu9w_7nlkjcjLbpj8ASbOuCkl9hjzL24BF2qgOEVcgwyjwSUHKb2KB1RaKT5-XwmR5J-ZEko7kXLmIEUiiSGw==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">an agreement</span></a><span style="color: #eeeeee;"> between<b> Wescom Central Credit Union</b>,
based in Pasadena, California, and a married couple, resolving allegations the
company denied the couple's mortgage loan application because the wife was on
maternity leave.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Thank you to <b>PrimeLending's</b> Mark Raskin who sent me
<b>an update on Texas home equity news</b>. Namely, the Texas State House
passed SJR 60 (companion House Bill was HJR 99) meaning a proposed amendment to
Section 50(A)6 of the Texas Constitution will be on the ballot this
November. The TMBA has been championing this for several legislative
sessions. Key provisions of the proposed amendment include: removing the
"once a home equity loan, always a home equity loan" provision
currently in place, providing consumers an option to refinance a seasoned home
equity loan into a non-home equity product, lowering the cap on fees from 3% to
2% BUT excluding title premium, appraisal and survey expenses from the fee cap
which will allow lenders to make smaller loan amounts to consumers, allowing
farm and ranch property owners the ability to obtain a home equity loan while
maintaining their agricultural valuation on their properties (currently only
available to farm and ranch owners that have active dairy farms), and several
other technical changes, updating out-of-date terminology, etc. </span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>The California Department of Business Oversight</b>
(DBO) </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUimFqDjz3Fh38WOvGRLYVNFoqRQbY5g61txRNaFUSGGnaycLsZUyR7WPEBWGG3wHdCH3C_0_GjKBs4pbjS7xHge6Mmwx6umXGI2wacj4XbzXViysEashFKHVRWUlXUcE3-MOsoHNOYznk3TeRggsncVRSJ7Nsv5zja&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">released updated information</span></a><span style="color: #eeeeee;"> regarding compliance with
Financial Code section 50204, subdivision (o) and Civil Code section 2948.5 (<b>per
diem interest</b>). The California MBA has been working for quite some time on
the issue, and is "pleased to see the Department making progress in
helping our members comply with the applicable laws.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Clayton Holdings LLC</b>, announced that it has
developed an enhanced internal audit services program. The program is
designed to help bank and lender clients develop, manage and enhance their
internal risks and controls programs and comply with new government-sponsored
enterprise (GSE) and Consumer Financial Protection Bureau (CFPB) requirements. </span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> There is only one week remaining before the implementation
of <b>FHA's Loan Review System</b> (LRS). When LRS goes live on May 15th,
lenders will use the system for all new post-endorsement loan reviews and other
quality control functions for Single Family Title II mortgages. During this
final week before implementation, lenders are encouraged to check FHAC access
and assign user roles. All users access LRS through FHAC, and must maintain a
valid FHAC user ID. Each lender's FHAC Application Coordinator will need to
register new users and reactivate expired user IDs for any individual that
requires LRS access. </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPM_CCg49OJalxYfabk3Ml8KKobpQZeuFfVgoXUSKZdwlOO5-yZ5pskTjynBr2qp5qqpJqaQawfCl6rD5mXJEbOCHhUnp4fBOQ3_xcOodK1nq3W_nOwGetYXDe1fQSv73e-gBTxYSkW45Vp03jDzUntOU=&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">For information on registering users in FHAC, refer to the FHA
Connection Guide.</span></a><span style="color: #eeeeee;"> Also, lenders should review documentation and prepare for
transition. A new <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUinxRA702qO9QBnFxpR_hFRfBIHCnKkUBOchSjRpHDAlZVuUjtQ2LQPipl7u960o8DVpgREifxaKCuAzakf8ecV4HSEZLJmtgSpNMHIp03rM6RIL9Zyb_T4pbeBgbaBWHNnc9B_qSpbOumBIWA4KGNUsj7sL_L6tukETV_2ASHsw3RlqHqFMv6VQ==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">LRS Fact Sheet</span></a></span> has been posted.</span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUip3UcAUtF03KNCBQhInq9itTmFGUP9-macv0TvAXM588AsLRUB48WsiGqTD8bdhI8mWfREELfSam7PTl7WWbkO5mYVeXE19mM6FaR1js48mjyxwiQmaQhq_UJeok2mYX1&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">Lenders Compliance Group</span></a><span style="color: #eeeeee;">, the nationwide risk management firm,
announced a unique, cost-effective review of a financial institution's
Compliance Management System. The product is its due diligence service, the <b>CMS
Tune-up! "CMS Tune-up! </b>is a hands-on, cost-effective, due diligence
review of a financial institution's Compliance Management System. The unique
review is conducted by the firm's Directors and Subject Matter Experts and
includes a full review, subject matter experts, executive summary,
recommendations, and a risk rating. An effective Compliance Management System
is comprised of three interdependent elements: Board and/or Management
Oversight, Compliance Program, and Compliance Audit. Until this introduction of
CMS Tune-up!, there really has been no cost-effective way to obtain an overview
of how well a financial institution is complying with the regulatory mandates
set forth by the Consumer Financial Protection Bureau and the prudential
regulators for implementing a Compliance Management System." (For more
information </span><a href="mailto:Compliance@LendersComplianceGroup.com" target="_blank"><span style="color: #eeeeee;">email LCG</span></a><span style="color: #eeeeee;">.)</span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Today, May 11, from 2:00 - 3:00 pm EDT, <b>Buckley Sandler</b>
will host the complimentary second of its five-part series of </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiUe4tgR2IfTZhzgeUA6xFBXoGK-o3y8O3RyNzJxA_G6ZcE6GedHNnWZcH5qcW1tK43Qvjgu_Cca77fnm57dVQ2qxUrixaHyo_Y52ifeRA99DXDT_tV3z77mz_vgOtEWQKaMkOe1tQgRVHCRV98IbuL8Q-Og58wA3O&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">webcasts focused on state regulatory and enforcement
issues and trends</span></a><span style="color: #eeeeee;">. This session will focus on current trends in the
mortgage licensing and regulation space, such as the re-emerging wholesale mortgage
broker channel, understanding the third-party loan fulfillment space, recent
shifts in regulatory treatment of master servicers, and increased activity in
the reverse mortgage lenders/servicer space. (Registration required. No
outside law firms, government agency personnel, consulting firms, or media.)</span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiHANTpUNMO43LXFRBuzQF-UF8kUclpIe2OkjyVvE-lpoyqngEjZhrdLor6owmxPUjp0fN6rgnp8jmC44E-bHlIRyphO306TPFO5hVD9zNfsgf6ysRF_XKCMLatq4GbpXgbw6QOxKD2HsE2JvaQ96qoYmpRJMJ2RtdWEfo752KIW619ZbvYEqrZDALtq8tScjzQzmGDFLrmYzuiC4tvSc3oGA6m_kI0GIvxm5-TJ_Nr2w2aavzvyQlUzMBxaf_P0MbSHJZq8eRB7ywLmpOv2vXLhk91dy_DSf5Yv3_DDkB3_fZTrJzv-QZyA==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">Another webinar</span></a><span style="color: #eeeeee;">, this one not complimentary, covers, <b>"Financial
Institution Sales Practices and Incentive Compensation Arrangements in the Wake
of Wells Fargo: What Can We Expect from the CFPB?"</b> The presenter is
Chrys D. Lemon and takes place on Friday, May 26, for an hour. "'Tools and
Techniques to Develop Sales Practices and Incentive Compensation that Minimize
Regulatory Risk and Avoid UDAAP Violations.' Chrys Lemon will provide you with
tools and techniques to develop sales practices and incentive compensation
arrangements that are designed to minimize regulatory risk. Chrys will talk
about how an incentive compensation program can create UDAAP problems, if it is
not properly structured."</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Miami in late September is a fine place to be, and the MBA
is offering <a href="http://r20.rs6.net/tn.jsp?f=001lo4tDaV8oWqOEmbgsQTpkAv1eiAmYXOJCtiKa7_wxJyIgsMDbpXPMyL3HniNolUiiNlMUrzGqHw7iXAVB0LsQAz_MoX_oTH7gLs5niU6quEnQbSHiGkpYBb3yfXDMCqtMZ6PQldjF2pLlM9bnKZ7ej7FjcuzlFZWKDWrkRgEyZwzlAh-bkCOTXTuS1IVxWQWvmZO_bFPouKB_DQMK1b9QrkFeXb0n5eudWcS_3aVcAbt-ZXN6ngWOLqPuFmhPmuTAXpovFSjQICI7oJkW2SVnA==&c=BkHdzY5kIoJt7aWRm4bzQZu1Hgj2u6r-yn650GB-rFK23qz-b9wjjQ==&ch=j_LLTK8N4tXmAGOKmHe6HUbv-IgiLSQSGWB2aAf_EdMBcU_Lu4IItg==" target="_blank"><span style="color: #eeeeee;">RMQA17</span></a>, divided into four session tracks to "provide
you with timely, valuable and critical industry information. It is the one
place to get best practices and the latest updates impacting risk, quality
control, underwriting and fraud prevention." The tracks are "Fraud
Prevention," "Loan Quality Assurance," "Risk Management and
Valuation," and "Underwriting and Compliance."</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Rates: up some, down some. Wednesday was a smidge lower
and "wider" (compared to Treasuries) after a scattering of news and
then a disappointing 10-year T-note auction. (The NY Fed released its tentative
MBS reinvestments covering the May 11 to June 12 period in addition to the
latest FedTrade schedule covering the May 11 to 24 period. MBS reinvestments
over the coming four-week period are estimated at $24 billion - <i>a little
over $1 billion a day</i>. Fewer loans are paying off early.) For Wednesday's
session, the 10-year note closed yielding 2.41%.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> This morning we've had jobless claims (-2k to 236k -
strong) and, as a measure of inflation, the Producer Price Index for April
(+.5%, core +.4% - higher than expected). <b>We commence Thursday with rates
not changing much: the 10-year yielding 2.41% and agency MBS prices down a few
ticks.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-41318611845056832842017-05-10T10:37:00.000-07:002017-05-10T10:37:02.405-07:00Radian/SEC/BPO Probe, Training and Events, Freddie and Fannie Changes Don't Stop
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<span style="color: #5d5d5d; font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;"><span style="color: #eeeeee;">By </span><a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #5d5d5d;"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></span></a><o:p></o:p></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">The</span><span style="color: #eeeeee;">se are classified ads, which were
supposedly placed in U.K. Newspapers:</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">FREE </span><span style="color: #eeeeee;">YORKSHIRE TERRIER.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">8</span> <span style="color: #eeeeee;">years old,</span><span style="mso-tab-count: 1;"> </span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Hateful</span><span style="color: #eeeeee;"> little ba$tard.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Bites</span><span style="color: #eeeeee;"><span style="color: #eeeeee;">!</span></span><span style="color: #eeeeee;"></span></span><span style="color: #eeeeee;"></span></i><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
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<i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> FREE PUPPIES</span></span></i></div>
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #333333; font-family: "Arial","sans-serif";"></span></i><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">1/2</span><span style="color: #eeeeee;"> Cocker Spaniel, 1/2 sneaky neighbor's
dog.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">FREE </span><span style="color: #eeeeee;">PUPPIES.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Mother is a</span> <span style="color: #eeeeee;">Kennel Club registered German
Shepherd.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Father is</span> <span style="color: #eeeeee;">a Super Dog, able to leap tall
fences in a single bound.<o:p></o:p></span></span></i></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">JOINING </span><span style="color: #eeeeee;">NUDIST COLONY!</span></span></i></div>
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #333333; font-family: "Arial","sans-serif";"></span></i><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Must sell washer</span><span style="color: #eeeeee;"> and dryer £100</span>.</span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">WEDDING DRESS FOR SALE.</span></span></i></span></div>
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<i><span style="color: #333333; font-family: "Arial","sans-serif";"></span></i><span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">W</span><span style="color: #eeeeee;">orn</span> <span style="color: #eeeeee;">once by mistake.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Call</span> <span style="color: #eeeeee;">Stephanie.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="color: #333333; font-family: "Arial","sans-serif";"> <span style="color: #eeeeee;">FOR SALE BY OWNER.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Complete set of</span> <span style="color: #eeeeee;">Encyclopedia Britannica, 45
volumes.</span></span></i><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><i><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Excellent</span><span style="color: #eeeeee;"> condition, £200 or best offer. No
longer needed, got married, wife knows everything.<o:p></o:p></span></span></i></span><br />
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">For appraisers, sometimes a simple 3 bedroom, 2 bath tract home
can have complications </span><span style="color: #eeeeee;">that make things difficult. What about </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHE-buRXf96-PtBCkihcEDJUcG41xBE9wvma642LFpq7TUnB0Iyl1S5pjln6v4MMKH5kkQsNzRy92OiTcHAJTPVgXi0RQmGUwrK4455NqsxUWMQ4jAjEcZej44K4vGiljrUGP0MyawhHm2t2ulyEhsXJZBV7vHvAD-uyVvIEBzTHE6_Un4XW46iMFcy9dsK56awpUb5au7JHk4x3okwpn6GA1OleU8YOMjuatFXeltUtHlqg4QOB0pU5OAXJcvUw02a&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">houses that actually "hide</span></a><span style="color: #eeeeee;">"?<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Pro</span><span style="color: #eeeeee;"><span style="color: #eeeeee;">ducts</span></span></span><span style="color: #eeeeee;"></span></b><span style="color: #eeeeee;"><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEpY8Esjb3EbWqLOAHwcusoHyL9pBhva0AXHT1VlxgKBrpxM8fY2zg25oDFicPMxqw5ZrP9GdG-GTfGwoQQ78Jub-XEO7adph7NXhFeZSbNX6xwwcVIwN6nVAFMcKCgFpQ&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><b><span style="color: #eeeeee;">DataVerify</span></b></a><b><span style="color: #eeeeee;">, a leading provider of risk mitigation
and verification services, announced it is an </span></b><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEl2jcUXL33wQJ0FwbwKofp41XbtvRKKEU5bhUNTzdAvh0sRddDgtTpnAlykVVrmIbQxWo2kS2JZ1HfXynd_01UUmafqPXsm5pnc7b-Tl9pLITo5RV845vsIYvfJSeYSLx&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><b><span style="color: #eeeeee;">Authorized Report Supplier of eligible verification reports
for Day 1 Certainty</span></b></a><b><span style="color: #eeeeee;"> from Fannie Mae.</span><span style="color: #eeeeee;"> "</span></b><span style="color: #eeeeee;">Day 1 Certainty from
Fannie Mae provides Fannie Mae customers with freedom from representations and
warranties on key aspects of the mortgage origination process. Lenders
using DU from Fannie Mae now have access to </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEl2jcUXL33wQJ0FwbwKofp41XbtvRKKEU5bhUNTzdAvh0sRddDgtTpnAlykVVrmIbQxWo2kS2JZ1HfXynd_01UUmafqPXsm5pnc7b-Tl9pLITo5RV845vsIYvfJSeYSLx&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">DataVerify's 4506-T IRS Tax Transcript Verification services
through DataVerify Validation Services.</span></a><span style="color: #eeeeee;"> 4506-T IRS Tax Transcript
Verification services from DataVerify feature the convenience of e-signature
backed by the power of DataVerify's revolutionary platform. The platform
evolves dynamically through the origination process, providing lenders
comprehensive data aggregation with user simplicity. The result is a highly
efficient workflow with consistent results. Brad Bogel, Senior Vice President
of DataVerify, noted, 'Having a direct integration to Day 1 Certainty from
Fannie Mae services ensures our customers a secure and efficient method for
evaluating and delivering 4506-T IRS tax transcript information.'"<o:p></o:p></span></span></span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Radian's Green River</b> unit, which provides broker
price opinions on residential real estate </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEEcXz3kuPtVxlgQ9LOjgsp8Sh0PlUJMiZ6gDa8IgSIB1u6Va_HiWs8xWsvL9wORBFUTUjOJGkFYY9u9y2BnginHZj8UnXZeKNcNgcVzjR7C9VzekuaHQylKbcVZIMvAySBe0CFznLZoxaePQwpGb5alNRcNPmSYniiaVA-4myklqSldT8zuP8gf6oA2YgLSrHWNXJA1R52OPwNmSdjNUA9w8cKtqA-5YUMxARt3XHQAI=&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">is the subject of a SEC probe</span></a><span style="color: #eeeeee;">. The feds are looking to see
if BPOs were inflated on some bond deals where the interest was paid from the
REO to rental trade. Brent Nyitray points out that, "BPOs are cheaper than
appraisals and are based on 'drive by' evaluations. Many bond ratings agencies
haircut BPO values in their assessments. If it turns out BPOs are inflated, it
will probably have a dampening effect on bonds used to finance the activity.
The plus side is that if private equity firms begin to unwind the trade, it
will add some much-needed supply to the market, especially at the lower price
points."<o:p></o:p></span></span></div>
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Trainings and Events:</b><o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Do</span><span style="color: #eeeeee;">n't </span><span style="color: #eeeeee;">miss the <b>California MBA's</b> Legal Issues Committee's
next </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHE4AKXp3_g9SYBBfkjmR7zRt6D5CK8BzuDGESt8kIE0Zlpke4wEp44cfgMycVUNYflgOsQ8al_ONI6avCc9r5IfBq8dAEJU65KyZXbctDvnzcsgFHOC0OrRmbiad84Qyf2pk3ItBmjt1mSaoqCanAxyqqUhgmkKmd44cLalpoGlmFtAJaADfk7cfAuMh4pnTKlX1-GjLG4N_DVLwMpA7ZOR_FZ9oOoCkurOPETVSs4OcM1gtb3A3W5iuyQjy4RbSZ4S75FaWuYMxo5IuE4LLRuUPhEV-f_0c0lOv7qDpg5_LxGyuOETUqAsE8aanKdESy9mWygKbcKTO9r4cNPtophlpHgWc9A9fi236szPXJMSP0UcW1xyEsI4pp3uruKaHNFnZNopl5qGKipB4CP30WGeIAbb10vaBtGwNpA6TDZ0M6e5wpWyL1Jdp428o468_YKQSvpdW0-zer8n8qg9JxbAEGHfayjgbEnIAnmgh-ES3MhYziTDoEYkh2XYZq3sUUd2Tf4aIE0yLv89XBu7XN0lTdHSd64uhhCx-AyqjefHR7qcfA3HhilAt_qdk7K5hX2u3mWGumqSO93iipiodYdKtRhqcpHxTyLsBnSUv48NDbTnHvUAxV-px2dmU5gcOeDhEmZeLJOgAGxKlVpq_hdtv214rTQ74PQTE4fqA08h_a_sTRDWE99QJHR95qVoJWoS4aea2SLHmtVIpRKWH2KDKDT-SxsfDIYJyWGibzDq3JH3Vl1FViUO__SE7p4ZhPhl2Z6mcdo5J8=&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">free webinar on May 16<sup><span style="font-size: x-small;">th</span></sup>.</span></a><span style="color: #eeeeee;"> Learn about strategies
for defending Homeowner Bill of Rights (HBOR) claims, and find out about a new
detailed licensing pamphlet the committee will be releasing soon.<o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Registration is now open for <b>Fannie Mae's</b> 2017 QC
and Underwriting Boot Camps'. This year, by popular demand, Fannie added a
project standards track for lenders who want to increase their depth of
knowledge on requirements for condo project reviews. In the latest post in a
series of Perspective pieces by Steve Spies, Vice President -- Loan Quality,
Spies shares a </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEhw82K0xSmKKpJ-i6u__Qi8_yt9dh395DGMAllgPlVDW7cS5B7IUCuXJ7zcAhlmEwkfeA_K6eTxAgkmYLvS_v3gVn_Q0Z2zf8LTctX4Tg_PFYu2zQiblrihJ4kVCKl2VZ7w5ncMcwo5oZ-UJeSG-1B7TcWGb3NbRKD4RYhnKyRXIoQF_4qOAVxiDX8XIEE9PZOZazWrzXpwolNCtGM3Dng5foRZ6skXK1CjBLKDpoV2OMh8gVU9oh4g==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">top ten list of the profit-saving benefits</span></a><span style="color: #eeeeee;"> of attending its
Boot Camps. </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHElAdgrJ7UeCDeOGQ9Z1xTDmq3BFy_NO9A9QSs1VYrj8BRdxSJH4g_LRkoYJ1FaqutIRJWsUXbbwEZJXwxG5fti8HkcVYrB425BR81lCr0_cWigJyyYyatTNhT6PkwMJ0eLVXWAobf0an4aVQURvJQu6Au_K0PCXwApGX23rEBH9xAVDl5crrg8w==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">Check out the Boot Camp fact sheet, including</span></a><span style="color: #eeeeee;"> agenda details,
for more information or </span><a href="mailto:qc_bootcamp@fanniemae.com" target="_blank" title="email the Boot Camp mailbox"><span style="color: #eeeeee;">email the Boot Camp mailbox</span></a><span style="color: #eeeeee;">
to request an invitation. Participation is exclusive to Fannie Mae
seller/servicers.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Recently</span><span style="color: #eeeeee;"> the GSEs completely redesigned the 1003/Uniform
Residential Loan Application (URLA)</span><span style="color: #eeeeee;"> to support changes in mortgage industry
credit, underwriting, eligibility policies and regulatory requirements. <b>MGIC
</b>will help you prepare for the changes to the 1003 in a webinar featuring <b>David Luna</b>,
President of Mortgage Educators and Compliance, a nationwide NMLS approved
education provider. </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHE9hCWxCxwce43aZGASl6pwwUu0thk-TBnGIavTCuh59b7X30gXH_sB3hbar3d6OTAuUId2UhTwpUrrWafFflTcg78gxApFU-saTMDnG8AXP0W7pgOCg-l9lhE_lf5lph3TVCecqn9xmbMEoP1vjGPxdTbkqm50Ipta-rM-lqrBAYxrLNXdLXVgwbdkltt_4YKX7UxlOnGKoJD1yQZ8TQwbUu8Ev4vxkBY8PLY8QjPJrp-31zcofQAjMgXzkkdp1f1SszxkZc0xp3_qcl8e7T99evE7QnrGlRFMURGhNTkd7bZ1upPMKTNApR7scZ0fsQdCNF6rBqSoz_wEMrvEl6jdjef3QUJdJbfpQyV2NML0Zgu0dBGLoIYvL0RApHjtqk7Z9ig33WW3FVh-Tr-HjmUeHan-qcSXiIX4lViPIwCvuWdfzekLSrQP0L8-tgZd0JS81goxJFR5vGwbmqT02AxvIr1sFSrCWKKejtKPaqtCfxoSxC1HBHIUgagpaqQLqJZkt8GSu6Avk8lzI3IDIyxxg9lTkaoXvikFvdkowclpTdr_agu3hxdRGeh6ZWtxHxC_OJFkB6AVQi-6R5JQf47BFDhO2ALf2URpHTDg8UeUU6I55ZaqiVOmvQOn8GuN-2GlOegO7Xc2Xux8n3wLFSybiHQBc1tv9TqdraoZvkiRwKHOTfitc0lIQEnc7ehnR_yzbZFqDuktTC4nS0p4kKu8ChqpXYSvwJmAYaQW8DIy_wppHfhVGVgpxA6nrEPzYpNK5pZJ1RWl1cMmduMo0Am9fZu0dk6TH6f1TDx5-vGeVDPzzxxd5IZyzdq0mXWnGFFHhnE2o8W3ICLk399isRX7g==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">Sign up for one of three 75-minute webinars.</span></a><o:p></o:p></span></span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Finance of America Mortgage</b> now offers a
Non-Delegated Correspondent program. </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHE_rJG5IhjccUdMG7cgj1bqpr7_qZORoxEEc3DITRJU_HvWxS3BUNtVDpq_uniJWC6qF03wyQkSNW1U2ZMoRaRLpyAa9sLcgnpu3CagA-j2lUUfK4L6k1yVm48rz1k31PJ676De__z73kfBFvjBXY2bSy2kVd9N1bcmqa9YsakdKk=&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">Join FAM on May 23rd at 11:00 am PST for a live webinar</span></a><span style="color: #eeeeee;">
presented by Ginger Bell of Go2Training and Garrett Griffin, National NDC Sales
Manager for FAM. This program offers Flexible Closing Solutions, Fast and
Straightforward Loan Purchases, Support for the Experienced, Intermediate or
Transitioning Non-Delegated Correspondent. <o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><b><span style="color: #eeeeee;">Freddie and</span> <span style="color: #eeeeee;">Fannie & lenders that sell to them -
the changes roll on</span></b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">As noted above, there is still room for Fannie Mae
approved sellers to attend their industry leading training on Quality Control
and Underwriting best practices, innovations and current trends. Sign up
through </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEHg3UrWsTA6Sb22MhPZSXLV4o4XoXLRdyTQlp2zdA8P9u7j8UTKy8UFwJArieyqwVLmgJCVKCOyk03Ioa6enUVz80zyBN0dcouLT42TVg1hTZDYYSmkp2paZ6jcIXmJEMpnZ8W7Pm5AJxdsqXWxgxypYxLFSkWgidNa3qpPwfCIU_iF3u1Cj_s8j7N98FdZoVHoB1OPYuiuE=&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">Back to School: 10 ways Fannie Mae's QC and Underwriting Boot
Camps can help preserve your profits</span></a><span style="color: #eeeeee;"> or </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEhw82K0xSmKKpJ-i6u__Qi8_yt9dh395DGMAllgPlVDW7cS5B7IUCuXJ7zcAhlmEwkfeA_K6eTxAgkmYLvS_v3gVn_Q0Z2zf8LTctX4Tg_PFYu2zQiblrihJ4kVCKl2VZ7w5ncMcwo5oZ-UJeSG-1B7TcWGb3NbRKD4RYhnKyRXIoQF_4qOAVxiDX8XIEE9PZOZazWrzXpwolNCtGM3Dng5foRZ6skXK1CjBLKDpoV2OMh8gVU9oh4g==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">here</span></a><span style="color: #eeeeee;">. <o:p></o:p></span></span><br />
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<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Reuters reports that Boston Fed President Eric Rosengren
warned U.S. lawmakers that any reforms that reduce the massive lending presence
of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate
market could shock that sector of the economy. Policymakers looking to reform
the GSEs might look at the GSEs' large and growing footprint in the market and
ask whether this level of government-sponsored exposure is safe, and whether
that level of government support is appropriate," he said at New York
University Stern School of Business. "A potential and significant shock to
this sector of the commercial real estate market could occur if proposals
require the GSEs to reduce their </span><span style="color: #eeeeee;">holdings of multi-family loans."<o:p></o:p></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Fannie</span> <span style="color: #eeeeee;">and Freddie </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEpVNFyJfWVRNPzczSA7cd665K7dxLPCVnzJ-Ef0-0-WmqF9d69JnC7OQQJlaJOD6eWDSuZPO6f6dmcl4QP-1X4iEVrfF91rLF_wmd9ULhAAL8CVSHgKrFX5-Vqlo6RBXwOHD2fl0yM3CTAFZRFmumEG3BLlLK_xigUzrIZHU1gIzsbk4WWs_W39TnHtW4hl7vrhlMkqpKLxZnIQFnL719_2uy_40BH8OrDP49jpD8RG8=&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">are looking at lending to borrowers with manufactured homes</span></a><span style="color: #eeeeee;">.
FHFA needs to approve the program which is intended to increase credit to
low-income borrowers, especially in rural areas.</span> <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><b></b></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><b>FHFA's</b> Duty to Serve final rule requires Freddie
Mac and Fannie Mae to increase the availability of mortgage financing in three
underserved markets: rural housing, manufactured housing and affordable housing
preservation to serve very low and moderate-income families. <b>Freddie Mac</b>
released its proposed Duty to Serve plan, interested parties are encouraged to
review the proposed plan and submit comments to the Federal Housing Finance
Agency (FHFA) via its </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHE7JbAgJQrpxfV9Zs3UaTARVtxfaqUqCpPxEhEAlF5S6UU66rKa_qZJp9DE5UVG_mHKqatGxe_KZuHoE-VgWu060g55C4djf-SQBT8h1aN_ImgkEtM270iAV1r5B1nbELwChhWj2cXyvFaHn-enLORqVc3_z46kwWejAAYzhtvmKReWzGvEbgNPyiBE-jTdXrz_YJE884Hc5yFfuUwdtDQ6wHJ3QINRHyL1kSl7TQw2mBI2j4JpG_bjVC5A1ZXu2UaR7KQyr1_wRNZ8ITbZIUds82_mHt_SO1dUuxAgoUSykyWf1MScU8JndkGPCBxf4LIwy90eEJKP9YWCqIRPmmJkuqxw7KcAiCF&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">web site</span></a><span style="color: #eeeeee;">. For more detail on Freddie Mac's existing
activities to help both homebuyers and renters, visit its </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEqoS5PCjyyHyFY8h2s1xNrja1g3EVv6c8fwWROvcue-4ULlhmFiKG9nGxGXvqXufkh-I-N4e1S6M_0wD5jiihEyU49jtDdeRT6gaYDhaNtJtnZch9LrP2ojo7j_oKbY643YbdRssJJB9Br_G0GR3N5rukzc0de6SBqqLNnQwghYabuFLd9JwnDE51n8fU3wZPvxAToKvlPmV_CKZYXAG9kbxdX4_HHJdzF8R3iZ33TWSxbhi4r96MLjx3PkwG1zC23Uvxnor8PpNQj-aKL6boS5n6u6G4XK34UdwbGuwFRFIjlTeqlLEMBg==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">Duty to Serve page</span></a><span style="color: #eeeeee;">. <b>Fannie Mae</b> submitted its Duty to
Serve (DTS) Underserved Markets Plan to the Federal Housing Finance Agency
(FHFA) for public comment. Fannie Mae's DTS Underserved Markets Plan can be
found on </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEuKmkNqBHByfMpQMQIrx6WaR12-6u1hV1SgKIQeTXsQCpUmfEJYb2vuO1wiSOyTurkpTK3uwA61kldhtrjMNbrgT8o5IDLLl2jwDn0SdcbQSM4EyC9b7e2ciWLNOGfjWCa-8hB9Mgg4xeCJMuTMKvxMo4byfrpa-PJ7u1WvnwZewqNOBwBTkAPibWk4ltVANryBsotmpiXvincK_WP0xaAA==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">FHFA's DTS Underserved Markets Plan List page</span></a><span style="color: #eeeeee;">. Public input
on the proposed Plan can be provided through July 10 on</span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEJQxlCxlhDKcrorOEbhc7muKzUnCfrjSFflypd5kD9kyDT4GcPeigWjseWDxV2VbnClPtnMA6X4EmdgmBPw5oZhNAB7E8RAm7V-woKYjUdg99CmQXAJdiyUD4RgoMcVw-ya-im3Zfzhu8-XGoQOqHxpEQzanvxAjdiPDevv9O2iW425GYG0i1MCEC_lZtmf2hEE8qoO4qMuAP3I_XjVLXJg==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">FHFA's DTS Draft Underserved Markets Plans Input page</span></a><span style="color: #eeeeee;">.<o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Effective May 1<sup><span style="font-size: x-small;">st</span></sup>, <b>Wells Fargo Funding's </b>non-escrow
adjusters are updated periodically and can be found on page 5 of the Wells
Fargo Funding Best Effort Rate Sheet and on page 3 of the Wells Fargo Funding
Mandatory Rate Sheet. Its non-escrow adjusters however are state-specific and
differ between fixed-rate and ARM products.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;">Effective with all</span> <span style="color: #eeeeee;">commitments taken on or
after May 22, 2017,</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHErgnP5Ge_CHy7Cdf1F2j_HRTfMESEX5zeR_FYS5k4ctZd97LwHb3CM0V-fgIr7PMK6BJHOD0V7HfrHu-LsjYm0OhOV0qAbe9AQv9yTEb0a9fhsrmqwp_3_BVz5iiMzoy6g1P4-eBBZv4bOHM7bBQAYEmMf2113hbC6LAjz8aIpDBihVvpF45KPeoPGWQByziXQJtRIQnaskbtt5mOyo_F87w1G_8wJYDrhilsmambf5f1pRVqELwBBw==&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><b><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">PennyMac</span></span></b></a></span><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"><span style="color: #eeeeee;"> announced the</span> <span style="color: #eeeeee;">release of Fannie Mae's HomeReady and Freddie Mac's Home
Possible programs along with expansion of the Best Efforts program to allow a
75-day commitment period. And </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEgfyJ_wTwUrEZiAixy6qzUAbAtRsfd6i6H8Q3NOOBmkBdhtPOU54_lAN1tpmDuRqPp7l4o-mMpn-1DCWfSUGMLDz4t6dbk1v5nFD5ltJVVYJFH7FmCcsLgnSI05hqcSp5G9KOC9QsnFj7gpBeiDKdMw1lZGpOJHsKE116guSjdUnmtj1LaAZN4K9u0YcIyG3T&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">PennyMac</span></span></a></span></span><span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"> <span style="color: #eeeeee;">has aligned with Fannie Mae's student loan payment updates.</span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #eeeeee;"><span style="color: #eeeeee;"><span lang="EN" style="color: #333333; font-family: "Arial","sans-serif"; mso-ansi-language: EN;"> </span></span><span style="color: #eeeeee;"><b><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Fl</span><span style="color: #eeeeee;">agstar</span><span style="color: #eeeeee;"> Bank</span></span></b></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><span style="color: #eeeeee;"> </span>offers Texas loans to
correspondent customers. In addition, broker customers are now able to
originate Texas purchase second mortgage transactions. Also noteworthy,</span><span style="color: #eeeeee;"> when
using Business income for Fannie Mae products, Flagstar Bank no longer requires
a written evaluation of self-employment income when the borrower is qualified
using income not derived from self-employment and self-employment is a separate
and secondary source of income or loss regardless of the percentage of total
qualifying income for the loan. <o:p></o:p></span></span></span></div>
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Fannie Mae </span><a href="http://r20.rs6.net/tn.jsp?f=0012ZflurT9bdL8K862yJbBhl__1FmuVa2B61zsiN7SUoDt3OfyV6iWXt6g24zA3tHEduEmJfFygecpe6MskeMLEsjNwN96wnr4MAU-r7ZQrk-ASbHIANXug5atbHDzPaNfsYqzbjcaO4xhs_5UEloaz0_opz6UXaH0_Co0xXgYhwmCjDMwioAHmoRytpb54oI8geQOFO5PaGsqYS5SZ0K63Dle9oonBEF5k5wwv2z_jLLxCBmbUnHhMMt55mTQydraOkRR19OCGZivm6HUDDi-UDlVY8XzU-Hx&c=XualAnKdvvEBFcmjtuY6g4g8510Vs3_8wEFywimbrkCSI_i1O3suwA==&ch=RzhX0dcB8cozZfpxhZKYoDunXwIFLWJN6ABP4WKClyeoYD8HaFFbUQ==" target="_blank"><span style="color: #eeeeee;">reported income of $2.8 billion</span></a><span style="color: #eeeeee;"> for the first quarter,
all of which will go to the government sometime in June. Total equity has
fallen from $6.1 billion at the end of last year to $3.4 billion at the end of
Q1. This is the problem the government must address with the current regime:
sending all profit to Treasury is eroding Fannie's capital. This is one motivation
to get the government serious about GSE reform, although it isn't a high
priority in Washington now.</span> <o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"></span></span><br />
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">On all conventional loans in the pipeline and new
originations, <b>Mountain West Financial</b> announced the following changes:
Homebuyers burdened by student loan debt will be able to get more from new
Fannie Mae policies. <b>When the credit report indicates a payment amount, that
payment amount can be used for qualifying purposes.</b> If the credit
report does not identify a payment amount (or reflects $0), the lender can use
either 1% of the outstanding student loan balance, or a calculated payment that
will fully amortize the loan based on the documented loan repayment terms. In
addition, Non-mortgage debt may be excluded from the debt to income ratio,
provided that the debt has been satisfactorily paid by another party for the
past 12 months, <b>regardless of whether the other party is obligated on the
debt.</b> Documentation for the most recent 12 months must be provided
showing other party paying debt. Non-mortgage debts include debt
such as installment loans, student loans, etc. <i>Note: This does not
apply if the other party is an interested party to the subject transaction
(such as the seller or realtor).</i><o:p></o:p></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>Plaza</b> is aligning with the Fannie Mae updates
regarding the favorable treatment of student loan debt by simplifying the
options available to calculate the qualifying payment, providing for the
exclusion of non-mortgage debt satisfactorily paid by others, and removing the
cash-out price adjustment when (only) student loans are paid-off in a cash-out
refinance. Additionally, condominium project eligibility review will be waived
for Fannie Mae owned loans that are being refinanced to a new Fannie Mae
eligible loan. Refer to the Fannie Mae announcement for further details.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"><b>Capital markets</b><o:p></o:p></span></span><br />
<span style="color: #eeeeee;"><span style="color: #eeeeee;">
</span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Rates have crept higher. There certainly is no flight to
quality pushing bond prices up and rate down. The recent treasury selloff has
yields reaching their highest levels since late March. The 10-year</span><span style="color: #eeeeee;"> yield hit an
early afternoon high of 2.42%, following a sloppy 3-year auction and a rally in
stocks. For the next month we'll hear about the near-certain rate hike in June
from the Federal Reserve's Open Market Committee. <b>It is nice to have things
quiet overseas, but it does tend to lead to higher rates in the U.S.</b><o:p></o:p></span></span></span><br />
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin: 0in 0in 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> For those playing along at home, yesterday the 10-year
note price worsened .250 and closed yielding 2.41%; 5-year Treasury notes and
agency MBS prices worsened about .125.<o:p></o:p></span></span></div>
<span style="color: #eeeeee;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">This morning we've already had the MBA's survey of 75% of
last week's application numbers (+2.4%, with purchase apps +2% and refis +3%),
as well as a measure of inflation: April import prices</span> <span style="color: #eeeeee;">(+.5%). If you have any
spare change on top of the dresser that you'd like to put to work, the U.S.
Treasury will conduct the second leg of the refunding when $23 billion 10-year
notes are auctioned at 1PM ET. <b>We start Wednesday with rates back to
Monday's levels: the 10-year is at 2.38% and agency MBS prices better nearly
.125 versus last night.</b><o:p></o:p></span></span></span><br />
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-67629349491652603582017-05-09T07:46:00.000-07:002017-05-09T07:48:39.504-07:00Forecasting Tool, CRM Product, Subservicer White Paper, 2017 Housing and Pending Home Sales Trends<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "verdana" , "sans-serif"; font-size: 9pt; line-height: 115%;">By rchrisman@robchrisman.com</span></span> </div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "arial" , "sans-serif";">(Thanks to Norm O. for this one.)</span></i><span style="font-family: "arial" , "sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="font-family: "arial" , "sans-serif";">I recently spent $6,500 on a young
registered Black Angus bull. I put him out with the herd but he just ate
grass and wouldn't even look at a cow. I was beginning to think I had paid more
for that bull than he was worth. </span></i><span style="font-family: "arial" , "sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="font-family: "arial" , "sans-serif";">Anyhow, I had the vet come and have a look
at him. He said the bull was very healthy but possibly just a little young - so
he gave me some pills to feed him once per day.</span></i><span style="font-family: "arial" , "sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="font-family: "arial" , "sans-serif";">The bull started to service the cows within
two days, all my cows! He even broke through the fence and bred all my
neighbor's cows! He's like a machine!</span></i><span style="font-family: "arial" , "sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><i><span style="font-family: "arial" , "sans-serif";">I don't know what was in the pills the Vet
gave him. But they kind of taste like peppermint.</span></i></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt; tab-stops: 259.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"><span style="mso-tab-count: 1;"> </span></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";">I hate to break the news, but racial diversity exists in the
United States. In fact, many will tell you that it is one of the U.S.'s
strongest attributes, and that we benefit from it. Astrophysicist Tomasz
Stepinksi used NASA data to make an insanely detailed map of <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWFhGymlEZukBDfUdN5bC9SZJ846vZaQY6KK1Ldm3KZvNI0OK46jkS_p_mxdT4vbgKgfAwQRSuWYNXr_jhBVzT52BoqkhbY6HNVBiFIpW7HX46TriPSVk1D3QTYFQsNSM-5SsFEhoJSCHjY0m9N0d0lglP_q1pBE7R0hdC_U02gowaEFX5zEqkNec2opcdOeLmVHu0aK7WlRsEyMMKdXzW7egooRrqYuvAU7oh1sviRKtZu4RIjYO3Zw==&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">U.S. racial diversity</span></a>, using techniques used to map Mars'
craters algorithmically. (And yes, <i>diversity</i> is entirely different than
profiling or stereotyping.)</span></span></div>
<span style="color: #eeeeee;">
</span><br />
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<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"><b> Products</b></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";">"<b>All it takes is five minutes to increase profit
margins and boost your bottom line!</b> Gone are the days of having to add
administrative positions as your mortgage pipeline grows. Or using some of your
most talented staff to dig through spreadsheets to get accurate reads on the
status of your loans. The X-Ray Mortgage Intelligence Platform enables mortgage
branches/businesses to close more loans and decrease operational overhead.
X-Ray, by <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NqBywjUtT4XdKO_3gRt-N4iE8nHZM8sGvcNgo52DOUbcVPOHqZkk8WQT14stcjEkd7_4PeJZbHNa6YjyHBOXnBuMa9fR_jtHRplmQ8_Y5mLTswWZaHAtbMw=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Special Agent X</span></a>, does this by allowing mortgage branches to
quickly forecast close rates to evaluate progress at the touch of a button. It
also features a goal report that assigns grades to the production of employees
based on their goals. It can be set to give exclusive viewing rights to
managers to quickly evaluate employee productivity. RobChrisman.com readers who
<span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NlIA-Go0sm4rAAEQvpmRbPlKBOlD8KDIx3aCR95XHjnMS20XJoHUtG-l-2fUhvMa4rvT8PLZYdXTFiiRG2GRafP5kJNEH4fnGlw1QsWk9xJH5c340FYeaUPYJZ3wc3lEohXpjeHEzSGN&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">take five minutes to book a free demo</span></a></span> qualify for waived
setup fees! (Up to $5,000 in value.)"</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> And there is this note about superior customer support at <b>Unify
CRM</b>. "It's refreshing dealing with your company. I am new to
Residential Home Funding and learning <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgCw-nDICeFc9NuT2C4E-zIr8SJmqNlMmjKv69T9VVbnsur_ixKjUzrQevjgBwT9SW_WW2fxMex4NWwHQTqQj2KGnn4y8zggeHv2_edCmoARnOdBJNUSmvs=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Unify</span></a>. Working in Northern VA, away from NJ, my resources
are only as good as email and phone for support. Being in this business 30
years I understand the importance of a good CRM and marketing platform,
especially today. <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWaMtNTp-xNkOZdjY9YxeusnpK1QADUfNueEJfC9JcL6t00deUOL8-t4-Yuxcf9igrSpMghxiKOqnOx6y5zF2uX7q5YkHcJU4E3okIVE0zJtrLtc2EG_gb-w==&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Unify</span></a> was one of the main reasons for me bringing my team
to <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWQvALSVRYBRSv4wVvFQx4A4KyppkOhYgjoZzI1ghjE1xxwc5T7dPVkBjgxZpJtZbMhvNCMaa-9D2puF6sZNi7ERaa0PsgYMCTkVbAoJOT1M7i2varUVssflkbsJGbUbfO&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">RHF</span></a></span>. It's so nice to experience top-notch customer service
today, in a world where we throw that term around way too much and many who do
underperform. The <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWaLCEPkpQDzYLcsouPQVoZetW78TSVXnOoAzvx7ctuj2I1SXZ9e2TTD7XWXqOkt7HvO-K1oB9c5XMgCdgYW2atS5lGz4f-XJHYOlXTR9I0jpqHYYW_5AFNjXXwZYTwFH2-mfP8sP0yvvyvLNvJj92UzWlk0KYqea4oUDdDwyzVkY=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">customer</span> <span style="color: #eeeeee;">service department</span></a></span>certainly exceeded my
expectations these last two weeks. All too often as managers we all get
complaining emails, I just had to write a positive one in recognition of your
team. I'm looking forward to working with you all," wrote <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWOBT7oLyXIWm65hw8w3BnxA96xieLbXJ7PmLEHBY2p_NKgmKDlWJjHVi4ACvcn2VcgRWjwxYYVkqxuWraL_cVDxpHDKBv9U5OD08E3OW4SwvvdT79jNfB-p2HuIEF5NDMYrys6aRDXdu1mrTKg3GNLT14zEGt7ztA6a6VlBrePZY=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Paul Johnson</span></a>, Regional Manager. To learn more, <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWJICWcnAxu7Bp0410HlM4uhrjNkzV1FyKrPfs1nqBrG5A6T6GKGuvN5xUQhJBGGq0jxJ25JthrF-5A8LIgUatluBHENZVxyXDlvSqjek-4-YtTgX673aIeVa8ElIjkBCzT1b173_55AsV9SPGJpCS4NHr5yW2bigNLoaOZDG-thI=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Schedule a DEMO today</span></a> or contact <a href="mailto:sbenson@UnifyCRM.com" target="_blank"><span style="color: #eeeeee;">Scott Benson</span></a>
(651-288-7110). </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> <b>Housing in 2017</b></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";">We have all noticed that the housing market has been quite
strong for a while now. Sure, there are regional and local laggards, but no one
can disagree that housing trends are different than five years ago. Now, it
seems some are even talking about it reaching its peak while others think the
economy points to continued growth. Going back to earlier this year, S&P
research found strong home price increases in the February data, along with
growth in new home sales. Although existing home sales were down from the
previous month, they hit their swiftest stride over 10 years in January and
increased YOY in February by 5.4%. New single-family homes increased briskly,
with 6.1% increased sales from January and a robust 12.8% YOY in February
according to the Census Bureau and HUD. </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Lenders know that it is a two-edged sword. As home prices
have risen dramatically, people who usually would be able to afford a house are
now unable to do so. In fact, the US homeownership rate has been decreasing
steadily since its high in 2005 of 68.9%. In 2016, it landed at 63.4%. A few
key factors are primarily responsible for this decline. The crisis caused a
sudden drop that many areas felt. Sand states were especially hard hit, such as
Arizona, Nevada and Florida and they are still trying to regain their footing. </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Remember when people feared the tidal wave of foreclosures
hitting the market? It never materialized due to the impact of larger investors
in the housing market. When the crisis hit and prices tanked, institutional
investors took advantage of the opportunities. These investors often turned
foreclosures into rental properties which took them out of the pipeline for
other buyers. Supply was diminishing while demand slowly swelled. This is
especially true for high growth areas such as San Jose, Seattle, Austin and
Denver. This combination has pushed up the price-to-income ratio more quickly
than natural market factors would normally allow and made it more difficult for
first-time home buyers to get involved. </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> And let's not forget the changing demographics of the
country affecting all areas relative to homeownership. This is most pronounced
in slower growth regions such as the Midwest, Northeast and South. <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlW984r4QlaVIrq-kKgoi4kWKi5m_KQkMrx-pOdQPaDKjhoikDB0s4oKbBefXZyQUCX8cryB2e7cSPVYNs7tSsGU6fkr2mYtS93foNvBAxzzzdqqNZrXL_9L1_RUwCGA9HKc5ldwlwDI60=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Millennials are entering decent house-buying years</span></a>, people
who were foreclosed upon 5-10 years ago are re-entering the market, and we
still have immigration.</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Although rates are higher than much of 2016, and lower
mortgage interest rates have helped this situation some, lack of inventory is
an issue in many areas. But some economists point to new home development.
Predicted to grow at a 6.5% pace this year, new units could help supply
limitations ease, which will further balance out housing prices. Median home
prices are expected to slow somewhat from 2016 and new home prices and existing
home prices appear to be moving closer together. </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> "Pending" Home Sales, "Existing" Home
Sales, and "New" Home Sales - take your pick. They all show something
slightly different, and economists have their favorites. Housing and jobs play
critical roles in the United States economy, thus the abundance of various
statistics for each one. <b>Let's look at Pending Home Sales trends for the
last several months</b>. Remember that this is <i>an index created by the
National Association of Realtors (NAR) that tracks homes sales in which a
contract is signed but the sale has not yet closed</i>. And they don't assure
an actual sale: the appraisal may not come in at value, the borrower doesn't
qualify, the inspection turns up a cracked foundation, whatever.</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Pending Home Sales<span style="color: #f3f3f3;"><span style="color: #eeeeee;"> </span><a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWuPYPhXjHaqoPwYYpAnZ1GNJPcUt8AZDTOPXl1cnRLkgjp6FLitsRWlOoUthxBA_ewvE1qMI6mx-btusW1DOmkALXPe-DfrV56Few_BQhlChcX-J3_lnJ4n7g3GjkkkKdHa7OSaHZnsMDdEHUFR5ZvuRGi47cDWeMoIm27SGAqMaODst5PQ_iERmPcRFkNh2B&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">fell</span></a> </span>0.8% in March as tight inventory reduced
transactions. On a YOY basis, they are up 0.8%, as February was an unusually
strong number. NAR chief economist, says sparse inventory levels caused a
pullback in pending sales in March, but activity was still strong enough to be
the third best in the past year. "Home shoppers are coming out in droves
this spring and competing with each other for the meager number of listings in
the affordable price range," he said. "In most areas, the lower the
price of a home for sale, the more competition there is for it. That's the
reason why first-time buyers have yet to make up a larger share of the market
this year, despite there being more sales overall."</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> February pending home sales surprised, rising 5.5% M-o-M,
and are at their highest reading since 5/06, while house prices rose a strong
5.7% during the three months ending 1/17. Moreover, February new home sales
were 592,000 seasonally adjusted, their second-best level since 2/08, and
February housing starts hit 1.288 million seasonally adjusted, their second
highest level since 8/07. While excellent, unusually warm February weather
surely contributed to these strong numbers. February's number is 2.6%
higher than a year ago, and the second-highest reading since the bubble years
(the first was last April). A slight uptick in listings drove the increase.
Demand is there, supply is not.</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlW5CuGeyyQ4Xd-YNJcqgy5pTSUNFkdihdbWdiQt37iGyY2tylicw8AwDH5hKBydfYPiBnx5MYQEMXvlQjtE1cUtcX1YBxyJIHdawSTEc320c6n8mM7BV4znrAczuE653AjYklTBU_gICzxAfsrRmEOepyTXpYNA_MzvpKCY7ldCZ90aC_TMlk3eEnYs6xCvxO_&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Pending</span> <span style="color: #eeeeee;">Home Sales fell 2.8% in January</span></a> as tight
inventory reduced sales. Lawrence Yun, NAR chief economist, said home shoppers
in January faced numerous obstacles in their quest to buy a home. "The
significant shortage of listings last month along with deteriorating
affordability as the result of higher home prices and mortgage rates kept many
would-be buyers at bay," he said. "Buyer traffic is easily outpacing
seller traffic in several metro areas and is why homes are selling at a much
faster rate than a year ago 1. Most notably in the West, it's not uncommon to
see a home come off the market within a month."</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Pending Home Sales increased in December, <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWXr2hkdu9Q8BvsSO7ae8_y2-lEjJ8N9T7JcVz9SW1EH5blMRsujYHNuvveh6Ntdc_wfEb51rTJi_16QyYOHXb_56-SXb1LkOdB65W1iulIsjej6ajHfk7Ge2ETXuJSEig&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">according to NAR</span></a>. The challenge for 2017 will be increasing
inventory enough to offset higher borrowing costs. NAR is forecasting housing
starts to increase 8% this year to 1.26 million. Normalcy is closer to 1.5
million. </span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> <a href="http://r20.rs6.net/tn.jsp?f=001nIVnadk9YCjvuStQSdV1TAc6QpOtL_-L-cvWZ14xpLIckz6hfUi-NgMSj1Nj-dlWwnOe0vTLWHnKVnwFG8k1kmySj-t4rj8kypRBBcu3zwoXFOyVRdOCrXM22S11MSkrcQ7naCr3ZTU_hFRKwF8i9u6LikqIYlGoYcj1Z2M2692S1mJ-sWWYKzTk7rP4n4glsja1jHsD-i7bCtZZtJ-3rozKAn5NeWt1q6HbqPqRzuEtMErt-GRBMV2N_8bLtNoeuDrFzTcM24M=&c=X0R4bXO1X7EJB7I0Fgsb5rW_syoG5qiZnKe3gTb5w9vopK91CPKbJQ==&ch=6Db56tFiKXiU1RkfckRA3tfSTLUlLp6goUVaw2i9VdmgtkS_w-ff_w==" target="_blank"><span style="color: #eeeeee;">Pending home sales fell 2.5% in November</span></a> on rising
mortgage rates and tight supply, according to the National Association of
Realtors. They forecast existing home sales to hit just over 5.5 million in
2017, which works out to be a 10-year high. NAR anticipates that increasing
wages will offset some of the problems with affordability. They missed
expectations for faster growth after a 0.1% rise in October. The decline was
not a huge surprise because mortgage rates moved up sharply since the November
8 U.S. election</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Yesterday's bond market, and last week's as well, seemed
like <i>the summer doldrums were already here</i>. It was darned quiet,
although rates moved higher with the 10-year closing at 2.39%. Fortunately
Agency MBS continued their march tighter to Treasury securities although some
traders think it'll be hard to find any more reasons for much improvement in
the spreads.</span></span></div>
<span style="color: #eeeeee;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "arial" , "sans-serif";"> Unlike yesterday, today we actually have some economic
news. The NFIB Small Business Optimism Index slipped slightly for the third
month in a row. At 7AM PT we have the March JOLTS (job openings) and March
wholesale trade. We also have the weekly Redbook Same-Store Sales Index at 5:55
AM PT, and a $24 billion 3-year Treasury auction. For numbers, <b>rates
(including MBS prices) are nearly unchanged from Monday's close. The 10-year is
at 2.39%.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-17782384801950775072017-05-05T11:29:00.000-07:002017-05-05T11:29:11.207-07:00Cinco De Mayo, Bank M&A Heating Up, Jumbo Loan Trends, What % of Underwriters Work From Home?<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
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<br /></div>
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Most people don't know that in 1912,
Hellmann's mayonnaise was manufactured in England. In fact, the Titanic was
carrying 12,000 jars of the condiment scheduled for delivery in Vera Cruz,
Mexico, which was to have been the next port of call for the great ship after
its stop in New York. This would have been the largest single shipment of
mayonnaise ever delivered to Mexico. But as we know, the great ship did not
make it to New York. The ship hit an iceberg and sank, and the cargo was lost
forever. </span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The people of Mexico, who were crazy about
mayonnaise, and were eagerly awaiting its delivery, were disconsolate at the
loss. Their anguish was so great that they declared a National Day of Mourning,
which they still observe to this day. </span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The National Day of Mourning occurs each
year on May 5th and is known, of course, as Sinko de Mayo.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">Today on "Jobs Friday," don't think California has
some pull? It is home to 1 in 8 Americans and <i>its economy is the 6<sup>th</sup>
largest in the world</i>. It has 58 counties; there are a total of 3,143
counties and county-equivalents in the United States. I mention this not to
give you some trivia for Cinco de Mayo, but to show how narrowly confined the
much-discussed coal jobs are: <i>50 percent of the U.S. coal mining jobs are in
a </i><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wrxyBtn-gUKKjjzYpXDlPFP_JIboF-7Gp2ZAbRRkUaagYhKi2ARrJUTJmklMVP5h6Cb3dqpjI86vqqlaylMeeFKGtax3qZahqyMOLFN3waUgxQWGMegwogQt7DZDm1Mt-6gq3xdS4p_6v8-rnXxi-W06QgMSTlILIAvDuf-L2R3I=&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><i><span style="color: #eeeeee;">mere 25 counties</span></i></a><i> in the United States, and the
number of coal mining jobs roughly equals that of florists in the U.S. (Nothing
against either profession!)</i></span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Products</b> </span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">Did you just get a mysterious cube in mail?
I did. </span></b><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rVQUxIO9kXskvn1VWXC2izvycqIvFS_gQ919goyS1-2XX4A4Og3M8_-rj47ohZLe8ey37_xLIZhKdFnzuMv30ZI33n6beRRonnki8TTB-_CQQfioLI_oQwp020x_v92Uvw==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><b><span style="color: #eeeeee;">The Money Source Inc.</span></b></a> sent me this intriguing
package to announce <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rTfyE72bLrTkuPsOrvhiw6AX7LDv4Dawbm3sCu9s2yxYj77rFBIRWb0ioqI97ggeQNIEhaF5jOnCcdWwMA5ENiTqfYH2cFqOg2mgeivdUE4O1T1_o2acMEU=&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">SIME</span></a> (pronounced Sim-mee) which stands for <i>Servicing
Intelligence Managed Easily</i>. Get a sneak peek at <a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rTfyE72bLrTkuPsOrvhiw6AX7LDv4Dawbm3sCu9s2yxYj77rFBIRWb0ioqI97ggeQNIEhaF5jOnCcdWwMA5ENiTqfYH2cFqOg2mgeivdUE4O1T1_o2acMEU=&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">getSIME.com</span></a>.</span></span></span></div>
<span style="color: #eeeeee;">
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In 2015, <b>28% of underwriters worked remotely</b>
according to the <a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4raDkYnoBs18-TyxaubE1T5I2pIqZ_a33-NCWPCS3Vz8cvKMMM2ZeldZSWHPzRRWP8bQvodJtVcSoDZeXR2EGuQJXwUdjc9JN5uMh68FC-yuc6iNgr3uhaGv6TJU-fcIoG7SKEMKiar3lQ08BKXPyV9pHWMTkpDiytw==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">STRATMOR Compensation Connection Survey</span></a>. STRATMOR believes
the percent of Underwriters working remotely increased in 2016. Did you change
where your Underwriters work in 2016 and how does that compare with your peers?
Participate in our 2017 STRATMOR Compensation Connection to find out. This year
we're digging deeper into benefits to look closer at PTO, Healthcare, 401K, and
Educational Assistance offerings by lenders. The deadline has been extended to
May 15, so don't miss out on your chance to find out how your compensation,
compensation plans and benefits compare to industry standards and peers. To
participate, <span style="color: #eeeeee;"><span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4raDkYnoBs18-TyxaubE1T5I2pIqZ_a33-NCWPCS3Vz8cvKMMM2ZeldZSWHPzRRWP8bQvodJtVcSoDZeXR2EGuQJXwUdjc9JN5uMh68FC-yuc6iNgr3uhaGv6TJU-fcIoG7SKEMKiar3lQ08BKXPyV9pHWMTkpDiytw==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">visit our site</span></a></span>. For questions regarding this program,
please contact us at </span><a href="mailto:compconnection@stratmorgroup.com" target="_blank"><span style="color: #eeeeee;">compconnection@stratmorgroup.com</span></a>.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Nationwide mortgage lender <b>Cardinal Financial Company,
LP</b>, launched its wholesale division and proprietary technology.
"Cardinal Financial's end-to-end digital solution significantly
streamlines the wholesale loan process by improving the loan manufacturing
process from point of sale to close. The company's vision to lead and disrupt the
mortgage industry by modernizing the way home loans are obtained is furthered
by this significant initiative."</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Upcoming events</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "2017 is an inflexion point for the mortgage
industry, with many unknowns swirling around. To help you make sense of all
these unknowns, String's 2017-Opportunies Webinar is pleased to host one of the
most insightful housing market insiders: Doug Duncan, Fannnie Mae's Chief
Economist, </span></span><span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wixWxZgbWURQnfYyxgLdHx0_oBwRaDoHqJrEy9_uCNKWhfTNwdjoPwjUS-TDJujHasy-ta3I7BFWOzvd4XyhdvRrTZxVc9vs1X0BHDnfae-06WkkAwhjlyLKIjpQ5D7v3uwOcGGb7TcqVqvsRdAEOSx45dYIfrZy4ZdPS4mn34uDVZg6NpBi67noI2VxgMNPa&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><b> <span style="color: #eeeeee;">i</span></b></a></span></span><span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">will <a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wixWxZgbWURQnfYyxgLdHx0_oBwRaDoHqJrEy9_uCNKWhfTNwdjoPwjUS-TDJujHasy-ta3I7BFWOzvd4XyhdvRrTZxVc9vs1X0BHDnfae-06WkkAwhjlyLKIjpQ5D7v3uwOcGGb7TcqVqvsRdAEOSx45dYIfrZy4ZdPS4mn34uDVZg6NpBi67noI2VxgMNPa&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><b><span style="color: #eeeeee;">share hisnsights on the current state of the housing
market</span></b></a> with a special focus on the current stage of the business cycle
and discussion about whether public policy will extend the expansion,
continuing housing affordability challenges in light of limited new
construction and homes available for sale, and Fed policy and mortgage market
conditions.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Join Garth Graham of STRATMOR Group and Todd Ballenger of
Vantage Production for the webinar <b>Borrower Satisfaction Insights</b> on
Tuesday, May 9 at 1 p.m. ET. Find out why measuring borrower satisfaction
is one of the most critical ways to understand the impact of the loan process
on your business. <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wNBenhFwaH770Wlbn2si8Ru5wHjZ8KhxOKP562MxAStk4kV9qjShAbfuG22Ic_YpjyT1rfxH99ZzwkJKKf4KS50-D0Y2Bflglpxx-lmjAI_b945V9FQ6K4dNmZ6qgsjQ8ORk0TPpJDM3fjDjHiAyuoZmn673VatC9&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">Click here</span></a></span> to register now. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> On June 13<sup>th</sup> at the Jacksonville Community
Center, <b>FHA </b>is offering a free <a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wbWmPrtP3UiA5e3kZ_ebaLE_RxCYiJnvEtZYShtpeS7iOGN15YeRzBzSXK5bKvzkhMP1NmSmsLoFgP3fZh97bMR749mlITO5-tM8JeMLEc67xA0ArcbUThn5IPAsJ9SAVzhSTnBgx-JbwUGlFIe1rKvA-ZmsUxwRop1A-8nqCwHxjy7UvKTR-1Dco1lBuljWSuJMx7vbd6Qx9iookzjv3aA==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">Appraisal Training.</span></a>On June 14<sup>th</sup> <b>FHA's</b>
free <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wPLiW2PJcSh15H5E_Uerz_1c1VZVnDWmsMapTM2hdip_OG_YCX7boYxPEd0NWw9C5SRbUfnSvxuzHRyM5fvD7czcfwjk4aWoVeNcif9Fc_sFpzMPk8kSc0YLmtYTXhmIb_YXhDcz_h6OmwtwO1yvNVHVfXwG3X_UoccXZCF7JAYpGgZKS7bHEZ95zZ3OWHvWgPMtL_hMXodQnTnoj4PRwrw==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">Underwriting Training</span></a></span> is available at the Jacksonville
Community Center.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Bank news</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">Apparently, we've entered in to bank merger & acquisition
season, if there is such a thing. Things are heating up, which is interesting
as the number of announced mergers this year has declined slightly. S&P
Global Market Intelligence reports the number of banking sector deals for Q1
2017 was 58 compared to 61 (Q1 2016) and 65 (Q1 2015) for the same quarter in
the prior 2 years. And are there green shoots in banking? Bank Director
Magazine reports the FDIC has approved 5 de novo bank applications since 2009
or about 1 per year vs. an average of 154 per year for the 8 years prior to the
crisis.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Just in the last week a whole new slew of bank M&A
announcements came out from around the nation</b>. In California, Central
Valley Community Bank ($1.4B) will acquire Folsom Lake Bank ($200mm) for about
$33.6mm in stock (100%) or about 1.71x tangible book, Bank of the Sierra
($2.0B) will acquire Ojai Community Bank ($257mm) for about $35.7mm in stock
(100%), and Seacoast Commerce Bank ($572mm, CA) will acquire Capital Bank
($306mm, CA) for about $53.6mm in cash (20%) and stock (80%) or about 1.96x
tangible book.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In Kansas First Commerce Bank ($65mm) will acquire The
State Bank of Blue Rapids ($46mm), and Mid-America Financial Corp (KS) will
merge Morgan Federal Bank ($113mm, CO) into Golden Belt Bank ($138mm, KS).
Towne Bank ($8.0B, VA) will acquire Paragon Commercial Bank ($1.5B, NC) for
about $323.7mm in stock (100%) or roughly 2.37x tangible book. South State Bank
($9.0B, SC) will acquire Park Sterling Bank ($3.3B, NC) for about $690.8mm in
stock (100%) or roughly 2.43x tangible book.) National Bank of Commerce ($2.0B,
AL) will acquire Patriot Bank ($155mm, FL) for cash and stock. First Tennessee
Bank ($30.0B, TN) said it will acquire Capital Bank ($10.0B, NC) for $2.2B in
cash (20%) and stock (80%) or about 2.0x tangible book. First Bank ($4.4B, NC)
will acquire Asheville Savings Bank ($795mm, NC) for about $175mm in cash (10%)
and stock (90%).</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Things aren't always peachy, of course. BB&T said it
will close 100 branches of its total footprint of 2,193 or about 5% this year.
Bank failures still happen but at a much, much slower pace than in the last few
years. There have been only four this year, but recently the FDIC closed First
NBC Bank ($4.7B, LA) and sold it to Whitney Bank ($25B, MS). Whitney picks up
29 branches, deposits excluding CDs, IRAs and brokered (for a $35mm premium),
and $1B in assets. This is the largest bank failure since 2015 (which was
Doral).</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Jumbo news</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> The average contract interest rate for 30-year fixed-rate
mortgages with conforming loan balances ($424,100 or less) increased to 4.23%
from 4.20%, for 80% LTV ratio loans. The average contract interest rate for
30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100)
increased to 4.18% from 4.15%, for 80% LTV loans. The average contract interest
rate for 30-year fixed-rate mortgages backed by FHA increased to 4.06% from
4.03%, for 80% LTV loans. The average contract interest rate for 15-year
fixed-rate mortgages increased to 3.51% from 3.46%, for 80% LTV loans. The
average contract interest rate for 5/1 adjustable-rate mortgages increased to
3.29% from 3.22%, for 80% LTV loans.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> <b>MWF</b> posted a new email address for Jumbo scenarios.
Any questions or scenarios regarding any MWF Jumbo product should be addressed
to: </span><a href="mailto:scenariosCU@mwfinc.com" target="_blank"><span style="color: #eeeeee;">scenariosCU@mwfinc.com</span></a><span style="color: #eeeeee;"> </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><b><span style="font-family: "Arial","sans-serif";">Mountain West Financial</span></b></span><span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> has updated and changed
various underwriting guidelines. Effective May 1, 2017 a one-on-one homebuyer
counseling session in addition to the homebuyer education class is required on
its </span><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1wrIxtDpn86DNza-xImqw3__161ljvpYyZ378MfeX3cFuJDtF1vuarktFpch6s2kVwRYsAaHB2bZBz7kN1OlfvYNIvGlXATN2XlL1LDO5sZ8EtTXJd6HdPUkKnz8qyZloFVzhigeVUoUg3SRIDHxL4DmQjndkV77IVPnM-OJbU5SRFUIaGm43F4NXuVHkNFY3RU3OmRhxR-oRqfC9K6MuqzjrU3Xz3HzQajspPhp1PSj6c2STs5KtrxSV_yi8ULQjV&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">CALHFA program.</span></a><span style="color: #eeeeee;"> Changes have also been made to its <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=0018r-GzMPIhBW4r1MM5rhBIY6lHFGsuAu2wXTW3biiPdORZvEhCTf4rWEZqXbugY1w1bAyffWCIyTs1gpjNXcWr4p5x7bt9PcR1JvfdazRgDnqEEnc4UFYWmMKsQxfK8AuQYwXqpRhKXk66L5liHVrk1hyVTergbQOPG4nYogL-phagEEvM4XhGVKRsAhzLa5d4k5sD0ehegf7WjvROume1h2eX91gXJUwWbIk1jkxkO_iiD3mYVh0TecY1mkxV1cTNp-Vj0UquWNTXCQRcQAuwfcHAfSDGWhBq1teEmkcMchUJ24DKFm3Hw==&c=luaKJfRr-L3B2M4tgrf9oeqNY_3GYSF6e_1L8yD6gJdyJtdNvs8FNw==&ch=hd4NDSRg9TvPGI1icGJWV0Z87xpb6CtXqJfMtu1rCKXYIH_Qivxj4g==" target="_blank"><span style="color: #eeeeee;">JUMBO II product</span></a></span> which include information on <b>Ineligible
Transactions, Second Home and Investment Properties and Gift of Equity.</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>MB Financial Bank's</b> Jumbo Enhancements include 90%
LTV Purchase to $1.5 Million, and Non-Owner Occupied to 60% LTV.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>NewLeaf </b>announced the new NewLeaf Prime Jumbo and
NewLeaf Prime 90% High LTV Products - QM products that must meet all ATR
requirements. These products are available immediately.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Effective immediately, loans with properties in the state
of California, home to plenty of jumbo loans, are eligible for purchase by <b>Fifth
Third Mortgage Company.</b> </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> What are bond traders talking about these days? In no
order, the NBA playoffs, overall business spending accelerating in March, the
Stanley Cup, the sharp decline in oil prices, rising unit labor costs,
Wednesday's FOMC statement, a flat yield curve, and the House of Representatives
passing a partial repeal of the Affordable Care Act. <i>(The bill still needs
to get through the Senate, which could be a more difficult undertaking but that
would pave the way for making corporate tax cuts easier to do. And corporate
tax cuts could spur the economy, which in turn typically leads to higher
rates.)</i></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Yes, that's a lot to talk about, but it all conspired to
weigh on bond prices and drive rates higher: as a proxy for other rates, the
10-year T-note worsened .375 to yield 2.36% while the 5-year and MBS prices
worsened .125-.250 depending on coupon and security type.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Do the markets care about unemployment when there is a 90%
chance of the Fed increasing short-term rates at its meeting next month? Yes.
Say what you want about the validity of the numbers, the April employment
numbers came out: nonfarm payrolls (+211k, but March was revised downward), the
unemployment rate (4.4% - strong), and average hourly earnings (+.3%). After
the employment numbers <b>we find rates roughly unchanged versus Thursday's
close: the 10-year is yielding 2.35% and agency MBS prices have barely budged.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-61626833181233845792017-05-04T09:03:00.000-07:002017-05-04T09:03:16.251-07:00Fannie and Freddie News in Both the Primary and Secondary Markets<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal">
<br /></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">A man was sitting reading his papers when
his wife hit him round the head with a frying pan.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">"What was that for?" the man
asked.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The wife replied, "That was for the
piece of paper with the name Betty on it that I found in your trouser
pocket."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The man shot back, "When I was at the
races last week, Betty was the name of the horse I bet on."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The wife apologized and went on with the
housework.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Three days later the man is watching TV
when his wife bashes him on the head with an even bigger frying pan, knocking
him unconscious.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">Upon re-gaining consciousness, the man
asked why she had hit him again.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">The wife replied, "Your horse
called!"</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">May the 4<sup>th</sup> be with you! People wonder if anyone from
Freddie Mac has ever actually visited Fannie's location for an office visit.
Yes! Here's </span><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBQEpE7-iRhZE9atbS8HRNN4r87d5RUxtV_ON5eAJffurHFoUFRwqtpQsKsItIm3DkyG7qjXCAnQvjyuCzDlefQWRJnudazMfy8Wrde9Qo4g6CbnoZdgUFQdkP2jCnxqIOubIwEY_iHXSiTZ8VpWd8_o=&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">actual film footage</span></a><span style="color: #eeeeee;"> to prove it. On a more serious note, 49
years ago today was the Kent State shooting where four students died and more
than 500 colleges across the country were shut down.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><b><span style="font-family: "Arial","sans-serif";">F</span></b><b><span style="font-family: "Arial","sans-serif";">annie & Freddie/conventional conforming news</span></b><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> During the conference, Fannie was certainly focused on its
Day 1 Certainty program. Meanwhile, Freddie reminded everyone that it is
working hard to harness the immense amount of data that it has in its computer
servers to "re-imagine" the mortgage biz. Representatives from both
groups discussed declining volumes, the lack of supply, and the continued
examination of lowering defects and the cost to run a business.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> Few parents will kick their kid out of the bedroom
downstairs if they're pulling their weight, financially, and then some. And
cleaning the litter box. Given the plate of issues facing Congress (health
care, taxes, immigration, housing, etc.), although it should be, booting Fannie
Mae or Freddie Mac out of conservatorship is not a high priority. In Freddie's
case, the company announced first quarter results: The company's 10-Q and press
release </span><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5VdX7ytJh1MHw3k1h2X-zP3G_rn7Z8iMqXG7qod9iom5tLsxAyhnFmbKTLp7GWnh-zWgf9smaXtnfIPyHA-TId38tXLcA3g9JgukLVwN6mGIUCxYwq7bX7hMods5Z7RWjcz&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">are available</span></a><span style="color: #eeeeee;">, along with the first quarter 2017 financial
results supplement. When it makes its June dividend payment to the government,
it will have paid back over $108 billion compared to $71 billion the government
"gave" it.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";">Freddie posted net income of $2.21 billion in the first quarter
although it was a 54% sequential decline as refinancings declined during the
period and non-cash hedging gains disappeared. The Agency took a $302 million
charge on the value of its derivatives, which are used to hedge its financial
positions. (Recall that in 4Q16, Freddie booked a huge gain of $6.38 billion.)
The GSE took in $3.79 billion in noninterest income during the first quarter
compared to $3.88 billion in 4Q16 and $3.40 billion in 1Q16. First-lien
production fell to $385 billion from $580 billion in the fourth quarter,
according to figures compiled by <i>Inside Mortgage Finance</i>.</span></span>
</div>
<div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";">MBA President and CEO David Stevens is confident that housing
finance reform will move forward under the Trump administration, but criticized
calls to simply let the government-sponsored enterprises recapitalize and be
returned to shareholders without additional reforms. This "recap and
release" proposal doesn't have a lot of backing, aside from the current
stakeholders in Freddie and Fannie. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> All loans utilizing the employment/income guidelines in
affect prior to the release of </span><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5Vd7MBHdPubPB4DW78ct5BxDp9ryb5ZgGyqTsMJvra3DTfJFMPPxpsQvSkfzKZVvxmTD_RbKcPL4oBhV8glHviZ5C44PKnyqCFu3qDpV3Ow0Shy2pEZ7nAzZWfuilDLw4k6G1uUjES01A0s4xYMFt0IT-7EvKzxZrs-mEkTu2NSM1OTw7pu8J7wuhqIQBjLP7af&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">Freddie Mac Bulletin 2016-19</span></a><span style="color: #eeeeee;"> must be purchased by <b>Franklin
American Mortgage Company</b> on or before June 1st. Additionally, per FAMC
Bulletin 2016-26, Fannie Mae's Collateral Underwriting service now indicates
those loans that qualify for representation and warranty relief for the
appraised value. Eligibility for Property Value rep and warrant relief from
Fannie Mae is determined based solely on a CU Score of 2.5 or below, regardless
of the DU recommendation. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Franklin American</b> has made several improvements to
its guidelines recently including expanding the Standard Conventional products
(excluding High Balance) to permit cash-out refinance transactions on
investment properties. The maximum LTV/CLTV/HCLTV will be the lesser of the
program requirements per the FAMC Product Description or 70%. It has also
expanded the Conventional Condominium parameters to permit investment condos on
the Standard products (excluding High Balance). The maximum LTV/CLTV/HCLTV will
be the lesser of the program requirements per the FAMC Product Description or
70%. Investment condos will continue to remain ineligible in the state of
Florida. Refer to its correspondent lending manual for further details.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Effective April 28, <b>Flagstar Bank</b> announced its
minimum FICO requirement on the Fannie Mae High Balance, and Freddie Mac Super
Conforming products for one unit, primary residence properties, with a purpose
of purchase or rate and term refinance is being decreased from 640 to
620. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> </span><b><span lang="EN" style="font-family: "Arial","sans-serif";">PennyMac</span></b><span lang="EN" style="font-family: "Arial","sans-serif";"> is
aligning with the </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5VdHDbzOuMVeIb3IrIpcWRhyNxMOxNL2CgoUoDzaibqy1c8s6LQe4CBDSP52T6wK5vRg7Zv6It9oSOnvVweNvleS4y-tYlmAhRwu3YGC41xdhH1pk33bt5jh32iRRm9qNRujHctxGwKZObZhPYxvHV6bWtFx-75sWDEE3pT9DYVS1InM4R1BstR9sFjyHFL1YT-86X8Ys-My_VAQsm4LiJQnQBGLbWV0e56&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">numerous updates</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> announced in Freddie Mac Bulletin 2017-2 and 2017-3. Additionally,
PennyMac posted an announcement regarding the </span></span><span style="color: #333333; font-family: "Arial","sans-serif";"><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5Vd1wIJjg2fvX6aY3M6r1pck5kJdvRJbOMGhsZRJqk8t6jbJU-0N5z_G53eg9gByb5vTROS6snFCt-kq_YvRaHHseV_wD36xM0cYJMG2Ha7gZnHWIA8doN0FwpZcrRVEb2wkZ-g_BbpYwp9ih5o1SnF1ucy1NPF6huuSnR3J79DQaPcCn-_GQrCkqtnSet-5eWFTJwfTngVDj21BmSzPjT6wWHYUmAba5APy4wcbnzsC7Cwmp5ms8ANNn0l5R1ZncV-cQgzLZZZ8-Ft_cpMTUvsaYNkCPia2yD6&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span lang="EN" style="mso-ansi-language: EN;"><span style="color: #eeeeee;">Rural Housing
requirement</span></span></a></span><span style="color: #eeeeee;"><span lang="EN" style="font-family: "Arial","sans-serif";"> that borrowers receive a Net Tangible
Benefit on Streamlined-Assist transactions.</span><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Pacific Union Financial, LLC</b> will allow Fannie Mae
revised guidelines as described in its Selling Guide Announcement SEL-2017-04
effective immediately for loans submitted to Desktop Underwriter
(DU). The Fannie Mae/DU Program Guide and Condo Approval
Policy/Checklists will be updated as necessary on May 15.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>U.S. Bank Home Mortgage</b> announced it is offering
Fannie Mae's HomeReady program effective as of May 1, 2017. HomeReady loans
must be run through <b>DU</b> only and loans must be underwritten utilizing
your delegated underwriting authority with U.S. Bank.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> As of April 28<sup>th</sup>, <b>Mortgage</b> <b>Solutions
Financial</b> has rendered its conventional Student Loan cash-out refinance as
an ineligible program.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Wells Fargo Funding</b> is aligning with Fannie Mae's
multiple policy expansions apart from two changes that require system
enhancements. Until all support is in place, the following new Fannie Mae
offerings are not currently eligible for purchase: Student loan cash-out
refinance feature. Project eligibility review waiver for Fannie Mae to Fannie
Mae limited cash-out refinances.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>PRMG</b> has updated its <a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBbQu0kKzW7E9zzxHIWZX2A0_VFR_JsbdZSCutYGh7T_F2XbcwKE8e2GR_P0cvkruiNiYBcL1AROHkBJpndvEra9b5qSUIT5dRee8s14jZm8OaQq0nMibVsUD1GsCx6t6PkilSi-dPBUP95z8LLXL2PbKQ51CJZmLVeN3cXQUvJrl09vEeSC-zCA=&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">product profiles.</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>PennyMac </b>has declared certain transactions
involving intra-family purchase transactions as non-bona fide purchases
regardless of program. <a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5VdkSklTyOqp5adN0w_H3c8Nhu9GbUjQc5V4k9a1Qof3j2c_uJ4U9bcP5YMQIbZNFqShTEMDbD3GF6Y5EIyTg6YK6VuAxeHwBPOdKJv1hGZnX71XG43a8gx29H6CFbrEWS6tYp4cvkzge-8nQvPQ59QR1VWxSuONKmBUMVWaIkcYrGBoPtWZEGndrMo1ocbYp-AztbsG7m2x1o=&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">Criteria for non-eligible transactions are listed in a new
announcement.</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Some of the economic news yesterday was actually
important. Probably the highlight was the Federal Reserve Open Market Committee
saying that it expects the Q1 slowdown to be transitory, and labor is expected
to continue strengthening. And, most important to mortgage bankers selling MBS,
the statement gave no new additional perspective on its $4.5 trillion
securities portfolio acquired during quantitative easing programs.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In other news, the MBA told us that residential
applications were about flat last week, although refis were down 5% and
purchase apps were up 4%. The ADP (private business payrolls) increased by 177k
in April, a drop from March. The Markit Composite PMI, whatever that is, was
"53.1" in April - a slight increase from last month. The ISM
Non-Manufacturing PMI for April was "57.5." Lastly, our U.S. Treasury
will maintain, at $62 billion, the issuance of longer-term debt for the sixth
straight quarter. The Treasury Borrowing Advisory Committee recommended that
the U.S. issue more bonds with maturities between 10 and 30 years to lock in
low rates rather than issuing ultra-long bonds.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The agencies transferring risk to those who want to own it
continues. <b>Freddie Mac spread the word that it settled the second seasoned
credit risk transfer offering</b> which is a rated securitization of
approximately $1.12 billion. The Freddie Mac seasoned credit risk transfer
trust, series 2017-1, will issue approximately $926 million in guaranteed
senior certificates and about $190 million in unguaranteed mezzanine,
subordinate certificates. The Freddie Mac Seasoned Credit Risk Transfer (SCRT)
offering "builds on the company's leadership in transferring mortgage
credit and market risk to the private market on seasoned and distressed
residential mortgage loans. The SCRT securitization program is a key part of </span><a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5VdwILgvquEaQkQyCqiExSV5-PDRSYhJ3Shrc-jOS7ET4pPuax04hMhcBQ40q3GWYxFiX7P1ywGDykSM68QanlqaDXj7_1GdDwyabOa71Efg4Q_kFjX4ZoOLI8o5FGP6GfKwCm-qjIK7zQr0cL9SJJa-SfspKpuwmvhI_UxxxRScfx-eTOVa_GngkVVDPKlSDMMn00uVZyupmHhXNvsaAxpijVfV4oKNHJIyA7ZNpaGT0b1Ru7LCzMEF_zN3L0EhhS9yUwgnNINtm2CLJBLt2YdF3L2QqJUx5j2&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">Freddie Mac's seasoned loan offerings</span></a><span style="color: #eeeeee;"> to reduce less liquid
assets in its mortgage-related investments portfolio and shed credit and market
risk via economically reasonable transactions. Freddie Mac has sold $7 billion
in nonperforming loans (NPLs), securitized $26 billion in re-performing loans
(RPLs), and transacted $2 billion in structured offerings. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> The loans will be serviced by Select Portfolio Servicing,
Inc. The servicing of the loans will be in accordance with <a href="http://r20.rs6.net/tn.jsp?f=001eqghyd4YTpiJ9szM1kKOr4V9jx9qmPDr6cTr82wxelN1dlT95fwiBaxb8ba9P5VdK2zVp1O_yCM9bj4IuNyOnCfHlT4q3_QSj3DiUrGrfsywg51RiRGlOteF_GZ21bUnI4yhHsVS-_XIP2GGK3BeTNg0lLPBqm8HFdL5foKpkXDbs9nqz5SqPjQby0hUfNjmZLanK0cLBJDn02CyBlZtB8e-wdn460t0jFDclx7yOPY0eaqOtqH8xHcs0M1d55mBeMIMLTLMTH_caK1YaqBBnBxXXI9T79kyJwkmYT6lQCKzDgVPiFSC0yuA9JuE84t6zxOW_lf27NAJgW3xHLeaARR6i9lJeINiFdn0udGtNb4ijxBS-FqmfpzFGvwR8j5E1YotVnkhmlyHDijE9WC5CA==&c=xYc54Nxfdi9dA2hYTIFLwDdYk-_6QLbFlr2-Hd--rbzX1GTkm1H-7A==&ch=hPLFxgssPMj8uUAtueQqqmMlS6HmiFBRCuaxKC2PBHtcEd6Vzfzi_g==" target="_blank"><span style="color: #eeeeee;">requirements</span></a> similar to those applicable to the sale of
non-performing loans (NPLs), which prioritize borrower retention options in the
event of a default and promote neighborhood stability. Credit Suisse Securities
(USA) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as
co-lead managers and joint bookrunners. Wells Fargo Securities, LLC and
Citigroup Global Markets Inc. are co-managers, and The Williams Capital, L.P.
is a selling group member.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Not wanting Freddie to receive all the publicity, not that
they're in competition, <b>Fannie Mae priced its third credit risk sharing
transaction of 2017</b> under its Connecticut Avenue Securities (CAS) program.
"CAS Series 2017-C03, a $1.371 billion note offering, is scheduled to
settle on May 10. CAS is Fannie Mae's benchmark issuance program designed to
share credit risk on its single-family conventional guaranty book of
business...we expect to return to the market with our next CAS deal, 2017-C04,
in mid-May. Our upcoming deal will reference loans that have loan-to-value
ratios between 80 and 97 percent." </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "The reference pool for CAS Series 2017-C03 consists
of more than 167,000 single-family mortgage loans with an outstanding unpaid
principal balance of approximately $41.2 billion. The loans in this reference
pool have original loan-to-value ratios between 60 and 80 percent and were
acquired from July 2016 through October 2016. The loans included in this
transaction are fixed-rate, generally 30-year term, fully amortizing mortgages
and were underwritten using rigorous credit standards and enhanced risk
controls."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> In terms of actual mortgage rates, the bond market hasn't
move much in a few weeks - fine by capital markets folks who don't like
volatility. U.S. Treasuries sold off a little (a few 32nds) yesterday in a
"curve-flattening trade" after the FOMC kept monetary policy on hold
but expressed confidence in the U.S. economic expansion in the accompanying
statement. "Lower coupon MBS did not fare well, not surprisingly, with the
flatter curve with some up-in-coupon flows out of FN30 3% only adding to their
underperformance on the stack and vs. benchmark," per ThomsonReuters.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Overnight Norges Bank (central bank of Norway) announced
its latest rate decision (unchanged) and we've seen the latest jobs cuts data
from Challenger, Gray & Christmas for April (a dip to 36.6k). We've had
Initial Jobless Claims (-19k to 238k), productivity and unit labor costs (-.6%
and +3%, respectively), and the trade balance figures (-$.1 billion to $43.7
billion). Coming up are March Factory Orders and the Agencies will begin
releasing April prepayment data starting after 4:30pm beginning with FNMA.
Yesterday the day finished with the 10-year yielding 2.31% - it has been around
there for quite some time - and <b>this morning we find it at 2.35% with
agency MBS prices worse .125-.250 versus last night's close.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0tag:blogger.com,1999:blog-8775718070708644704.post-69451681693911770402017-05-02T13:32:00.005-07:002017-05-02T13:32:33.277-07:00Retail and Broker Products, MI Update - Radian in the NYT is Rarely a Good Thing<!--[if gte mso 9]><xml>
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<span style="color: #eeeeee;"><span style="font-family: "Verdana","sans-serif"; font-size: 9pt; line-height: 115%;">By <a href="mailto:rchrisman@robchrisman.com" id="sentByEmailLink" target="_blank"><span style="color: #eeeeee;">rchrisman@robchrisman.com</span></a></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">(Thanks to Byron D. for this one.)</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">A young couple gets married and at the end
of the day, the new groom carries his bride across the threshold and proceeds
to place her on the bed.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">As they start getting undressed, he
laughingly throws his pants at her and says, "Here dear, put on my
pants."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">She has a look of confusion but does as he
wishes.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">After putting them on she notices just how
big they are compared to herself and then observes, "These pants are too
big for me."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He responds, "That's right, and don't
forget who wears the pants in this home."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">She thinks for a second and then flips her
panties at him, saying, "Here honey, put my panties on."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He chuckles and then tries to put them on
but he can't get them past his knees.</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">He says, "Well, I tried dear, but I
can't get into your pants."</span></i><span style="font-family: "Arial","sans-serif";"></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><i><span style="font-family: "Arial","sans-serif";">She replies, "That's right, and you
won't until your damn attitude changes!"</span></i></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;">Overheard yesterday here at the National Secondary Conference:
"She is not the brightest crayon in the box." Funny. But there are
plenty of "bright crayons" working on IT. The global market for
blockchain technology is expected to </span><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZfILxbj0772biVyRk-1clW0ZBK4rrHFGe6u-ETPq4taBexqTAb6-ljm3gxWtbEqGH68Y-m1Wwd61GZyWaSQLAuietW3SSqZF6cISuPeoJYodS2yRChik46qiN9xPbcRZ0zhklxonLMTdrEnWfXIvsrQBFBnYI1ROsMxwwRwm3tLj0vK6q58sfXYUF0JJOI_zYvaliKms-yWWx6C_lP8kHFPeAgB2O1UpOHiSyXg9XjMMtYwcpe7hHRw==&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">grow to $5.43 billion</span></a><span style="color: #eeeeee;"> by 2023, up from $228 million in
2016, according to an Allied Market Research report. "Blockchain-based
solutions are projected to be adopted earlier in some industries such as
financial services and the supply chain industry as compared to many other
industries," the report notes. It is expected to become mainstream. But
there is a risk with being "too mainstream": your financial fortunes
rise and fall with the general industry. Just look at </span><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZyvEoLj9oET2LjJclvp2rkxS-Ek_gv-CckB3sK2NjlNzS3NxaeTjIjiHkGquoku77ti1QXM7zlNAru9QG4SmA0hGaVJX6avXKaKjz9srxSjV41QdlhqCn51F5mxsgz_NX9TfFt9alrHmoUXqnmfLDcRN2DAiIbT5q741fzRxOWj3_yj_OxBQnzGxAzDU2OtUBSg6IfiHlqgDgGes2n7DE5Q==&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">Ellie Mae</span></a><span style="color: #eeeeee;">, whose fortunes are tied to the overall lending
climate.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Products for brokers and LOs</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> I am often asked 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, "</span><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZysj4ucMy45nw04-ZJ_YnMLIf82MTfUUcG6OUB5YiKvKwOFuZ2PRTGT2EaylLKmbipOSBwsrEjGvHslhtzYdfjEBRt0E_68BkPHq_YCarmxHq1zVYQjvA1dq4mMpO-y1DfSPhdUUSnmhVriYCfqhKOGaojz_waHeSJArEYIDrMjwZn6_OtVfbMlwHrphTHdTwwMse-dj8mb0MsdxGT7W6Q03-U60ZxnpJjhekhI0FoXxQkZuUtgTLaFn4EJaRhLLh1F71pvGmZu7BIVxCckXeRZJaGT2nAxFMyDmR_f9dKDpeL7D_0VdfYPfs=&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">The</span> <span style="color: #eeeeee;">Secret to Winning in the Mortgage Business</span></a><span style="color: #eeeeee;">," 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. <a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZysj4ucMy45nw04-ZJ_YnMLIf82MTfUUcG6OUB5YiKvKwOFuZ2PRTGT2EaylLKmbipOSBwsrEjGvHslhtzYdfjEBRt0E_68BkPHq_YCarmxHq1zVYQjvA1dq4mMpO-y1DfSPhdUUSnmhVriYCfqhKOGaojz_waHeSJArEYIDrMjwZn6_OtVfbMlwHrphTHdTwwMse-dj8mb0MsdxGT7W6Q03-U60ZxnpJjhekhI0FoXxQkZuUtgTLaFn4EJaRhLLh1F71pvGmZu7BIVxCckXeRZJaGT2nAxFMyDmR_f9dKDpeL7D_0VdfYPfs=&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">Download the piece</span></a> for the story of one originator's secret
sauce.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> In wholesale news, <span style="color: #eeeeee;"><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9Z8C0hnlyAp6aNLFybkGKkVSkcAQtqt_9tHHd2sts5VSyljM7UosslzLv-qMAH_0yACA2abMe5y82o1lv7K_DkKdOTSQUAeOqVQC9WL3_VUVKQT7kPxF50jadT50AjFzGr&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><b><span style="color: #eeeeee;">Cardinal Financial</span></b></a><b> has announced </b><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZGRxXXO6DOAUlvgCYtf2zPxWCbbGExrhpcHTI5WE4-V5cBmRSHDLsLZXNRpxd5or2yCoQguss_AgAVhfpNBNMex1xFZDF4MOKX3Ys3VAJOGFjlRGNOg6UubhKbRImBTVmVQWzmOCB06ZjQA4zRlKo5T9_cMFQdP96y0AQwma1a1o7Hc3Jb3jDO-RXD2mD4YqMrARzZPmPlaY=&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><b><span style="color: #eeeeee;">the launch of its new wholesale </span><span style="color: #f3f3f3;">cha</span><span style="color: #eeeeee;">nnel</span></b></a></span><b> led by
industry vet </b></span><a href="mailto:amy.mahar@cardinalfinancial.com" target="_blank"><b><span style="color: #eeeeee;">Amy Mahar</span></b></a><span style="color: #eeeeee;">. "We saw the way most lenders do business
and thought, <i>there's got to be a better way.</i> Cardinal Financial has
spent years and millions of dollars developing proprietary technology called
Octane that completely transforms the manufacturing process and user
experience. Mortgage brokers desire a consistently reliable partner who can
offer modern solutions and evolve with their changing needs and those of the
borrower. The power of Octane is enhanced by human expertise and a 'We can do
that!' culture. It's our job to make our brokers look good and our dynamic,
automated approach to workflow is a game changer!" Cardinal is actively
recruiting visionary AEs and Sales Leadership who are Influencers in their
markets and want to be part of transforming the future of wholesale. <a href="mailto:amy.mahar@cardinalfinancial.com" target="_blank"><span style="color: #eeeeee;">Email Amy Mahar</span></a>
or call (704) 413-6956.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> And brokers should know that <a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZysn7bJHliZm3loPePH09MT-sct4atk4-tlbecDPK4yO_ba9N8z0hpaMvy9I9BL3joJd_qlRIPGOFBqiKZcUZWXUzl5asRJm12rbGkPTzKB7P_zJ21FlbR-cFOuuKiKDUf22LAYKTofDKd&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><b><span style="color: #eeeeee;">Carrington</span></b></a><b> has extended its Spring Streamline
Special with reduced LLPAs on FICO < 600 on government Streamlines (FHA and
VA IRRRLS), available for all loans locked through May 31<sup>st</sup>.</b> These
promotions and recent guideline changes are just a few of the changes made
recently in their ongoing effort to become easier to use and with a commitment
to their 'under-served' strategy! Visit <a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZysn7bJHliZm3loPePH09MT-sct4atk4-tlbecDPK4yO_ba9N8z0hpaMvy9I9BL3joJd_qlRIPGOFBqiKZcUZWXUzl5asRJm12rbGkPTzKB7P_zJ21FlbR-cFOuuKiKDUf22LAYKTofDKd&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">CarringtonWholesale</span></a> for a current rate sheet or to become a
broker call 866.453.2400. </span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Mortgage insurance</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> No mortgage insurance company wants to see their name in
the headlines, especially when it is combined with "whistle blower." <a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZLmOsMjmG3yIdS3ZoVupycbsX-cHBFhDHLtIJyTKs8GMvpcWefIFWfebnl9ySy4Zw44bQMtJYocWwYoaXj7Cmz0HfJJDzPAObShzrXo9oGujhir-Qlf_QehMGqwXHyfdCu8RX2gqi1nP7BSMF7eDLN7XsFMqWE0fTSmpQW8xY43lWlZF2YyEcnOF6me5U03JmomiLGGsrolXFIomf79DXDg==&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">But such is Radian's fate</span></a>.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Speaking of Radian, its new mortgage insurance written
jumped 25% in the first quarter 2017, helping drive a strong start to the year.
According to its first-quarter earnings release, new mortgage insurance written
hit $10.1 billion for the quarter, compared to $13.9 billion in the fourth
quarter of 2016 and $8.1 billion in the prior-year quarter. "Radian Group
Inc. (NYSE: RDN) today reported net income for the quarter ended March 31,
2017, of $76.5 million, or $0.34 per diluted share. This compares to net income
for the quarter ended March 31, 2016, of $66.2 million, or $0.29 per diluted share.
Consolidated pretax income for the quarter ended March 31, 2017, was $114.7
million, which compares to consolidated pretax income of $102.4 million for the
quarter ended March 31, 2016."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Unfortunately, the numbers missed estimates. <b>Compass
Point</b> writes, "We reiterate our NEUTRAL rating on RDN and lower our
price target from $20 to $19 (10x FY18 EPS). Our updated FY17 and FY18 EPS
estimates are $1.72 and $1.90 (vs. $1.84 and $2.01 previously). We expect new
insurance written (NIW) will be down slightly in FY17, while insurance in force
will increase almost +9%. Given the current valuation (~9.0x FY18 EPS and ~1.4x
P/TBV), along with continued revenue headwinds if refi activity remains muted,
we don't see a major catalyst to drive RDN higher. Potential positive catalysts
for earnings include: better-than-expected credit performance, acceleration of
growth in the Mortgage and Real Estate Services segment, a more aggressive
stance on share repurchase, or expansion of front-end risk transfer programs. <b>The
biggest uncertainty over the next two years will be the status and scope of any
potential GSE reform.</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> "While the entire MI group sold off following the RDN
miss, <b>it seems unlikely that the industry-wide decline in refinance volumes
would impact earned premiums at other companies to the same magnitude as Radian</b>.
Based on our analysis of the different mortgage insurers' single premium refund
schedules, the lower than expected earned premium that drove a large portion of
RDN's earnings miss yesterday looks like a RDN specific issue. RDN appears to
have a more aggressive single premium policy cancellation refund schedule than
the other MI's we examined."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> After the Radian news KBW put out, "...we revisited
earnings for peers that have not yet reported. We are reducing our estimate for
1Q17 earnings to $0.12 from $0.14 to incorporate a lower average premium
margin. We calculate that NMIH's average premium was 41.7 bp last quarter.
Management has guided to a longer-term average premium in the mid-40 bp since that's
where the company is putting on new business (net of reinsurance). We had been
assuming a modest increase in the premium margin reflecting this trend but we
now assume a roughly flat premium margin in 1Q relative to 4Q. We believe our
longer term premium margin assumptions for NMIH (43.7 bp in 2018) remain
reasonable."</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> USMI </span><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZpR9AkAccudDybwRQfYwe_0uOKVPGdewyLz41yhdfD5JYOjr5MPkTO8IV4wkJoAyQ873OJ8onRNGTE3sgXY6rKk_4qUrsuKWPi9zAuXEW5GzBi0iq3uvYJXpzVawQ_N2JQcaCqMsxKof6PMppmu2Gm3ugSY20DY83RcH8xFQMZ-wfA6U3RKW5Oc42RIvTMnumthmyVhdS0-Ik79OwUFgPX9OpdJJPL_8N&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">published a Q&A</span></a><span style="color: #eeeeee;"> between USMI President and Executive
Director Lindsey Johnson and USMI Chairman and Mortgage Guaranty Insurance
Corp. (MGIC) CEO Patrick Sinks. In their discussion, Johnson and Sinks discuss the
past, present, and future of the MI industry, and how MI has helped people
affordably become homeowners for 60 years.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #333333; font-family: "Arial","sans-serif";"><span style="color: #eeeeee;"> What about non-private mortgage insurance? <b>FHA</b>
published </span><a href="http://r20.rs6.net/tn.jsp?f=001RU97JUg_8JHO06BmXIS5k7aSqLCl57dURuIid-2gV4TDH9Y29gZystRKhVxmgX9ZAc1Gf6O_PzMq8p8YIYISU1f_mzc_SI49FKmuztBE_KV-n7gyhQmSw7-nNOn_KkwbuEPvJkBcO0Lrbig02SzB7Av3WBZzm4YBle5LZ6NJviTuaRfyQ30ryYfnkJltEAMHtHBzdEdmG5kr5F7Ct1Qkbkji2SPgEQ8jUk36Prm5-Vs=&c=NFBr0WHtqo_afF5CM8gD7IsbgBrXKzhAj6ug4EQ8oB2qzFqw_oLVLA==&ch=Wk9V5w3s4fAnhE9jkdKqyG77u2wi6NcemPudnixBjSl7rA0Mi6Lqfg==" target="_blank"><span style="color: #eeeeee;">Mortgagee Letter 2017-10</span></a><span style="color: #eeeeee;">, <i>Additional Period of
Eligibility for 203(h) Mortgage Insurance for Disaster Victims of Specific
Presidentially-Declared Major Disaster Areas (PDMDA) in Louisiana</i>, which
announces an extension in the period of eligibility for Section 203(h)
mortgages for victims of the March 31, 2016, and August 14, 2016,
Presidentially-Declared Major Disaster Areas in Louisiana. The period of
eligibility for this program allows the FHA case number to be assigned within
one year of the date the PDMDA is declared, unless an additional period of
eligibility is provided. To allow for the long-term recovery of Louisiana
disaster victims, the eligibility period is being extended to no later than
September 8, 2017. This guidance is effective immediately.</span></span></div>
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</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> <b>Capital markets</b></span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> Anyone looking for exciting, thrilling news out of the NY
MBA Secondary conference will be somewhat disappointed. Talk from the
30,000-foot level is still, as it has been for years, focused on GSE reform,
the role of the FHFA, the solvency of the FHA, updates on the common
securitization platform, and the like. At the 5,000-foot level there is a
little more going on as capital markets folks look for a few basis points here
and there, and talking about mortgage servicing rights trends, a few new
investors, the possibility of a Caliber IPO, and such.</span></span></div>
<span style="color: #eeeeee;">
</span><div class="MsoNormal" style="margin-bottom: 7.5pt;">
<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> And anyone looking for interest rate volatility is sorely
disappointed out there. It's been "steady as she goes" which is fine
for lenders, since volatility doesn't help bottom lines. But Monday
fixed-income securities, like Treasuries and MBS, marked new highs in the wake
of below-consensus Personal Income, Personal Spending, Core PCE Prices, March
Construction Spending, and the April ISM Index. And you can throw into the mix
comments from Treasury Secretary Steve Mnuchin who said that GDP growth could
accelerate to 3.0%, but it would take up to two years to reach that level with
help from tax cuts and reduced regulations.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> One would have thought rates should have improved, given
the mediocre economic news, but once again we were reminded that being a day
trader would be tough even if you knew the news in advance. Rates surprisingly
moved slightly higher by the end of the day with the 10-year moving up to 2.33%
and 5-year T-notes and agency MBS prices worsening about .125.</span></span></div>
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<span style="color: #eeeeee;"><span style="font-family: "Arial","sans-serif";"> And there isn't much scheduled to move rates today, with
just a couple minor numbers (Redbook Same-Store Sales Index, the ISM New York
Business Conditions Index, and April auto & truck sales). Perhaps of more
interest, although no change to interest rates is forecast for tomorrow, day
one of the FOMC two-day meeting will commence. <b>We start the day with rates
slightly higher than last night: the 10-year is yielding 2.33% and agency MBS
prices are worse about .125.</b></span></span></div>
Global Home Financehttp://www.blogger.com/profile/10142149161243060950noreply@blogger.com0