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HMDA Dashboard; Upcoming Training; UCD News

October 11, 2017
by admin

The driving force of housing prices is supply and demand, and the demand is increasing. In the Bay Area, and for hundreds of miles north, the smoke is everywhere, reminding one of the 23 (and counting) who perished and 3,500 (and counting) houses and buildings destroyed by the fires. Truly tragic, and now there are thousands of families who have no place to live whatsoever and who will need long term solutions – joining those in the Gulf Area & Caribbean.

Correction

In yesterday’s commentary the link for National MI Bulletin (Declared Disasters) was incorrect and should be http://www.nationalmi.com/wp-content/uploads/2017/09/National-MI-Announcement-UW-SVC-2017-04.pdf. I apologize for any confusion.


Upcoming Events

Freedom Mortgage Wholesale, a full-service, nationwide lender, is modernizing the way brokers communicate with borrowers by providing a video-based borrower education tool. Broker-branded informational videos are automatically sent to borrowers at eight key milestones, explaining the loan process and what to expect along the way. Their new tool is helping brokers answer the CFPB’s desire for the borrower to “Know Before You Owe”. Learn more.

Genworth Mortgage Insurance is offering a new training opportunity for mortgage professionals to learn more about the bulletins and announcements issued by Fannie Mae and Freddie Mac during the third quarter of 2017. Join nationally recognized Director of Customer Education, MaryKay Scully, for Quarterly Updates and Communications on Tuesday, October 17, 12pm ET, to review Agency communications, including their most current guidelines, forms and requirements. Visit mi.genworth.com/training for Genworth’s full menu of self-paced eLearning courses, live webinars and classroom training offerings.

Join MBA of St. Louis for a networking happy hour at the Blue Sky Tower Grill Loft on October 19th.

Fannie Mae has launched a four-part learning series to help you understand the eMortgage process, from the basics through implementation. This eLearning series offers helpful tools and resources available on the newly revamped eMortgage/eClosings page.

Don’t miss the MQAC October 26th webinar on the Latest Developments on Per Diem Interest compliance.

In January, NEXT Mortgage Events LLC is offering unique to the lending business: NEXT is the only women’s event focused on the technologies that are changing the mortgage industry. Agenda items are centered on the technology and tools that can influence business outcomes, fast-paced tech demos, an integrated expo hall, and networking events. Register at NEXTMortgageConference.com. Questions can be addressed to co-founders Molly Dowdy or Jeri Yoshida.


Lender/Investor Uniform Closing Dataset (UCD) Updates

Until further notice FAMC will be postponing previously stated UCD requirements.

PennyMac expects Correspondents to provide proof of UCD submission to both Fannie Mae and Freddie Mac, however, proof of successful submission will not be required until April 1, 2018 or as required by the GSEs. Read its announcement for details.

Pacific Union will accept UCD submission responses on September 25, 2017, but due to the GSEs’ announcement, all UCD files will be accepted regardless of status, including NO evidence of a UCD file. Evidence of a successful UCD submission is not required in the Closed Loan Package. Additionally, the loan files will not be required to be transferred to Pacific Union in advance, and the relationship setup between you and Pacific Union is no longer required. However, Pacific Union recommends that you continue to implement this process within your organization, as this will become mandatory at a date to be determined in the future.

Mortgage Solutions Financial has updated its announcement regarding the Fannie Mae and Freddie Mac UCD.

Citibank posted the following information applicable to loans with a Note Date on/after September 25, 2017 (aligning with the UCD submission requirements confirmed by the GSEs): Prior to being able to assign Citi as the aggregator on FNMA loans, lenders must submit a FNMA UCD relationship request to Citi and Citi must accept the request. Prior to being able to assign Citi as the aggregator on FHLMC loans, lenders must establish a relationship with FHLMC. They will then be able to select Citi as the aggregator. As a reminder, if the CD is corrected, Correspondents need to resubmit loans to the UCD portals regardless of whether the loan has been assigned to Citi.

Flagstar will require compliance with Fannie Mae and Freddie Mac’s UCD mandate for any loan delivered for purchase with a Note date on or after Monday, September 25, 2017 for the latest CD provided to the borrower(s) by one of the below methods. If after submission of the UCD, a redisclosed CD is issued to the borrower(s), correspondents must provide UCD results for subsequent disclosure(s) issued. Flagstar will require submission to both Fannie Mae and Freddie Mac on all loans that are eligible for sale to Fannie Mae and/or Freddie Mac. Because of Fannie Mae and Freddie Mac’s announcement regarding UCD on September 15, Flagstar will not be requiring successful results as a condition for purchase until further notice. Customers should utilize this opportunity to research transactions not resulting in a successful response to make the necessary adjustments and corrections.

As addressed in PennyMac announcement 17-24, conventional loans with note dates on or after September 25, are required to have submission of the Uniform Closing Dataset (UCD) XML. As a condition of purchase PennyMac will require proof of successful submission of the UCD XML to both Fannie Mae and Freddie Mac in accordance with this requirement. Successful submission documentation for both GSEs should be provided in the credit package at time of delivery. In response to questions, PennyMac has clarified some requirements.


Capital Markets

U.S. Treasuries ended Wednesday flat despite two Treasury auctions and the release of the minutes from the September FOMC meeting. There were few, if any, surprises in the September FOMC minutes, which showed a growing concern among policymakers about persistently low inflation readings and an acknowledgement that inflation may not be transitory after all. Despite that, the Fed appears comfortable staying on the December rate-hike path. Prior to the meeting, 12 out of 16 participants projected at least one rate hike before the end of the year.

Today, we’ve have the September Producer Price Index (+.4%, core +.4%, headline number as expected), weekly Initial Jobless Claims (243k), and a $12 billion 30-year auction. Rates are a tad lower than Wednesday’s close, with the 10-year yielding 2.34% and agency MBS prices better nearly .125.


Jobs and Products

The PCLender LOS team at Fiserv is growing and looking for mortgage experts to fill Business Analyst, Quality Assurance, and Professional Service roles. Fiserv is committed supporting the digital mortgage process and wants to grow their team of experts. To see details or apply go to PCLender’s careers page.

loanDepot is helping hurricane victims recover after last month’s catastrophic events. They recently responded with educational events and literature focused on helping homeowners that suffered from various levels of impact and damage. Products such as FHA’s 203(h) and 203k, as well as loanDepot’s personal loan product, are positioning the company to assist homeowners rebuild. After visiting the disaster sites in both Florida and Texas, the company’s CEO and Chairman Anthony Hsieh felt it was necessary to help families get back into homes as soon as possible. Through the 203(h) product qualifying renters or homeowners may have the ability to purchase a new home with zero-dollar down payment. To qualify, 203(h) loans must be initiated within a year of the disaster. If having unique and important products like these mentioned here is important to you, you should contact Peter Tenfjord to learn more about loanDepot.

“PrimeLending’s New Durham Branch is a Slam Dunk. PrimeLending is putting a full court press on expansion in some of the nation’s most thriving markets. The newest branch is in Durham, one of North Carolina’s most active purchase markets. Led by Branch Manager Charles Puryear and his expert team of Hugo Garcia, Mark DeWitt and Steve Winegar, PrimeLending’s Durham team has a combined 80 years of experience in mortgage and finance. The Research Triangle is primed for incredible growth, and the Durham branch has jumped at the opportunity, already ranking as a Top 5 FHA Mortgage Lender in the area. Equipped with over 400 loan programs and a dedicated support team to help deliver an 85% pull-thru rate, it’s no wonder this branch is off to such a fast start. If you’re an elite producer ready to take your shot at a better opportunity, the ball is in your court. Contact Bill Harp (469-737-5767).”

JMAC Lending’s Vice-President of Wholesale Lending, RJ Arnett, is pleased to announce two new hires. Robin Ylitalo-King has been added as Regional Sales Manager for the Pacific Northwest Region, and Naki Wilson has been added as a Senior Account Executive in Hawaii, both bringing more than 20 years of experience in the mortgage lending industry. JMAC Lending will be at NAMB National 2017 in Las Vegas Oct. 14 and Oct. 15. JMAC is actively recruiting Senior Account Executives in Nevada, Arizona, Utah, Oregon, Idaho, Colorado, Georgia, North Carolina, Texas and Northern California. Please contact Robin Ylitalo-King (916.705.8751) for more information. To learn more please visit JMAC Careers.

Here they grow again! American Pacific Mortgage is excited to announce a new branch office in the fast-growing Albuquerque, New Mexico market. Dan Gutierrez accepted the Branch Manager position, and David Rosenthal accepted the Sales Manager role. They are already building a strong team. Listen to this invitation from Kurt Reisig, Chairman of APM to find out first-hand how APM supports its Originators with the tools and resources to grow your production at APM’s upcoming Fall Symposium. The Symposium will be held in San Diego on October 26th & 27th and is expected to have over 1,200 originators in attendance. They have an amazing line-up of Keynote speakers including economist, Elliot Eisenberg, author and motivational speaker, Darren Hardy, and Chris Gardner, author of The Pursuit of Happyness. Just reach out to Peter Schwartz (916-770-0053), Dustin Block (303-378-3166), or click here to register.

The release of the 2016 HMDA data revealed the shifts in market share between independents and commercial banks. Using their interactive dashboard, the mortgage industry experts at Richey May & Co., LLP uncovered just how much independents continue to pick up market share from commercial banks on a variety of products and in many states across the nation, though banks still outpace independents in the jumbo market and in the central U.S. For an in-depth analysis of the 2016 vs. 2015 origination trends, visit Richey May’s latest blog post. And check out its free HMDA Market Share Dashboard on its website to help you uncover other data points relevant to your business, or contact Tyler House for more information.

TPO Portal with blazing speed and time saving features that include; Optical Character Recognition, Drag and Drop Aptitude, Disclosure Tracking, Instantly Lock Loans and the new AMPLIFLY Marketing Portal! Phase 2 of the TPO Portal is set to take place during Q4 and will bring more features, improved efficiencies and a digital mortgage experience. PRMG will be showcasing this new technology at the upcoming NAMB National show in Las Vegas, NV at Booth# 124. NMP Visionary Organizations, No. 1 Best in the Desert 2017 and TOP 25 of 100 Mortgage Companies in America! PRMG has a team of wholesale mortgage professionals waiting to help you remain competitive in this ever-changing industry. Embrace our technology and experience a lender that provides customer service via the human touch, allowing us to tailor our business model to best fit yours! If you’re ready to become an approved TPO with PRMG, we are happy to serve you! For more information on getting approved with PRMG, please contact PRMG Broker Services.

Altisource, a leading provider in end-to-end services and technologies to the mortgage and real estate industries, is seeking an energetic, creative, and motivated national Sales Operations Manager to join its rapidly growing Origination Solutions team. The Origination Solutions group delivers best-in-class products and services that help mortgage originators and investors operate, scale and protect their business. “As a national Sales Operations Manager, you will help Altisource’s rapidly-growing Origination Solutions vertical migrate and adapt to a new CRM infrastructure and further support their growing book of clients by building out insightful CRM dashboards and tracking and reporting on sales functions and activities across all business units. If you are ready for an exciting challenge with huge growth upside and you have an impressive sales operations background within the mortgage industry, the Altisource team has a home for you.

A quick congratulatory note to Valerie Saunders who NAMB appointed last week as the organization’s new executive director. “In her role as executive director, Saunders is responsible for directing the day-to-day operations that support the organization’s goals to increase its footprint among its target member base of mortgage brokers, mortgage bankers and mortgage businesses.”

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