The Census Bureau published a
table showing median earnings and a wage comparison for men and women
depending upon occupation. In 2013, there were about 57 million
full-time male workers (16 years old and older) compared to 43 million
female workers in the same cohort. The median annual income for men was
$48,520 and $38,233 for women, with women earning on average 79% of
men's earnings. The occupations with the smallest wage gap between the
two genders include transportation and distribution managers, emergency
management directors, biological scientists and counselors. Click here to review the Census Bureau's table.
Companies are going full steam ahead with TRID. Vance Edwards, MGIC's Marketing Program Director, sent, "An
area many aren't focused on yet is the after the loan closes. Kyle
Bensen manages MGIC business integration and has been speaking on MISMO
at various technology conferences. While there he has had many
conversations with servicers who have raised concerns about if their vendor partner systems will be ready. He wrote a blog on it this week.
The CFPB's Settlement Cost Booklet will soon be replaced by the new TRID induced Loan Toolkit, titled "Your Home Loan Toolkit: A Step-by-Step Guide"
that will take effect for applications received on or after August 1,
2015. The Toolkit will combine the new amendments and the Loan Estimate
and Closing Disclosure from the CFPB's TRID final rule and must be
delivered or placed in the mail no later than three business days after
an application is received. The toolkit provides a guide to help
consumer's research tips and find important information regarding the
home buying process. The toolkit can also be accessible in an electronic
version that can be filled in by the consumer. Click here to view the toolkit.
Flagstar
has posted its upcoming training schedule on TILA-RESPA integrated
disclosure: April 13 - 17: 10:00 a.m. & 1:00 p.m. EDT; April 14 -
16: 10:00 a.m., 1:00 p.m. & 3:00 p.m. EDT; April 20, 22 & 24:
10:00 a.m. & 1:00 p.m. EDT; April 21 & 23: 1:00 p.m. EDT; April
27 - May 1: 1:00 p.m. EDT. Access Flagstar's live trainings to register for these classes or go to wholesale.flagstar. com in the Help & Training link and select Wholesale Live WebEx Training.
ComplianceEase
announced that it has acquired the assets of Mortgage Banking Systems
(dba ProClose) of McLean, Va. This completed acquisition will enable
ComplianceEase to create a comprehensive and innovative solution that
will help residential mortgage lenders comply with the TILA-RESPA
Integrated Disclosure (TRID) rule that takes effect August 1. The
Consumer Financial Protection Bureau's (CFPB) new TRID rule will mandate
new forms, the Loan Estimate and Closing Disclosure, and set new
disclosure timelines and fee tolerances that must be followed in order
to not trigger re-disclosure requirements.
In
California North Bay CAMP is hosting a TRID Training by Theresa Ballard
of Compliance Consultants Team. Theresa currently serves as compliance
consultant and quality control trainer to many organizations including
The National Association of Mortgage Brokers (NAMB) and California
Association of Mortgage Brokers (CAMB). Registration for this April 21st event is available by clicking here.
FAMC Correspondent published its National Bulletin 2015-07 which includes information on TILA/RESPA Integrated Disclosures (TRID) - Loan Estimate. To view its bulletin log into your account on FAMC website.
While we're on upcoming events...
Tomorrow is the Iowa Mortgage Association's Spring Conference. If you're going, please say hi - I will be there.
FHA will host the following industry briefing conference call on April 9 at 2-3PM EDT to provide an overview of the published versions of the 203(k) Rehabilitation Mortgage Insurance Program and 203(k) Consultant Requirements sections: Title: SF Handbook: 203(k) Product and Consultant Requirements. Dial-in
Number: (866) 320-4708; Participant Access Code: 355443 (Please note
that this access code has changed from the code published in FHA's
online article on March 18, 2015.)
FHA is providing an overview of the published version of the Appraiser and Property Requirements section and the Appraisal Report and Data Delivery Guide on April 16 at 2:00-3:00
(Eastern). Dial-in Number: (866) 254-5938; Participant Access Code:
355444 (Please note that this access code has changed from the code
published in FHA's online article on March 18, 2015.)
On March 18 the Federal Housing Administration (FHA) published its completed versions of the Doing Business with FHA-Lenders and Mortgagees (Doing Business) and Quality Control, Oversight, and Compliance (Oversight and Compliance) sections of the Single Family Housing Policy Handbook
. In order to provide a more thorough overview of these sections, FHA
will host an industry conference call to provide detailed and
comprehensive reviews of the policies contained in the Doing Business,
and Oversight and Compliance sections on Wednesday, April 8, 2015 from 2:00 PM - 3:00 PM (Eastern). Dial-in
Number: (866) 254-5938 with Participant Access Code: 355862. Attendees
should thoroughly review the content for the two sections listed above,
and have access to this information during the call.
MBA Education's New Developments in Mortgage Performance Data and Analytics webinar is scheduled on April 15th at 2PM EDT. This webinar will teach participants
how to use MBA's Weekly Application Survey data, prepayment modeling
and market valuations to track mortgage performance, and predict
pre-payment activity. Additional details and registration is available here.
NYCB
is offering its Table Funding Clients and Closing Agents an on-going
monthly series of webinars designed to help you understand how to
successfully operate in compliance with the new rules using NYCB's
origination and closing technology platform. Registration for its April
training courses are available now. Registration for April 16th is available here. The April 23rd registration is available by clicking here.
I
received a note from Becky Walzak. "Rob, last week the National
Mortgage News ran an article warning lenders that QC is hazardous to a
lender's legal health. The article was based on the lawsuit involving
Wells Fargo. This is or should be alarming to every lender with a
quality control department or any company that provides quality control
services. Not only does it put the QC individuals at risk but leaves all
QC operations susceptible to such allegations. This is primarily due to
the fact that there is no common and comparative way to determine if
the number and type of QC issues are consistent with the rest of the
industry. In other words there is no standard method (i.e. Benchmark)
for measuring these issues and protecting lenders. This is unacceptable since this lack of measurement is now being used against the industry and putting all lenders at risk. In
order to stop the proliferation of these lawsuits and other potential
issues, I have asked Mortgage True View, with whom I work to lead a
discussion on how we, as industry members, can establish some means of
developing these measurements. In response, Mortgage True View has set
up a series of discussion-based webinars to be held each day. We need as many QC participants or anyone else interested in this issue to join the discussion. If they prefer, they can contact me directly at Becky@rjbwalzak. com and I will register them."
Here in Kentucky the talk is centered on Rand Paul running for president. But in the Collingwood Group's recent survey
respondents were asked what they thought the new congress could do to
improve the housing market. Most respondents (27 percent) said repeal
Dodd-Frank, 22 percent said abolish the CFPB and another 22 percent
suggested GSE reform, while 11 percent proposed appropriate additional
funds to FHA for upgrading technology and hiring additional personnel
would help. These responses indicate that many industry stakeholders
prefer a more tempered approach to these reactionary reform measures
resulting from the crisis. Many respondents favored a restructuring of
the CFPB to allow for more transparency, oversight and accountability.
Let's face it: there isn't much to talk about with rates.
Yesterday the bond market sank a little in the morning and then came
back to finish almost exactly where it began. There just wasn't much to
move rates (one minor Fed speaker, a JOLTs job number, and a 3-year
note auction that was met with average demand). Today might not be much
different - at least until the FOMC Minutes are released at 2PM EDT. For
numbers we closed the 10-yr at 1.89% and that is exactly where we are
in the early going today with agency MBS prices unchanged.
Jobs and Announcements
Congrats to Todd Probasco who American Financial Network, Inc. has welcomed to its management team in Chicago. "With
a strong fundamental knowledge of the industry, Todd's superior
leadership, integrity and team building experience provide him the
necessary management skills to further expand our number of branches and
sales production." Prior to joining AFN, Todd was a branch manager for
Wells Fargo, a multi-million dollar producer for Chase, and the founder
of Premium Mortgage where he won the 2005 Illinois Mortgage
Broker/Owner of the year award from the Illinois Mortgage Brokers
Association. Todd is currently hiring experienced loan originators, sales managers and branch managers. Interested candidates wishing to join his award winning team are encouraged to submit a letter of interest or resume to Todd. AFN is a full agency direct, multi-billion dollar retail mortgage lender. Corp NMLS#237341 Equal Opportunity Employer
AnnieMac Home Mortgage's Renovation Lending and Construction Division is looking to expand its sales force nationwide. "We
are in need of MLO's and teams of MLO's with a specific focus on
renovation and construction. Our goal is to become one of the top 5
renovation and construction lenders in the country which is why we are
seeking the best of the best in the industry." Please send all
confidential inquires to the Director of Renovation Lending and
Construction Division, Jeff Onofrio.
A well-capitalized group of strategic/financial investors is seeking a mid-Atlantic retail mortgage bank for an acquisition.
The residential mortgage bank should be full-service, Mid-Atlantic
based, retail-focused, and licensed in MD, DC, VA, and PA at a minimum,
FHA/VA endorsements, GSE approvals optimal. Principals only; please send
a confidential note of interest to me at rchrisman@robchrisman. com.
And out west Parkside
Lending is looking for wholesale AEs across the US (AZ, CO, FL, HI, MA,
NC/SC, TX, UT, VA & WA) as well as key operations and credit staff
(national head of underwriting, reporting to the COO, and a credit
policy analyst reporting to the CCO) along with openings for other
operational staff like Client Service Team members. Operational
personnel can work from the headquarters in San Francisco or any one of
Parkside's five satellite offices across the country. Some positions can
even be set up to work remotely from home. "Are you looking to work for
a lender that cares about you and your customers? Then come talk to us
at Parkside Lending, named
one of the Top Mortgage Employers in America for 2015 based on employee
feedback per National Mortgage Professional Magazine, January 2015. We
are a national wholesale and correspondent lender that is committed to
making a positive difference for mortgage professionals and their
borrowers. Furthermore, because we don't serve the retail channel, our
clients can be confident that we will never compete for their
customers." Interested parties should contact Rick Nelson or apply at Parkside Lending.
Over in Florida the founders of Orlando-based residential mortgage lender FBC Mortgage LLC
re-acquired their company after they had sold it three years ago to an
affiliate of Sterne Agee Group Inc. of Birmingham, AL. Pine Court
Holdings LLC, which finalized its purchase of the mortgage company March
31, is owned by Sal "Joe" Nunziata, Robert Nunziata, and a group of FBC
executives, employees, and former investors. With an estimated 450
employees, FBC is licensed in 45 states. The company funded just under
$1 billion in residential mortgages in the first quarter of 2015 and is
on track for more than $3 billion of transactions.
And last but not least congrats to Phillip M. Miller who MB Financial Bank has named President of its mortgage division. Previously,
Miller was Group Senior Vice President and Director of Secondary
Marketing for MB. Miller joined Cole Taylor Bank (which was acquired by
MB Financial Bank in 2014) in 2009.