Different words have different meanings for different people. For example, instead of using the word “marriage,” Kim Kardashian prefers the phrases “limited series,” “branding opportunity,” and “this afternoon.” Call Harvey a hurricane or a tropical storm, the impact is the same: a swimming pool’s worth of water across thousands of square miles, and Texas’ Jeb Hensarling re-evaluating his stance on flood insurance. Freddie Mac’s preliminary estimate on the number of mortgages it guarantees reached 167,000 in the 18 counties affected by Harvey, and it will only grow larger as the impacted areas increase. Fannie Mae weighed in with 36,583 single-family homes whose mortgages it guarantees in the initial impact area.

Credit Underwriting Changes

There are various credit models to use, and some believe that there's one mortgage monopoly the U.S. Government wants to keep. "The decade-long battle may be reaching a head. Fannie and Freddie face a year-end deadline to decide whether they'll allow FICO rivals, such as VantageScore Solutions LLC. And frustrated by the government's delays, lawmakers in both parties have introduced bills that would require the mortgage companies to consider different credit models."

Citi Correspondent Lending has posted a new bulletin.

Plaza has updated its Elite Jumbo and Elite Plus Jumbo program guidelines. Also, its Preferred Purchase Fixed and ARM Jumbo program guidelines have been updated to clarify the requirements to deduct 2106 expenses from income.

Plaza's VA Fixed and ARM program guidelines have been updated to require each borrower to have a minimum of one valid credit score. Previously, a minimum of two scores per borrower were required. This does not change the requirement that a tri-merge credit report must be provided, aligning with Plaza's FHA and USDA Guaranteed Rural Housing guidelines.

Excelerate Capital has enhanced its Alt-Prime program with higher loan amounts, LTVs and DTIs.

Qualify more government loans with Caliber Home Loans expanded guidelines on all sorts of occupancy types.

The Conventional Underwriting Guidelines for Flagstar Bank will be updated immediately. When a borrower is obligated on a mortgage debt, but is not the party who is repaying the debt the monthly mortgage payment may be excluded from the calculation of the DTI ratio if the following can be documented: The party making the payments is obligated on the mortgage debt; and Document that someone other than the borrower makes the payments by obtaining copies of canceled checks, bank statements, etc.; and most recent 12-month payment history with no delinquencies. 

Angel Oak Mortgage Solutions announced its Asset Qualifier Program - ideal for borrowers with high net worth and significant assets.

NewLeaf has updated its NewLeaf Bank Statement program guidelines.

HomeXpress "underwrites to its own guidelines and you have the access to them as well. With 24-48 hours turn times for underwriting, conditions, CD and docs, loan docs may close in 30 days."

Civic Financial Services has a Foreign National program with no income verification, no funds seasoning and 1 or 2-year term; contact Harvey Goldberg with questions.

Capital Markets

Rates began the week moving lower a smidge after a solid $26 billion 2-year note auction. Aside from that, there wasn't really much news - very quiet out there in the bond markets. Of course, there was some minor price shuffling between coupons, securities, and maturities, just as there are every day, much of it nearly invisible to borrowers. The 10-year note improved .125 in price to close yielding 2.16%, 5-year notes and agency MBS prices were better by a tick or two.

Today the storm news impacting lives and housing is much more important than economic news from a few months ago. But we will have the S&P/Case-Shiller composite index for 20 metropolitan areas, and August consumer confidence. We start Tuesday with rates lower than Monday's close, primarily due to another NK missile launch: the 10-year is down to 2.11% and agency MBS prices are better .125-.250.

Upcoming Events, Training, and Webinars

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. NEXT's content is hard-hitting and pragmatic. 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. The event will feature speakers like Tracy Stephan, Fannie Mae's Director of Technology-Enterprise Innovation, "Blockchain for Dummies" author and Factom CMO/co-founder Tiana Laurence, and MBA's COO Marcia Davies. Register before September 29th to get Early Bird pricing and if you want an additional $75 discount, use the code Chrisman75. Register at NEXTMortgageConference.com. Questions can be addressed to co-founders Molly Dowdy or Jeri Yoshida.

FHA is offering a free, two-day, on-site, instructor-led training in Las Vegas on September 6th and 7th. It will cover a wide range of topics including Single Family Housing Handbook 4000.1, underwriting the FHA appraisal, Endorsement protocols, the new Loan Review System (LRS) and much more. Advance registration is required by August 31, 2017.

On September 8th, FHA is offering free, on-site, instructor-led training in Las Vegas which will cover FHA appraisal requirements, including the FHA appraisal protocol and updates to FHA appraisal policy. This course is approved by the states of California, Oregon, Nevada, and Washington for seven hours of Continuing Education Units/Credits (CEUs) for licensed appraisers. Advance registration is required by September 5, 2017.

Register by 9/11 and join FHA in Chicago on September 13th for its credit underwriting training. The Focus areas will include credit, income and asset (CIA) documentation, manual underwriting, automated underwriting, closing, and more.

CoAMP is sponsoring the new and exciting Colorado Mortgage Summit, being held Tuesday, September 19th located in the heart of Tech Valley at the Denver Marriott Tech Center. The Colorado Mortgage Summit presents an incredible lineup of educational sessions, business opportunities, and networking events curated specifically for the entrepreneurial men and women of the Colorado mortgage industry.

The National Association of Professional Mortgage Women- Greater New Orleans is partnering with Genworth Mortgage Insurance to offer their Mortgage University course in the New Orleans Metro Area. This 2-day, intense overview of the mortgage loan process is the perfect jump start for the career of newer or younger LO's, Processors or Underwriters (0-5 years), or a solid refresher for anyone who has been in the industry a while longer. It's being held at The Forum Banquet Room in Metairie, LA October 19 & 20.  The cost is $35 for NAPMW members and $75 for non-members.

MGIC's September training calendar is ready to view. Choose from preventing mortgage fraud on September 5th, evaluating assets on September 11th, understanding MI premiums on the 15th plus much more throughout the month.

mpowering you: MBA's Summit for Women in Real Estate Finance slated for October 21st in Denver Colorado. "With an impressive list of speakers from a variety of inspirational top executives who are paving the way for women. Come and engage in thought-provoking conversations about knowing and growing your value, commanding the room through effective messaging, driving new forms of leadership, and enhancing your professional and personal brand. and many industry women participating in the program."

Plaza's September webinars include: Plaza's FHA 203(k) Standard and Limited Renovation Loan Programs Wednesday, September 6 at 11:00 a.m. Pacific. Conquer the Components Thursday, September 7 at 11:00 a.m. Pacific. Trends in Credit Reporting Monday, September 11 at 11:00 a.m. Pacific. Plaza's Fannie Mae HomeStyle Renovation Loan Program Tuesday, September 12 at 11:00 a.m. Pacific. All About Split Premiums Thursday, September 14 at 11:00 a.m. Pacific. Asset Depletion/Asset Utilization Monday, September 18 at 11:00 a.m. Pacific.

Appraisal Underwriting Part II: Focus on the Sales Comparison Tuesday, September 19 at 12:30 p.m. Pacific. Will You Hit the Goal? Wednesday, September 20 at 12:00 p.m. Pacific.

National MI's upcoming September 2017 webinar sessions is brought to you by its MI University. Self-Employed Borrower September 14 info and registration. Reaching Hispanic and Latino Millennials September 21 info and registration. Plus, special course series on Fannie Mae's Collateral Underwriter in conjunction with Fannie Mae (1 hour each session):

Maximize Value Rep & Warrant Relief September 26 info and registration. Collateral Underwriter for QC and Vendor Mgmt. September 27 info and registration. Higher Risk Use Cases in Collateral Underwriter September 28 info and registration.

Wells Fargo Funding, in cooperation with Freddie Mac, is hosting an in-market, first-time homebuyer/affordable product event in Dallas, Texas (Sept. 21). The event runs from 1:30-5:00 p.m. Central (followed by a social hour) - and is focused on helping lenders gain market share in the affordable/first-time homebuyer space, including details about homebuyer demographics, Freddie Mac's Home Possible and in-depth insight into the Dallas market for LOs, sales/production/affordable lending managers, underwriters, and marketing teams. 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 CorrespondentDiverseSegments@wellsfargo.com.

Jobs and Expansion

As its Retail channel grows, Pacific Union Financial, LLC has opened a new Distributed Retail branch in Radnor, Pennsylvania to assist home buyers. Stepping into the role of Branch Manager, Matthew Sullivan has over 15 years of industry experience helping borrowers with their home purchase and refinance needs. "Matt is an exceptional Mortgage Professional," said Regional VP Ron Agasar, "dedicated to providing outstanding customer service and support to both his customers and employees." Are you a loan officer looking to join a strong Distributed Retail team that's primed for growth? If so, contact Matthew Sullivan to learn more about joining the Pacific Union Distributed Retail team.

IE Settlement Services is pleased to announce the addition of Credit Data Solutions to its suite of endorsed mortgage industry vendors. Under terms of the partnership, Credit Data Solutions is now IESS' preferred provider of Credit Reporting, Employment Screening, Tenant Screening, and Lead Generation Services. "Credit Data Solutions meets our high standards for integrity, service, and expertise," said Stacey Jackson, Founder and CEO at IESS. "The people, service and innovative technology complement our partner firms as we connect our clients with personally endorsed preferred providers." With more than 90 years as a full-service agency, Credit Data Solutions leads the industry with Tri-merged reports from Equifax, Experian, and TransUnion, along with trended data, tenant, and employment background screening, and key verification services for the new digital mortgage era.  To learn more about the partnership between IESS and Credit Data Solutions click here. To contact IESS, click here.

In MI job news, Essent Guaranty continues to grow and is looking for an Account Manager in the Los Angeles, CA area. "Essent Guaranty, a leader in the mortgage insurance industry and a great place to work, is looking for a results-driven Account Manager to call on mortgage lenders, banks, and credit unions. Essent offers a very competitive compensation and benefits package and makes it easy for serious professionals to transition. As an Account Manager, you will drive profitable mortgage insurance business using a risk centric approach and a goal of delivering value and added credit enhancement solutions. If you have significant mortgage lending experience and a minimum of 5 years of relevant business development experience within the financial services, mortgage, secondary markets, capital markets or mortgage insurance industries, this may be the job for you. If you are interested in joining our team, please send a resume to Careers@Essent.us."

With NEW Bank and Credit Union partners in MI, TX, NJ, PA, WV and IN in the last two months, AnnieMac Home Mortgage continues to prove that they are a trusted partner in the correspondent, private label and wholesale space! "With turnkey platforms offering correspondent and portfolio flows, and even options to utilize AnnieMac simply as an investor, AnnieMac is sure to provide solutions for any financial institution looking to expand product line or reduce fixed costs. Call or email to learn more, Michael Mandio, VP Of Financial Alliances (845.641.0541)."

In personnel news, NewLeaf Wholesale continues to expand into new markets as Tom Conklin, National Sales Manager, welcomes to the NewLeaf Family Roy McGregor, Central Divisional Manager, and Zenon Zorij in the role of Eastern Divisional Manager, to work alongside Jeff Garrison, Western Divisional Manager. Also joining the team are established AEs Monique Daily in Southern California, Michael Bedford out of Colorado, and Michelle Rossini to accompany Zenon Zorij in developing the Eastern Division. This sales team is leading the charge to create positive outcomes for you to rely on to Grow Your Business with NewLeaf.