TRID 2.0: mandatory compliance on 10/1 is only a few weeks away. Temenos has a primer on it, as does Qualia. The MBA had a piece on it. The NY MBA has a webinar next week. In Michigan the MMLA has a seminar on it this week. Hopefully everyone’s up to speed already.
Lender Products and Services
Stearns Wholesale helps brokers grow and brand their business with social media. Marketing Tools for SNAP 2.0 now offers Social Media Graphics for our most popular products and services. This marketing portal allows you to create personalized marketing pieces to help you extend your reach, grow your customer base and brand your business. Customizable flyer and social media templates can be personalized for both business-to-business and consumer relationships. It’s Easy! We provide the flyers and graphics, with over 4,000 combinations available, then you add your logo and personalized information. Stay top of mind with your borrowers by providing relevant information to print on marketing flyers or social graphics to post on Social Media. Learn more about Marketing Tools for SNAP 2.0 here.
Texas State Affordable Housing Corporation (TSAHC) has a new 5% down payment assistance product that offers a much lower interest rate on our HFA Preferred Conventional loans. The down payment assistance will be in the form of a repayable second lien with 0% interest and no monthly payments. Contact your Lakeview Business Development Director, or email TSAHC, or visit TSAHC Homebuyer Programs for more information.
VirPack announced its latest integration with Calyx Software. The integration enables Point and PointCentral customers to leverage VirPack’s virtual file automation capabilities including: multiple methods of document capture, automated indexing with OCR, and rule-based workflow capabilities. With VirPack’s one-click electronic loan delivery, Calyx customers also gain the ability to quickly and precisely deliver loan files and data electronically to investors, HUD for FHA insuring, servicers, subservicers, QC firms and MI companies. “The positive reaction we have received from Point and PointCentral customers validates that our integration delivers increased productivity and efficiency without major IT and operational disruption,” said Wayland Pond, Chief Business Development Officer of VirPack. “Using best-in-class virtual document management and workflow technology will enable Calyx customers to fund more loans with the same staff and meet the competitive challenges of driving down per loan costs.” Contact Kelli Himebaugh, Director, National Sales (703-996-4894) to learn more.
Join Regions Bank, First Tennessee Bank and Total Expert on a complimentary webinar on Sept. 19 from 1:30 – 2:30PM CT: Building Sound and Sustainable Sales Practices. These industry leaders will share their insights on best practices for banks to drive revenue and increase customer retention in today’s competitive market. Explore new approaches and techniques for sales executives and learn how to drive success across multiple lines of business. Understand how digital migration is redefining the relationship between marketing and sales and how to empower producers to build customers for life and boost sales capabilities with a focus on relationship building. Listen as industry veterans share their knowledge on the technology and techniques needed to improve sales outcomes and drive growth in a challenging market. If you cannot make the webinar tomorrow, register here and a recording will be shared following the live event.
Exciting news from the Digital Mortgage Conference in Vegas yesterday as Maxwell announced its groundbreaking new mortgage product, Maxwell ApplyID™ API. Maxwell ApplyID™, with consent from the borrower, gathers the borrower’s information from its network of data providers to pre-populate fields in the loan application, filling in personal information, employment history, income, real estate owned, financial assets, and more. This new API enables clients to receive a completed Fannie Mae 3.2 file with minimal effort from the consumer. This is just one more innovative step forward from an industry-leading player in the digital mortgage space. Maxwell’s Point of Sale platform is a must-see for small- to mid-size lenders looking for a digital mortgage solution that will enhance and evolve the human relationship between borrower and loan officer. To learn more about Maxwell or request a personalized demo for your business, click here.
Create an inventory of personal and household valuables and use photo or video documentation to help assess their value and determine replacement costs. Contact your insurance agent or visit the Federal Emergency Management Agency’s (FEMA) website, www.fema.gov, to determine if you need a flood insurance policy. FEMA also offers a guide with checklists to help prepare for emergencies and natural disasters. For more information on crisis preparedness, visit ICBA’s website.
As FEMA publishes impacted counties per the declaration of a state of emergency in North Carolina, South Carolina and Virginia, clients and Pacific Union employees continue to be responsible for monitoring the FEMA Website, their lending areas and pipeline, and ensuring impacted properties meet agency, investor and Pacific Union requirements.
Fannie Mae posted reminders for those impacted by Hurricane Florence of the options available for mortgage assistance. Under Fannie Mae’s guidelines for single-family mortgages, Homeowners impacted by Hurricane Florence are eligible to stop making mortgage payments for up to 12 months, during which time they: will not incur late fees during this temporary payment break, will not have delinquencies reported to the credit bureaus. Servicers are authorized to suspend or reduce a homeowner's mortgage payments immediately for up to 90 days without any contact with the homeowner if the servicer believes the homeowner has been affected by a disaster. Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). (Click the link for all details.)
Freddie Mac has issued a reminder to Servicers of its disaster relief policies for borrowers who have been affected by Hurricane Florence. Freddie Mac's disaster relief options are available to borrowers whose homes or places of employment located in presidentially-declared Major Disaster Areas where federal individual assistance programs are made available to affected individuals and households. Areas where FEMA has not yet made individual assistance available, mortgage servicers may immediately leverage Freddie Mac’s short-term forbearance programs to provide mortgage relief to their borrowers that have been affected by the hurricane. A list of these areas can be found on the FEMA’s website.
FHA issued a reminder to mortgagees about its guidance for originating and/or servicing FHA-insured forward and reverse mortgages in locations in the U.S. and its territories when the President declares it a major disaster area. FHA-insured mortgages secured by properties in a PDMDA are subject to a 90-day foreclosure moratorium following the disaster. FHA-insured reverse mortgages (HECMs) that become due and payable for reasons other than the death of the last surviving borrower and eligible nonborrowing spouse are subject to a 90-day extension of HECM foreclosure timelines. In PDMDAs only, HUD provides mortgagees an automatic 90-day extension from the date of the foreclosure moratorium expiration date to commence or recommence foreclosure action or evaluate the borrower under HUD’s loss mitigation program.
Recall that Hurricane Harvey influenced material prices, especially if the materials are byproducts of natural gas processing and crude oil refining. Homebuilders saw an increase of 5.6 percent in the cost of raw materials year over year in November, marking the largest rise since 2011. One of the main factors in the cost has been the increase in the price of softwood lumber of 17.4 percent year over year, which is used for framing and other structural applications. The rise in price coincided with a renewal of tariffs on Canadian lumber that had previously expired in 2015. Other building materials such as roofing asphalt and plastics products have been affected by an increase in natural resource prices after remaining flat or seeing declines over the last couple of years.
PennyMac Correspondent Group has posted a Hurricane Florence Disaster Policy announcement.
Plaza Home Mortgage has reinstated loan funding in the state of Maryland. There is no change to the suspension in funding for South Carolina, North Carolina and Virginia at this point. As it actively monitors Hurricane Florence Plaza will provide notifications of any other changes in its operations.
Mortgage Solutions Financial posted an announcement regarding the Hurricane Florence- Temporary Funding Suspension.
AmeriHome suspended loan purchase activities. Counties included in the temporary funding suspension are indicated by National Hurricane Center maps as potentially sustaining substantial damage when Hurricane Florence makes landfall, and in the days following. Many of these counties are currently under mandatory evacuation orders.
Ditech Approved Correspondent Clients: Due to the potential impact and current path of Hurricane Florence, Ditech is suspending the funding of all loans in the following counties: North Carolina Beaufort, Brunswick, Camden, Carteret, Chowan, Craven, Currituck, Dare, Hyde, Jones, New Hanover, Onslow, Pamlico, Pasquotank, Pender, Perquimans, Tyrrell and Washington. South Carolina Beaufort, Berkeley, Charleston, Chesterfield, Colleton, Darlington, Dillon, Dorchester, Florence, Georgetown, Horry, Jasper, Marion, Marlboro and Williamsburg. Virginia Accomack, Chesapeake, Gloucester, Isle of Wight, Lancaster, Mathews, Middlesex, Northampton, Northumberland, Surry, VA Beach and York.
Until further notice, Citadel Servicing is will be suspending loans with subject properties in Georgia, North Carolina, South Carolina, Virginia and West Virginia. “Please notify your borrowers immediately about the funding delay. If you have already scheduled a signing, please cancel these appointments until further notice.”
Happy National Cheeseburger Day. Is a tariff like gluten? You know, where you ask the average person on the street what it is, and they think it’s bad, but they really have no idea? Goldman Sachs and JPMorgan Chase have warned that the trade row between the US and China risks tipping markets into bear territory. Earnings, growth and equity valuation at S&P 500 companies could be hit if the Trump administration adds tariffs on Chinese imports, the banks say. If our economy is dampened, that should keep a ceiling on rates, right?
Rates didn’t do much yesterday, though the U.S. 10-year did close +1bps to hit the 3.00% barrier (its highest level since May) with news reports focusing on President Trump seeking a 10.0% tariff on $200 billion worth of imports from China. Markets were none too pleased to hear Chinese negotiators may be reluctant to return to the table after this latest round of rhetoric. National Economic Council Director Larry Kudlow weighed in, stating that President Trump has not been satisfied with trade talks and that new tariffs could be announced soon. Mr. Kudlow also said that budget deficits over the next few years will be between 4.0% and 5.0% of GDP per year. Separately, Richard Clarida was sworn in as the Vice Chairman of the Federal Reserve, beginning a four-year term.
Today’s light economic calendar has non-market moving numbers: Redbook same-store sales, the NAHB Housing Market Index for September, and the Treasury’s July TIC data. Also, Yom Kippur, the holiest day in Judaism, begins at sundown and continues through Wednesday. We start with rates up from Monday with the 10-year yielding 3% and agency MBS prices worse a few ticks (32nds).
Jobs and New Positions
GSF Mortgage Corporation announced it has selected award winning technology provider PromonTech as vendor of choice for their point of sale lending portal solution. By partnering with PromonTech, GSF Mortgage Corporation will deliver a more modern and exceptional experience for customers. Implementing this new, all-in-one portal for customers to use during their mortgage process, provides a consistent, intuitive and collaborative experience on any device. The originator experience is also upgraded. The new pipeline manager and borrower collaboration tools streamline our processes and brings our sales team closer to their customers with less effort. Interested in a retail opportunity, contact Chad Jampedro.
Top producers like you don’t go to work every day to lose money. Nor do you put in the work knowing that your efforts mean nothing. High producing MLOs and branch managers ENJOY working at Assurance Financial because they close more loans with the same amount of effort they were giving before, and they feel like their efforts are valued. Just ask one of our Senior Loan Officers: “I don’t even know what another company could say to recruit me away from Assurance. It’s a dream job in my opinion.” That’s an actual quote from one of our senior MLO’s- and that could be you. Assurance Financial is a growing private full-service residential mortgage banker with offices throughout the South, East Coast, and Midwest, and we may be just what you’re looking for.Contact Paul M. Peters, CMB (225-939-6353) for a confidential discussion today.
PrimeLending is excited to welcome Brian Miller as the new VP, Sales Recruiting. Brian is hitting the ground running, bringing 20 years of recruiting experience and more than 15 years of mortgage industry expertise to his new position. At PrimeLending, he’ll play a pivotal role in the company’s branch expansion initiative by partnering with senior production managers to help identify and recruit top producers nationwide. “We have an amazing story to tell at PrimeLending,” he said. “We’re a proven leader in the industry committed to growing market share through investing in our retail channel. I can say with confidence that PrimeLending offers loan originators the best environment in which to achieve success.” Prior to PrimeLending, Brian worked at Countrywide, Bank of America, MetLife and Stearns Lending. If you’re a top producer looking to secure your future, contact Brian (469.737.5729).
Fannie Mae announced that Manuel “Manolo” Sánchez Rodríguez has been elected to the Board of Directors. Mr. Sánchez served as Chairman and CEO of Compass Bank, Inc., a U.S. subsidiary of Banco Bilbao Vizcaya Argentaria, S.A., and is a banking, financial services, and technology expert.