Ever wonder where manufactured houses are centered? Here’s a nifty map. They are being touted as a possible solution to the nation’s housing shortage. Just remove the trailer hitch prior to the appraisal!

State Lending Law Changes out West

The state of Arizona amended its provisions relating to breach of security through House Bill 2154, effective July 20.The Bill added article 4 which includes definitions for key terms such as: “breach,” “security system breach,” and “personal information.” Additionally, the amendment outlines procedures if a person becomes aware of a security incident involving computerized personal information he or she maintains. Also noteworthy, Arizona amended its provisions relating to application licensing fees. And Senate Bill 1043 amended its provisions relating to county recorders and the recording fee per instrument. These amendments establish flat fees, per instrument, for recording papers required or authorized to be recorded by law; previously mandatory standard fees have been eliminated. The amended provisions are effective on July 1, 2019.

Utah modified its provisions under its Residential Mortgage Practices and Licensing Act (RMPLA) relating to licensure requirements, record requirements and investigations effective on May 8, 2018. Section 2 of the amendment provides that “the division of real estate may not license an entity and a licensed entity may not conduct the business of residential mortgage loans unless the entity conducts the entity’s business of residential mortgage loans from a location within the United States.” Section 3 provides for record requirements and states that “a licensee, or a person required to be licensed shall maintain the licensee’s or the person’s possession a record required for that licensee by a rule made by the division.” Section 4 states that “a failure to respond to a request by the division in an investigation within 10 days after the day on which the request is served is considered as separate violation of this chapter.” Section 7 amends provisions relating to registration requirements and qualifications under the Appraisal Management Company Registration and Regulation Act. It states that “an appraisal management company is required to register if in a calendar year, the company oversees an appraiser panel of twenty-five or more certified or licensed appraisers including at least one appraiser certified or licensed in the state and at least one appraiser certified or licensed in a state other than Utah, a territory, or the District of Columbia.” Section 10 provides for fees charged by the division of real estate for registration and services and states that “the division shall collect the annual registry fee from each appraisal management company and each federally regulated appraisal Management Company, and transfer the fees collected to the Appraisal Subcommittee on a monthly basis.” Section 11 provides for the appraisal management company adherence to professional standards and states that the “appraisal management company shall have a system in place to ensure that it only selects for a real estate appraisal activity an appraiser who is independent of the transaction and has the requisite education, expertise, and experience necessary to competently complete the real estate appraisal activity for the particular market and property type.” Section 12 provides that the “division of real estate authority may examine any book or record of an appraisal management company and require the appraisal management company to submit any report, information, or document to the division.”

The Oregon Department of Consumer and Business Services, Finance, and Securities Regulation adopted rules relating to mortgage servicer licensing that include: application, liquidity, surety bond or irrevocable letter of credit, and fees. These provisions are effective immediately.

Colorado has amended several of its provisions concerning modification of the foreclosure process on property that is encumbered by a deed of trust. These changes are effective as of August 8. Under the amendment, the attorney for the holder of the debt may no longer specify the newspaper in which the foreclosure notice is published. It must be published in a newspaper in the county where the property to be sold is located. The deposit amount required for the fees and costs of the public trustee has been modified from six hundred fifty dollars to five hundred dollars. A new section has been added to clarify that if the highest bidder at a foreclosure sale is the debt holder, and the bid exceeds the total debt as shown on the bid, the holder is only required to pay to the officer the excess of the amount bid over the amount due. The section relating to property subject to a federal bankruptcy case has been modified to specify which circumstances will merit a restart of the foreclosure proceedings.

The Montana Department of Administration amended multiple provisions including what is considered approved standardized NMLS forms relating to consumer loan licensing and state-specific forms on the NMLS. The amendment further states that “the annual report must be filed whether any loans were originated during the reporting period and whether the licensee renewed its license. The amendment approved and adopted standardized NMLS forms relating to escrow business licensing including state-specific forms on the NMLS and includes definitions for “breach of trust” and “dishonesty.” The amendment also reduced the licensing renewal fees for 2019. This section of amendment expires in March 2019 and pertains to a mortgage broker who is both an individual mortgage loan originator licensee and the owner of a mortgage broker entity.

Capital Markets

Looking at the bond market, the yield curve continued to flatten, and rates fell again yesterday, with the 10-year closing at 2.83% as press reports noted that President Trump might not implement new restrictions on investment from China, but instead focus on using existing tools. Durable goods orders downturn in May appeared to be a simple pullback from a robust month of order activity in April. And a weak $36 billion 5-yr note auction didn’t move rates.

Turning to today, we had the third estimate of Q1 GDP. Expected to be unchanged at 2.2%, it was weaker at 2.0%. (The markets really don’t care much by the time we get to the 3rd estimate, unless it is a huge surprise.) We’ve also had weekly initial jobless claims (+9k to 227k). Summer doldrums? Thursday starts with the 10-year yielding 2.82% and agency MBS prices little changed versus last night’s close.

Lender Products

We often hear in our industry about how stressful many borrowers find the mortgage process.

This stress, especially in a purchase borrower, can have a huge impact on your experience and ultimately your referral business in years to come. The solution that every lending team can own themselves: focusing on communications. I wanted to share an ebook on the topic released from Maxwell: “The Mortgage Communication Playbook.” It summarizes why great communication is critical, what great communication looks like, and how to make it happen. By focusing on how you communicate with your borrowers you can relieve their anxiety, increase referrals, open your time, and make your business grow. Download your free copy here.

Fidelity Bank has been committed to providing warehouse banking solutions for correspondent mortgage bankers and emerging mortgage bankers for more than 30 years.  A quick and efficient closing for your borrower drives repeat and referral business for you.  At Fidelity Bank we understand how important each loan closing is to your company’s reputation and are here to support you.  With direct access to our decision makers and dedicated and responsive staff, you gain a trusted process and partner that can quickly address issues to meet your needs.  If you’ve thought that it might be time to consider a new warehouse bank, or add to your current capacity, contact Susan Johnson (952-830-7243) or Brian Huddleston (713-332-8367).  Work with a proven partner with a dedicated and responsive team.

FinLocker, a financial data and analytics company, welcomes Eric Bloomquist, Chief Product Officer, as the newest addition to the FinLocker senior leadership team.  Bloomquist has over two decades of innovative product management experience, encompassing product strategy, innovation, marketing and growth across multiple financial services product lines.  His ability to challenge traditional product solutions has fostered his inimitable approach to product innovation and strategy that will further the breadth of innovation for the sophisticated FinLocker solution. The FinLocker platform enables access to consumer financial data electronically and applies analytics to verify and analyze key loan data that significantly reduces costs, while also generating highly qualified leads for lenders. With the addition of Bloomquist, FinLocker leadership is positioned to take their revolutionary financial services vault to the next level of industry relevance and adoption.

Are you maximizing the value of your personal brand? The HomeScout®-HBM lead and conversion technology platform is the ideal solution for branch managers and loan officers who believe their best strategy for success is leveraging their personal brand, to differentiate themselves from the competition in local markets. Their National MLS for lenders provides consumers 100% MLS listing data inside a custom branded, mobile app that advertises loan officers! Engage and retain more leads and preapproved borrowers with real estate search and see the results! One national lender saw a 91.31% increase in pre-approval to close ratios through increased consumer engagement via the HomeScout mobile app. Listen as national project consultant Mitch King explains how to grow local market share by leveraging your own brand using HomeScout. For more information and schedule a demo contact them HERE or call at 952-831-0623.

Employment and Personnel Moves

Better Mortgage Corporation, #NMLS 330511, is seeking experienced mortgage underwriters, processors and closers in NYC, SF and Greater Philadelphia (Philadelphia / Camden / Cherry Hill). “We are a fast-growing, tech-driven lender looking to disrupt the mortgage industry. We’ve funded over $1B in home loans since our launch in 2016, and we’re just getting started. Come work at an amazing company with great people (4.5/5 on Glassdoor), career opportunities, and highly competitive salaries and benefits! If you’re interested, please send a resume to recruiting@better.com. Better is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin or disability.

PMA (Private Mortgage Advisors) has an opportunity for experienced Mortgage Loan Officers to work directly with PMA’s realtor partner, Alain Pinel Realtors, within the Bay Area (specific openings in Danville, Menlo Park, Los Altos, San Jose and Saratoga). With access of up to 100 agents and keys to the office, MLOs can present at weekly meetings and build relationships that could lead to an extra 3-5+ transactions per month. PMA also provides a digital platform that gives transparency to the mortgage process for the MLO, buyer and partner. Additional benefits include: local fulfillment, comprehensive benefits package with 401K match, delegated processing, $300 monthly expense account, company sponsored Yelp pages, personalized marketing and more. President of PMA, John Dutra says, “We take care of our team at PMA so they can focus on growing their careers and serving our clients”. To further explore one of these openings, contact Brian Corder (612-405-7100).

VA renovation loans are finally here, supported by the notoriously efficient Renovation Concierge Service that, along with same-day turn times, has helped to make REMN Wholesale a leader in the industry. VA reno loans solve one of the biggest problems active duty military and veterans face when it comes to buying a home. The lack of desirable inventory.

On July 12, REMN’s Renovation Lending Specialist, Damon Richardson, along with Frank Garay of the National Real Estate Post, will lead a live webinar giving an overview of the product, along with guidance on how best to explain their power to the military community. Space is limited, so register ASAP here. REMN continues to grow and is looking for entrepreneurial account executives in all territories. If you know someone looking to join a thriving wholesale lender with a product line few can match, have them email REMN’s recruiting team.

"How many more residential loans could you close with better back office support? You work too hard to experience the same chokepoints repeatedly. Assurance Financial offers you a full-scale team of experts who have spent the last 17 years with only one objective: to help you close loans on time, every time. If you even THINK you may be losing money in your current situation due to poor support, call Paul Peters, CMB (225.239.7948). Assurance Financial is a growing private residential mortgage banker with offices throughout the South, East Coast, and Midwest US, and we may be the answer you’ve been looking for. Watch this 2-minute video now.”

In personnel news, myCUmortgage announced that Wendy Kull joined the organization as the new Credit Union Development Manager. (myCUmortgage is a leading Credit Union Service Organization – CUSO - and wholly-owned by Wright-Patt Credit Union.) Ms. Kull is responsible for growing the number of credit unions that partner with myCUmortgage for lending and servicing products and solutions via developing “new relationships in order to discover the credit unions’ mortgage lending needs...”

Gregory Englesbe has resigned his position as chief executive officer of E Mortgage Management LLC. “Daily managerial operations of the company will continue to be spearheaded by EMM President and COO Kevin Crichton and current management team. Additionally, Crichton will be assuming responsibilities of the CEO.