What are our healthcare costs were in terms of GDP and versus other countries? It is startling to see the differences, especially as I hear small business owners talking about the cost of health care. Are we that unhealthy, or is heath care that inefficient - numbers don't lie, right?

It's very encouraging to hear about true success stories. ClearVision Funding, based in Orange County, CA celebrates its fourth year by funding over $4 billion in loans since May 2010. ClearVision (CVF) is a wholesale mortgage lender who continues to break units and volume records month over month. The company has the unique full offering of FHA, VA, (including FICO scores down to 560), jumbo, FNMA, and FHLMC loans and have direct relationship with the agencies. CVF also offers a Non-Delegated Correspondent program with warehouse lines to help take their client's business to the next level. ClearVision Funding, a registered DBA of Pacific Union Financial, LLC is aggressively growing its Sales and Operations teams and is actively recruiting Account Executives and Sales Managers in all approved states. Interested candidates with the drive to succeed with ClearVision should submit their resume to careers@clearfundings. com.

The recent MBA Legal Issues and Regulatory Conference in San Diego was attended by many from the CFPB, as well as members of the legal, compliance and regulatory, community. The CFPB and various panelists reiterated that enforcement action will be taken against servicers that violate basic servicing protocols. Ben Madick writes, "This makes oversight of servicers, sub-servicers and vendors absolutely critical. We saw many attendees interested in CFPB examinations, servicing topics, and a packed house for every vendor management oversight break out session. Servicers, sub-servicers, and vendors were in unanimous agreement that the hosting and performing of due diligence is a reality that is here to stay. Every lender must perform oversight diligence on their service providers and work collaboratively to provide a seamless, safe transaction for each borrower.  We've found that too often master servicers place too much trust in their sub-servicer. As a result, the master servicers don't have proper oversight in place to identify servicing problems as they arise. Subsequent QC focuses on servicing objectives and works together with sub-servicers and lenders to bridge the gap to meet their oversight objectives." (To learn more about vendor management, servicing oversight or connect at the upcoming MBA in NYC contact Ben Madick at ben@subsquentqc. com.)

I didn't make the billion from the NCAA basketball contest sponsored by Quicken and backed by Buffett, but now I have another shot at riches! Wells Fargo is ponying up three $250,000 prizes. Wells Fargo & Company's home lending division announced that it will give away three $250,000 cash prizes to three contestants who submit, in words and images, their answer to the contest question: "What makes a place feel like a home?" Consumers can learn more and enter the contest online. Or you can read about it from Berkshire Hathaway's Business Wire. Oh, and who owns nearly 10% of Wells...?

Sometimes it is hard to keep track of the players out there, both companies and individuals. But late last week Cole Taylor Bank, a wholly-owned subsidiary of Taylor Capital Group, Inc. announced that Willie Newman, President of its Cole Taylor Mortgage Division, resigned. The bank also announced that it is no longer seeking to sell the division and instead will retain it while continuing to invest in its ongoing growth. Randall T. Conte, Executive Vice President, Chief Financial Officer and Chief Operating Officer of Cole Taylor Bank, has been named as interim President of the division until a permanent division leader is appointed. Conte will retain his existing responsibilities at the bank...we've decided to retain Cole Taylor Mortgage as a line of business going forward both in the short term and subsequent to our planned merger with MB Financial Bank....

If a lender makes a loan, does it ask the loan officer to guarantee all the information, and stand behind it? That would be a stretch, but the GSEs (read: Freddie & Fannie) unveiled the latest iteration of their rep and warranty guidelines, effective for mortgages settled on or after July 1, 2014. Overall most believe the changes increase the number of loans eligible for rep and warranty relief. No substantial changes seem to have been made to the actual relief provided, however, and on balance these changes point to an incremental loosening of the credit box although it is unlikely to fundamentally alter prepayment landscape in the near-term.

Most remember that the GSEs had previously released a new rep and warranty that went into effect January 1, 2013 but which were subject to substantial caveats. The new framework announced does not include material changes to the actual relief provided. Rather, the focus is on increasing the number of loans eligible for rep and warranty relief. These changes include changes to the payment history, quality control, credit, and pre-HARP prepayments. The industry awaits announcement from the FHFA rather than two announcements to ingest.

Keeping on with lender, investor, and agency news...

California lender Western Bancorp, noted for its innovative Jumbo ARM offerings and extensive wholesale lending experience, has now added an aggressively priced fixed-rate program to the mix. The "Tahoe" 30-year fixed loan amounts top out at $5 million, with cash out to $750,000 with 2-4 units owner occupied allowed. To learn more, call 888.398.8757 or email Western Bancorp.

Folks doing government loans are still talking about HUD moving the implementation date of the LEAP (Lender Electronic Assessment Portal) from today to May 27.  Once it's up and running those who need to complete their annual certification (normally due 3/31 for those with a FY end of 12/31) will have 30 days to certify.

CITI is reminding folks to avoid the "proof of assets pitfall", to help mitigate the risk of files containing errors, remember to check your documentation facts before submitting. Provide only asset statements required per AUS findings, with ALL pages intact. Verify all credit documents, including asset statements, are no more than 120 days old as of closing date. All assets statements must contain required information such as institution name, borrower name, statement date, beginning and ending balance, 30-day transaction history, etc., legible and free of any alterations, erasures, "whiteouts", or similar indications that changes have been made.

Kevin Connelly of BB&T writes, "Speaking of low down payment loans for first timers- As part of their CRA requirement, BB&T Bank offers a 97% LTV conventional loan with no PMI called CHIP: "Community Homebuyers Incentive Program." All of the 3% down payment can be a gift. They lend to borrowers who are at or below 80% of the median income for their area, and will go down to a 620 credit score. The maximum debt ratio is 43%. Borrowers are required to take a homeownership educational course. BB&T offers this program through its retail channel only and within the Bank's footprint which stretches from Texas to Maryland along the east coast."

Washington DC has a new first timer program called DC OPENS DOORS-These loans are originated by approved correspondent lenders, funded through District of Columbia Housing Finance Agency and administered through EHousing Plus, which also administers many State Housing Finance Agency's nationwide. Two popular programs are FHA or Conventional First trust loans coupled with a second trust for the down payment of 3.5% FHA or 3% on Conventional to total 100% financing. The down payment assistance seconds are at 0% interest non-amortizing and are forgivable loans at 20% of the balance per year. Credit scores down to 640 and DTI ratios as high as 45% maximum income is $123,395. Loans are sold to and serviced by US Bank. 

Sun West Mortgage Company, Inc. provided FEMA Disaster Area Update information for new counties in Mississippi declared by FEMA as Major Disaster Areas for the incident period dated April 28, 2014. Designated MS disaster areas include, Itawamba County, Wayne County and Winston County. View FEMA's recent update on Mississippi HERE.

Effective April 30, 2014, US Bank wholesale and correspondent division began requiring a copy of a payoff statement in the credit package on all refinance transactions, regardless of servicer dated on or after the application date is required at the time of a rate/term refinance when submitted for underwriting. Any subsequent resubmission will not require an additional updated payoff unless the payoff has expired or the borrower has made an additional payment.  Current HASP procedures will remain in effect.  Omission of the payoff statement will delay purchase or funding of the loan.

Impac Mortgage Corp. Correspondent updated its USDA programs. Vermont is now an eligible state and minimum loan amount requirement has been removed. Purchase transactions require that all funds used for GUS approval must be fully documented. If the borrower(s) receives any cash back at loan closing, the amount must not exceed the documented contributions made from their own funds for eligible loan purposes. Loan funds or seller paid concessions may not be distributed to the borrower. Loan fees paid by the borrower with credit cards or other short term loans may not be reimbursed at loan closing.

New Penn Financial Correspondent announced on May 2^nd, early payoff duration changes on from 12 months to 6 months. Any loans purchased from effective date forward will have a rebate recapture per its outlined contract of 6 months. Loans purchased prior to the effective date will remain at the previous 12 month requirement. For specific contract language, contact your representative.  New Penn has updated FEMA disaster areas as May 5^th per FEMA to include the following impacted areas: Alabama - Baldwin county, Jefferson county, Lee county, Limestone county, and Mobile county. Mississippi: Itawamba County, Lee County, Lowndes County, Madison County, Rankin County, Wayne County, and Winston County. Oklahoma: Oklahoma County, Payne County, Creek County, Lincoln County, Pottawatomie County, and Tulsa County. Arkansas: Faulkner County.

Congrats to Randy Lightbody as national due diligence firm and mortgage quality control and valuation service provider RECOVCO welcomed him as its new CEO. He will be "executing RECOVCO's strategic vision during the company's dynamic, rapid growth phase." (RECOVCO is headquartered in East Meadow, NY but has offices in Irving, TX, Orlando, FL and Las Vegas, NV. The company "touches" over 10,000 files per month, providing servicing solutions, valuations, quality control, due diligence, underwriting, end to end fulfillment, and auditing services that banks, mortgage companies and insurance companies use to ensure the loans of today and the past are pristine and free of possible repurchase issues and in compliance with all the new laws and regulations.

Up a little, down a little - rates continue to waffle around. I won't mire you down in minutia, but the Federal Reserve Bank of New York announced its weekly schedule with a maximum of $5.55 billion in agency MBS to be purchased over FedTrade this week in addition to $3.4 billion planned purchases over Tradeweb. Agency MBS prices worsened slightly, but the focus continues to be more on production, controlling costs, compliance, and operational efficiency rather than the direction of rates.

Today we had a relatively new entry to the ranks of 2^nd-tier numbers: the NFIB small business optimism index (which rose). But we also saw have Retail Sales (expected lower after some healthy March numbers, they were +.1%) and April's Import Prices (expected lower as well, they were -.4%). The yield on the 10-yr T-note at the close of Monday was 2.66%, and in the early going this morning it is at 2.64% and agency MBS prices are better by about .125.