Huh? People burned while walking across fire at a Tony Robbins event in Texas? Imagine that! Speaking of incendiary activities, an amendment passed the Senate Appropriations Committee would bar federal banking regulators from preventing or penalizing banks for providing financial services to state approved marijuana businesses. This will now head to the Senate floor for a vote. I am sure that the alcohol lobbies are dead-set against it, but using income from such businesses for loans bound for F&F or the big banks could make things less complicated for underwriters.

New products

BOK Financial Correspondent Mortgage Services would like to remind banks and credit unions it purchases construction to permanent mortgage loans utilizing a single closing that meets Fannie Mae guidelines. Borrower benefits include time and cost savings, eliminating multiple loan applications, fees and closing costs. We offer extended rate lock options for up to 360 days, with a 90-day float down, allowing the lock in rate on permanent financing when construction begins. Single-closing transactions may be used for both the construction loan and the permanent financing of a home if the borrower wants to close on both the loan and financing at the same time. For more program information, contact clientrelations@bokf.com or call 855.890.1485.

LoanCraft can turn a pile of tax returns and K1s into a clean, uniform analysis, typically in less than four hours. Typically, you get a full analysis of tax returns for personal and business for $25.  It's especially helpful given the recent changes around K1 distributions. They also don't have a minimum monthly commitment. Contact Ron George for more information.

In 2013, LendingQB first released an interface to MCT's HALO-Link, which automatically transferred loan pricing and pipeline data from the LendingQB LOS to MCT in order to improve the accuracy of hedge positions. Today, the two companies completed an enhancement to the HALO-Link interface that adds the capability for MCT to update the LendingQB LOS in real-time with key investor information, such as confirmation number, confirmation price and expiration date. The result is a comprehensive and efficient secondary marketing process that provides pricing and hedge risk transparency throughout the mortgage loan life cycle. This joint effort demonstrates how collaboration between an LOS and a risk management firm produces tangible operational benefits to mortgage lenders.

Franklin American Mortgage Company announced it is now offering Fannie Mae HomeReady Fixed Rate Product.

Overture Technologies has integrated trended credit data into its automated underwriting system, a move that enables lenders and investors to gain new insight into the credit risk of their non-agency loans. The enhancement to the industry's leading independent automated loan underwriting system (AUS) follows Fannie Mae's recent announcement regarding use of expanded credit data in its Desktop Underwriter AUS. Trended credit data records a consumer's use and repayment of revolving credit over time and provides important insight into consumers' evolving ability and willingness to repay a new debt obligation. Lenders, particularly those specializing in loans to borrowers with previous bankruptcy or housing defaults, can leverage this data to understand how consumers have managed their use of credit as they re-establish their credit history.

United Wholesale Mortgage (UWM), has introduced a new proprietary Settlement Agent Portal, which enables settlement agents to submit their closing changes electronically to UWM. The new portal will streamline the closing process and speed up the response time for UWM clients and their settlement agents. The portal will enable settlement agents to review the preliminary closing documents and submit their changes electronically, placing the file directly into the closing queue. This process eliminates the need for multiple emails and waiting for a Closing Specialist to reply to an email. UWM produced a tutorial video to highlight the increased efficiencies the portal makes possible.

On the flip side, effective 6/30/16, Mountain West Financial, Inc. (MWF) will discontinue the 203K Standard and Limited Wholesale Programs. MWF will accept registrations up to 6/30/16 and all loans must fund by 8/31/16.

And recently the IRS notified vendors who provide tax transcripts (such as IVES vendors) that they would need to implement new requirements in order to continue providing tax transcript services.These new requirements are intended to better protect taxpayer information. The updated requirements include certain new assessments and certifications for vendors and lender clients. The MBA's president Dave Stevens sent out a note saying that, "While the IRS has not made their new certification requirements available to the public, we have learned they will include items such as a requirement that lenders provide their vendors with the Social Security numbers of any individual authorized to use the tax transcript process. Some of the new requirements must be implemented by July 1 and thus demand your immediate attention. Other requirements must be implemented within 45 days.

"The MBA has asked the IRS to delay the implementation date and is working for further clarity around the requirements. The IRS, however, as of this writing has refused to delay the implementation. I strongly recommend that you reach out to your vendor today to obtain the requirements and complete the necessary certifications and assess the impacts on your business operations. According to the IRS, vendors will be required to suspend access to the transcript service for any lender that fails to complete the required certification by midnight, Friday, July 1. If you have any questions, please contact Rick Hill, Vice President, Industry Technology at (202) 557-2718.

In better news, The Mortgage Collaborative, the industry's only privately held cooperative, has surpassed $100 billion in estimated originations in 2016 with the addition of its 59th preferred member, Movement Mortgage. "This is an extraordinary milestone for us" said David G. Kittle, CMB the Collaborative's Vice Chairman.  "As we move into the second half of 2016 and towards our August Summer Conference in Denver, we'll be discussing how TMC will monetize this production in 2017. are member companies estimated to do that volume in 2016?

For some training and events coming up, some as soon as today...

The new Summer 2016 edition of Arch MI's Housing and Mortgage Market Review® (HaMMR) will be released next week. Following its release, author Ralph DeFranco, Arch Capital's Global Chief Economist, will present two complimentary webinars on HaMMR and the latest findings of the Arch MI Risk Index® (the probability of regional home prices being lower in two years). Register now for either Wednesday June 29thwebinar or Thursday June 30th webinar.

Learn how to minimizing risk exposure & liability with a free recorded webinar from Bilzin Sumberg. Join a panel of experts as they discuss data security and privacy concerns in the private sector, as well as best practices for minimizing exposure and liability. If you would like to register, email Philip R. Stein, attorney at law.

Essent invites you to register now for one of its July training webinars. "There are so many vital topics being addressed by Essent's training team, that you may have a difficult time choosing which one to take first."

On July 19th in New Orleans, the FHA is providing a free one-day training course covering FHA underwriting procedures.

Valuation Expo, the largest conference for real estate appraisers, is rapidly approaching. It will be held at the Baltimore Marriott Waterfront, July 11-13. "We will hear from industry who's who such as Joe Tracy from the NY Federal Reserve; Jim Park, Director of the Appraisal Subcommittee; Zach Dawson, Chief Valuation Officer at Fannie Mae, and a panel of bank regulators from OCC, FDIC, NCUA, and FRB. In addition to 14 hours of continuing education available there will be a trade show with software companies, E&O providers and lots of AMCs and lenders."

In security news, American Banker reports that the Federal Home Loan banks of Topeka and San Francisco have signed up to participate in a Mortgage Partnership Finance program that pools and securitizes government-backed loans via Ginnie Mae. "We now have a new option for selling your government mortgage loans into the Mortgage Partnership Finance program...MPF Government MBS product is geared to make you successful with competitive pricing in both servicing retained and released options," a memo told members.

"The Chicago Home Loan Bank created and continues to run the MPF program. The Chicago and Atlanta FHLBs have sold the most loans through the program, which is also used by the Boston bank. The San Francisco bank has also joined. The MPF program allows for the sale and securitization of Federal Housing Administration, Department of Veterans Affairs and Rural Housing Service loans." Although the program is less than a year old, so far the MPF Government MBS program has securitized $271 million in single-family loans through May.

Keeping on with the security markets, Tuesday was a bit of a yawner although the treasury market recouped earlier declines despite the bounce in risk assets. As ThomsonReuters put it, "By the close, retail MBS volumes were near recent averages and biased to better buying." But we were close to unchanged.

For rates we closed the 10-year with a yield of 1.46%. Today we've already had the MBA's weekly update on mortgage applications for the week ending June 24 (-2.6%). We've also had May personal income and spending (+.4%, +.2%). The Pending Home Sales Index will be released at 4AM Hawai'i time. In the early going the 10-year's yield is hovering around 1.48% with agency MBS prices worse a shade.


Jobs and Announcements

In job news, Ohio's myCUmortgage, a wholly-owned mortgage subsidiary of Wright-Patt Credit Union, has an immediate need for a Director of CUSO Operations. "Our operation provides mortgage solutions to 200 credit unions across the United States and The Director of Operations will develop and implement the strategy for managers involved in processing, underwriting and closing of all types of mortgage loans to ensure accurate, compliant, responsive and timely review of processing, underwriting and loan closing. This position is located at our corporate headquarters in Beavercreek, Ohio. Please visit our website for a detailed job description. You may apply online or send your resume directly to Tracy McMullen." Wright-Patt Credit Union is an equal opportunity employer.  Women & minority candidates are encouraged to apply.

Also in that area of the nation but on the production side, Impac Mortgage Corp. is actively seeking a Regional Manager to head the Central Region sales effort for the company's Wholesale Division. "This is a high-profile position ideally suited for a dynamic, entrepreneurial leader with an exceptional ability to build and lead a sales team.  Ideally, candidates are based in the central US. 'This position offers huge growth potential as we continue our expansion. The ability to offer a full product line, including competitive non-QM products is very attractive in hiring LOs.'" For a confidential conversation, contact Todd Kesterson.

American Interbanc Mortgage is a Southern California-based mortgage lender with an 18+ year track record of consumer direct lending. AIM is looking to hire licensed Call Center Loan Officers and Loan Processors to work out of their beautiful office in Irvine, CA. Loan Officer candidates should have at least one year of Loan Officer experience, an active NMLS license and active state licensing in CA (additional states a plus). Call Center Loan Officers are provided with the highest quality leads from extremely motivated mortgage shoppers! Interested candidates should please send their resume to: careers@americaninterbanc.com.

"We could go on and on about our 'Track Record, Best in Breed this, and industry leading that...' but as the popular internet meme says 'Ain't nobody got time for that.' Here at Mason-McDuffie Mortgage, we are all about being different. We are growing and with our vision of reimagining the entire mortgage experience, we need some more creative people to join our family. We are not looking for people to punch a clock or just do their jobs. That's boring. These are exciting times in our industry and we want exciting thinkers who have ideas that want to contribute to what we are building here. We are looking to add people in every department at every level (Operations/Production/Compliance/etc..). But in the interest of time we would like to point out that we need a Licensed Call Center/Consumer Direct Loan Officer to join the training/on-boarding team of our Prime Services Group. We are also looking for quality people for our Closing/Funding department. If this sounds interesting to you, please email us at BeCreative@mmcdcorp.com and we will set up a time to chat."