I mentioned yesterday that 6,762 institutions took a residential loan application in 2016, per Richey May’s HMDA dashboard data. For perspective, the 2007 HMDA data shows that 8,610 lenders took at least 1 application that year, which probably doesn’t include those that went belly up before filing HMDA data…a drop of roughly 2,000 lenders in those “betwixt” 9 years.
Disaster updates
Northern & Southern California continues to be racked by deadly fires, and, on a personal side note, we've offered up our house for evacuees. And the damage and recovery remains in places like Texas, Louisiana, and Florida from the hurricanes. You can always find the latest disaster news, from the government's perspective, at https://www.fema.gov/. I am sure we'll see a spate of lender disaster updates after the California fires are contained. The administration has declared it a disaster.
Ginnie Mae posted a press release announcing the exposure to its MBS Portfolio by Hurricanes Harvey, Irma, and Maria.
Fannie Mae published its Disaster Assistance Portal providing broader information as it relates to both Hurricanes Harvey and Irma. "You'll find both our standard guidance and information for disaster assistance and storm-specific information and resources for Hurricanes Harvey and Irma. Check back often for updates and information."
The Mortgage Bankers Association has a disaster update page.
MGIC is adopting the underwriting flexibilities Fannie Mae and Freddie Mac announced for loans in FEMA-declared disaster areas impacted by hurricanes Harvey, Irma and Maria. For all other loans in the disaster areas, MGIC is extending the maximum age of credit and appraisal documentation. The underwriting flexibilities apply to all impacted loans with an application date prior to the FEMA disaster declaration and a closing date after the respective declaration.
Arch MI has disaster-related guidelines and policies. As does Genworth. And National MI. And Essent. My guess is that every MI company has policies and procedures, and it best to check with your MI AE for all the details.
Hurricane Harvey has severely affected many people and businesses on the Southern Texas Coast and Citibank Correspondent Lending is ready to help you regain your pre-storm business functionality. Among other assistance, we will work with you on a case by case basis regarding loan file delivery and lock expiration dates. We will consider rate lock extensions based on your business needs due to storm damage1 and we will consider fee waivers on issues arising due to the impact of the storm.
Chase Correspondent has its policy. A list of disaster related bulletins for SunTrust Bank and its correspondent clients can be found here.
Pacific Union Financial, LLC continues to monitor and assess areas impacted by Hurricane Harvey and Hurricane Irma. Specifically, Pacific Union is allowing the purchase of eligible loans secured by properties located in Federal Emergency Management Agency (FEMA) - identified impacted counties provided they are re-inspected/reviewed in accordance with Pacific Union, agency and investor requirements. Please note that Pacific Union has added the requirement of exterior photos when a Lender Cert is required in keeping with standard market practices.
Fannie Mae issued Lender Letter LL-2017-07 to provide updates and reminders related to properties impacted by recent hurricanes, including the inspection cost reimbursement process. Fannie is extending the disaster policies communicated in this and other recent lender letters to all hurricanes occurring in the U.S. and its territories on or after Aug. 25, 2017 and throughout the 2017 hurricane season.
The following areas of Georgia have been declared a federal Disaster Area: Camden County, Chatham County, Glynn County, Liberty County and McIntosh County. To view a copy of the announcement, see Georgia Hurricane Irma (DR-3387).Correspondent Lenders must adhere to Fifth Third's Disaster Policy located in Chapter 7, Section C of the Correspondent Seller Guide Underwriting Guide and the disaster policy overlay in the Overlay Chart.
Prior to closing and funding, ResMac, Inc. will require a property inspection for any loan secured by a property in a Florida affected area. If the subject property is in one of the impacted counties and the appraisal was completed prior to the incident period end date, ResMac will require a post disaster inspection confirming the property was not adversely affected by the disaster. The inspection report must be dated no earlier than the date of disaster conclusion as determined by FEMA and/or the State of Florida.
Counties in Puerto Rico have been declared by FEMA as Major Disaster Areas. Incident Period Date is September 17, 2017 and was declared a Major Disaster on September 20, 2017. For loans submitted with an appraisal dated on or before the incident period end date or for those submitted without an appraisal, Sun West will require an interior and exterior inspection prior-to-funding or purchase of any loans with subject properties that are determined to be at risk. The inspection must verify that the property is sound, habitable and in the same condition as when it was appraised. Click here to view FEMA updates on Puerto Rico.
U.S. Treasuries, and along with them agency MBS prices, began the abbreviated week on a modestly higher note after recording four consecutive weekly price declines. Unfortunately, the reason rates went down was the feud between President Trump and Senator Bob Corker, which may jeopardize tax reform, and political turmoil in Spain centered on possible Catalonia independence. The general rate environment is slightly negative, but few think rates will break out of the range we've been in all year.
This morning we've had the weekly MBA application data (-2.1%, refis -4%). Coming up are the August Job Openings and Labor Turnover Survey (JOLT) as well as the FOMC Minutes (don't look for any great insight), a $24 billion 3-year auction and a $20 billion 10-year note auction. Oh, and the usual bevy of Fed President speakers around the country. Speaking of which, the odds of a Fed tightening in Dec are up to 80%, up from 20% in early September. We start the day with the 10-year yielding 2.35% and agency MBS prices nearly unchanged versus Tuesday's close.
Jobs, LO and New Lender Products
"Envoy Correspondent Lending continues on our growth path with career opportunities in sales for Regional Account Managers in the Mid-Atlantic and Northeast Regions of the United States. Envoy Correspondent Lending, a Division of Envoy Mortgage, capitalizes on our core strength of high- touch customer service. We purchase closed loans from independent mortgage bankers, community banks and credit unions. We cater to both Delegated and Non-delegated lenders and will soon offer a platform for Emerging Bankers. To learn more about Envoy Correspondent Lending, our career opportunities and outstanding Correspondent team, please contact Tom Coale, our East Division Sales Manager."
Recent advances in technology have provided the mortgage industry with a tremendous amount of processing power. Many LOs, however, have yet to adopt many of the modern tools that streamline the mortgage process and improve the delicate lender-borrower experience. Take Floify, the mortgage automation solution for top-producing LOs, for example... Floify raised the bar when it comes to advancing mortgage workflows. Their solution, which offers everything from an integrated 1003 and secure portal for document uploads, to loan tracking, automatic updates, and mobile apps for iOS and Android, greatly enhanced the way LOs process mortgages. Using Floify, many LOs have reported a reduction in their workload by up to 5 hours/loan and a significant improvement to the entire mortgage experience. To see how Floify can help you streamline your mortgage workflow, too, request a live demo. Already know how well Floify will work for you? Get started with a free trial, plus 25% OFF your first 4 months.
LendingQB's OpenAPI has enabled multiple vendors to offer their products through their loan origination platform. "Digital lending is a reality for lenders. An entire ecosystem of services has blossomed to provide lenders the tools necessary to embrace the digital sphere," says Linn Cook, director of sales and marketing for LendingQB. "Lenders need to consider the ease with which their LOS can integrate these services to truly benefit from them." Recently, LendingQB added a variety of vendors, including Matic Insurance, Streamloan, ValueInsured and Vantage Productions. For more information, contact Linn Cook.
Pendo, a nationwide appraisal management company (AMC), hired Paul Wholley to lead its national sales team. Paul's expansive career in the financial services industry, proven leadership and commitment to building client relationships are huge assets to Pendo. Plus, he's a really nice guy (and who doesn't like a nice guy?). In addition, Steve Rouse has joined Pendo as a Regional Account Executive for the Midwest. Steve brings with him more than 25 years of sales experience in the mortgage industry. But his enthusiasm, honesty and big personality are the icing on the cake. Want to be part of this awesome sales team? You're in luck. Pendo is looking to add multiple Regional Account Executives. The position includes fostering and building new sales opportunities within a defined sales territory, as well as with assigned key prospects and current clients. Come join a fun, growing company. Contact Paul Wholley to learn more.
The demand for sales and leadership performance programs is on the rise. XINNIX, The Mortgage Academy, is responding by growing their professional staff. XINNIX is currently conducting a search to fill several key positions including Client Success Managers, Sales and Leadership Trainers and seasoned Business Development Executives. Founded in 2002 and headquartered in Atlanta, Georgia, XINNIX provides the mortgage industry's most effective and energizing sales and leadership training and accountability programs. Best known for programs such as ORIGINATOR, RECRUITING WORKSHOP, IGNITE and EDGE, XINNIX has demonstrated an exceptional track record by helping mortgage companies across the nation experience incredible recruiting success, a measurable increase in purchase production and a growth in market share. XINNIX has a strong culture and a rich working environment and has been the recipient of 10 culture awards such as "Top 100 Places to Work." Please click here for more information, or submit resumes to Sarah Federico.
Congrats to Rudy Zabran who Consolidated Analytics (an appraisal management company, valuation services provider and full service advisory firm) appointed as chief operating officer (COO). "Zabran was hired by managing partners Brian Gehl and Arvin Wijay to set the course for further company growth and to run the day-to-day operations of the company."
And to Scott Johnson who BSI Financial Services, a mortgage-centric financial services company, announced is its senior vice president, corporate controller. "A financial services industry veteran, Johnson adds depth and experience to the company's management team."
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