What's age got to do with anything? In the new issue of STRATMOR Group's Insights report, Sr. Partner Jim Cameron debunks several of myths many lender CEOs believe: that the average LO is 52-55 years old, that the LO's age makes a difference in his or her productivity, and that younger borrowers (20s & early 30s) would prefer dealing with an LO closer to their own age. Cameron takes a closer look at these perceptions-and reality. Don't miss this great year-end story: STRATMOR Insights report.

The CFPB and HMDA

The Home Mortgage Disclosure Act is overseen by the CFPB. Yesterday it was nice to hear that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2017. So, under Mr. Mulvaney the CFPB intends to reconsider aspects of its 2015 rule regarding Home Mortgage Disclosure Act data collection, such as its institutional and transactional coverage tests and discretionary data points. Cool.

Remember that "The Bureau" wrapped up its beta testing of the HMDA Platform. "The beta period will officially close on December 31, 2017 as we transition to the filing period for HMDA data collected in 2017 that will begin on January 1, 2018...The objective of the beta platform release was to provide financial institutions with an opportunity to become familiar with the HMDA Platform and, in particular, determine whether their sample HMDA Loan/Application Registers comply with the reporting requirements outlined in the Filing Instructions Guide for HMDA data collected in 2017. The beta period also allowed the Bureau to gain valuable information regarding the performance of the system and provided an opportunity to make any necessary enhancements. 

"In order to complete a submission during the filing period, users will need to create a new account at https://ffiec.cfpb.gov on or after January 1st, 2018. We encourage financial institutions to continue providing feedback on their experience using the HMDA Platform and to direct any questions regarding the HMDA Platform to HMDAHelp@cfpb.gov."

Conventional Conforming Changes

Peter Miller writes, "I posted a unified collection of mortgage loan limit charts which show the changes and explain how they fit into real estate marketplace: 2018 Mortgage Loan Limits - With Charts.

A $3 billion in a capital buffer? Yup. The U.S. Treasury reached an agreement to give Fannie & Freddie "a safety buffer" in case they lose money, especially due to the new tax deal. This is a significant step in their evolution!

Freddie Mac's Guide Bulletin 2017-28 includes the following updates: mortgages subject to a disaster-related forbearance plan during the applicable payment history period under the selling representation and warranty framework may qualify for relief from Freddie Mac's enforcement of certain selling representations and warranties. Expanded requirements for qualifying borrowers with income that will start after the note date. Land Trust Mortgages are now eligible for sale under the Guide, eliminating the need for a negotiated term of business.

Fannie Mae received a perfect score of 100 percent on the 2018 Corporate Equality Index (CEI). The national benchmarking survey and report, calculated by the Human Rights Campaign (HRC) Foundation, ranks corporate policies and practices related to * (LGBTQ) workplace equality. The honor marks Fannie Mae's fourth consecutive year earning a perfect score on the CEI. To view the complete 2018 Corporate Equality Index report, visit www.hrc.org/cei.

Fannie Mae issued Lender Letter LL-2017-10 to confirm the general and high-cost area loan limits announced by the Federal Housing Finance Agency (FHFA). The new limits are effective for whole loans delivered to Fannie Mae and loans in MBS pools with issue dates on or after Jan. 1, 2018. Detailed information and updated resources, including the Loan Limit Look-Up Table, are available on the Loan Limits page. For best practices on committing or pooling loans that fall between the old and new loan limits, call the Capital Markets Sales Desk at 800-752-0257.

Capital markets

Yes, the yield curve has steepened and the 10-year note finished the day yielding 2.48% as volumes began to wind down ahead of the long holiday weekend. Thursday's final GPD estimate for Q3 was revised downward to +3.2% versus an expected +3.3%. This was primarily due to personal consumption expenditures increasing less than in the previous estimate. Initial jobless claims increased by 20,000 to 245,000 and the previous week's number was not revised. Both the Philadelphia Fed Index and the Conference Board's Leading Economic Index increased and point to continued economic growth in 2018.

The calendar is busy again today. We've seen November Personal Income and Spending/consumption (+.3%, +.6%), inflation tame, the volatile Durable Goods Orders (+1.3%), and the Philadelphia Fed Non-Manufacturing survey (18.1). At 10AM ET are New Home Sales and the University of Michigan Index of Consumer Sentiment. The bond markets will close early at 2PM ET, 11AM PT. The day starts with rates little changed: the 10-year yielding 2.49% and agency MBS prices worse 1 tick (1/32) versus last night - hardly noticeable.

Products

Obtain your copy of XINNIX's new ebook, Elevate Your Business: Insights from Top Producers! In this resource, today's top producers share how they have elevated themselves to the height of the industry. These individuals represent markets from across the country, decades of experience, and millions of dollars in annual production. What they have in common is a genuine desire to help their customers secure a home. This ebook delivers some of their very best advice with you. Click here to download your copy.

Want to make your homebuyers happier and save yourself a lot of time and money in the process? Sign up for Approved, the leading digital mortgage platform. Offering a streamlined and mobile-friendly way for loan officers to collect applications and borrower documents 24/7 without having to spend millions of dollars on implementation costs or hours getting familiar with the product. The Approved white-labeled solution works out of the box to help lenders and brokers bring their mortgage operations online. It features automatic document collection, a dynamic loan application, and a communications hub, keeping everyone informed throughout the approval process. The dynamic 1003 is fully customizable, and exports to a Fannie Mae 3.2 (FNM) file. Approved plays nicely with major banking institutions and loan origination systems so you can maintain existing workflows. Contact Approved for a quick demo or to start your free trial today.

Jobs and Promotions

National MI is excited to welcome Jason Schumacher to its sales team as an Account Representative in Virginia and D.C. Jason comes to National MI with experience in the mortgage insurance industry, and will bring his strong relationship-building skills to the Mid-Atlantic team. He will partner with Account Managers Dudley Delbridge and Ernie Grue, and will cover the Virginia and Washington D.C. markets.

"If you're reading this, you are most likely in the top group of mortgage originators in the nation, and know how to see beyond the noise and hype and get to the deal. So do we. Assurance Financial is quietly growing into a nationwide leader in lending. Yes, our compensation structure is excellent, and yes, our back-office support is second to none - 16 years of working, changing, and perfecting it. And yes, we have a full-service marketing team at your disposal with a budget and commitment to helping you do what you do best. And yes, we have an unwavering mission to close loans on time, every time! We have immediate openings for proven, successful producing Branch Managers and MLOs in Wilmington, Charlotte, Austin, and many other branch locations throughout the country, as well as an Eastern Regional Production Manager for our expanding East Coast operations. For immediate consideration and more information, contact Paul Peters, CMB, Assurance Financial, Recruiting Manager (225-239-7948)."

ACES Risk Management (ARMCO) is looking for a Regional Sales Executive to be part of a dynamic and collaborative ARMCO sales team. "This person needs to be a highly motivated self-starter with a passion for sales to support our mission of bringing our products to the mortgage industry. This is an "inside" sales role based out of your U.S. home office. ARMCO has been in business nearly 20 years, and delivers web-based audit technology solutions, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers, investors and outsourcing professionals. ARMCO was selected as one of the Top Mortgage Employers Award in 2017."

Caliber Home Loans, Inc., with a 20% growth rate between the 2nd and 3rd quarter, continues to expand its distributed retail presence. In 2017, Caliber hired 896 loan officers to join its national sales force. Looking ahead, Caliber is excited to carry the positive momentum into 2018 and beyond. "Caliber is committed to establishing a local presence in markets across the nation," said Caliber CEO Sanjiv Das. "Our loan officers are strong forces in their communities, and their excellent work has helped Caliber grow tremendously over the past few years. In 2017, we were excited to welcome more than 800 loan officers to Caliber, and I can't wait to grow our team further." If you're a motivated loan officer, looking to join a premiere purchase lender, visit JoinCaliberNow.com or reach out to Jeremy DeRosa.