2015
11/30

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Establishing Credit

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TRID Webinars Galore; PIMCO Increases Mortgage Presence While Others Scale Back

This
morning I am in Detroit, which has seen its share of population
movement. The Census Bureau has released statistics for movers between
metro areas between 2009 and 2013. The migration flows tables show how
many residents move (or flow) from one county or metro area to another
during the course of a year. In addition to the new metro-to-metro migration flow tables, the annual county-to-county migration flow tables are now available. The county flows can also be accessed through the Census Flows Mapper. About 8.5 million people moved between metropolitan areas. The county-to-county migration flow tables show there were about 16.7
million people, or 5.4 percent of the US population age 1 or over,
who lived in a different county within the US one year earlier.

Training and events of note? There are plenty!

Its
the final countdown for TRID implementation and a shocking number of
people are still in the dark on how the new regulations will impact the
industry. Are you ready? HomeBridge will be hosting its final webinar on TRID implementation this Thursday, September 24, at 2PM EDT.
The webinar will recap HomeBridges last five webinars on the subject
and highlight the critical things you need to know regarding TRIDs
October 3 implementation. More information, along with educational
videos, can be found online here.
(HomeBridge is one of the nations largest non-bank mortgage lenders
and is looking for new branches to join its growing family. Experienced
branch managers who share HomeBridges dedication to customer service
and quality in the lending industry should visit www.homebridge.com/careers for more information.)

If youre tired of TRID, joinNational Mortgage Professional MagazineonThursday, September 24 at 2PM EDTfor a free webinar on, Expanding Homeownership Opportunities in Todays Restrictive Lending Environment. This
webinar, presented by Caliber Home Loans, addresses the current credit
and guideline requirements and how to solve for them while creating new
opportunities for prospective homeowners.Attendeeswill learn financing
options returning to the marketplace while restrictive guidelines are
now expanding, the reintroduction of risk-based pricing … Higher rates
associated with non-agency products versus the potential cost of
waiting, and the return of private capital and how it can help todays
borrowers.

LDWholesale rolled out its TRID Thursdays.
Every Thursday for the month of September, LDWholesale is focusing on
all aspects of TRID and detailing the positive effects it has on the
company, the industry and American borrowers.

Compliance Ease is hosting a live, complimentary webinar titled, Are You Ready to Pinpoint TRID Issues?
on Wednesday, September 23. Speakers will include Donald Lampe (Partner
– Morrison amp; Foerster, LLP), Jason Roth (SVP Product Management –
ComplianceEase), and Lisa DeFors (attorney – ComplianceEase).

On September 22, 23, and 24, 2015, AmeriHome will present a TRID webinar addressing its approach to implementing the TRID requirements. Click here to access Seller/Web login prompt and choose
Resources/Training tab.Click the Click Here to Register link that
displays to go to the registration site. AmeriHome sales representatives
are also sending a TRID Webinar email invitation. A registration link
is provided at the bottom of the email. In
addition, AmeriHome has provided a TRIDreferenceguide in word format
which can be re-branded for your internal use. Both word and PDF
documents can be accessed via the sellerweb under the resources tab.

Broker partners with Mountain West Financial Wholesale are encouraged to sign up for its implementation of TRID Training September 23rd. Instructional materials and videos are also available at the MWF Compliance Resource Center.

Settlement
Agents are required to coordinate with MWF regarding fees for
disclosure in the CD via the Collaboration Portal.Training will be made
available to Settlement Agents in advance of the October 3
implementation date.Additionally, during October amp; November, an
email with a link to pre-recorded training on how to use the
Collaboration Portal will be provided to the Settlement Agent at the
loan level. This short pre-recorded training from MWF vendor on using the Collaboration Portal is available for review. In addition, a more detailed video is available here.

Stonegate Mortgage still has one TRID webinar available today, Tuesday September 22nd.

Specific company news?!

It isnt the first, and wont be the last. PIMCO added to its PHH stake (PIMCO owns about 11% of PHH) by purchasing a steak, uh, stake in First Guaranty Mortgage Corp., a $4 billion a year lender. Yes, bond investing giant PIMCO has purchased a sizeable stake
in First Guaranty Mortgage Corp., Frederick, MD, a nonbank that is on
track to originate at least $4 billion in home mortgages this year. The
acquisition was made through PIMCOs Bravo Fund II and the investment
represents a huge infusion of capital which will allow FGMC to make an
exponential move in growth very rapidly. A few of the big players have
been trying to better get more vertically integrated so as to control
the collateral from start to finish. Different pools of money can own different parts of the risk and their Alternatives platform can invest in Equity such as this. The small independent mortgage bankers competing with the likes of PIMCO and Blackstone will be interesting.

What
do Wells Fargo and Chase have in common? They are both trying to send a
message to HUD. Yesterday the commentary discussed recent Wells Fargo
moves, and later in the day Chase turned heads with a story on CNBC mentioning what many in the industry believe about comparing FHA loans to subprime.
Smaller companies to originate FHA loans cant help but notice. Some in
the industry believe that the FHA has lost its target market and it is
just randomly targeting irrational avenues for business and to take
market share from Fannie amp; Freddie. And some suggest that the FHA
would be better off raising the FICO min to 600, increasing the reserves
to 4-6 months, and removing some of the existing restrictions such as
those involving short sales, foreclosures, and re-establishing credit.

NewLeaf Wholesale
is requiring properties located in six different counties (Amador,
Butte, Calaveras, Lake, Napa and Solano) to provide evidence that the
subject property did not experience any fire damage due to the Northern
California wildfires. If a property is located in one of the counties
with a completed appraisal before September 11th, a 1004D re-inspection
completed by the appraiser is required. For appraisals on or after
September 11th the appraiser must comment on the condition of
the property and any effects to the marketability. If there is fire
damage, the extent of the damage must be indicated. If the subject
property sustained minor damage, repairs must be completed before
closing or if damages are structural or major, the loan will be
declined.

Homestead Funding
discontinued its one close construction disbursement product due to the
lack of guidance by the CFPB. (Remember Wells did something similar
with that product.)

Titan Capital Solutions is leaving the jumbo space,
rumored to be winding down the pipeline rather than any dramatic shift
in strategy. Sources say that there is no concern that investors will
not purchase those loans, and attention will be shifted to Titan Lenders
Corp. (Editors note: yes, the jumbo space is crowded, the tolerance
for any error is so very low, and pricing is always an issue – its the
mortgage industry!)

Up in California CalHFA will be discontinuing the CHDAP product on September 24.
Lenders such as Mountain West Financial alerted clients that all loans
with a CHDAP must be locked on or before Sept 24th. There will be no
exceptions beyond these dates. The longest lock available for a CHDAP is
30 days, so plan accordingly. We would like to thank all of our
lending partners for helping to make the CHDAP program a success over
the years. CalHFA is proud to say that since its inception in 2000, this
program has successfully contributed over $360 million in down payment
assistance to help over 54,000 families achieve the dream of
homeownership.

Where
are rates going? No one knows for sure, and if someone charges you for
forecasts, well, whats that worth? But there are plenty of smart folks
who have some guesses, and Mike Fratantoni, MBAs Chief Economist,
writes, We continue to expect that rates will trend up over the medium
term. Mortgages
rates, which have been just above 4 percent recently, are likely to end
2015 closer to 4.3 percent, and could reach 5 percent by the end of
2016. This
increase in rates will lead to a reduction in refinance activity. The
continued strengthening of the job market, however, will more than
offset the gradual increase in rates, and we continue to forecast
stronger housing markets in the year ahead. There we have it – check
back with Mike at Christmas time.

Rates
didnt want to go down any more on Monday so they decided to go up.
Frankly, I didnt hear any better reason, although oil prices tracked
higher and the US stock market rebounded somewhat from Fridays
sell-off. And looking at today things were pretty quiet overnight and
the only news is the July FHFA Housing Price Index at 9 AM Michigan time
and a $26 billion 2-year note auction. We saw a 2.21% close on the
10-year Monday and this morning were back down to 2.16% with agency MBS prices better between .125-.250.

Jobs and Announcements

The fourth quarter of 2015 will be one of growth for Overland Park-basedCapWest Mortgage,
who announced earlier this year it is being acquired by Prospect
Mortgage, one of the nations largest independent mortgage lenders. CapWest is hiring several Senior Loan Officers with
proven track records of consumer direct selling to join its Sales team
and take advantage of its industry-leading technology. CapWest is also seeking to hire Producing Sales Team Managers
who are interested in both a leadership opportunity and the ability to
generate personal production. To inquire about these opportunities, go
to joincapwest. com or contact Tony Thole, National Sales Manager.

Fifteen hundred miles away Frost Mortgage is seeking a branch partner in the San Diego area.Frosts entrepreneurial operating platform and revenue sharing business model is worth your serious evaluation. Click Here to schedule a confidential interview with Greg Frost.

Triserv
Appraisal Management Solutions, one of the fastest growing AMCs in the
industry, is actively seeking a Regional Director-Sales for the Midwest
region
to assist with its continued strong growth. With a relentless focus on
risk management and compliance, Triserv AMC provides a differentiated
approach to appraisal management for lenders assuring that all
appraisals will be conducted by a Certified and FHA approved appraiser
who is local to the market, and is timely paid twice per month for all
completed orders.Additionally, Triserv provides a 100% manual review
of all appraisal orders by actual licensed appraisers who are full-time
employees.Triserv is fully integrated with the leading Loan
Origination Systems and provides lenders with an annual SSAE-16 audit
along with a CFPB/AIR business process audit. Please send your
confidential resumes or questions to Joe Bryant, President.

In other job news, eLEND, the technology driven consumer direct division of American Financial Resources, Inc. is searching for a National Sales Manager.
The candidate would lead the dynamic originations team and responsible
for the oversight of its channelized origination sales team comprised of
over 50 contact center loan originators. The job itself is located at
the companys national headquarters in Parsippany NJ or additional
locations. The person must be technology-savvy and have a forward
thinking mindset aimed at continuing AFRs amazing growth story. Please
email a confidential cover letter and resume to Robert Pieklo
or connect with an AFR executive at one of these upcoming industry
events: Originator Connect in CT, MBAMW Mid-Atlantic in Fairfax, VA, the
NAMB National in Las Vegas, or the MBA Annual in San Diego. AFR is an
equal opportunity employer.

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