Rob Chrisman

Rob Chrisman began his career in mortgage banking – primarily capital markets – 31 years ago in 1985 with First California Mortgage, assisting in Secondary Marketing until 1988, when he joined Tuttle & Co., a leading mortgage pipeline risk management firm. He was an account manager and partner at Tuttle & Co. until 1996, when he moved to Scotland with his family for 9 months. Read more...

Sep. 20: LO jobs, personnel moves, social media webinar; Uniform Closing Dataset (UCD) mania

What is the LTV ratio? Anyone hosting a conference, and September and October are indeed conference months, know that’s the “lender to vendor” relationship. Important for all involved.

As a full-service mortgage banker, Assurance Financial is seeking motivated, experienced Branch Managers and MLOs who want to take their career to the next level. As seen in Scotsman Guide, leaders who join our team enjoy our reputation of closing loans on time, with great back-office support, ready-to-use marketing and advertising tools, and a state-of-the-art CRM. Close more loans, fill your pipeline, and enjoy your career with Assurance Financial. Contact Sales Recruiting Manager Paul Peters, CMB at 225-239-7948 or visit LendTheWay.com/Careers.

Prime Mortgage Lending is pleased to announce that Gabrielle Zika has joined the company as the Managing Director of West Coast Operations. Gabrielle will be leading Prime Mortgage Lending’s continued expansion into the west including the opening of a West Coast Operations Center. Gabrielle brings many years of experience to the Prime Mortgage Lending team and is excited about partnering with the successful Fannie Mae direct mortgage lender headquartered in North Carolina. Prior to joining Prime Mortgage Lending, Gabrielle occupied Chief Operating Officer and National Director of Underwriting positions. If you are interested in joining Prime Mortgage Lending, please contact Gabrielle Zika (775-376-9088). Prime is licensed in AL, AK, AZ, CA, CO, District of Columbia, FL, GA, ID, IN, KY, MD, MN, MT, NJ, NM, NC, OK, OR, SC, TN, TX, VA, WA, and WI. And expanding.

VITEK Mortgage Group is happy to announce its new branch in Redding, CA led by Regional Manager, Mark Gazzigli. Mark says, “My previous success at VITEK was driven by the core values of the company, extremely competitive pricing and outstanding operational execution. I am excited about this opportunity with a company that not only shares my vision of excellence in the mortgage experience for the borrower, but has proven again and again that the VITEK TEAM has the resources, knowledge and platform to deliver on the promise.” President Harry Duncan says that VITEK is excited about what this group brings and the platform created for additional growth in northern California and southern Oregon. “We know Mark and he knows us. That he chose to return to VITEK speaks volumes about the trust we have in one another and the opportunities it affords for all.” If you’re looking to take your business to the next level, contact Mark Gazzigli, Regional Manager (530-356-5391), or Tom Putnam, VP Strategic Business Development (916-804-8611) (www.teamvitek.com).

 

According to Forbes, 78% of salespeople that market on social media outsell their peers. But how can you sell on Facebook, in a cool way, so that you don’t feel salesy, and completely avoid annoying your friends and followers? Jason Lutz, COO of LOSocialBot will answer this question and more on a FREE webinar with National Mortgage Professional Magazine on Thursday, September 21 at 2pm EDT. Click here to register.
Today, there are a growing number of customer-facing mortgage interfaces. Choosing the perfect one to conform to your mortgage process can be tricky, but LendingQB has you covered. LendingQB is integrated with several Point of Sale (POS) partners, and even includes its own consumer portal – Giving you the ability to align the best POS platform with your mortgage process. LendingQB’s best of breed approach ensures you’ll have integrations to support the entire mortgage process with the added ability to evolve with the industry’s ever-changing technology. For more information, click here or schedule a demo today.

UCD information

As announced in September 2016, the Uniform Closing Dataset (UCD) mandate remains September 25, 2017. Lenders who can deliver the UCD are expected to adhere to the mandate and submit a successful UCD XML file for all loans being delivered on or after September 25, 2017 (based on Note Date). However, Freddie Mac and Fannie Mae (the GSEs) are revising its approach to enforcing the UCD delivery requirement. Each GSE’s loan delivery system will check for a successful UCD XML file submission, which will result in a “warning” edit if the data are not provided. Lenders should take advantage of these warning messages to ensure they are able to submit a UCD for all loans sold to Freddie Mac or Fannie Mae. The GSEs will work with industry participants over the next several months to help remediate issues in creating the UCD XML file and embedding the Closing Disclosure PDF within the UCD XML file. Fannie and Freddie expect all issues to be resolved by April 1, 2018. Read joint announcement here.

Pacific Union Financial invites you to participate in one of its upcoming UCD Correspondent Lender webinars. Join its team of UCD subject matter experts, including the head of Operations, as well as Sales Leaders from across the country, to discuss the UCD requirements and how to partner with Pacific Union on this new process. Registration is available for Friday, September 22nd.

Wells Fargo Funding will require Sellers to submit the UCD file directly to Freddie Mac for bifurcated Loans, effective for Loans with Notes dated on or after September 25, 2017. The UCD file can be submitted using a third-party vendor or by manual upload using Freddie Mac’s collection solution. Currently, Wells Fargo Funding cannot accept UCD files delivered directly from Sellers.

Flagstar will require compliance with Fannie Mae and Freddie Mac’s UCD mandate for any loan delivered for purchase with a Note date on or after Monday, September 25, 2017 for the latest CD provided to the borrower(s) by one of the below methods. If after submission of the UCD, a redisclosed CD is issued to the borrower(s), correspondents must provide UCD results for subsequent disclosure(s) issued. Flagstar will require submission to both Fannie Mae and Freddie Mac on all loans that are eligible for sale to Fannie Mae and/or Freddie Mac. In addition, the following results will be required regardless of the method chosen for UCD delivery to Flagstar: Fannie Mae – Successful with no Fatal edit message is required. Freddie Mac – Loan Closing Advisor (LCA) Feedback Certificate reflecting Satisfied with no red critical messages is required.

Effective for loans with a Note date on or after September 25th, M&T Bank will require originating Lender to provide evidence of a successful/satisfied UCD findings/feedback report from either Fannie Mae or Freddie Mac. If there is a successful/satisfied UCD from both GSE’s, the final report must be issued by the GSE purchaser. Refer to M&T’s UCD Casefile Scenarios. The originating lender must transfer or assign the UCD data file and the final UCD findings/feedback report to M&T no later than the time of submission of the Closed Loan File that is submitted for purchase. M&T requires that the submitted Closing Disclosure UCD file and the findings/feedback report represent the most accurate agreed upon terms of the loan at the time of delivery.

Each loan sold to Fannie Mae and Freddie Mac with a note date on or after September 25, 2017 must be accompanied by a UCD XML file as mandated by the GSEs. The UCD XML file must represent the most recent and accurate agreed-upon terms of the loan. Consequently, U.S. Bank Home Mortgage will require that all loans submitted for purchase with notes dated on or after September 25, 2017 conform to the UCD requirements. To support these new requirements, U.S. Bank Home Mortgage recommends that Correspondent lenders evaluate their loan origination systems and partner with their vendors to ensure all UCD XML files can be submitted directly to Fannie Mae and Freddie Mac as mandated by the new requirements.

The newest Fifth Third Correspondent Lending News includes the following information: effective for all Agency loans with Note dates on or after September 25th, 2017, Fifth Third Mortgage Company will require the following in support of the Uniform Closing Dataset. Effective immediately, on Jumbo Products, any Energy State underwriting restrictions previously announced have been eliminated. All Agency and Jumbo products – special hurricane provisions – age of documentation: the underwriting documentation, including but not limited to appraisals, credit reports, and verifications of income and assets, must be dated no more than 180 days before the Note date for loans secured by a property located in Hurricane Harvey or Irma disaster areas only.

Due to changing industry norms and standards, Pacific Union has made some changes to its original requirements. Users are not required to upload the UCD XML file to its organization. They are required only to submit the UCD XML file to both GSEs, then submit both responses to Pacific Union, delivered in the Legal Package. Pacific Union requires the following elements for UCD processing from its Correspondent Lenders: The Lender must create a UCD XML file from the final Closing Disclosure (CD). The Lender must upload that UCD XML to both Fannie Mae and Freddie Mac and receive the appropriate response. For Fannie Mae, the Lender must transfer the UCD XML to Pacific Union. For Freddie Mac, the Lender must share the UCD XML file with Pacific Union. The Lender must submit those responses in their Legal Package upload to Pacific Union. Sales Coordinators have been trained in the UCD process and can answer questions regarding this process.

Regarding the UCD mandate on conventional conforming loans effective September 25th, M&T Bank will require loans with a note date on or after September 25th to comply. Originating lenders must provide evidence of successful/satisfied UCD findings/feedback report from wither Fannie Mae or Freddie Mac. If received from both GSE’s, the final report must be issued by the GSE purchaser. The UCD data file must be transferred or assigned along with the final UCD report by the originating lender to M&T no later than the time of submission of the closed loan file submitted for purchase.

EarlyCheck™ 5.4 will be implemented during the weekend of Nov. 18. In support of Home Mortgage Disclosure Act (HMDA) borrower demographic data collection requirements, the new version of EarlyCheck will accept enhanced HMDA data submitted in the ULDD-MISMO 3.0 file format and will perform data integrity checks. In addition, EarlyCheck will update the Note Date to generate UCD mandate edits. For details, view the Release Notes on the EarlyCheck page.

This press release announces VeroDATAFITM, Veros’ new UCD-compliant solution designed to streamline and automate the secure delivery of the Uniform Closing Dataset files directly to one or to both GSEs. VeroDATAFI can accept UCD XML data, including the pre-embedded PDF, from any third parties and ensure secure delivery directly to the GSEs with two UCD-compliant delivery methods.

Capital markets

FINRA has officially extended the implementation deadline for its Rule 4210 amendments (covered agency transactions) from December 15, 2017 to June 25, 2018.

The Treasury market was in a holding pattern yesterday, given this afternoon’s Federal Open Market Committee (FOMC) meeting results. Will it be a market-moving event? Stay tuned, although every Fed president has discussed lightening up the balance sheet by doing something with its existing portfolio. Hurricane Maria is expected to hit Puerto Rico as a Category 4 (and perhaps Category 5) storm, we had a fiery speech by President Trump before the UN, a 7.1 earthquake in Mexico… and still bonds barely budged although the 10-year yield hit its highest level (2.25%) since mid-August.

So today the Fed is expected to announce its tapering intentions which could begin as soon as the next FedTrade schedule, effective September 28, or sometime in October, with the initial monthly cut in MBS reinvestments expected at $4 billion ($6 billion for US Treasuries) per the Fed’s Addendum to the Policy Normalization Principles and Plans published following the June FOMC decision. The statement and updated SEPs are slated for 2:00pm release with Fed Chair Yellen’s press conference following at 2:30pm ET.

This morning we’ve had the MBA’s application data – down almost 10%. Coming up, after I send this out, look for August existing home sales – usually not a huge mover of rates. After closing yesterday with a yield of 2.24%, this morning the 10-year is at 2.23% with agency MBS prices a smidge better.

An elderly couple had dinner at another couple’s house, and after eating, the wives left the table and went into the kitchen.

The two gentlemen were talking, and one said, “Last night we went out to a new restaurant and it was really great. I would recommend it very highly.”

The other man asked, “What is the name of the restaurant?”

The first man thought and thought and finally asked, “What’s the name of that flower you give to someone you love? You know, the one that’s red and has thorns.”

“Do you mean a rose?”

“Yes, that’s the one,” replied the man.

He then turned towards the kitchen and yelled, “Rose, what’s the name of that restaurant we went to last night?”

 

Visit www.robchrisman.com for more information on our industry partners, access archived commentaries, or to subscribe to the Daily Mortgage News and Commentary. If you’re interested, visit my periodic blog at the STRATMOR Group web site. The current blog is, “Will User Names and Passwords Go the Way of Thermal Fax Paper?” If you have both the time and inclination, make a comment on what I have written, or on other comments so that folks can learn what’s going on out there from the other readers.

Rob

(Market data provided in partnership with MBS Live. For free job postings and to view candidate resumes visit LenderNews. Currently there are over 300 mortgage professionals looking for operations, secondary and management roles. For up-to-date mortgage news visit Mortgage News Daily. For archived commentaries, or to subscribe, go to www.robchrisman.com. Copyright 2017 Chrisman LLC. All rights reserved. Occasional paid job listings do appear. This report or any portion hereof may not be reprinted, sold or redistributed without the written consent of Rob Chrisman.)