Oct. 12: MI, warehouse, & compliance jobs; MSA scuttlebutt; TRID-related quotes, progress, and tools

For me the last few weeks have involved visits to organizations in Michigan, Kansas, South Carolina, Virginia, Texas, and Iowa. That’s a lot of time in the middle seat jockeying for the arm rest! (And this week includes a drive down the California coast to San Diego for the conference.) I am happy to report from my limited vantage point that the mood is very good, the folks I spoke with really want to do a good job, and that majority of mortgagees are trying to do exactly that in spite of the tangled mess of laws, regulations, assumptions, and interpretations facing every residential lender. We keep trying to improve what is ahead rather than suffer from what happened in the past. And law enforcement agencies are doing what they can as well. For example, have you heard of IC3? It is the FBI’s Internet Crime Complaint Center. You can use it when some Russian bride took your money, or when money was wired out to a sham title company.


PlainsCapital Bank is a $9+ billion bank looking to aggressively grow its Mortgage Purchase Warehouse Lending platform. We are seeking sales candidates that have proven sales skills. The most immediate needs are for a sales candidate in the Chicago area and a Credit Officer in the Dallas area. If you are interested in these or any other positions and you possess the right experience, come grow with us. Please submit your resume to Pamela L. Robinson, SVP National Sales Manager. Submit resumes to Pam Robinson (972.998.6954). Please email if you are interest in obtaining a Warehouse line with PlainsCapital Bank. If you are attending the National MBA Conference in San Diego please contact us. We would be happy to arrange an appointment.


Arch Mortgage Insurance is actively seeking a passionate and enthusiastic regional sales leader for the Western Region to join our dynamic sales team! If you are a results-driven sales leader with strong contacts in the Western states and a proven record of developing and implementing sales strategies to expand and sell new business, apply today at Arch Mortgage Insurance is the U.S. based mortgage insurance division of Arch Capital Group Ltd., a leading insurance and reinsurance specialty lines underwriting company operating through its subsidiaries located worldwide. We are committed to our employees and offer competitive compensation, valuable benefits and an energized culture of talented professionals! The individual should live in, or be prepared to relocate to, the Western part of the U.S. (CA, OR, NV, UT, ID, WA or MT).


DAS Acquisition Company d/b/a USA Mortgage (DAS) is searching for a Chief Compliance Officer to administer, continue the development of, and oversee the Company’s compliance program with all applicable federal and state mortgage banking laws and regulations. The position dually reports to the Company’s COO and CEO and will be responsible for working with the lines of business and support areas to ensure oversight of a sound compliance management system. DAS is a mortgage bank that is licensed in 13 states and headquartered in St. Louis, Missouri, the nation’s 19th largest MSA. The Company is up 48% YTD over 2014 and has already surpassed the $1 billion threshold for a 7th straight year. DAS is a sales centric, retail lender which sells its loans to investors in conjunction with the protocols set forth by Fannie Mae, Freddie Mac, FHA, VA, USDA, and various state bond programs. DAS recently won the St. Louis Business Journal™ best places to work and has been named among the top choices for a residential lender in the St. Louis metropolitan area every year since its inception. Send your confidential cover letter and resume to CEO Doug Schukar.


Congrats to Mr. Lance Miller: he has been promoted to the role of President at Utah-based Veritas Funding. Lance Miller joined Veritas Funding as General Counsel and Vice President of Compliance in 2012 and has overseen all areas of customer service as well as legal and regulatory compliance at the company.


A clarification to a post from Friday in which I published a link to the Caliber investigation by the NY Attorney General: Caliber notified me that they have not been contacted by the NY AG on an investigation or inquiry.


Speaking of which, the rumors continue to swirl regarding Caliber buying a couple major retail divisions from Stonegate – the chatter out there has grown too large to ignore. But ask your Stonegate rep – I am usually the last one to hear about these things.


For more factual news, out of New York came news last week that Homestead Funding Corp. is being joined by McGlone Mortgage Company, Inc. The new name is Homestead Funding Corp. dba McGlone Mortgage Group. Founded in 1999, McGlone Mortgage Company, Inc. is headquartered in Wisconsin and is licensed in seven states with licenses pending in eleven others. “As a consumer-direct lending platform, McGlone Mortgage Group will be utilizing the resources, tools, and technologies that have helped Homestead Funding Corp. grow to an industry leader in the Eastern half of the United States.”


In further MSA news, Jackie Mallett with Bricker & Eckler writes, “Rob, Director Cordray spoke last week at the Ohio State Bar Association. During the Q&A, he was asked almost immediately about MSAs. His response was that MSAs ‘are fraught with legal risk for those engaged in them.’ When asked whether there is a legal MSA, he responded, ‘Not easy to see it.’ I hope that helps clarify things!”




I am hearing of plenty of issues, some minor but some large like Realtors telling me that Wells Fargo’s retail group finding itself unable to do HARP or renovation loans. We also have, “Freedom Mortgage is aware some of you encountered troubles issuing an LE through the LE generation tools on the Freedom Website. If you have LE’s that were not able to be completed from yesterday or have LE’s needed today, please go to the Freedom Website to facilitate these today. If you encounter problems, whether systemic or training, please reach out to your Account Executive who will help you….”


NYCB Mortgage Banking spread the word to clients about, “How to Disclose Your Compensation on the LE.” “Consumer Paid Compensation must be keyed into Section A on the Loan Estimate (LE), using the Fee description of ‘Loan Origination Fee.’ Note! This fee does not pre-fill in the Gemstone LE – you must enter this fee while completing the LE module. Lender Paid Compensation is not displayed on the LE – you do not need to enter anything for compensation on the LE for loans with Lender Paid Compensation. Note! Do not enter compensation into section A, under “% of Loan Amount (Points).” This fee line is not used for compensation!”


As you may know, Jonathan Foxx of Lenders Compliance Group has published a six-part series (“Series”) on TILA-RESPA Integration Disclosure. All these articles have been White Papers, with the first two (the Loan Estimate and the Closing Disclosure) containing also extensive Tables. According to Jonathan, the response to these six articles has been enormous from all sides of the mortgage industry. Jonathan has now combined the entire Series into a single free document! The Series is bookmarked for each White Paper and fully searchable. Each article is included in its entirety, plus all references and embedded links. You can now read all the articles in this series in order to better understand the TILA-RESPA Integration Disclosure (TRID) rule. The Series is informative and a useful adjunct to your efforts to implement the TRID requirements.


Secure Insight announced a new enhancement to its Closing Guard settlement agent vetting tool for TRID. Secure Insight, the brand name of Secure Settlements Inc., a New Jersey data intelligence and vendor management firm, announced today a new enhancement to its Closing Guard™ tool. Beginning October 15th all Secure Insight clients will be able to access settlement agent license details on the Closing Agent Search Engine results page. This enhancement provides lenders with agent license numbers by state and profession, so that they may populate the new Closing Disclosure with that information for compliance purposes. Lenders generally do not have access to this data, although Secure Insight has been collecting the data from thousands of agents nationwide for the past four years.


Earlier this month the FDIC released supervisory expectations for implementing TRID. If mortgage loans are part of the scope of an FDIC consumer compliance examination, examiners will utilize the interagency examination procedures to determine a financial institutions compliance with TRID. FDIC examiners will evaluate an institution’s compliance management system and overall efforts to become compliant and they will expect supervised entities to make good faith efforts to act in accordance with TRID. The examiners will take into consideration the institution’s implementation plan, policies, procedures, training of staff and handling any type of technical problems or other implementation challenges.


Debbie Hoffman, Chief Legal Officer of Digital Risk writes, “As America begins to absorb the impact of the TILA-RESPA Integrated Disclosure rules (commonly referred to as TRID), the mortgage industry is in the midst of one of the most significant procedural changes it has ever faced. These well-intentioned changes resulting from the Dodd-Frank Act will benefit home buyers, providing clarity as to the exact costs of their purchase. But at the outset, there is risk of substantial closing delays as buyers, lawyers, lenders and real estate agents get up to speed. Lenders are inundated with issues surrounding systems integration as the implementation from a technology and education standpoint has been challenging. It is important for the real estate industry, in the spirit of the full-disclosure intention of the rules, to inform clients that extra time should be factored into the process. The House recently passed the Homebuyers Assistance Act (H.R. 3192) which would implement a formalized “good faith” grace period through February 1, 2016, allowing lenders time to fully comply with TRID.  If approved by the senate, the Act faces a potential presidential veto, which would be unfortunate. Such a measure would be beneficial to the industry.”


Mat Ishiba with United Wholesale Mortgage sent, “As far as TRID, it is frustrating hearing all these lenders complain about it all the time. The overall spirit of the rule is great, it is the right thing for the industry, and things change all the time… just adapt! The CFPB is trying to do the right thing, and with TRID, I believe they got it right. There are a lot of details and nuances, however the rule is good and if you EMBRACE COMPLIANCE and the new rules, you can use it to your advantage. At UWM, we have been ready for months now, and are excited to follow the new rules and help coach our brokers on how to be successful within the new structure. Originators that are complaining, or lenders that are complaining, are the ones that will be left behind and passed by those who embrace the changes and get better! It is time to focus on the new world, and focus on making Q4 great, and start 2016 off wonderfully as well!”


The markets are closed today – so if your company is producing rate sheets it is always interesting how prices are set. (“Well, we take Friday’s close and see what Asia and Japan did last night…”) Looking back to Friday the U.S. Treasury market, and agency MBS prices, ended the day little-changed after wholesale inventories grew more than expected in August and a few FOMC members opined publicly on the economic outlook and expressed their current thinking for the path of interest rate policy normalization.


For news this week there is zip today & tomorrow although there are a handful of Fed Presidents speaking. Wednesday we’ll hear from the MBA about apps last week, but more importantly we have the Producer Price Index and Retail Sales figures, followed later in the day by the Fed’s Beige Book about its various districts. Thursday is business as usual with Jobless Claims but also the September Consumer Price Index numbers, and October Empire Manufacturing & October Philadelphia Fed. We wrap up Friday the 16th with the September Industrial Production and Capacity Utilization couplet and October Michigan Sentiment.


Friday saw a 2.10% close on the 10-year and this morning we are… oops! The markets are closed.



A very successful businessman had a meeting with his new son-in-law. “I love my daughter, and now I welcome you into the family,” said the man. “To show you how much we care for you, I’m making you a 50-50 partner in my business. All you have to do is go to the factory every day and learn the operations.”

The son-in-law interrupted, “I hate factories. I can’t stand the noise.”

“I see…,” replied the father-in-law. “Well, then you’ll work in the office and take charge of some of the operations.”

“I hate office work,” said the son-on-law. “I can’t stand being stuck behind a desk all day.”

“Wait a minute,” said the father-in-law. “I just make you half-owner of a moneymaking organization, but you don’t like factories and won’t work in an office. What am I going to do with you?”

“Easy,” said the young man. “Buy me out.”





(Copyright 2015 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.)