Oct. 13: Retail, Ops, MI, correspondent opportunities; upcoming training & events; more TRID developments

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...

The Treasury Department has announced that under the Foreign Account Tax Compliance Act it will share information with 34 nations, including India, South Africa, and Brazil. The information sharing covers mutual funds, equities, bank accounts and other instruments. What could possibly go wrong?

 

In correspondent news Finance of America Mortgage, a Blackstone Company, continues its “unprecedented expansion into the mortgage lending arena. The Correspondent Division at Finance of America Mortgage will be attending the MBA Annual Convention and Expo in San Diego and is looking to add new correspondent lenders and account executives across the country.  Please contact Finance of America Mortgage Correspondent to schedule your meeting or send resumes to CorrSales@FinanceofAmerica.comThe Finance of America Correspondent Team is committed to providing their partners the finest products, backed by decades of combined experience and consistent, quality service. With its hands-on approach and attention to detail, the team is dedicated to providing world class service and exceeding our customers’ expectations. The group is backed by one of the largest private equity firms in the world, but has the soul of small company.”

 

Under “MI jobs” private mortgage insurance company Genworth Financial is hiring an Account Manager in its Minneapolis, MN territory. Candidates should have exceptional customer interaction skills, as well as a proven track record of sales execution and leadership. The person hired will be expected to provide the highest level of internal and external customer service, manage customer relationships, and develop growth strategies for assigned accounts. In addition, the successful candidate will develop calling plans to cover all assigned accounts, monitor branch volume and calling activity, take necessary actions to achieve account volume goals, and execute and lead implementation of Genworth products and initiatives. The ideal candidate will have 4+ years of mortgage experience in a regional or territorial sales role, have a college degree or equivalent of industry/sales experience, great presentation and communication skills, and have the ability to work flexible hours with occasional overnight travel.  Interested candidates should email their resume to Kristin Miller.

 

A 23 year+ Orange County direct lender licensed in over 21 states is seeking a Post-Closing Manager to support the company growth. “We have been instrumental in helping tens of thousands of homeowners and investors with their unique financing needs. We are a direct lender and handle the entire loan process in-house from origination to close of escrow. We are a HUD approved FHA direct endorsement lender as well as an approved Fannie Mae Seller Servicer. The ideal candidate will have diverse Post Closing Management experience, and be responsible for managing a team of Closers and Funders through the process of generating loan documents, to be delivered to the closing/settlement agents, through the funding and delivery of the loan to our investor. The candidate should have experience to ensure that associates are fully trained and educated on the Encompass LOS system, doc vendor, branch processes and other tools necessary to be effective in their role.   Assist as necessary to effectively manage the work load to meet or exceed established service levels for doc delivery and funding.”  Confidential inquiries should be sent to me; specify opportunity.

 

In retail news Frost Mortgage seeks a Branch Partner in the San Diego area.  Frost’s entrepreneurial operating platform and revenue sharing business model is worth your serious evaluation. Click here to schedule a confidential interview with Greg Frost.

 

Congrats to Mike Dimech! Norcom Mortgage has brought him on as its new Senior Vice President of Operations. Mike Dimech is joining Norcom with 20 years of experience in the mortgage industry. Open since 1989, Norcom currently has 36 branches and is one of the fastest growing mortgage companies on the east coast. Mike’s knowledge and previous experience is expected to help Norcom further increase in size and maximize efficiency. When asked what he’s most looking forward to at Norcom, he responded, “Being surrounded by like-minded progressive professionals who are all working towards the same goal: to make Norcom Mortgage the best mortgage banker on the east coast.” For more information about Norcom, please contact Mike Dimech.

 

Upcoming events in October!? Here’s a handful.

 

“Renovate your Business with 203(k)! To start or increase your renovation lending originations National Mortgage Professional presents an FHA Standard 203(k) Rehabilitation Mortgage webinar, sponsored by AFR Wholesale. Attendees will learn a basic overview of the 203(k) program as well as some more advanced topics such as on type of improvements, general contractor guidelines, appraisal nuances, post-closing concerns and more. Register for this free webinar here.

 

Join MBA Compliance Essentials on October 14th for a timely discussion on the latest news and guidance surrounding the Know Before You Owe Rule (TRID), post implementation. This informative webinar features leading legal and industry minds and focuses on what you have encountered with your operations, systems and staff since the October 3rd deadline.

Hear about the challenges faced by the experts in the field, who will share their most frequently asked questions from the front lines. This webinar is the perfect opportunity to ask about your own unique concerns on this timely topic.

 

 

This month, the Southern Los Angeles Chapter of CAMP will feature Esther Yamashiro, HUD Section Chief from Underwriting. On October 14th join CAMP South LA to discuss changes to the new FHA Handbook.

 

ComplianceEase will host a live, complimentary webinar titled, “Post TRID: Streamline Your Closing Process for Reduced Risk” on Tuesday, October 13, 2015 from 11-12PM PDT. The webinar will cover the best practices for enabling collaboration between lenders and settlement agents; using technology to uncover and reduce closing defects; and new communication and audit options that can eliminate less-reliable “stare and compare” practices, register today.

 

If you care to travel to Las Vegas between October 17 & 19th NAMB is having its annual conference at the Luxor. Unfortunately, or intentionally, that conflicts with the MBA’s National Conference in San Diego from October 18-21.

 

MBA’s School of Loan Origination (SOLO) is accepting registrations for its instructor guided course designed for mortgage originators who have recently passed the NMLS pre-licensing course or have 3-12 months employment experience as a mortgage loan originator (MLO). This four-week course starts Monday, October 26 and is led by 20-year industry veteran, Debra Killian, President at Charter Oak Lending.

 

What we need is more cow bell! Uh, I mean more TRID news to help folks.

 

First off, in the face of TRID and other new compliance requirements many lenders have changed or are considering changes to how they perform underwriting functions. Have other lenders implemented or are they considering different Underwriter levels and/or specialty Underwriters? Have lenders revised their Underwriting process flows? What tools have been provided to Underwriters to ensure compliance with QM requirement? Find out answers to these and other questions by participating in STRATMOR’s PeerViews survey addressing Emerging Underwriting Practices. The surveys will be free to take and participants can purchase results for $250 in mid-November. A full list of questions and program details are available at STRATMOR PeerViews Emerging UW Practices Survey.

 

I received this note from Dave Savage with Mortgage Coach. “Hey Rob, We’ve received tons of great feedback on our TRID Panel. We have a TRID conversation focused on specific TRID topics.  While we had 40+ questions submitted through Gotomeeting the most asked question from loan officers was about TIP (Total Interest Paid). They wanted to know “why” and they wanted to know “how” to best explain TIP to a borrower. If you want tips and scripts on how to explain TIP (Total Interest Paid) to borrowers watch the recording of the Mortgage Coach TRID Panel with Richard Horn and a few top loan officers. Click here to watch the recording (Skip to 15:31 to hear the TIP scripts).” Thanks Dave!

 

Genworth Mortgage Insurance has several TRID-related updates: “no disruption to workflows, clear and transparent pricing, maintaining turn-time service levels and making sure MI conditions are cleared in line with lender TRID Closing Disclosure processes.” Trailing documents for non-delegated MI loans can be submitted to Genworth by 12PM (customer’s local time) and returned by 5PM (customer’s local time). Same day… No delay.  Genworth’s available TRID resources include its ActionCenter TRID Hotline at 800.309.4322 for live access to an expert customer service professional who can help answer loan-level MI questions related to TRID, a TRID resource page, and pre-recorded training webinars for mortgage lenders and for REALTORS.

 

Genworth is also providing a new Tax Return Series for the Self-Employed Borrower October 12-16. This 5-part interactive training—5 days/45-minute courses—requires minimal time investment, but can lead to a mastery of the subject and the ability to provide quick-closing, higher-quality loan packages. Registration for individual classes can be found in Genworth’s October webinar calendar. Genworth additionally offers a short 25-minute recorded module on the Fannie Mae SEL-Announcement 2015-9 covering the changes to the new Fannie Mae Cash Flow Form 1084 as well as recent self-employed borrower policy changes effective for loan applications February 1, 2016, and new requirements for partnerships and S Corporations. A full list of Genworth’s featured training courses is available at mi.genworth.com/training.

 

Kinecta FCU has posted new rate lock policies in support of the TILA-RESPA Integrated Disclosures (TRID) rule. Kinecta only offers 20, 30, 45, and 60 day lock commitments.

 

To ensure compliance with new TRID requirements, CoesterVMS released a disclosure calculator that produces fee quotes based on property complexity and product selection. The calculator uses a multi-factor approach, which considers the following when providing an estimate: Mean appraiser fee for selected product in property market, Finished square footage, Lot size and estimated value. Following calculation, users have the option to place an order or save the quote for later use. The My Quotes menu allows users to manage, print and place orders from saved quotes. The system will populate all information directly into the order form for orders placed from quotes, including the quoted fee.

 

Over the last few months, Pacific Union Financial, LLC has worked with its clients and business partners to assist in successful implementation of changes to support the TRID rule.  Use your log-in to view Pacific Union details on various updates and tools to support TRID requirements.

 

Effective immediately, the MWF Jumbo 1 line of Jumbo products has been discontinued. These products are no longer available for registration or locks. In addition, starting Monday, October 5, MWF’s TRID Disclosure Desk will be open extended hours.  Questions may be directed to 909-225-8815, or toll-free 266-213-3620, or by email at TRIDHotLine@mwfinc.com.  More information will be available from your BDM and on the wholesale website.

 

NAR is saying they expect TRID to delay closings by up to 15 days. There will undoubtedly be a learning curve for the industry. TRID is the biggest change to the industry since the implementation of Dodd-Frank. CFPB claims they will use discretion in not going after lenders who make mistakes but are making a good-faith effort to work within the rules.

 

With the recent TRID changes, the SAFE MLO National Test with Uniform State Consent will reflect the changes to the content outline. Going forward, anyone taking the test on or after October 3rd will see the new changes, regardless of when they scheduled the exam. The new changes not only include the TRID rule, but they also represent the results of the job analysis study the NMLS recently completed.

 

Any investor in fixed-income securities has their choice of countless instruments. Here’s some news on that front: the World Bank’s International Finance Corp. is seeking permission from the Chinese government to sell yuan-denominated panda bonds, which could become a $50 billion market within five years. “Once the Chinese yuan becomes part of the [International Monetary Fund’s Special Drawing Rights], central-bank reserve managers and institutional investors will automatically want to accumulate yuan-denominated assets,” said IFC Vice President and Treasurer Hua Jingdong.

 

U.S. bond markets were closed yesterday, and there is no scheduled news of substance today. On Friday the 10-year was 2.09% and this morning we’re at 2.06% with agency MBS prices better by .125.

 

 

(Thanks for Debi B. for this one. Parental guidance suggested for language.)

A sweet grandmother telephoned St. Joseph’s Hospital. She timidly asked, “Is it possible to speak to someone who can tell me how a patient is doing?” The operator said, “I’ll be glad to help, dear. What’s the name and room number of the patient?” The grandmother in her weak, tremulous voice said, “Norma Findlay, Room 302.” The operator replied, “Let me put you on hold while I check with the nurse’s station for that room.” After a few minutes, the operator returned to the phone and said, “I have good news. Her nurse just told me that Norma is doing well. Her blood pressure is fine; her blood work just came back normal and her physician, Dr. Cohen, has scheduled her to be discharged tomorrow.” The grandmother said, “Thank you. That’s wonderful. I was so worried. God bless you for the good news.” The operator replied, “You’re more than welcome. Is Norma your daughter?” The grandmother said, “No, I’m Norma Findlay in Room 302. No one tells me s__t.”

 

Rob

 

(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.)