Apr. 28: Marketing & sales jobs; events inc. TRID training & LO certification; FHA-all-the-way – lots of program & investor changes

I received this note. “Rob, a big shout out to my school teachers over the years who said I’m going to end up working at Burger King… Friday’s my first day!” Well, the world needs those employees. Plenty of our population thinks they are “middle class” – but what does that mean, and how much does someone who is “middle class” in each state earn? Here you go.


Procura Mortgage Company is looking for experienced sales managers, loan officers and underwriters in the Arizona and Washington markets. The company strives to exceed expectations of borrowers by always following our core values of service and convenience. With more than 200 years of combined experience in mortgage lending operations, Procura Mortgage Company’s leadership team actively supports its productive, client-focused sales team.  Procura is FNMA, FHMLC, GNMA direct and offers portfolio products. It offers local processing, underwriting, and closing.  To help each employee’s career and success, Procura Mortgage Company offers a competitive compensation package and a generous benefit package: paid vacation, health care, life insurance, long term disability, 401(k) retirement with matching contributions, career opportunity programs and tuition assistance. If you are a highly productive mortgage professional who shares a commitment to providing exceptional client service, contact Kent Bills, General Manager at 602-338-5127.


And three time zones away American Financial Resources, Inc. is searching for a Vice President of Marketing to oversee and expand its three brands: AFR wholesale, AFR Correspondent and its technology driven consumer direct division eLEND. The candidate would lead the dynamic marketing team and is located at the company’s national headquarters in Parsippany NJ. AFR/eLEND is also looking for a National Contact Center Sales Director for the same location. The person would be responsible for the oversight of its channelized origination sales team comprised of over 40 licensed loan originators. Candidates for both positions must be technology savvy and have a forward thinking mindset aimed at continuing AFR’s amazing growth story. Please email a confidential cover letter and resume to Robert Pieklo. AFR is an equal opportunity employer.


A quick correction to an event posted yesterday. In Florida, the correct Orlando FAMP event registration link is here. For more questions contact David Gold.


Freedom Wholesale Mortgage, First Funding, Arch MI and Morf Media, Inc. partner to show how TRID Training can grow partner business. On August 1 TRID goes into effect to make it easier for consumers to understand their loan options. These Rules will change the way Realtors, Lenders, Title Companies and any other Service Provider will operate.  Learn how to train and educate your real estate industry partners on the new TILA-RESPA Integrated Disclosure rules.  Join us at one of these FREE workshops: Carlsbad, CA Monday, May 4th – Irvine, CA Tuesday, May 5th _ Walnut Creek, CA Thursday, May 7th and at the Silicon Valley CAMP Lenders Fair, San Jose, CA Friday, May 8th.  All workshops will be led by industry educational trainer, Ginger Bell who will explain the highlights of the new rules and provide tips, tools and resources to help you understand the changes and gain valuable information to be become the expert in your field.


CMPS Institute is celebrating its 10-year anniversary this year by going back on the road and conducting two live certification events next month – May 13-15 in Marina Del Rey, CA, and May 18-20 in Boston, MA.  The CMPS Live Certification Event is two and half days, and features a 100-question exam that’s administered as-you-go.  The training helps loan originators become more fiscally literate and better understand the financial implications of the mortgage product they are selling (what a novel concept!). Graduates are certified to teach CE courses to financial advisors and real estate agents, and better equipped to elevate the borrower conversation beyond “rate and points”. Graduates also receive the Certified Mortgage Planning Specialist (CMPS) designation.  Many of the industry’s top producing loan originators credit their CMPS certification with being one of the most impactful turning points in their careers. The registration fee includes a one-year membership to CMPS, which features mortgage planning articles, presentations, daily market updates, automated marketing campaigns, e-newsletters, and loan comparison software, all built-in to a mobile-responsive CRM platform.  You can download the course syllabus and view a 3-minute video of the CMPS platform by clicking the link above.


Join CoAMP on May 6 for a webinar discussion of Mini-Correspondent lending. In this webinar, Bill Kidwell of IMMAAG (Impact Mortgage Management Advocacy & Advisory Group) will explore: a list of business questions to consider, background on what made mini-correspondent a hot topic in 2013/2014, and an update on the CFPBs position on the business model. http://coamp.wildapricot.org/NewsAndEvents/Events


Do you have questions regarding Fannie Mae’s expanded requirements for MyCity Modification? Watch Fannie’ MyCity Modification Updates Recorded Webinar. The webinar focuses on expanded requirements for MyCity Modification, including eligibility criteria, borrower evaluation, calculation of payments, modification terms, Fannie Mae’s Workout Hierarchy, borrower solicitation, campaign codes and the Evaluation Notice.


FHA will host a conference call briefing session that will provide an overview of HECM Due and Payable and Loss Mitigation Mortgagee Letters covered in Mortgagee Letter 2015-10 and Mortgagee Letter 2015-11. The information in this session will benefit both HECM servicers and other interested stakeholders. Scheduled for April 30, 2015 at 2:00 PM (Eastern), use Dial-in Number: (866) 254-5938 with Participant Access Code: 358535.


Lenders offering government products (not many don’t) were keenly interested in the headline “HUD Puts in New Protections for Struggling Homeowners.”  Friday’s changes include requiring mortgage servicers to delay foreclosure for a year–up from the prior requirement of six months–and to evaluate borrowers for loan modifications. HUD, which is planning to have its first delinquent loan sale of 2015 in June, says it will also create pools of loans that can only be sold to nonprofits and units of local governments.


MBA Chairman Bill Cosgrove wrote a piece about FHA fees that is worth reading.


A while back Michael Vitali addressed the upcoming handbook, writing, “FHA/HUD is publishing a new handbook (4000.1) to cover all areas of FHA loan origination through post-closing, including quality control (New HUD Handbook). This new handbook takes effect for loans with FHA Case Number assignments as of 6/15/2015. Pretty darn soon, I say! There are a whole host of changes to the FHA loan process contained in this handbook…First, as of now, HUD says it will not issue a listing of the specific changes to their existing guidelines covering FHA loan administration now outlined in other handbooks. Their intent and expectation is that lenders must review the entire new handbook to become more familiar with all FHA/HUD requirements and identify the ones that are changed.


“Second, FHA will now require pre-closing audits on a certain percentage of projected FHA loans closing each month, along with the current requirements for their standard post-closing QC audits. Yes, this is new. The FHA is jumping into the required pre-closing audit pool, along with Fannie and Freddie. The intention is to help lenders manufacture a better quality loan, reduce defects and increase the potential for better loan performance, with fewer defaults. All this will benefit the consumer, the lender and FHA. Lenders need to act now to be prepared to meet this new requirement.


“FHA Lenders will need to perform a pre-closing audit on 10% of the projected FHA loans to be closed each month. This 10% audited pre-closing will count toward the total post-closing requirements. If you plan to close 200 loans, then you would normally perform a post-closing audit on 10% or 20 loans. Under the new requirement the lender would need than to do a pre-closing audit on at least 2 loans (10% of the 10% required post-closing selection). I think. Better stay tuned for some additional clarification on this. The important part is that an FHA lender must have in place the process and people needed to perform pre-closing audits effective with case number assignments of 6/15/15. These must be separate and independent from the loan origination process.”


Citi posted updates including credit policy update regarding improvements for LP agency Jumbo, Clarification on FHA POC funds documentation, and other miscellaneous updates.


Effective April 6, Flagstar required all FHA loan submissions, other than purchases of TBD properties, to include a valid Case Number Assignment. Lenders must print and upload the Case Number Assignment from Loantrac or the FHA Connection.


Sun West has updated its SunSoft loan management system to allow loan submissions and locks on FHA Streamline Refinance loans with odd amortization terms from 16 to 29 years. Additionally, Sun West issued a reminder regarding FHA requirements in regards to gifts as an acceptable source of funds and its required documentation on FHA loans. When gift funds are used towards cash to close, the required documents must be submitted to Sun West as explained in the HUD Handbook 4155.1.


Sun West issued a reminder regarding FHA documentation requirements in regards to gifts as an acceptable source of funds. When gift funds are used towards cash to close, Sun West requires documentation at submission as explained in the HUD Handbook 4155.1. Specifically when gift funds are already deposited in borrower’s account, or when gifts funds are to be provided to escrow initial / closing. Fannie Mae announcement 2014-16 clarified and updated the requirements on analysis and verification of qualifying income for self-employed borrowers. Effective for all conventional loans submitted on or after March 23, 2015, Sun West will require the documentation as outline by Fannie Mae when business income is reported on Schedule K1 and used for qualification.


Carrington Home Loans posted information regarding Carrington’s FHA 203K full home loan. There is availability for buyers with credit scores as low as 550, even those with less-than-perfect credit may qualify.


FCMK Wholesale posted its March guideline updates.  VA, FHA, RD and Non-Conforming Jumbo program revisions comprise its bulletin.


As a reminder in late March FHA published Home Equity Conversion Mortgage (HECM) Program—Life Expectancy Set-Aside Growth Rate and Clarification to Section 3.98 of HECM Financial Assessment and Property Charge Guide. The requirements are effective for all HECM case numbers assigned on or after April 27, 2015.


As announced on March 18 the FHA published its appraiser and property requirements in the Origination through Post-Closing/Endorsement for Title II Forward Mortgages (Origination through Endorsement) section of its Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1). FHA also published its supplemental Single Family Housing Appraisal Report and Data Delivery Guide.  With these publications, FHA now has a complete set of policies and requirements, in a consolidated form, that are most commonly used by both appraisers and underwriters.


On April 27 the FHA deployed a new automated delivery notice of unacceptable findings (eFindings Letter) that is the result of a review of mortgages selected for Post Endorsement Technical Review (PETR). The new eFindings delivery process will: Automate the letter and follow-up email process, Leverage existing technology – FHA Connection (FHAC) Underwriting Review System, Streamline and expedite communication with mortgagees, Deliver information using a consistent format; including Finding citation(s), Provide online service to retrieve current and past eFindings Letters, and Provide the status of each file for which FHA sent an eFindings Letter.


Loanlogics has a new post with interesting information regarding FHA/HUD Proposed Rule Increase of Nonresidential Square Footage. This part of the June 2015 proposed changes would alter the current rule of   mixed-use property that cannot exceed 25% of the total floor area of the property;   into the nonresidential portion of a property can be utilized up to 49% of the total floor area as long as the property is legally permitted and conforms to current zoning requirements.


The latest issue of FHA’s Single Family Office of Lender Activities and Program Compliance’s Lender Insight newsletter focuses on Lender Recertification including current Lender Electronic Assessment Portal (LEAP) actions FHA-approved mortgagees should take. To read the complete issue, click the link to view Lender Insight Issue #8 Lender Recertification.


Nationstar offers a full suite of Government Loan Programs to Correspondent lenders. Due to the many complexities and interpretive guidelines that exist for these programs, reminders on policy as well as highlights of top manufacturing quality topics for these products (VA, FHA and USDA) are available.  Click here to download the complete Focus Flash.  


Yesterday stocks and bonds didn’t do much of anything. There was no news in the U.S. but the dominant theme of the day was Greek PM Alexis Tsipras’s decision to modify his team that negotiates with the Brussels Group (the creditors). The shakeup sent Greek 10-year yields down 99 basis points to 11.56%. Here in the States the $26 billion 2-year note auction was met with lackluster demand. Shrug.


Today we’ll have the February Case-Shiller 20-City Index at 9AM EDT, April Consumer Confidence at 10AM EDT, and a $35 billion 5-year note auction. So far interest rates are flat unchanged from Monday’s closing levels (1.92% on the 10-yr), which aren’t much different than Friday’s.



With all this talk of TRID and compliance, it is time for a short video on the history of “escrow.”





(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.)

Rob Chrisman