VOE, Valuation, Accounting CRA Eligibility Products; Training and Events

By: Rob Chrisman • Wed, Oct 7 2020, 9:32 AM

You have a couple workdays under your belt this week, so let’s take a one paragraph break from mortgage stuff. Pumpkin patches are here, and every parent worth their salt tells kids that unpurchased pumpkins grow into Christmas trees in two months. In between, Thanksgiving will be here before you know it, and with it, pumpkin pie. Even humble pumpkins have their share of regulation and controversy. The FDA allows for sweet squash blends to be sold under the label of “pumpkin.” Pumpkin is a variety of squash belonging to the “Cucurbitaceae”, or gourd family which also includes melons and cucumbers. Libby’s, for one, uses 100% Dickinson pumpkins in its Libby’s solid pack pumpkin, not squash. Although pumpkins and squash are very closely related, Libby’s denied that it ever used a “blend” of various squashes in its popular canned pumpkin. “But the ‘Libby’s Select’ strain of Dickinson is our own, developed over decades by our own agricultural people.”

Lender and Broker Services and Products

Regulators are uncovering potential land mines for consumer harm. Quickly implemented relief options and manual forbearance tracking are exposing manual errors and lost files - and increasing compliance risks. To address high volume, servicers are checking the box with solutions that may not address the ability to truly recover and repay. Forbearances intended for short-term hardships are kicking the can on losses for borrowers with long-term to permanent impacts. Constant’s customer-facing, 24/7 platform enables you to invite borrowers in to understand the severity and duration of their hardship. The platform also determines ability to repay using open bank data, and provides borrowers with loss mitigation options and workouts - all of which are fully automated, tied to investor policy, and compliant (with audit and reporting to boot).

“The good thing is, everybody and their dog is refinancing with the rates right now. The bad thing is, your processors are unable to get to a file for 4 days, so everybody, dog included, ends up going with another lender. Truework can help. Our dedicated team of highly trained mortgage industry professionals at Truework is committed to tackling and completing your VOE/VOI request (whether manual or automated) so you can close your loans faster than ever. Truework is a US-based company and has partnered with major lenders across the country to conduct 100,000+ verifications and counting. And for a limited time, Rob Chrisman readers get 5 free Verifications ($200 value). Let us do the heavy lifting so you can focus on what matters. Interested? Email Zackary Green.”

Are your MLOs spending too much time with lousy leads? The old saying, "Time is money" couldn't be truer in mortgage right now. Monster Lead Group are the experts at producing high return, high converting direct mail campaigns using our exclusive intelligent response technology. That means more calls from borrowers that are ranked, scored, and identified to be more likely to transact with your offer. Sound good? We can help you. Get pricing and timing of a turn-key Monster direct mail campaign for your inbound call team. We do all the work; you take all the calls. Close more loans with your current capacity. Next: Request a call from a Monster expert right now.

CWDL, a full-service certified public accounting & consulting firm specializing in the mortgage industry nationwide, has recently added two strategic hires to support the firm’s exponential growth and help lead the company into the future. Susan Volpe has joined CWDL as the Director of Accounting and Consulting to lead the outsourced accounting team and spearhead a department that has grown over 100% in the last year. Susan has run her own accounting services practice and was the CFO of an independent mortgage company. The firm also hired Dustin Pfluger as a Partner of Mortgage Banking Division to help lead the mortgage practice, providing additional expertise across CWDL’s growing client base. Dustin brings over 16 years of public accounting experience to the firm, spending the last 11 years dedicated exclusively to the mortgage industry. According to Mark Wilson, Managing Partner, “Both Susan and Dustin have had an immediate positive impact on the firm and will be instrumental as we continue to grow and invest our clients' success.” For questions about CWDL’s audit, tax, or accounting services, please reach out to Kasey English, Director of Business Development.

Stearns Wholesale Lending’s Accelerator Program is garnering rave reviews from clients for competitive pricing and a faster closing. For example, Non-Grossed up Fixed Income is now allowed to qualify under the Accelerator program! This includes social security, pension and disability that is non grossed up. If you want to learn more about the benefits of Stearns Wholesale Accelerator Program or partner with Stearns, click here to be contacted.

Did you know there’s a way to avoid unnecessary full-service appraisals and reduce costs by as much as 30%? Connexions’ Intelligent Valuation Portal (IVP) streamlines the valuation process by analyzing customer, loan and property data to select the best appraisal type based on GSE requirements: Automated Valuation Model, Desktop Appraisal, Drive-by Appraisal or a Full Appraisal, but only if necessary. This automated process produces a faster turnaround which means a significantly improved client experience and greater ROI. IVP’s decision-tree technology ensures the appraisal is compliant, cost-effective, and situationally appropriate. And the platform’s fully customizable rules can be easily managed to adapt to industry changes and environmental risks, ensuring the safety of all parties. With 20 years+ of experience, Connexions delivers best-in-class technology solutions, allowing you to deliver the highest quality real estate appraisals to your customers and achieve your operational goals. Contact Connexions’ to get started with IVP today!

Service 1st continues to wow. This September, 6 out of 10 credit supplements were returned in 24 hours or less. 74% of all VOEs are completed in less than 24 business hours. Clear VOE cancellation policies agreed to by clients, transparent processes, and performance reporting, immediately available via multiple interfaces. Clear inventory pipelines faster and efficiently. Have you considered S1’s Income+? Validate, calculate, and analyze income, quickly. Leverage Income+ as a streamlined training tool for your new recruits. Multiple pricing and payment methods available. Contact S1 today.

Training and Events

ACES QC Now Web Series: Insights Into Mortgage QC Trends - Past Highlights & Predictions for 2020. The upcoming video in this series will launch October 14, 2020 at 11:00 AM PT hosted by ACES Executive Vice President, Nick Volpe and ACES President, Phil McCall. REGISTER TODAY. The webinar will cover: Quality Control Highlights for Q1 2020 | Key Drivers of Performance for 2020: Early Payment Defaults & Forbearances | Foreshadowing QC Defects Through the Rest of the Year.

Low rates + a hot housing market + abundant home equity levels = amazing opportunity. How are you maximizing the opportunities available and planning for the future? Join Chuck Iverson, Executive Vice President of Loan Production at Evergreen Home Loans™ and Barry Habib, CEO of MBS Highway, on Nov. 4th at 8:30 a.m. (PST) for Your Time is Now, an informative webinar on how to maximize your business. Including insights on interest rates post-COVID, the next hot market segment, and creating engagement on social media. Register here to reserve your spot and learn more about the webinar. Or mark your calendars and catch the livestream on the Evergreen Home Loans Facebook and YouTube pages. Either way, you’ll want to see this one!

The MBA has several offerings, free to its members.

What’s this? The National Association of Realtors is suggesting training in short sales and foreclosures? I thought real estate prices never go down, until… they do. Thank you to California’s Lisa M. who reminded me, “NAR is ahead of the game this time. We didn’t start getting these emails until later in December 2007, months after our entire pipelines collapsed and evaporated. ‘It’s coming back,’ ‘It’s fine,” said all the lending management that absconded with bonuses both at the higher levels and at the lowest levels, meaning, our lending partners that we submitted loans to. This is going to get very interesting after the election.”

Plaza’s October 2020 Webinars are available for registration: October 6: Delivering Exceptional Customer Experiences, October 8: You’re missing out! Plaza’s Renovation and Reverse Products, October 12: Evaluating Self-Employed Income During COVID-19, October 14: Plaza’s Reverse Jumbo, October 21: Plaza's Fannie Mae HomeStyle® Renovation Loan Program.

The Non-QM market is back, and Carrington Correspondent can help you take full advantage. Join Amy Marsh on October 7th at 11:00 PST to find out how.

Join Arch MI for a Special Web Seminar for the North Atlantic Region on October 8th. A Review of COVID-19 Self-Employed Borrower Guidance with Stephanie M. Clark, AMP.

LBA Ware is providing a free upcoming webinar on October 8th: Compensation for LOs and Ops: Your Top 10 Compliance Questions Answered

On October 15th Chief Economist, Ali Wolf, and VP of National Sales, Nicollette Chapman will examine the current economic climate and share insights on what builders look for when choosing a preferred lender. Register here for the webinar.

From 10/14-10/15, with more than 25 virtual sessions divided into five tracks, all designed to champion NAMB members and partner success with actionable takeaways, NAMB National 2020 is a must-attend. Join Keith Bilodeau and Rob Chrisman for an informative discussion on The Evolving Wholesale Climate Plus Impacts of the 2020 Election, October 15, 1111:50 AM CT. The live streaming will include elite speakers from inside and outside the industry including education specialist and best-selling author Ginger Bell, FHFA Director Mark Calabria, marketing guru Carl White, and many more.

The Modern Mortgage SUMMIT is live on 10.20.2020. It’s an essential time to be personally effective and more valuable to consumers. This one-day event features 28 top producing loan officers and 13 have already closed over $100MM this year. Learn the scripts and best practices of America’s most effective and efficient loan officers.

Chief Economist Ali Wolf continues her COVID-19 Update: The Housing Market series. Register for the October 28th Webinar.

Lenders One adapted its traditional August Summit to a “Virtual Summit Series” exclusively for the L1 network. For those in the L1 cooperative every month for the remainder of 2020 Lenders One will feature a topical session that offers the same valuable content you’re accustomed to receiving at in-person Summits. To learn more about membership and access to the Virtual Summit Series, contact Justin Demola, CMB, VP, Sales.

Capital Markets

MIAC understands the importance of sourcing CRA-eligible loans to meet your regulatory requirements. With year-end approaching, now is the time to secure 2020 CRA credits and to start the new year with a reliable and productive source. MIAC has relationships with scores of CRA loan eligible originators including very low-income borrower and community development loans. “Whether your focus is on income, geography, loan type, or other characteristics, we can provide you the paper to fulfill your requirements. Through our originators and our proprietary software, we identify which loans best fit your CRA needs making MIAC your single source for CRA solutions. For additional information please contact your MIAC sales representative at 212-233-1250 or Steve Harris.

Looking at the bond market yesterday, Treasuries rallied in curve-flattening fashion and the UMBS30 basis closed mostly tighter after President Trump called off stimulus talks with Democrats until after the election. The trade deficit widened in August more than expected due to an increase in imports. Year-over-year, average exports & imports decreased $35-45 billion, showing just how brutal the pandemic has been on trade. Job openings decreased to 6.493 million in August from a revised 6.697 million in July.

Fed Chairman Powell spoke yesterday, saying that the economic recovery is far from complete and that the Fed has no intention to implement negative rates, neither of which are exactly novel nor particularly enlightening. The Fed Chair still firmly believes the economy needs more fiscal stimulus. Those remarks come on the heels of ECB boss Lagarde warning that the hoped-for V-shaped rebound might look more like a “W” from any sudden end to government support. Today sees several Fed presidents speaking, including New York’s Williams, Minneapolis’ Kashkari, Atlanta’s Bostic, Boston’s Rosengren and Chicago’s Evans.

Mortgage applications for the week ending October 2 increased 4.6 percent from one week earlier, according to data from the MBA Weekly Mortgage Applications Survey. $35 billion 10-year Treasury note reopening results are slated for the afternoon ahead of the release of the minutes from the September 15/16 FOMC meeting as well as August consumer credit. The Desk of the NY Fed will purchase up to $5.3 billion MBS across three operations, starting with $892 million UMBS15 1.5% and 2% followed by $2.9 billion UMBS30 2% and 2.5% then $1.5 billion GNII 2% and 2.5%. We begin the day with Agency MBS prices worse more than .125 in price and the 10-year yielding .78 after closing yesterday at 0.74% based on stimulus chatter.

Jobs and Transitions

Recognized by Forbes® as one of Alabama’s best Credit Unions and by Money® as the Best Bank (even though it is not a bank), Redstone Federal Credit Union offers a supportive, rewarding, encouraging work environment with plenty of opportunities to grow, both professionally and personally and is seeking Mortgage Professionals in Northern Alabama and in the Murfreesboro Tennessee Market: Originators, Closers, Processors, Underwriters, just to name a few. “Our comprehensive benefits package reflects the hard work and commitment of our superb team of professionals and has lent itself to employee longevity and tenure unheard of in the industry. Competitive pay, Health/Vision/Dental Insurance / 401(k) and Defined Benefit retirement programs / On-site clinic, gym, café*. Learn more about how every day, we work with our members to help them turn their dreams into reality. Something that is more than just a promise. It’s fundamental to who we are. Apply today!”

Congratulations to Joe Baio who is the new Director of Secondary Marketing at Denver’s First Western Trust.