Category Archives: News

Training & Events; False Claims Penalty; Lender Products & Services

Residential mortgage bankers are notoriously bad at actually retiring. They usually seem to come back as teachers, consultants, remodelers, etc. But plenty of people do retire, and per U.S. News the #1 place to retire is… Lancaster, PA? Bring a sweater.

Legal news

Eagle Home… Universal American Mortgage Company, LLC, based in Miami and operating as a subsidiary of Lennar Corporation, has agreed to pay the United States $13.2 million to resolve allegations that it violated the False Claims Act by falsely certifying that it complied with FHA mortgage insurance requirements in connection with certain loans. “…between January 1, 2006, and December 31, 2011, UAMC knowingly submitted loans for FHA insurance that did not qualify.  The United States further alleged that UAMC improperly incentivized underwriters and knowingly failed to perform quality control reviews, which violated HUD requirements and contributed to UAMC’s submission of defective loans…” (The lawsuit is captioned United States ex rel. Kat Nguyen-Seligman v. Lennar Corporation, Universal American Mortgage Company, LLC, and Eagle Home Mortgage of California, Inc., 14-cv-1435 (W.D. Wash.)

Does anyone with clients (LOs, vendors, attorneys, etc.) know their client? Of course. UC-Hastings law professor Joan Williams makes the point in her new book “White Working Class” that two-thirds of Americans don’t have college degrees. That statistic drives home her premise that lawyers and other elite professionals are sorely out of touch with most Americans. This matters, at least for some attorneys, because those are the folks who elected President Trump, who desire steady jobs and solid futures for their families, and who, importantly, are being priced out of legal services.

How would you ask about compensation during a job interview without sounding greedy? Here’s how. And, under “legal tidbits,” Uber limo drivers are not employees under the Fair Labor Standards Act, a federal judge has ruled, handing Uber a win against drivers who sued the company for allegedly failing to meet minimum wage and overtime requirements.

Capital markets

New Residential, a regular issuer of bonds backed by nonperforming and reperforming mortgages, is readying its first deal backed by newly originated mortgages, according to Fitch Ratings.

The U.S. 10-year closed the week yielding 3.20% on a light trading day with most headline economic reports centering around China reporting slightly weaker than expected YoY growth (actual 6.5%; expected 6.6%) for Q3. Incidentally, the report was overshadowed by comments from several Chinese officials discussing measures for supporting China’s capital markets. China’s President Xi Jinping and President Trump have tentatively agreed to meet during the G-20 summit at the end of November. Elsewhere internationally, some Italian officials allegedly favor reducing Italy’s 2019 deficit target, and its government as until today to respond to the EU Commission’s request for more details regarding the Italian budget for 2019.

In the U.S. the markets are looking for some good news to start the week after September existing home sales hit their lowest sales level since November 2015 due to supply and affordability constraints in this rising rate environment. We begin the week with only the Chicago Fed National Activity Index for September (down to +.17). Tomorrow’s only action is the $38 billion 2-yr Treasury note auction results at 13:00 ET. Wednesday, things pick back up with the Weekly MBA Mortgage Index, August FHFA Housing Price Index, September New Home Sales, and the September Beige Book. There are also central bank decisions due from the BoC and Riksbank.

Thursday sees September Durable Orders, Durable Orders -ex transportation, weekly Initial Claims, September Advance International Trade in Goods, September Advance Retail Inventories, September Advance Wholesale Inventories, September Pending Home Sales, and (abroad) central bank decisions from the ECB and Norges Bank. The week concludes with Advance Q3 GDP and the Q3 GDP Deflator, and Final October Michigan Consumer Sentiment Survey. We begin the week with Agency MBS prices (and therefore rate sheets) a smidge better/higher from Friday’s close and the 10-year yielding 3.19%.

Lender products services

“Are you still using “dumb” documents? Only SMART (Secure, Manageable, Archivable, Retrievable and Transferable) Docs allow data and documents to travel as one, reducing downstream risks with liquidity and repurchase. SigniaDocuments is the only doc provider with an entire library of Category 1 SMART Docs because we understand the risks lenders face after the loan closes. Other doc providers only deliver a SMART note and only care about getting the loan closed. The truth is, all documents are important, and all documents are reviewed after closing, that’s why the diligence business exists. To learn more about SigniaDocuments, please contact us here, or email Mike Romano directly.”

In wholesale news, Atlantic Bay Mortgage Group® is continuing its expansion throughout the Southeast. Atlantic Bay, headquartered in Virginia Beach, is looking for growth-oriented brokerage companies, high performing mortgage teams, and companies with less than $500 million in sales who want to focus on production by removing obstacles to growth. Brokers who join Atlantic Bay experience growth rates in their personal production from 50 – 80 percent. Direct access to underwriting, secondary support, and realtor-focused marketing have all been drivers for increased growth. Two popular benefits of the Atlantic Bay way are simplicity in the compliance process and a mortgage banker assistant program. Atlantic Bay places great importance on culture, loving where you work, and giving back to the communities it serves. Email Justin Caplan to find out more about working at Atlantic Bay.

Here’s a hi-tech breakthrough in lending to self-employed borrowers. Amidst rising interest rates and declining origination volume, lenders must cast a wider net for customers, a growing number of which are self-employed. To capitalize on this trend, lenders need a simpler, faster way to underwrite mortgages for Americans who are their own bosses. To this end, Freddie Mac has integrated fintech vendor LoanBeam’s technology with Loan Product Advisor®, our  automated underwriting system, to introduce the first and only integrated self-employment income solution for the market. LoanBeam’s software uses optical character recognition technology to extract and digest a borrower’s tax returns and other financials, and then calculate a total income figure that aligns with Freddie Mac’s guidelines. This integration offers lenders several advantages, including an automated review of the accuracy of qualifying income, eliminating the need to chase down unnecessary documents that support residual/excess income and certainty that the income calculation is eligible for representation and warranty relief. Learn more.

Events and training

Learn why a well-supported appraisal report has become a necessity for appraisers to garner repeat business and the impact that has on banks and lenders by attending the October Research Enhance Reports to Drive Your Profitability Webinar 2PM Oct. 23rd. Rick Langdon, Chief Staff Appraiser from Wells Fargo Bank will discuss how those reports can be improved to make the process more efficient between banks, lenders, and appraisers. You will also hear Dustin Harris, Mentor/Coach from The Appraiser Coach teach appraisers the different ways they can improve appraisal reports.

Missed the Digital Mortgage Conference last month?  No worry – members of the California MBA Mortgage Technology Marketing Committee were there and have brought together some of the more exciting speakers and companies to talk to you about how they are changing the lending landscape, and what to expect in 2019.  Hear from Guild Mortgage, HouseCanary, WikiRealty, and Seroka Brand Development in this FREE webinar on October 23rd at 11AM (Pacific). Click here to register.

On Thursday, October 25th at Wente Vineyards in Livermore, CA join me, the California MBA, Joe Garrett, and their President’s Council member Riivos for a CFO Peer Group Luncheon event.  My colleague, Joe Garrett, and I will speak on planning for 2019, mergers and acquisitions and other top of mind issues for independent mortgage bankers. Please contact Susan Milazzo to make your reservation.

Register for the October 25th, Buckley Sandler webinar with partners Amanda Lawrence and Andrew Louis as they discuss recent significant litigation and enforcement actions related to mortgage origination. From False Claims Act claims to discrimination claims to repurchase/indemnification claims, this webinar will provide an in-depth discussion of those key cases and how they impact mortgage originators.

In North Carolina, the Charlotte Regional Mortgage Lenders Association lunch will be held on November 1. Check it out!

The November 1st MMLA Award and Installation Banquet is less than 2 weeks away. Check out a quick video to hear some highlights of what to expect. Invite your staff, coworkers and customers, register today.

On November 6th, the MBA-NJ Webinar Series will focus on Demystifying Credit Repair: Your Tools for Closing More Loans, Saving Time and Building Referrals.

Join MBA St. Louis on November 8th for Lunch and Program: The Changing Market and Marketing Strategies you can use to overcome the challenges.

It’s time to register for The UTAH Mortgage Expo, November 9th in Park City. With top speakers, great hands-on sessions and a wealth of opportunities from exhibitors and sponsors, it’s a can’t-miss day.

If you’re in the Kansas City area, register for the MBAKC Luncheon on November 15th. Speaker Rob Chrisman, questionable industry newcomer, will discuss, “What the Industry can expect in the First Half of 2019 – Without Making Forecasts.”

Ditech offers a comprehensive training curriculum on ditech products and processes, to keep your staff informed of the latest developments in products, technology solutions, compliance issues and process improvements. Each of these programs is offered by our training and development staff monthly and is updated regularly to reflect recent changes in the industry.

This is a frightening statistic, probably one of the most worrisome in recent years: 25% of mortgage bankers and Realtors in the country are on medication for mental illness. That is scary – it means that 75% are running around untreated.


People’s United Bank has opportunities for talented mortgage loan originators to join its growing organization. “Our Mortgage Account Officers/Loan Officers are supported by an experienced team that creates an environment for growing your business and providing your clients excellent service and products. Positions are currently available in Queens, Staten Island, Rockland and Putnam Counties in New York. As an Assistant Vice President, Mortgage Account Officer/Loan Officer you will originate residential mortgages and home equity products through our retail branch network and self-generated referral sources. We are a portfolio lender offering a wealth of portfolio products to our customers. To learn more about these positions and to apply online, please visit our website or you can email your resume to Elise Saltsman. Join us and show what your know-how can do.” 

GSF Mortgage Corporation (GSF) continues to expand the Single Close Construction Program. To date GSF has added over 300 Eligible Builders across the country. GSF is looking for Originators with experience in construction lending to help meet the demand of our Builder Partners. Programs offered are FHA-96.5% LTV, USDA-100% LTV, VA-100% LTV, and the recently added Conventional to 95% LTV. The program is also offered for FNMA High Balance Loans. All programs are single settlement without the need to requalify the borrower after initial closing. If you are an Originator with construction experience, please contact our VP of Retail, Frank Papaleo for information on the opportunity.

“Go for GOAT at PrimeLending. Are you currently headed toward GOAT (Greatest Of All Time) status? We’re here to help you find out in a matter of minutes by determining your GOAT Factor, a score that establishes whether you’re on path to become the Michael Jordan, Tom Brady or Serena Williams of the mortgage industry, or if you need to get on the right career track at PrimeLending. We’re a powerhouse who wants to be the best, surround ourselves with the best and work hard to get the job done right every time. If that sounds like you, contact Brian Miller at 469.737.5729 to get GOATing today.”

A thriving independent mortgage banker with a dynamic platform, excellent support, diverse product offerings, and exceptional, engaged leadership, is looking to expand in to the Colorado Springs market. Ideal candidate will be a seasoned Branch Manager with a minimum of five years’ experience in mortgage banking. Excellent leadership and recruiting skills a must. Send a confidential note of interest/resume to me for forwarding.

National MI continues with its growth and is excited to announce Jen Sopinski joined the Western Region, Northern California Northern Nevada Management team on October 1st.  Jen comes to National MI with VERY recent MI experience, she’s worked in title and the credit side of our business.  Jen brings strong customer relationships, MI experience and fantastic energy.   Please feel free to reach out to Jen (916.804.7488).

PHOENIX, the premier advisor for Trading, Mortgage Services and Analytics, welcomes Jason Eisendrath as SVP of Trading to the PHOENIX MSR and Whole Loan desk to expand its senior management team and continue to provide expert trading advisory, operational support and strategic solutions.

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Appraisal White Paper; Data Filter Product; Capital Markets News

Everyone, and their brother, knows that the costs for builders to build a home are increasing. Politics aside, it turns out that the tariff changes are indeed impacting the cost of remodeling and building, and NAHB released a list of products affected by tariffs, including nails. Did you know that, per a
Freddie Mac poll, 78% of Americans now say that renting is more affordable than
owning? Higher rates and home prices are the obvious factors although in some
areas wage growth has overtaken house price appreciation. New rental supply, on
the other hand, has hit a three-decade high.

Appraisal and valuation news 

In 2017, more than six million homes were sold in the U.S. and there were
more than two million licensed real estate agents. By contrast, there were only
about 80,000 appraisers. The appraisal business is changing. Technology is
becoming more prevalent and with rising turn-times and costs, the need to adapt
is more apparent. As appraisers
begin to embrace new methods of collecting and sharing data, the industry will
likely see a dramatic increase in efficiency. Property Solutions, part of the Computershare Group, recently conducted a survey of its network partners. The results, which
take into account 400+ responses, contributed to Property Solutions’ latest white paper and lends insight into current industry thinking.

AVM cascades, the go-to application for Home Equity lenders and other lending
needs, can carry unintended and potentially unpleasant consequences. Although
most properties are viable candidates for AVM use, it is increasingly important to know if an AVM is
not appropriate for a specific property. To
understand the limitations of AVM cascades and the benefits of optimizing AVM
valuation performance by determining viability for each subject property, download Veros Real Estate Solutions’ new white
paper, “The Case for Choosing AVM Accuracy and Suitability Over the
Traditional AVM Cascade”.
 Then, test VeroPRECISIONTM free of charge.

ditech announced that streamline refinance applications do not require a
disaster inspection and may proceed to closing and/or endorsement. Applications
that have closed but are pending mortgage endorsement require an exterior
disaster inspection with photographs completed by an FHA Roster Appraiser.
Streamline Refinance applications do not require a disaster inspection and may
proceed to closing and/or endorsement. If the original appraiser is not
available, another FHA Roster Appraiser may complete the disaster inspection.
The original appraisal report must be provided to the appraiser completing the
damage inspection report. The inspector must include a statement that the
property has not sustained any fire damage. If the property sustained damage,
all damage, regardless of the amount, must be repaired and the dwelling
restored to pre-loss condition before the loan is sold to ditech.
Per the FHA waiver issuance of its policy on the timeframe for completing
the inspection of properties due to the California Wildfires and High Winds
declaration in Lake and Shasta Counties, Ditech has posted the following: Applications with pending mortgage
closings require an interior/exterior disaster inspection with photographs
completed by an FHA Roster Appraiser.
Mr. Cooper continues to monitor FEMA Disaster Declarations and concerns
regarding ongoing flooding resulting from Hurricane Florence. Accordingly, Mr.
Cooper is announcing the following update. Effective October 4, 2018, FEMA has
approved 2 additional counties in South Carolina for Individual
Assistance: Darlington and Florence.

Lender products services

We’re all in the data business – accumulating it from borrowers and vendors, creating it, verifying it, acting on it, and forwarding it to investors and servicers. Your business floats on a deep pool of data.  Unfortunately, most lenders are frustrated by fragile reporting and a cloudy data story – data rich, knowledge poor. Teraverde Management Advisors created the Coheus Profit Intelligence solution to converge and shape your data to foster clear vision and insight, creating knowledge. Coheus associates loan data with your people, status transitions, costs, revenue, and payroll events. Coheus provides a mortgage-specific, coherent, highly-flexible way to explore, visualize and interpret your data. With Coheus you get a complete perspective on your business, allowing you to Manage Differently, maximizing profitability, productivity, and customer service. With Coheus you can clearly see through the deep end of the data pool. Contact Frank Poiesz or visit today.

Amidst rising interest rates and declining origination volume, lenders must cast a wider net for customers, a growing number of which are self-employed. To capitalize on this trend, lenders need a simpler, faster way to underwrite mortgages for Americans who are their own bosses. To this end, Freddie Mac has ®, our  automated underwriting system, to introduce the first and only integrated self-employment income solution for the market. LoanBeam’s software uses optical character recognition technology to extract and digest a borrower’s tax returns and other financials, and then calculate a total income figure that aligns with Freddie Mac’s guidelines. This integration offers lenders several advantages, including an automated review of the accuracy of qualifying income, eliminating the need to chase down unnecessary documents that support residual/excess income and certainty that the income calculation is eligible for representation and warranty relief. Learn more.

Capital markets

There are changes with investors and vendors in the secondary marketing
arena. For example, Fannie’sFlash
MBS “offers more flexibility,
saving time and money.” “Use Fannie Mae’s Flash MBS® to receive book-entry
delivery as soon as 4 days after we receive your Loan Delivery submission. Or,
select Fannie Majors and receive book-entry delivery on Fannie Mae’s published
Majors as soon as 3 days after we receive your submission. Both options provide
additional business days for pooling, up to 2 days for Flash MBS and up to 3
days for Fannie Majors, compared to the standard pool processing option. Plus,
there are no processing fees. Please see the pool settlement calendar, which includes
eligible flash dates, on the Loan Delivery page.”

announced the addition of Multi-Factor Authentication to its MCTlive! Secondary Marketing Software. This addition is the
latest in MCT’s ongoing effort to lead the secondary mortgage market toward
stronger data security. MCT also rolled out a program for “broken loans.” MCT’s SD
service has a deep network of solid, well-vetted end buyers. Its whole loan
desk has years of loan trading experience helping to ensure maximum execution
for our clients.

Compass Analytics
announced that over $200B was bid through its whole loan
trading platform, CompassBid, in the last quarter. CompassBid “remains the only bidirectional, fully self-contained whole loan
trading platform in the industry, providing sellers the full breadth of
investor eligibility, best execution delivery analytics, accounting, investor
bid history, and integration capabilities, while giving bidders a loan bid
calculation process that includes a secure portal, data normalization,
eligibility determination, best execution, spec-payups, LLPAs, loan-level
cash-flow MSR calculation, CRA determination and value, seller bid history, and
a dynamic margin and incentive engine!
MAXEX LLC, a residential mortgage loan exchange provider, announced that it
successfully closed a $38 million new funding round led by Moore Asset Backed
Fund, LP, an investment fund managed by Erik Siegel of Moore Capital Management, LP.

In relatively recent LIBOR replacement news, entities including government
agencies, global institutions, banks and municipalities have issued more than
$9 billion in debt tied to the Secured Overnight Financing Rate during the past two months, indicating increased adoption since the
Libor alternative launched nearly six months ago. However, market participants
say SOFR has progress to make, and concerns have been raised about
volatility. A few issues need resolution, but industry groups are hard at
work developing alternatives to Libor, panelists said at the SIFMA Annual Meeting. The Secured Overnight
Financing Rate is promising because it is based on the repurchase agreement
market, which handles “north of 700 billion daily transactions” and
complies with standards of the International Organization of Securities
Commissions, said Christian Rasmussen, managing director at UBS Securities.

There isn’t much going on in the ol’ bond market lately. Are investors
regretting the big jump in rates recently? They aren’t that sentimental.
Yesterday there was some intra-day volatility due to random influence from
stock market volatility, strong job numbers, Treasury Secretary Steven Mnuchin
saying that he will not participate in next week’s Future Investment Initiative
Summit in Saudi Arabia, U.S. manufactures being optimistic, and the Italian
debt market slumping compared to other countries like Germany. Our 10-year
closed the day yielding 3.18%.
As I send this out due to travel, it is too darned early to know where
rates are. But today’s calendar is light (no 5:30AM PT potentially
market-moving numbers) with Existing Home Sales (thought to be little changed
from last month’s figures) and a couple Fed speakers. So one would expect
little or no volatility, and rates could be close to yesterday’s closing levels.

Jobs new positions

Community Banks Mortgage in Colorado is looking to add MLOs to its Downtown Denver Office.This office is in a vibrant, dynamic, bustling part of the city that has one of the strongest markets in the country. They can do all loan types in all 50 states and have a robust portfolio product offering. Send a resume to, or contact, Will Stingley (719-338-4970) for more information.

EMM Wholesale is looking for a dynamic inside sales manager with a book of wholesale broker business. Candidate must be familiar with FHA, VA, FNMA, FHLMC and other Wholesale Lending loan products and have a clear understanding of TRID. Candidate will be sales oriented and not afraid to do cold calls out to new brokers. Must be friendly and courteous in working with outside and inside staff. Motivated and able to build a team of inside Wholesale Account Executives, the candidate will have 5 Years Wholesale Mortgage experience. All resumes are held in confidence. Only candidates whose profiles closely match requirements will be contacted during this search. For more information visit us at: or send resume directly to:

Prime Choice Funding, Inc. is a national leader in mortgage lending and while many in the mortgage industry have been struggling, PCF has been experiencing exponential growth and is looking to expand nationwide. To keep up with its growth, management has recently welcomed Evan Kidwell as Chief Strategy Officer and are looking to hire loan officers across the US to join the team. Prime Choice provides loan officers with highly competitive compensation, top tier fulfillment and paid marketing that actually drives business growth. It offers a variety of loan programs to fit any situation like FHA, VA, Conventional, Jumbo, Non-QM, Reverse, Reno and many more. If you’re interested in joining the team, contact Evan Kidwell (714-640-5905).

When was the last time you closed a loan 10 days after taking the application? At Network Funding, 10-day closings are a way of life. With the addition of our sophisticated point of sale system, Simpl, to our industry leading operations team and our own Appraisal Management Company to guarantee appraisals within 72 hours, 10 day closings set Network Funding apart and allow everyone in the transaction to get paid sooner. Call or e-mail EVP Brett Snortland to start closing your loans in 10 days (832-545-4653).

AHP Servicing, Chicago’s growing crowdfunded financial services company, is recruiting for a licensed Mortgage Loan Originator to serve as a Modification Specialist. AHP Servicing invests in non-performing residential mortgages and restructures the debt to keep families in their homes. It also actively services and sells both non-performing and re-performing loans. “This is a salaried, high impact role with growth potential. This is a great opportunity to broaden your residential lending career. If this profile sounds like you and you’re ready for an exciting career opportunity with a dynamic company, visit Careers at to submit your resume. Contact or call us at 312-778-6061. AHP Servicing, LLC is an equal opportunity employer.”

Congrats to Fobby Naghmi who recently accepted the position of SVP of the Eastern division at Planet Home Lending. “He is responsible for strategically building and managing the branch network in addition to recruiting, onboarding and transition activities in the division. His efforts will help Planet Home Lending continue to grow in new markets.”

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Bunk Beds