MBSQuoteline's service provides real-time, concise, easy to understand answers as to why current prices may not be as good as they were a day ago or even an hour ago. MBSQuoteline's market information is available to originators at their desk, phone, e-mail or by text!

Impressed Customers Generate More Referrals
Surprises area a big deal to customers, especially when it comes to what they are asked to pay (i.e. rate sheet changes). Price movement creates an opportunity for an originator to impress a customer with what he or she knows, and counsel the customer through the decision to lock. A vague or incomplete explanation can result in customer mistrust. Happy customers make for happy referral partners!

No one knows where prices will be tomorrow.
MBSQuoteline's goal is to help the originator focus on what is known and react to that. Their price tracking graphs show, at a glance, when intra-day price movement puts current mortgage rates at risk of moving. Their calendar of future economic announcements can be used as a call to action.

Convenient Answers to Questions about Rates.
Customers expect originators to know about changing mortgage rates, but the answers do not have to be complicated. MBSQuoteline offers a convenient source of real-time mortgage-backed securities prices, which leaves more time for the originator to focus on other customer needs.

Become Top of Mind with Referral Partners.
Every Friday morning MBSQuoteline produces a newsletter summary what happened to mortgage rates over the course of the previous week, and a look ahead to events that may effect rates over the course of the coming week. The content is easy to understand and added to a template that is personalized with the originator's contact information, photo and company logo. This allows the originator to share with clients and referral partners with a personal touch!

The Company Benefits as well.
Your company will benefit from originators having MBSQuoteline. In addition to more referral business, the information provided can enhance the company's reputation by empowering originators with additional knowledge and understanding of rate movement to share with their clients and create better relations with investors.

• For more information on MBSQuoteline, contact Joe Farr.
  

Equity Prime Mortgage, TMC lender member and leader in the mortgage industry, has a main company goal to build lasting relationships within both the real estate and financial industries. In this, they have recently partnered with reputation management firm and TMC preferred partner, SocialSurvey.

Eddy Perez, CMB, President at Equity Prime Mortgage is quoted saying: “Company reputation is an important aspect with any business. We at Equity Prime Mortgage want to showcase our sales team's efforts in the field. Their hard work is a testament to how we run our company. We are confident this partnership will allow our community to experience transparency in how we operate.”

Social Survey is leading the way for Enterprise Reputation Management solutions. They’re passionate about enhancing and promoting a favorable reputation for their client’s brand. SocialSurvey provides a system that meets compliance requirements, insuring prospects can quickly identify a client’s best professionals amidst the noise of competitors in all social media channels.

About Equity Prime Mortgage
Founded at the height of the mortgage crisis in 2008, Equity Prime Mortgage has grown to become one of the leading mortgage lenders in the U.S., operating 16 office locations across the nation, and currently licensed in 45 states. The mission of Equity Prime is to provide a “unique road map” for clients that will strengthen their Mortgage origination platform while working through our customized, “boutique service offering.” Equity Prime Mortgage is set to move into the next stage of professional development.

Headquartered in Atlanta, Ga., Equity Prime Mortgage provides an array of lending resources such as Conventional, FHA, VA, 203K, Reverse and USDA loans as well as a trusted Fannie Mae, Freddie Mac & Ginnie Mae Seller/Servicer. With a dedicated staff of highly experienced professionals, Equity Prime provides exceptional pricing for thousands of clients annually, without compromising follow through and customer service. For more information about Equity Prime visit Equityprime.com.

Plaza Home Mortgage's Certified Loan Program protects their correspondent partners from loan manufacturing defects such as underwriting errors, fraud and misrepresentations, including defects from compliance, miscalculation of income, occupancy, undisclosed debts and appraisal issues. Plaza helps protect their correspondent lenders at no additional cost, thus substantially mitigating correspondent repurchase risk.

Plaza Home Mortgage’s Correspondent Lending Division provided case study data to display the dramatic savings that can be realized by being protected through their Certified Loan Program.
 
REPURCHASE CASE STUDY #1:

• $240K Note Loan Amount; LVT 80%, DTI – 31%, FICO – 680
• Reason for Repurchase: Current LP findings not verified; When re-run after closing: showed invalid, ineligible or incomplete findings.
• Borrower not qualified to refinance to avoid repurchase.
• Scratch & Dent Bid: $168k, $.70 on the dollar.

Calculating the Value of CLP Insurance (in bps) on a per loan basis – Spreading the savings in losses across each loan based on past total volume purchased up until the time of the client’s first insurance claim.

In this case, Plaza’s Certified Loan Program saves the client between $64,500 and $232,500 depending on the outcome.
 
REPURCHASE CASE STUDY #2

• Guideline Violation
  
• $482K Note Loan Amount; LTV – 99%, DTI – 49%, FICO – 626
• Reason for Repurchase: Insufficient VA guaranty fee
• Action Taken: Loan sold Scratch & Dent at 70%

Certified Credit Reporting,  a Preferred Partner of The Mortgage Collaborative has been approved as a participating provider for Fannie Mae's Day 1 Certainty program for Tax Return, Employment, Income and Asset Verifications!

Certified Credit strives to be at the forefront of the diversity movement within the mortgage industry and is a proud Dodd Frank Section 342 Vendor which mandates more supplier diversity in the financial sector. For those who may not be familiar with this Dodd Frank provision, regulated employers are not obligated to implement the diversity and inclusion standards outlined in the policy statement.  Yet, the policy statement identifies specific diversity and inclusion standards that employers may find useful either to initiate or to enhance supplier and workplace diversity and inclusion business strategies, policies and practices.  The standards focus on five areas:

• Promoting Organizational Commitment to Diversity and Inclusion;
• Evaluating and Improving Workforce Profiles and Employment Practices;
• Improving Procurement and Business Practices Related to Supplier Diversity;
• Promoting Practices that Make Workforce and Supplier Diversity and Inclusion Efforts Transparent and Public; and
• Conducting Annual Self-Assessments and Disclosing Related Information

Certified Credit's diverse makeup offers unique and fresh perspectives, allowing them to effectively reach emerging and diverse markets. The Day 1 Certainty approval allows Certified Credit to continue to provide its clients best-in-class products, services and support.

• For more information on Certified Credit Reporting, contact Jeff Woltemath.

When natural disasters strike like Hurricanes Irma and Harvey with such overwhelming and devastating consequences, Americans are quick to respond with emergency relief in the form of financial donations, food and clothing. However, homeowners need to be aware that in addition to losing the roof over their heads and all their possessions they are also in danger of being whipsawed by unexpected financial consequences form their mortgage lenders and services.

Here are some things homeowners need to know and what steps they can take to mitigate the impact of their losses and forestall additional hits on their already strained financial resources and emotions:

If you are getting ready to buy a house in a hurricane-impacted area:

• Be prepared for a delayed closing. At a minimum, most lenders have a "disaster protocol" that will need to be followed for hurricane impacted areas.
• Many lenders require a "post-event" re-appraisal of the property that could impact the valuation and therefore the ability-to-repay the loan calculus, the sales price, the loan-to-value or other critical components of the transactions. Other appraisal issues may impact the transaction besides those that affect the safety and habitability of the home.
  

If you have a home in a certified flood area covered by the National Flood Insurance Program:

• If you live in a home that has paid flood insurance premiums to the National Flood Insurance Program (NFIP), you may be able to make a claim under the policy.
• Note that not all areas that flood in a hurricane are eligible for coverage under the NFIP.
• There are caps on the amount that can be claimed. For single family residences, up to $250,000 is available for building damage and up to $100,000 for the contents.
  

Other federal resources:

• FEMA Grants: If you are impacted by a storm, be sure to register with the Federal Emergency Management Agency (FEMA) to coordinate assistance and apply for a grant. You can register online here or by calling 1-800-621-3362. You will need your homeowner's insurance information handy.
  • What is covered? Review this website for the list, but child-care expenses, essential household items, clean-up items (ex: dry vacuum), home repair, and temporary housing.
  • What is not covered? Anything covered by insurance and claims on second homes.
• Small Business Administration (SBA) loans: Generally, the SBA offers low-interest loans to homeowners to cover recovery and repair expenses that are not covered by insurance. You may be able to borrow up to $200,000 to cover repair costs and up to $40,000 to replace clothing, furniture, appliances and vehicles. Approval is subject to some degree of credit review.
• What you need to know: Be aware that right now, if you apply for an SBA loan, any funds that you may qualify for under a FEMA grant may be reduced by the same amount. This is known as the "Duplication of Benefits" issue.
  

What can you request form your mortgage lender/servicer?

• Housing Counseling: If you are concerned about making your monthly payment, we highly suggest speaking to a housing counselor before calling your lender to discuss options. A list of HUD-approved housing counseling agencies is available here.
• Forbearance: If the disaster has caused you a hardship that prevents you from being able to make your monthly mortgage payment, you can ask you servicer to suspend your obligation to pay your mortgage or make partial payments for a set/agreed upon period of time (known as a forbearance). The amount of the payment and interest will likely not be forgiven, and if this is the case, you will need to catch up once your agreed upon time-period is over; however, if you can contact your lender/servicer in advance, late fees or penalties for a missed payment will likely not be charged.
  

What About Your Homeowner Insurance Policy?
Definitely contact your insurance agent to determine what might be covered. While it may not include major structural damage, it may cover some damage to the contents or personal possessions - depending upon the terms and conditions of your policy.

America's Homeowner Alliance  is here to support you, as you may be facing these very challenging circumstances related to recent weather events. This is part our mission: to protect and promote sustainable home ownership for all segments of America.

• For more information on AHA or to sign up with The Mortgage Collaborative discount, contact Rod Luckhart.

PHH Mortgage - Subservicing is a Preferred Partner of The Mortgage Collaborative

As communities impacted by Hurricanes Harvey and Irma work to get back on their feet, PHH has implemented initiatives to ease customers' burdens. For at least 90 days, PHH has suspended late charge assessments and credit reporting, placed a moratorium on foreclosures, and is offering forbearance of payments for customers adversely affected by the hurricanes. PHH will work with qualified customers to place them in a loan modification program if they cannot make their mortgage payments after the forbearance period.

PHH has also streamlined its insurance claims process. Steve Staid, Senior VP, Servicing, said, "At PHH we strive to make a positive difference for our customers and the communities in which we operate - during good times and bad. As our customers navigate through this difficult time, we want to do our part to make that process a little easier." PHH is also matching employees' donations to hurricane relief organizations with a donation to the American Red Cross.

• For more information on PHH Mortgage - Subservicing, contact Chris Sabbe or David Burruss.

Spiegel Accountancy Corp, a tax, accounting and audit firm specializing in mortgage banking & 5X Solutions, a mortgage research, data analytics and technology company to provide you with a different insight into your lending business, have entered into a strategic alliance to service the mortgage industry. Our alliance combines the powerful technology of 5X Solutions with the tax and audit experience of Spiegel Accountancy Corp to take your mortgage lending data to the next level.

To showcase the power of this alliance between two TMC Preferred Partners at work, Spiegel Accountancy Corp & 5X Solutions are offering an extension of their "Above & Beyond" special from the 2017 TMC Summer Conference for a complimentary advisory and financial statement report and consultation through the end of 2017! (December 31, 2017)

If you'd like to see what kind of savings the alliance can save your organization at no cost, contact John D. Beneventi, Ron de Frates or Henry Chavez to learn more!

From Michael Dresden, President at Dart Appraisal

Inspections in Disaster Areas. So many of our fellow citizens across the country are dealing with devastation wrought by natural disasters. First and foremost, we want all of our clients, brokers and appraisers to know that we are here to support you and your borrowers in any way that we can. Dart has always believed that at the end of the day, every business relationship and every transaction comes down to people. The destruction left behind by these events is hard to comprehend, and all of us here at Dart send our thoughts and prayers for recovery to those impacted by these events.

When it comes to inspecting properties that have been affected by natural disasters, the Disaster Area Inspection Report (DAIR) is the most commonly used product. Some lenders require a 1004D as opposed to a DAIR, so it is best to first check with your institution/investor before placing an order. When performing a DAIR inspection, the appraiser will observe the exterior features of a property and surrounding neighborhood. The report will include exterior photos, and will include a statement indicating whether or not the property sustained damage from the disaster. 

If the property did sustain damage, typically an additional report would be ordered which includes an interior inspection of the property. This report, the Catastrophic Disaster Area Inspection Report (CDAIR) provides an assessment of any impact to the value and marketability of the subject's neighborhood as a result of a natural disaster, as well as a complete set of exterior and interior photos of the subject. Photos of any damage to the subject will also be included along with comments on the severity of the damage. With both the DAIR and CDAIR, the appraiser does not provide an estimate on the effect on value of any damage nor an estimated "Cost to Cure" any damage. No opinion of value is provided.

Just yesterday, FHA issued a waiver on its requirement that inspections required in disaster areas not be completed until after FEMA issues a close date for the Incident Period. Inspections on single-family properties in the Hurricane Irma Presidentially Declared Major Disaster Area in Florida will be permitted beginning yesterday, September 19. Read FHA's full announcement here. The Mortgage Bankers Association, which had asked HUD Secretary Ben Carson to consider changing the Incident Close Date inspection requirement last week, says it will continue to work with HUD to secure a long-term resolution for this issue. 

• For more information on Dart Appraisal, contact Marc Tatarcuk.