If you're not already talking to these TMC Preferred Partner companies, now is the time with the above listed promotional offers being featured at TMC's Winter Conference beyond the already best-in-class discount pricing offered through their relationships with TMC and offered exclusively to TMC Lender Members!
NCS, PHH Mortgage, Certified Credit Reporting, Strategic Compliance Partners, and iEmergent will each be present and look forward to speaking with you during TMC's 2018 Winter Conference between February 11th & 13th at the Fairmont Grand Del Mar Resort in San Diego!
15 TMC Lender Members Have Made Mortgage Executive Magazine's 2018 list of the 50 Best Companies to Work For
TMC is pleased to have some of the best and brightest lenders in the mortgage industry as part of our network. We're excited to share that 15 of the lenders on Mortgage Executive Magazine's 2018 listing of the 50 Best Companies to work for are members!
Congratulations to our friends at Alterra Home Loans, American Pacific Mortgage, Amerifirst Financial, Castle & Cooke Mortgage, Envoy Mortgage, George Mason Mortgage, HomeStreet Bank, LeaderOne Financial, Movement Mortgage, New American Funding, PrimeLending, RPM Mortgage, Union Home Mortgage, VanDyk Mortgage Corp, Waterstone Mortgage.
Check out the list of the 50 Best Companies to work for here.
TMC's best in class lender network boasts a number of members headquartered in Michigan, and we're thrilled to share that four of the state's best banks are our members!
Congratulations to our friends at Chemical Bank, First National Bank of America, Independent Bank and Level One Bank.
Check out the list of the 10 Best Banks in Michigan here.
We have both a Quality Control Department and a Compliance Department. Can one of these departments perform the Internal Audit component as required by the GSEs?
No. Fannie Mae recently published Selling Guide Announcement SEL-2017-10, which clearly outlines mortgage lender internal audit requirements with regard to independence and reporting lines, eliminating any perceived ambiguity from the current Selling Guide Eligibility requirements. The update, dated December 19, 2017, lists minimum requirements for all Fannie Mae approved sellers and servicers and indicates they “must have internal audit and management controls to evaluate and monitor the overall quality of their loan production and servicing.”
Below please find an outline of such minimum requirements. Such requirements are effective July 1, 2018.
Not only does Internal Audit reporting help lenders meet GSE requirements by identifying risks or gaps in controls, there is an added benefit in getting ahead of potential damage to a company’s reputation or financial well-being.
For more information on MQMR and their Internal Audit solutions, contact:
PHH Mortgage, a leading provider of subservicing and portfolio retention services, has made several recent hires to its Servicing leadership team under Steve Staid, the Company's SVP of Servicing.
Gail Shelly, VP of Customer Service, has spent 30 years leading financial services Customer Experience teams including those at Morgan Stanley, Bank of America and WAMU.
Cathy Greene, VP of Business Controls, joined PHH with over 35 years of experience running business control functions for large financial institutions, such as Washington Mutual Bank, JP Morgan Chase and PNC Mortgage, and was co-founder of OpExNow, a consulting firm for the financial services industry.
Congratulations & Welcome to both Gail and Cathy in their new roles with PHH!
For more information on PHH Subservicing offering with The Mortgage Collaborative, contact:
Vice Capital Markets and Resitrader have announced a strategic relationship which allows clients to seamlessly combine hedging advisory services and whole loan trading. Vice and Resitrader have established deep system connectivity so clients can either trade using Vice or perform trading in-house with automated data feeds between the two platforms.
"This helps give our clients the additional flexibility they want along with Resitrader’s world-class technology. We’re excited about this partnership and the ability for our clients to connect to a true online marketplace for whole loans," said Chris Bennett of Vice Capital.
To learn more about the benefits of this integration for TMC Members, contact:
COMPLIANCE HOT TOPIC
HMDA - Government Monitoring Information
We understand the Government Monitoring Information (“GMI”) answer options have changed with the new HMDA rules, but can you explain our reporting obligations?
Under the new HMDA rules, if an applicant chooses not to provide information related to his/her sex, race and/or ethnicity and the application is taken in person or by electronic media with video component, you must now report how you collected such information (i.e. whether reported based on visual observation/surname or not).
If an applicant chooses to answer these questions, you must allow the applicant to provide more than one ethnicity and race and you must allow the applicant to self-identify using both aggregated categories and disaggregated ethnic and racial subcategories.
• Aggregated Category: Hispanic or Latino
• Disaggregated Subcategories: Mexican, Puerto Rican, Cuban, etc.
Additionally, applicants must be permitted to provide ethnicity and/or race information that is not provided for on the collection form (i.e. free form text). However, if the applicant chooses not to answer and you identify based on visual observation or surname you cannot use the disaggregated subcategories.
The HMDA Rule provides a transition provision that allows a financial institution to report the applicant’s ethnicity, race, and sex under the new HMDA rule requirements in effect at the time that the financial institution collects the information, not when the financial institution takes final action on the application. Thus, if a financial institution receives an application prior to January 1, 2018, but final action is taken on or after January 1, 2018, the financial institution complies with the new rules if it collects the information in accordance with the requirements in effect at the time the information was collected.
Many financial institutions have begun to require the collection of the new GMI information and adopted the use of the Demographic Information Addendum issued by Fannie Mae. If you intend to use this document, the Agencies advised that you should cross out or delete Section X of the Uniform Residential Loan Application (“URLA”) and replace it with the Addendum.
The Addendum may be found at: https://www.fanniemae.com/content/guide_form/urla-demographic-addendum.pdf
The Mortgage Bankers Association recently announced that its Opens Doors Foundation raised a record-breaking $1.8 million in 2017, furthering the organization’s mission to assist families with housing costs while faced with the challenge of caring for a critically ill or injured child receiving medical treatment.
Now in its fifth full operating year, MBA Opens Doors has assisted nearly 1,600 families.
"The Opens Doors Foundation has a bigger mission than ever before. We are operating in hospitals that reach 35 states and the District of Columbia. We are helping more families on a monthly basis than ever before, and as our participating hospitals continue to utilize our services, that number will grow exponentially. Fortunately, we are blessed with a wide, diverse, and creative group of supporters in this industry today," said Debra W. Still, CMB, Opens Doors Foundation chair, CEO of Pulte Mortgage and member of TMC's board of directors.
"Our supporters contribute in a multitude of ways – they run 5Ks, organize social media giving events, set aside money from every loan closed, and make major, multi-year financial commitments to fund the foundation. The challenge of meeting the needs of the sick children and desperate families we want to help is great, but the magnanimous spirit of this industry is even greater,” Still added.
In addition to the donations given and pledged by corporate and individual donors during MBA’s 2017 Annual Convention, convention attendees raised money with a live auction during Concert MBA, supporters raised funds and awareness with a 5K run/walk in Denver. Additionally, approximately 300 small donors contributed to the organization using the “text-to-give” feature, and MBA's Commercial/Multifamily Future Leaders Alumni raised money and conducted a site visit to an affiliate hospital. MBA Opens Doors also participated once again in the international #GivingTuesday event, raising money from many smaller donors.
The foundation also premiered a new video featuring families who have received grants at the annual convention in Denver.
The Mortgage Collaborative recognizes and gives special thanks to our Lender Members and Preferred Partners who have graciously supported MBA Opens Doors, and especially Deb Still for all her efforts as chair of the foundation:
MBA Opens Doors Foundation Guardians
MBA Opens Doors Foundation Champions
MBA Opens Doors Foundation Partners
TMC - Chief Operating Officer