Having served as The Mortgage Collaborative’s Director of Member Engagement since 2016, we are thrilled to announce the promotion of Jen Peachman to Vice President, Member Engagement!
Since joining TMC two years ago, Jen has led the charge with Member Engagement, managing the relationships of our national network of 130 lender members. In addition to serving as the main point of contact for our members, she has expanded TMC’s webinar and networking platform, grown our member benefits, shaped our brand and extended our digital marketing reach.
Jen will continue to manage relationships with our lender members, and facilitate Collaboration Labs and other in-person events, striving to continue to increase member engagement and create increased connectivity between our Lender Members and Preferred Partners. In her new role at TMC, we know that Jen will continue to create a unique and supportive environment for our lender members and build upon the Power of the Network.
Please join The Mortgage Collaborative in congratulating Jen on this promotion and wishing her continued success in her new role as Vice President at TMC!
TMCDirect, The Mortgage Collaborative's private label loan trading platform, powered by Resitrader is attracting a massive amount of interest throughout the mortgage industry with an innovative platform that transforms the loan trading process by expediting the trading of spreadsheets and bid-tapes while adding additional layers of the security for their buyers and sellers. Here are insights from Resitrader offered to Rob Chrisman this past week.
Resitrader reports on-going interest in buyers and sellers moving to its secondary market digital platform due to internal and external audits. “Our clients are getting pushback on e-mailed bid tapes, whether they’re password protected or not, due to NPI [Non-public Personal Information] data transmission through e-mail being insecure. And that’s driving them to online platforms,” said John Ardy, CEO of Resitrader. “We hear from our larger buyers, especially the regulated institutions, that the days of the emailed bid tape are numbered.”
For more information on what Resitrader can innovate and streamline your loan trading process, contact:
TMC Preferred Partner Timios is simplifying the closing process with their paperless closing process! Timios is also creating additional transparency with their 24/7 accessibility to loan documents and transaction progress on their website and mobile app.
Additionally, Timios is now offering escrow fee pricing in California with a flat fee of $575 per side, which makes the competition hard-pressed to match Timios’ customer service levels, let alone their pricing!
Vice Capital Markets is Now Integrated with TMCDirect - Where Integrated Hedging Meets Whole Loan Trading
In case you missed it – Vice Capital Markets is now integrated with TMCDirect!
This integration now allows clients of Vice Capital Markets to complete loan trading on behalf of their clients utilizing the real-time data and tools of the TMCDirect platform that's powered by Resitrader.
Here’s how it works…
Think there’s a lot of steps involved? You could be sifting through bid tapes and spreadsheets for the rest of your day.
We know that our lender members are some of the best of the best in the industry, so it's excellent to see our preferred partner recognizing their greatness too! The Mortgage Collaborative is excited to share that 8 of our lender members have been recognized on SocialSurvey's 2017 List of Top Performers. Congratulations to our friends that made the list!
Check out the entire list here.
COMPLIANCE HOT TOPIC
With wire fraud on the rise in the mortgage industry why should I have a Wire Modification Process in place and what are some steps I can take to mitigate the risk of wire fraud?
The potential of wire fraud is on the rise. Perpetrators have grown more sophisticated in their ability to disguise and find ways to make an email look legitimate. In fact, the FBI reported that the amount targeted by perpetrators via business email compromised in 2016 was $5.3 billion.1 Over the past three years, the Minneapolis FBI office has tracked approximately 14,000 victims in the United States with fraud approaching $1 billion.2
There are some steps to take in an effort to mitigate wire fraud by implementing process controls and best practices such as the following:
For more information on MQMR or other hot button compliance related topics, contact:
Ten years of manipulated interest rates held at record lows and a refinance atmosphere that settled most into a secure environment of consistent production has led to a comfortable but risky complacency.
The television has been saturated with commercials touting the fastest ways to refinance and begs our Veteran population to borrow up to 100% of their home’s value to eliminate consumer debt created during the past 10 years of mediocre economic growth.
Much of our loan officer population has less than 10 years’ experience. They’re extremely tech savvy, but can they sell in a rising interest rate market when purchase, not refinance, is order of the day?
If asked, can your origination staff define index or margin? Most are too inexperienced to know what an Adjustable Rate Mortgage is and how it works. ARMs will return because the homebuyer is used to interest rates in the 3% range and will demand a low rate with an affordable payment.
The media will gasp as lenders promote ARMs, remembering only those programs that were interest-only with little to no underwriting required. The 3/1 – 5/1 - 5/5 and 7/1 adjustable rate programs, fully amortizing with solid caps and solid underwriting will be an attractive alternative to a higher fixed rate offering. Let’s not forget caps and fully indexed rate, something else the LO will have to learn about in order to intelligently discuss and explain to the borrower exactly how the adjustable rate mortgage works.
Dust off your ARM disclosures, search for a quality portfolio investor and begin to train your sales staff to sell. ARMS, when sold to the right borrower, are a great way to diversify your product offering.
Keeping interest rates at record lows assisted our industry, but hurt the over 62 population. There’s been no gain on fixed income assets and very small increases in their Social Security check.
Rates will rise, but it’s not the time to panic. It’s time to think, to train and prepare to offer and sell a viable alternative to the fixed rate loan, ARMS!
TMC - Chief Operating Officer