TMC is excited to announce our enhanced roster of providers offering deep discounts to TMC Lender Members and Preferred Partners that sign up for the TMC Saving Center. The best part, signing up for the Saving Center is FREE! Below is a listing of new providers participating in TMC's Saving Center and a sampling of the discounts now available to our members through these great companies!

4Imprint: TMC members can promote more while saving. Save 10% off all 4imprint promotional products with free samples, free art preparation & over 25,000 items to choose from. 4imprint’s easy to use website, outstanding customer service and great values make it easy for you to get your brand in front of your customers.

AccountingDepartment.com: TMC members save on award-winning online accounting, bookkeeper and controller services. Perfect for businesses with annual revenue between $5 million to $30 million. Get dedicated support, free financial dashboards, fixed low monthly fees, preferred pricing for QuickBooks online software and more.

ADP: Save time and money with Payroll services from ADP. Get up to 20% off on new payroll services. Plus there are no setup fees for new customers ($200 savings). Request your FREE, customized quote to see how simple it is to start saving right away!

Avis & Budget: Get the best base rates on all rentals nationwide with Avis or Budget. Enjoy waived additional driver fees, airport surcharges and late fees. PLUS enroll with Avis Preferred and Budget Fastbreak services for counter by-pass amenities.

Hotel Engine: Hotel Engine offers exclusive discounts at over 40,000 hotels nation-wide plus business travel tools to help your bottom line. Every signup is absolutely free – there are no access fees or spending requirements! Save on your next vacation or business trip now!

Reward Shopping: Get up to 30% cash back rebates at over 1,200 stores every time you shop online through the Rewards Mall. Plus, stack coupons and store offers to save even more while earning the greatest rewards. Joining and using the mall is free and simple!

RX Discount Card: Download, print, email and/or text a FREE card to immediately save up to 75% on your prescription drugs not covered by insurance. It's accepted at over 68,000 pharmacies nationwide and covers you, your family and even pets!

Sterling Talent Solutions: TMC members save up to 54% off the most complete background screening. Fast, reliable and compliant checks with no quantity commitments. Create a program that best suits your business hiring needs and budget.

Ticket Deals: Gain access to exclusive discounts of up to 60% on tickets to top attractions, theme parks, shows, sporting events, dining, movies, hotels and much more! This unique benefit has new products and offers added daily in cities and destinations around the world.

Transworld: Recover money owed to you at a fraction of the cost. Start today, with a FREE customized analysis from the collections team at Transworld Systems. TMC members are eligible for special member pricing.

USPAY: TMC members get unbeatable rates and unique member benefits including retail/qualified rate of less than 1%, free equipment, easy to understand statements, award winning U.S. based customer support and more! Request a free statement analysis!

YRC: TMC members get significant savings on LTL and tradeshow shipping costs from YRC. Save 83% off national/regional shipments, 10% off time-critical deliveries, plus single shipment and notification charges waived.

For additional information on how you can start realizing these savings today as a TMC Member, check out the TMC Saving Center and register for free or contact:

• Dana Vargas - Business Solutions Manager

Check out yet another new program from our friends at Plaza Home Mortgage National Correspondent Division.  Learn more about their Piggyback Second Lien program and its benefit for borrowers below.

The Piggyback Second Lien Program is a great solution for purchases greater than the standard conforming loan limits!​

• Great solution for purchases greater than the standard conforming loan limits!
• Second Lien must close simultaneously with a new Fannie Mae eligible Plaza first lien
• Income documentation per DU findings
• 15, 20 & 30-year Fixed Rate term
• CLTV to 95%
• Loan Amounts from $20,000 - $500,000
• Credit Scores from 680
• DTI to 43%
• Attached/Detached SFR, Condo, PUD, 2-4 Units
• Primary Residence and Second Home
• Purchase and Refinance
• Pricing available in PULSE
• Originator Compensation can be either Lender Paid or Borrower Paid

Plaza’s programs neither originate from nor are expressly endorsed by any government entity.


Contact your Account Executive for more information on this great new program!

Salpi Meyer – National Sales Manager
919-970-9962
salpi.meyer@plazahomemortgage.com

Rikki Gordon – West
949-244-1939
rikki.gordon@plazahomemortgage.com

Kirk McClain – Central/Mountain
214-808-5678
kirk.mcclain@plazahomemortgage.com

Erin Scavuzzo - Midwest
215-334-0729
erin.scavuzzo@plazahomemortgage.com

Melanie Coulton – East
215-272-3343
melanie.coulton@plazahomemortgage.com

QUESTION:

I understand that the Consumer Financial Protection Bureau (the “CFPB”) recently eliminated the TRID Black Hole.  Does this mean lenders can provide the Closing Disclosure (“CD”) to borrowers earlier in the origination process?


ANSWER:

In late April 2018 the CFPB issued the Black Hole final rule, thereby eliminating one of TRID’s major annoyances to lenders. Lenders may now reset tolerances on any CD at any time regardless of the number of business days prior to closing that the change occurred.  Prior to this amendment, TRID did not permit lenders to use a CD to cure a tolerance violation if there were four or more days between the time the revised disclosures are required to be provided and consummation of the loan.

In issuing the amendment, the CFPB noted that commenters were concerned that the amendment would cause lenders to provide the initial CD very early in the transaction. Addressing these concerns, the CFPB stated that it believes that the existing accuracy standard for the CD will prevent lenders from providing the initial CD too early in the process. The CFPB reiterated that the applicable accuracy standard for information required on the CD is the “best information reasonably available,” which requires lenders to perform “due diligence” in obtaining accurate information to be placed on the CD.  

Based on the language in the amendment lenders should be very careful to ensure each and every CD issued contains the “best information reasonably available” at the time of issuance.  Providing an initial CD which is missing information and subsequently providing a final CD which includes such information is not compliant with the terms of the statute.

The Black Hole final rule is available at the following link: https://www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-finalizes-amendment-know-you-owe-mortgage-disclosure-rule/.

The amendment will be effective on June 1, 2018 and will be available for loans in process as of that date as well as applications taken after such date.
 
To schedule a time to speak with the team at MQMR, contact: sales@mqmresearch.com or call 818.940.1200.

We're excited to share that our friends at Plaza Home Mortgage have introduced a new program. Learn more about the details of their Builder Forward Program below. We're excited to see how their new program will help give borrowers piece of mind and encourage to buy now.

Plaza Home Mortgage Introduces their Builder Forward Program!
Home construction projects can be a stressful experience for everyone involved with so many moving parts in the process until the home build is complete. Plaza’s Builder Forward program provides peace of mind to the borrower and builder by allowing a borrower to lock in their rate at the beginning of the project with float-down options on 30-year agency products from 90 days all the way out to 240 days!
Additionally, Plaza is offering a refundable upfront fee, which encourages borrowers to take the leap to buy now on the construction project they’ve always dreamed of completing! Talk to your Plaza Account Executive today about how this innovative program can put your clients on the path to building their future home!
​
Visit: https://www.plazahomemortgage.com/correspondentlending/ to learn more or contact your regional Account Executive at Plaza Home Mortgage.

Salpi Meyer – National Sales Manager
919-970-9962
salpi.meyer@plazahomemortgage.com

Rikki Gordon – West
949-244-1939
rikki.gordon@plazahomemortgage.com

Kirk McClain – Central/Mountain
214-808-5678
kirk.mcclain@plazahomemortgage.com

Erin Scavuzzo - Midwest
215-334-0729
erin.scavuzzo@plazahomemortgage.com

Melanie Coulton – East
215-272-3343
melanie.coulton@plazahomemortgage.com

We're thrilled to have so many great thought leaders in the TMC network.  Check out some of the recent insights our friend Frank Fiore, President, matchbox, LLC & Vice President, Ignite Integration Solutions recently shared with us. Read below for his take on the state of the industry, the challenges it's facing and some thoughts on how lenders can address them.

​
Be Aware of the Disguise of Summer
Commentary by: Frank Fiore, President, matchbox, LLC & Vice President, Ignite Integration Solutions

We are back from the MBA Secondary conference with a lot of feedback about the current state of the market and company health. Overall, it appears the industry has divided itself into two camps- the "haves" and the "have nots". The "haves" are strong and looking at this market as opportunistic and flush with opportunity. The "have nots" are struggling to figure out what just happened and trying to decide their next move. My feeling on part of the struggles of 2018 was the late winter effect on the "busy" season. March was a consistent theme of storms across most of the country and impacting the Purchase and Builder start to the season. Combined with the rate increases, the season did not start in earnest until mid-April which is much later than normal. 

As Memorial Day passes, and we head into summer, it appears that volume has picked up and lock desks are flowing again. With that said, the foundational issues in the market still stand and my fear is that many of the "have nots" will be lulled into a false sense of comfort about their business over the summer when the larger market issues still remain. This market demands companies to be strong and willing to make changes, even and especially during the time when they are not evident. Rates are not going down any time soon, and while this summer may look busy, the end of the third quarter and all of the fourth is going to be ugly if companies do not make changes now. Do not let the spike in volume this summer disguise the fundamental challenges that you have and the need to make changes to set yourself up for the future.

Matchbox…we speak mortgage
Whether it is as black and white as have or have not, there are some definite facts that are consistent throughout the country: 

-Margins are compressing - With rates moving upward and the fight to keep volume flowing as strong as ever, margins are under attack. As listed above, some can absorb the compression (and can do so for some time) without issue, while others are doubling down to keep margins low in hopes of future volume. It is a dangerous game of chicken that is exists and some will lose. The biggest question that no one is really asking is "Why are margins at the level they need to be, or asked a different way, how does a company get to a level where margins match the business model and not the other way around?". Companies are struggling with this and need to look at expenses for cuts which are helpful and needed, but in most cases, are going to amount to very little. The biggest expense for companies today are Loan Officer Compensation, Fixed Payroll, and marketing if you are a direct response company. If you are spending any time calculating margin compression effect on the bottom line, you should be looking at your Loan Officer Compensation plans, get them consistent, consolidated, and in line with this market. Items such as exceptions, extensions, and rush requests have to be accounted for in your plans. Every basis point matters in this market and while volume is the driver, you have to also know if your largest producers are receiving the most number of "breaks" that are cutting into the already shrinking margins.
 
-Secondary Margin management - Many companies are playing the margin vs volume game. How much volume will be get if we drop margins by XXX bps?? The concern here is that it is not a game you can win long term. You may get a spike, but in the end all you are doing is setting a new low for Loan Officers to ask to drop in the future. What may be a much better strategy is to really look at your 2018 production and evaluate the sources of your higher and lower margins. You will be surprised to see where the highs and lows fall and giving you areas to focus on - to either increase the ability to capitalize on the highs and eliminate the lows. Your Secondary and Capital Markets team needs to step up now and find the pockets of margin that are available. Margin compression is not required across the board. There are pockets which can and should be maximized when the right level of analysis is being completed.
 
-There is a housing supply shortage throughout the country - No matter which area of the country I visit, I hear the same message regarding a housing supply shortage. There are just not enough houses to support the market now. This has trickle down effects on multiple levels, but the main point for this audience is that you must be looking for other avenues to create supply. Begin looking for strong construction programs or looking for additional programs for your clients. You should also be well-versed in the surrounding pockets of areas where there is a normal level of supply to offset the shortage areas. Hone your Quick Close process so that when a buyer is evaluated, the ability to be pre-qualified, pre-approved, and close quickly are all factors in their selection from the multiple offers that are being presented to sellers on each home today. The shortage issue is not going to be resolved quickly so find the items for your team to offset the shortage.
 
-Operational metrics and performance - We live this every day and get asked how many loans a Processor or Underwriter should be able to handle a day. If you do not know this answer, this is the time to get a handle on it. This is not a market where you can have one processor working on 40 loans and another working on 10. You must be working to get everyone closer to the 40 and eliminate the excuses on why the 10 is acceptable. The days of having staff fulfill positions to keep files moving are over. Loans need to only be moving in one direction in this market and that is to the closing table. You must take the time to look at your process and staff capacity levels. This side of the equation must be corrected this summer and it is the perfect time to do it. You should have a low baseline from the first quarter of minimum capacity which can be utilized to compare to current levels of capacity and adjust. If you have a Processor or Underwriter that is below that average and see no change, that is an indication of individual capacity thresholds which may never change regardless of the volume levels without additional training or job restructuring.   
 
-Invest in training - If you did not take the time to do so in the first quarter when volume was low, then you must invest time into training now. You are responsible for elevating your staff and improving their capacity. You must give them the tools to improve and succeed in this market. Much of this boils down to training and having them understand the value of consistency in their process and using the tools that are available to them. So many get mired in the daily routine that new ideas or improvements are not given consideration. Spark their minds for new ideas with some fresh training sessions on what's available and coming. You will see the benefits of their engagement in their professional development through the quality of work generated.  
 
In summary, we are in a tough market and we do not want companies to have this normal summer volume increase be a disguise for the required changes that are needed for a strong 2018 and 2019. If you are struggling with any of these items or if you think you are fine and want a confirmation, let us know and we can provide an independent third-party review and give you an honest perspective of where you stand in this market.

The matchbox team is ready to assist in your Encompass-based engagements and the Ignite team is in the development lab improving current tools and creating exciting new tools for 2018! Contact Frank and his team at matchbox & Ignite Integration Solutions for a demo to make sure your organization has all the tools in its belt to make 2018 and beyond as successful as possible!

We've always known that there's tremendous talent within our network and it's been proven once again. Congratulations to our 12 members that were recognized on HousingWire’s Rising Stars list! We're excited to see your continued growth and the impact of your leadership in the industry. 

Lender Members 
Joshua Erskine, CEO - OneTrust Home Loans
Joe Thompson, SVP, South Regional Manager - PrimeLending

Preferred Partners 
Sonja Beaubien, VP of Securities - Fannie Mae
Nicholas Corpuz, VP of Servicing Oversight - Mortgage Quality Management & Research
Rick Hall, Account Manager - LoanLogics
Pat Kinsel, CEO - Notarize
Mike Mirshahzadeh, CRO - The Money Source (TMS)
Chrissa Pagitsas, Director of Green Financing - Fannie Mae
Grace Qi, Product Manager - Blend
Jenney Shen, VP, Customer Delivery Team Lead - Fannie Mae
Allan Voltz, SVP of Pricing - Arch MI
Joe Wilson, CMO - SimpleNexus

​Click here to see the full list.