Ignite Integration Solutions provides innovative custom technology solutions for the mortgage industry. The Ignite team has an extensive mortgage technology IQ which is utilized in driving technology integration solutions for its clients. While Encompass employs the most offerings, Ignite has developed many custom integrations with all levels of mortgage software programs, including Loan Origination Systems and the multiple software vendor offerings in the marketplace today. Our goal is to provide technology solutions that drive efficiency and reduce exposure.
For more information on Ignite Integration Solutions, contact Frank Fiore.
The Federal Housing Finance Agency (FHFA) has announced that the Home Affordable Refinance Program (HARP) will be extended to September 30, 2017, continuing to provide liquidity to support eligible borrowers.
Fannie Mae and Freddie Mac will introduce new high loan-to-value (LTV) ratio same-investor refinance options, scheduled to be available in October 2017. The new options will be for existing loans with LTV ratios exceeding the maximum otherwise allowed, supporting borrowers who are making their payments but are constrained by a high LTV from refinancing. Under the new options, as with HARP, the refinance must provide one of these borrower benefits:
IRS tax transcripts are a hot topic these days! NCS, founded in 1978 and a leader in risk mitigation solutions, had the distinction of being the first organization in 1994 to offer IRS tax transcript solutions (4506-T) nationwide. On July 15th, the IRS implemented a “Re-verification” program for all participants using the Income Verification Express Service, (IVES), and 100% of NCS’ direct clients were compliant and accessing TRV® Services throughout the implementation period. NCS offers advanced verification products and services to the financial industry with the customer service mantra of “beyond the expected.”
It is B-U-S-Y right now. We’re looking at the best year for total home sales in ten years and Q3 of 2016 will be the biggest refinance quarter in three years. Not a bad combo there.
A year ago, nearly all economists were projecting 2016 to be a slightly down year for mortgages from 2015, which saw the industry collectively originate $1.75 trillion. The quicker start to the year led to increased 2016 projections of between $1.65T-$1.8T. Then, earlier this week, Freddie Mac came out and formally predicted what many have been thinking - that the industry will originate over $2 trillion in 2016. Freddie Mac’s Chief Economist Sean Becketti will be in attendance and speaking at our Summer Conference that starts this Sunday, so we’ll all get a chance to hear his thoughts on all of this - and to interact with him over the course of a few days.
This is significant news for a few reasons. First and foremost, the boost to business comes at a good time for lenders. The cost to originate a mortgage is significantly higher than its ever been, which has eroded profit margins. And many lenders are investing in technology and growth right now - which is not cheap.
Also - we’re now looking at a 20-25% increase in business in 2016 over 2015. Great news to be sure, but even better news when a down year was expected.
According to MBA’s official origination totals - if 2016 originations exceed $2.04T (they will), then 2016 will be the biggest year for mortgage originations since 2007, the year that the sub-prime mortgage crisis threw our industry and the American economy into turmoil.
Congratulations to all our friends at DocuTech on being nominated by BankNews Magazine for the 2016 Innovative Solutions Award! DocuTech introduced new enhancements to their ComformX Solution so they could be better equipped to meet the needs of all financial institutions to provide a more seamless user experience and improve the process of delivering documents for any type of loan.
Please take a moment and vote for DocuTech for the Category: Best Management/Operations/ Processing Solutions.
Let The Mortgage Compliance Update serve as your direct weekly link to mortgage compliance news! Compliance Ease does all the work for you, by filtering through industry related news publications from the past week to create a weekly newsletter dedicated to providing subscribers with the top articles related to mortgage and compliance related news.
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Let’s take a look at where some of the key measurables are currenty at for the US housing market …
Home ownership rate - 62.9% the lowest rate since the Census began tracking this in 1965.
Mortgage rates - Still near historically low levels. Best credits can obtain 30 year financing in the mid 3’s and 15 year financing in the high 2’s.
Home price appreciation - Nationally, homes are appreciating at a little over 5% year-over-year right now. Over the last 30 years, existing homes have appreciated 3.4% year-over-year.
Existing and new home sales - Existing home sales have risen four months in a row, and new home sales in June were at their highest levels in eight years However, supply and affordability have most convinced these numbers could start to go the other way.
Inventory of existing homes for sale - Still too low, and down 4% year-over-year. We’re at about a 4.5 month supply of inventory. Six months or higher is considered healthy.
Availability of credit - Loosening but according to the CFPB, still too tight. Average FICO for homebuyers in Q2 - 756. Average FICO in America - 695.
TELL IT LIKE IT IS QUICK ANALYSIS - Home ownership is at all-time lows because credit is still tight, affordability for first time home buyers is not good, and in general, people 35 and under value home ownership less. The high end of the housing market is doing good, the low end, not so good. While low rates help refi levels, home buyers are generally tone deaf to low or falling interest rates at this point. Incredibly low delinquency rates on mortgages originated the last 7-8 years and quarterly profit checks from Fannie and Freddie have housing on the back burner politically.
Partnership helps mutual customers improve operational efficiency by streamlining loan data transfers.
MACON, GA – AUGUST 10, 2016 – Lending & Banking Automation Software (LBA Ware™), a leading provider of automated compensation software and system integration solutions, announced that it has joined the Ellie Mae Pro consulting partner program. By participating in the program, LBA Ware will help Ellie Mae’s Encompass® all-in-one mortgage management solution customers improve operational efficiency by streamlining loan data transfers and automating the compensation process.
The seamless integration of LBA Ware’s products with Ellie Mae’s Encompass and an increasing number of mutual customers was a driving force behind LBA Ware’s decision to join the program. “We are delighted to partner with Ellie Mae,” said LBA Ware President Lori Brewer. “Our participation in the Ellie Mae Pro program ensures our mutual customers receive the highest quality services for their Encompass environment. We look forward to a long, successful relationship with Ellie Mae.”
LBA Ware’s LOS Talker securely transfers loan data from Encompass to LBA Ware’s web-based software CompenSafe, which would normally require manually reentering the same data in each system. As CompenSafe integrates directly with Encompass, it further enhances lenders operational efficiency by automatically calculating loan officer and other commission and bonus based employees’ compensation as soon as loans close and fund. CompenSafe greatly reduces the administrative burdens that come with complex compensation plans while simultaneously improving transparency into compensation practices and performance on its web-based interface.
Ellie Mae is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s Encompass all-in-one mortgage management solution provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.
About LBA Ware
Founded in 2008 and headquartered in Macon, GA, Lending & Banking Automation Software (LBA Ware) is a leading provider of mortgage and retail banking technology solutions. With over 25 lending-oriented applications still in operation today, LBA Ware provides cutting edge solutions that leverage automation and system integration to ease the pain points of repetitive manual workflow, empowering lenders to maximize productivity and operational efficiency. For more information about LBA Ware and their software solutions, visit www.LBAWare.com.
Click on the link below for a great read from L. Maria Zywiciel, President at NAHREP Consulting Services on tips when doing business with Hispanic clients.
Any regular readers of this blog knows how amused I am with the “HOW ARE WE GOING TO FIGURE OUT THESE MILLENIALS!!” hysteria in the mortgage business right now. Our business is no different than most other service oriented businesses. If you don’t continue to innovate and aren’t constantly spending time thinking of ways to create a better customer experience for a fair price, you will lose market share over time.
We’ve all seen conference sessions where panelists have discussed “if the human loan originator will be replaced”. The answer is easy. Human loan originators will never be completely replaced, but as each day passes, a larger percentage of new home buyers entering the market will desire a different experience on the financing side of transaction. 94% of millenials are now shopping for homes online The only reason more aren’t securing financing online is because the technology isn’t there yet. But it is evolving QUICKLY. If you’re not thinking about creating a different experience for the home buyers that want it, you should be.
Our upcoming Summer Conference will have a heavy focus on the new emerging technology & innovation in our industry. As well as strategies on ways to pay for that technology (which is not free) through increased operating efficiency and creative growth and expansion strategies. The agenda is now set and we will once again have record turnout and many of our industries top leaders in attendance. Our conferences are special events. If this is your first one, you are in for a treat.
TMC - Chief Operating Officer