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TRID loans closing; Planet Home Finalizes Deal!!

Monday, October 19, 2015 - Article by: bcahoone - Global Home Finance Inc - Message

"Trid or Treat...In this case Treat. New American Funding is pleased to announce it closed its first post Trid loan in just 8 business days. The details are here. New American Funding CEO Rick Arvielosays the recipe is simple: "The borrower e-consented and executed his intent to proceed immediately, the file was turned in 100% sold and as a complete package, The NAF team and borrower were in constant communication to insure authentication of all applicable disclosures (i.e., LE and CD). It really is the same adage - a clean file, e-consent and a fully sold and engaged borrower coupled with an awesome ops team and files can close quickly and efficiently."

Compliance is the name of the game. Banking and lending regulations are getting more diligent, auditing more and more businesses to make sure consumers' data is protected. And they have very good reason for this increased scrutiny. The past year major corporations including Target, Staples, Home Depot, Inc., JPMorgan Chase & Co., and, of course, Sony Pictures, had to step up to the PR podium to announce they had significant online security breaches and cyber-attacks. "Today it's not only critical your company be secure but also all business partners who have access to your customer data. That means your CRM partner or any other SaaS system you use to store or manage your customer's data is compliant with SSAE 16 (Statement on Standards for Attestation Engagements #16). Achieving SSAE 16 compliance is a lengthy and complex process that requires a significant investment of resources by your CRM or SaaS partner. But when it comes to protecting your customers and your company it is critical. SSAE 16 compliance ensures the policies, protocols and procedures are in place and constantly audited to minimize or eliminate the risk of security breach." To understand more about SSAE 16 compliance, you can access an educational whitepaper here. This comprehensive paper is available from InSellerate, an advanced SSAE 16 compliant SaaS specifically designed to meet the unique needs of the mortgage industry.Or, if you're attending the MBA in San Diego, stop by the InSellerate booth #223.

Did you win or lose after October 3rd? "The winning lenders prepared for TRID back in August allowing them to spend the first days of October focusing on next year and capturing more borrowers with Matic, while the losers poured every last ounce of focus into TRID readiness and rollout. Matic seems to be gaining more attention now as a FREE mobile app and borrower portal. Many new apps and technologies have been added recently, but none quite as game changing as this.

In pure lender news, Planet Home Lending, LLC, a leading national residential mortgage lender and servicer, has formally closed the acquisition of the employees and certain assets of HomeBridge Funding,the correspondent division of HomeBridge Financial Services, Inc. "Planet considers this acquisition to be a major strategic advance towards its goal of assembling a strong and viable third-party loan origination platform. HomeBridge Funding, located in Irvine, California, offers delegated and non-delegated mortgage loan products to community banks, credit unions, national builders and independent mortgage bankers. The transaction was structured as a purchase of certain assets of the correspondent division, including a technology platform. The current employees have been hired by Planet Home Lending. And Planet Home Lending is pleased to announce they will be lowering its net worth requirements for it' Correspondent customers to $1.0 million dollars. Certain requirements will have to be met by the correspondent to qualify.

Turning our collective attention to the markets and rates, overall economic data over the last week mostly disappointedwith soft retail sales, continued declines in headline inflation and a contraction in industrial production output. As the Federal Open Market Committee prepares for their Oct. 27-28 meeting, last week's data raise new questions about underlying demand fundamentals and the inflation outlook over the next several months. The odds of a short-term rate increase in 2015 continue to ebb...

For scheduled news this week we start with the NAHB Housing Market Index today. Tomorrow is the usual Housing Starts & Building Permits duo. Wednesday is the non-market moving MBA Mortgage Application Index. Thursday are Initial Jobless Claims, August FHFA Housing Price Index, September Existing Home Sales, and September Leading Indicators. Friday is some forgettable U.S. Markit Manufacturing PMI number. We closed the 10-year Friday at 2.02% and this morning we're at 2.05% with agency MBS prices worse roughly .125.

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