nmp news flash
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marketing income increased to 257 basis points in the second quarter, compared to 243 basis points in the first quarter. Personnel expense decreased to $3,246 per loan in the second quarter, compared to $3,350 per loan in the first quarter. Total production operating expenses, including commissions, compensation, occupancy and equipment, and other production expenses and corporate allocations, decreased to $5,128 per loan in the second quarter, from $5,292 in the first quarter. The “net cost to originate” was $3,224 in the second quarter, down from $3,413 per loan in the first quarter. The “net cost to originate” includes all production operating expenses and commissions minus all fee income, but excludes secondary marketing gains, capitalized servicing, servicing released premiums and warehouse interest spread. Productivity improved to 3.6 loans originated per production employee per month in the second quarter, from 3.3 in the first quarter. Ninety-five percent of the firms in the study posted pre-tax net financial profits in the second quarter of 2012, compared to 93 percent in the first quarter. Seventy-two percent of the 305 companies that reported production data for the second quarter report were independent mortgage companies.
Commercial and multifamily mortgage delinquency rates continued to drop for banks and rise for commercial mortgage-backed securities (CMBS) during the second quarter of 2012. Delinquency rates also declined for Fannie Mae during the second quarter, and increased by 0.01 percentage points for life companies and 0.04 percentage points for Freddie Mac according to the Mortgage Bankers Association’s continued on page 44
LOANMARQ is designed for mortgage professionals who will go the extra mile to provide exceptional service to borrowers and real estate agents. Our system will bring everyone in the transaction together and provide a seamless progression from application to closing. LoanMarq is the only service application that will allow you to organize and engage your clients with custom communications and customizable work flow. By the way… your processor will love us. FEATURES Customizable—Create a specific workflow around your current process. User friendly—Provides an easy to use system to keep everyone up to date on the status of their transaction. Alerts—Automatically sends text & email alerts to everyone involved in the transaction when milestones are achieved. Check list—Supplies a specific list of items required to complete the transaction. Upload & Download—All users can upload and download documents in a secure environment. Multi-platform—Loanmarq works on your PC, MAC, iPad and smart phone. (iPhone app coming soon) BENEFITS Turn business into more business—When you exceed the expectations or your clients and realtors they will remember you. They will also remember to send you more business. Clone yourself—Process more loans in the same amount of time. Simply engage—Stay in front of you clients with realtime transaction updates and messages. Increase velocity—Clear communication and automated work flow needed to complete a transaction will create an efficiency that saves you and your clients effort and money.
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ARIZONA MORTGAGE PROFESSIONAL MAGAZINE
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SEPTEMBER 2012
Six federal financial regulatory agencies issued a proposed rule to establish new appraisal requirements for “higher-risk mortgage loans.” The proposed rule would implement amendments to the Truth-inLending Act (TILA) enacted by the DoddFrank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher-risk if they are secured by a consumer’s home and have interest rates above a certain threshold. For higher-risk mortgage loans, the proposed rule would require creditors to use a licensed or certified appraiser who prepares a written report based on a physical inspection of the interior of the property. The proposed rule also would require creditors to disclose to applicants information about the purpose of the appraisal and provide consumers with a free copy of any appraisal report. Creditors would have to obtain an
Commercial and Multifamily Mortgage Delinquency Rates Continue to Decline
NationalMortgageProfessional.com
Six Regulatory Agencies Issue Proposal to Set Appraisal Requirements for High-Risk Mortgages
additional appraisal at no cost to the consumer for a home-purchase higher-risk mortgage loan if the seller acquired the property for a lower price during the past six months. This requirement would address fraudulent property flipping by seeking to ensure that the value of the property being used as collateral for the loan legitimately increased. The proposed rule is being issued by the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau (CFPB), the Federal
Deposit Insurance Corporation (FDIC), the Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC). The Federal Register notice is attached. The agencies are seeking comments from the public on all aspects of the proposal. The public will have 60 days, or until Oct. 15, 2012, to review and comment on most of the proposal. However, comments related to the proposed Paperwork Reduction Act analysis will be due 60 days after the rule is published in the Federal Register. Publication of the proposal in the Federal Register is expected shortly.