United Wholesale One of First to Offer HomeReady Program
JANUARY 2016 n National Mortgage Professional Magazine n
United Wholesale Mortgage (UWM) has led the market with Fannie Mae’s HomeReady program since its launch on Dec. 12, making it available to its network of independent mortgage brokers. “We are continually looking for new products and services to maximize our broker partners’ business,” said Mat Ishbia, president and CEO of UWM. “HomeReady really gives our brokers the ability to provide the lowest mortgage payment for their borrowers.” HomeReady is a conventional loan program introduced by Fannie Mae that allows downpayments as low as three percent, and with no Fannie Mae price adjustments for LTV over 80 percent with FICO scores above 680. This innovative lending option will help qualified borrowers with lower and moderate incomes obtain a mortgage that is more affordable and sustainable. “The HomeReady mortgage allows us to offer an unbeatable competitive advantage for buyers with a low down payment and decent credit scores,” said Anthony Bird, owner of Riverbank Finance, a partner of UWM. “Combining this program with lender paid mortgage insurance blows away the competition with lower payments and lower costs.” Highlights of HomeReady include: No Fannie Mae adjustments on all loans greater than 80 percent LTV with 680 FICOs and above, including high-balance loans; not limited to first-time homebuyers; available for non-Fannie Mae rate/term refinances up to 95 percent LTV; relaxed AMI income limits based on census tracts; and non-occupant co-borrowers are permitted up to 95 percent LTV.
LoanLogics and MemberClose Partner to Offer Portfolio Review Service for Credit Unions MemberClose and LoanLogics have partnered to create an automated portfolio review service designed to meet the needs of credit unions. The offering will enable
users of MemberClose to acquire new loan management and assessment functionality that promises to further enhance the value of the MemberClose Home Equity and Mortgage Settlement software platform. A credit union can upload loans to LoanLogics’ LoanHD Loan Performance Management platform via a secure interface located on the MemberClose’s Web site. The LoanHD system will perform a sophisticated analysis of the loans, which is then delivered in easy to understand language through the MemberClose platform. MemberClose users will benefit from the ability to run portfolio reviews and assess the amount of potential risk inherent in the credit union’s home equity lending portfolio. In addition, this partnership will also provide discounts for credit unions that wish to further tap additional capabilities provided by LoanLogics through its LoanHD platform. “I’m excited to be able to deliver this valuable tool through our partnership with LoanLogics,” said Bob Delaney, chief operating officer of MemberClose. “This new service will enable a credit union to easily determine any change in the risk profile of its borrower as it relates to credit, property value or lien position. LoanLogics is the premier provider of loan analytic tools to lenders and the perfect company for us to partner with for this service.” “The aim of this partnership is to ensure that credit unions have the technology they need to serve their members and comply with regulations. In addition, it means that credit unions of any size have access to the same technology as the largest mortgage lenders and that levels the playing field,” said Brian K. Fitzpatrick, president and CEO of LoanLogics. “Increasingly, credit unions are recognizing that they need to proactively monitor their mortgage loan portfolios. LoanHD provides a cost effective, efficient technology that helps our clients stay compliant while reducing costs.” In addition to life-of-loan perform-
ance management, analytics, monitoring and data refresh capabilities, LoanLogics also offers product eligibility and pricing, as well as a loan-quality management solution that automates and reduces the costs and risks associated with mortgage loan qualityassurance and quality-control audits.
BofI expects to deploy the platform across other business units, including commercial and industrial lending, warehouse lending, and potentially other business units in 2016.
Ellie Mae Launches New Version of Encompass
BofI Federal Bank Launches Commercial Lending Portal
BofI Fed-eral Bank, the nationwide bank subsidiary of BofI Holding Inc., has announced that it has implemented a new document management and delivery system for its Multifamily and Small Balance Commercial Lending businesses. SPEED2 is a document management portal that allows multifamily and small balance commercial borrowers and bank staff to easily and securely access, upload and store loan documents through desktops or through the cloud. Customers using the system can monitor the progress of their loan and send secure messages to loan officers while BofI staff can communicate directly with borrowers and brokers to provide accurate and timely feedback. Additionally, the system significantly improves the operational efficiency of the document delivery and storage processes by automating various indexing, editing, reporting and compliance functions. “We are extremely excited to launch this new technology platform for our commercial lending customers,” said Brian Swanson, BofI Federal Bank executive vice president and chief lending officer. “Allowing our customers to electronically access the status of their loan files and deliver documents through our secure portal will provide greater transparency into our process and streamline our operational efforts. It provides another layer of differentiation in our already high level of customer service.”
Ellie Mae has announced the 15.2 release of Ellie Mae’s Encompass all-inone mortgage management solution. Encompass version 15.2 offers compliance updates, overnight rate protection for secondary marketing, and integrated AllRegs Investor guidelines for easy access to vital information. The 15.2 release of Encompass includes: l Compliance Updates: Starting with the first quarter 2016 filings, lenders required to file quarterly Mortgage Call Reports through the Nationwide Multistate Licensing System & Registry (NMLS) are required to report loan applications and pre-approval requests based on a revised definition of “application” in addition to reporting changes in application amounts. Ellie Mae’s updated Mortgage Call Report offers fields to track loan information including the date of “application” in addition to both initial and final loan amounts. Additional enhancements include updates to TILA (Regulation Z) Annual Threshold Adjustments for HOEPA and ATR/QM, the ability to set defaults for Home Counseling Provider searches, and additional fields to support HOEPA compliance reviews on HELOCs. l Overnight Rate Protection for Secondary Marketers: Allows the submission of Lock Requests when the Lock Desk is closed, and gives lenders the ability to manage their exposure to market risk for each channel while providing their customers additional flexibility to lock in rates.
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