Total Mortgage Launches New Guaranteed Purchase Loans Program
OCTOBER 2013 n Pennsylvania Mortgage Professional Magazine n
NationalMortgageProfessional.com
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Total Mortgage Services LLC has announced has launched its guaranteed purchase loans program. The program will guarantee a borrower that their purchase mortgage loan will close in 30 days or the company will pay the first month’s mortgage payment. The guarantee is for all borrowers that formally apply for a loan and are preapproved by Total Mortgage. “Industry data confirms it currently takes many lenders more than 45 days to close a purchase loan. This is unacceptable—especially as we transition from a buyer’s to seller’s housing market and turn times become more critical for homebuyers and realtors,” said John Walsh, president of Total Mortgage. “Our Total Guarantee 30 program will close real estate purchase transactions faster and build trust throughout the lending process with borrowers and our referral partners.” “We understand the importance of closing a loan quickly while maintaining a strict attention to detail,” Walsh said. “There’s nothing more frustrating for the buyer, the seller, and the lender than a missed closing date. It costs everyone money and time and in some instances can cause a sale to fall apart. With our program, our customers will no longer have to worry about the possibility of a missed closing date.”
MISMO Announces New Reference Model Versions MISMO is proud to announce the elevation of Reference Model Versions 3.0 and 3.1 to “Recommendation” status. Recommendation status is the highest possible maturity level for a MISMO standard. The MISMO Residential Standards Governance Committee elevated Versions 3.0 and 3.1 to Recommendation status based on evidence of multiple successful industry implementations and the advice of the MISMO Architecture Workgroup. “The MISMO Reference Model and
Logical Data Dictionary are the result of thousands of hours of effort and collaboration from volunteers across the mortgage industry,” said Harry Gardner, chair of the Residential Standards Governance Committee and president of SigniaDocs. “We are grateful for their ongoing efforts and for the generous support of their companies as we continue to significantly expand and enhance the Reference Model in Version 3.3, to provide the mortgage industry with the framework needed to meet the fast-changing regulatory and compliance challenges we face today.” MISMO Version 3, first introduced in March 2009, was a significant shift forward for the MISMO standards. Development of Version 3 required that all Version 2.x standards be reconciled into a single XML Schema-based Reference Model providing common data definitions and data structures across multiple business lines. Version 3.0 was released as a Candidate Recommendation in December 2009 with emphasis on origination and loan delivery. Version 3.1 was released soon thereafter to include the remainder of the lifecycle.
360 Mortgage Gets Aggressive With New Conforming Elite Program 360 Mortgage Group has announced it is entering the top tier mortgage market with an aggressive pricing program named Conforming Elite. This new program was developed because of high demand from the mortgage broker community to further extend their relationship with 360 Mortgage beyond HARP-related products. The Conforming Elite program is part of the company’s ongoing commitment to the wholesale channel and its focus on offering the right mix of products with the most competitive pricing to help mortgage brokers grow their business. “The introduction of our Conforming Elite program now positions 360
Mortgage as the one-stop/go-to wholesale lender for both top tier mortgage products and higher LTV loans such as HARP,” said Mark Greco, president and founder of 360 Mortgage. “Mortgage brokers partner with 360 Mortgage because of our total value approach, which includes easy-to-use and efficient technology, product knowledge and best-in-class service. With the introduction of our Conforming Elite program, mortgage brokers now can benefit from two additional key value propositions, an expanded product portfolio and the most competitive pricing in the wholesale channel, to help clients with top credit scores and low LTV purchase or refinance of a home.”
clients,” said Hudson. “The threat of increasing interest rates stripping away a borrower’s loan approval is removed from the equation. This means less fallout and a greater opportunity to deliver excellent service to our borrowers and referral partners. In addition, loan professionals want to work for a company that offers these types of innovative programs. Prospective employees are drawn to the ability to offer the ‘Lock and Shop’ program.”
PNL Unveils New Program for Retail Originators
Bexil Corporation (BXLC) has announced that its subsidiaries Bexil American Mortgage Inc., through its wholesale division American Mortgage Network, and Castle Mortgage Corporation have officially launched AmnetCastle Express. AmnetCastle Express is designed specifically to provide wholesale mortgage brokers unparalleled access and control over their pipeline. “AmnetCastle Express supports independent brokers wherever they do business, allowing them to access their pipeline and get quick prices from mobile devices, such as tablets and mobile phones and to give each broker’s processor instant, real time access to the broker’s pipeline and dedicated underwriting team in order to close loans quickly,” said George C. Hawkins, III, chief executive officer of Bexil American Mortgage Inc. and Castle Mortgage Corporation. Hawkins noted, “AmnetCastle Express offers wholesale mortgage brokers the latest technology on a single, nationwide platform giving them the ability to price loans on the go, submit and clear conditions, and add notes to the loan file, all from one portal, accessible from any Internet browser, on any outstanding personal service, we expect that this new technology will be very well received device with an Internet connection. Backed up with our leading products and pricing and in today’s competitive environment.”
Premier Nationwide Lending (PNL) has rolled out its “Lock and Shop” program through its retail origination channel. “There is no question mortgage rates are increasing,” said Brad Sullivan, CEO of Premier Nationwide Lending. “With the ‘Lock and Shop’ program, we will credit approve a home buyer and lock in their interest rate before they find the property they want to call ‘Home.’ We created this program with the consumer in mind. The home buying process is stressful. However, we don’t feel it should be. Let us take the stress about rising interest rates away.” With the “Lock and Shop” program from PNL, if rates go up, the borrower is protected. If mortgage rates decrease, the homebuyer will have an option to “float down” to the lower rates. John H.P. Hudson, production manager and vice-president of Regulatory Affairs for PNL, is excited about this new program for homebuyers and the positive impact it will have on the company’s growth. “Our licensed mortgage professionals are thrilled to offer this program to their
Bexil and Castle Launch Pipeline Access Product