Fannie Mae-No Politics (FNMA)

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Franklin American Mortgage Company announced it is now offering Fannie Mae HomeReady Fixed Rate Product.

Overture Technologies has integrated trended credit data into its automated underwriting system, a move that enables lenders and investors to gain new insight into the credit risk of their non-agency loans. The enhancement to the industry's leading independent automated loan underwriting system (AUS) follows Fannie Mae's recent announcement regarding use of expanded credit data in its Desktop Underwriter AUS. Trended credit data records a consumer's use and repayment of revolving credit over time and provides important insight into consumers' evolving ability and willingness to repay a new debt obligation. Lenders, particularly those specializing in loans to borrowers with previous bankruptcy or housing defaults, can leverage this data to understand how consumers have managed their use of credit as they re-establish their credit history.

United Wholesale Mortgage (UWM), has introduced a new proprietary Settlement Agent Portal, which enables settlement agents to submit their closing changes electronically to UWM. The new portal will streamline the closing process and speed up the response time for UWM clients and their settlement agents. The portal will enable settlement agents to review the preliminary closing documents and submit their changes electronically, placing the file directly into the closing queue. This process eliminates the need for multiple emails and waiting for a Closing Specialist to reply to an email. UWM produced a tutorial video to highlight the increased efficiencies the portal makes possible.

On the flip side, effective 6/30/16, Mountain West Financial, Inc. (MWF) will discontinue the 203K Standard and Limited Wholesale Programs. MWF will accept registrations up to 6/30/16 and all loans must fund by 8/31/16.

And recently the IRS notified vendors who provide tax transcripts (such as IVES vendors) that they would need to implement new requirements in order to continue providing tax transcript services.These new requirements are intended to better protect taxpayer information. The updated requirements include certain new assessments and certifications for vendors and lender clients. The MBA's president Dave Stevens sent out a note saying that, "While the IRS has not made their new certification requirements available to the public, we have learned they will include items such as a requirement that lenders provide their vendors with the Social Security numbers of any individual authorized to use the tax transcript process. Some of the new requirements must be implemented by July 1 and thus demand your immediate attention. Other requirements must be implemented within 45 days.

"The MBA has asked the IRS to delay the implementation date and is working for further clarity around the requirements. The IRS, however, as of this writing has refused to delay the implementation. I strongly recommend that you reach out to your vendor today to obtain the requirements and complete the necessary certifications and assess the impacts on your business operations. According to the IRS, vendors will be required to suspend access to the transcript service for any lender that fails to complete the required certification by midnight, Friday, July 1. If you have any questions, please contact Rick Hill, Vice President, Industry Technology at [phone].

In better news, The Mortgage Collaborative, the industry's only privately held cooperative, has surpassed $100 billion in estimated originations in 2016 with the addition of its 59th preferred member, Movement Mortgage. "This is an extraordinary milestone for us" said David G. Kittle, CMB the Collaborative's Vice Chairman. "As we move into the second half of 2016 and towards our August Summer Conference in Denver, we'll be discussing how TMC will monetize this production in 2017. are member companies estimated to do that volume in 2016?

For some training and events coming up, some as soon as today...

http://www.mortgagenewsdaily.com/channels/pipelinepress/06292016-mpf-for-ginnies.aspx