Residential Briefs

MBA NewsLink Staff

June 30, 2016

Freddie Mac Extends Disaster Relief to Eligible Borrowers in West Virginia 
Freddie Mac, McLean, Va., said disaster relief policies are available to homeowners whose homes or place of employment were damaged or destroyed by floods in West Virginia.

Freddie Mac's disaster relief policies are available to borrowers with homes in presidentially declared Major Disaster Areas where federal Individual Assistance programs are being made available to affected individuals and households. These policies include suspending foreclosures by providing forbearance for up to 12 months, waiving penalties or late fees against borrowers with disaster-damaged homes; and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus.

Intercontinental Exchange Launches Expanded ICE Data Services
Intercontinental Exchange, Atlanta, introduced the expanded ICE Data Services, bringing together proprietary exchange data, valuations, analytics, desktop tools and connectivity solutions from across ICE and the New York Stock Exchange, Interactive Data and SuperDerivatives.

ICE formed its ICE Data subsidiary in 2003. ICE Data Services customers include global financial institutions, asset managers, commercial hedging firms, risk managers, corporate issuers and individual investors.

Ellie Mae: Purchases Surpass 60 Percent of All Closed Loans for the First Time Since August

Ellie Mae, Pleasanton, Calif., said purchases increased to 62 percent of all closed loans in May, up from 59 percent in April according to its Origination Insight Report, the first time that purchases surpassed 60 percent since last August.

Refinances represented 37 percent of closed loans in May, down from 40 percent in April. The average time to close all loans increased to 45 days in May, up from 44 days in April. The time to close a purchase remained at 45 days in May, and the time to close a refinance remained at 44 days in May. Similarly, the average time to close FHA loans remained steady at 45 days in May. Time to close VA loans increased to 49 days in May, up from 48 days in April.

Ellie Mae said closing rates for all loans increased to 70 percent in May, up from 69 percent in April. Refinance closing rates increased to 67 percent in May, up from 65 percent in April, while purchase closing rates increased to 75 percent in May, up from 73 percent in April.

Mid America Mortgage Selects AccountChek to Support eMortgage Initiative
FormFree Holdings Holdings Corp., Atlanta, announced that Mid America Mortgage, Addison, Texas, chose AccountChek to conduct automated reviews of borrowers' asset accounts as part of its push towards executing an eMortgage.

AccountChek is a web-based platform that enables users to order, analyze and certify a borrower's financial statement data electronically, eliminating the need for borrowers to collect, copy and submit paper documents. Automated asset verification streamlines the mortgage underwriting process for both borrowers and lenders.

Equity National Certified SOC 2, Type II and for ALTA Best Practices
Equity National Title, East Providence, R.I., earned the American Institute of Public Accountants' Service Organization Control 2 (SOC 2) Type II certification. Equity was additionally certified as being compliant with the American Land Title Association's Best Practices.

Equity is a national title/settlement agent offering title and settlement services for mortgage lenders, home builders and realtors.

CoesterVMS Files for Patent for Customary and Reasonable Fee Calculator
CoesterVMS, Rockville, Md., filed for a U.S. patent for its customary and reasonable fee apprasial fee disclosure calculator. The calculator provides an accurate fee rate quote for an appraisal saving lenders time and money and assisting in compliance with Customary and Reasonable fee calculation.

CoesterVMS developed the calculator to help loan officers meet TILA-RESPA Integrated Disclosure requirements as well as the Dodd-Frank Customary and Reasonable fee payment requirements under federal and state law. The quote estimate includes multiple factors including the customary and reasonable appraiser fee for a selected valuation product in a property market, finished square footage, lot size and complexity of the file.

Quandis Launches Technology to Help Lending Entities Comply with Changes to Military Lending Act
Quandis Inc., Foothill Ranch, Calif., released a technology produce to help lending organizations comply with changes to the Military Lending Act that take effect on Oct. 3.

Loans covered by the rule include unsecured closed-end loans; non-purchase-money secured closed-end loans; unsecured consumer lines of credit; and credit cards. Quandis provides a real-time API that searches the DoD's database to return covered borrower status in either human or machine-readable formats.

Docutech Publishes White Paper, ‘A New Home, A New Life'
First-time home buyers make up a major share of the real estate market and present valuable new customer opportunities for lenders, according to a new white paper from DocuTech, Idaho Falls, Idaho.

The white paper, A New Home, A New Life, notes although in recent years some lenders have focused on improving the borrower experience to remain competitive in the industry, there are still crucial steps to take to make the borrower experience even better. The paper provides insight into what impacts the borrower experience, as well as specific steps financial institutions can take to deliver an excellent borrower experience.

Carrington Mortgage Services Offers Conventional Loans Through Wholesale Lending Division
Carrington Mortgage Services LLC, Anaheim, Calif., said its Wholesale Mortgage Lending Division added conventional loans to its portfolio of products, adding to the organization's Government lending experience.

The new Conventional products include Conforming Fixed Rate Loans (Purchase/Refinance available); Conforming, High Balance (Higher Loan Amounts, Purchase/Refinance); Freddie Open Access (Refinance); DU Refi Plus (Refinance); Lender Paid Mortgage Insurance (LPMI); and Texas Home Equity.

Pavaso Achieves SOC 1 Certification of Pavaso Platform for Mortgage eClosing
Pavaso Inc., Plano, Texas, announced it passed its Service Organization Control 1SM audit for the Digital Close platform. This is the second SOC certification for Pavaso, as the company's data center has already been SOC-2 certified.

The SOC 1 audit covers client onboarding, system authentication, data submission and storage, system configuration, logical access, change management and system monitoring.

DIMONT Debuts New Onboarding Process
DIMONT, Dallas, launched a "high touch" onboarding processes to clients, which include use of proprietary data analytics as well as new, client-centric operations teams.

Prior to onboarding, clients are provided a business development specialist, who is available and on-call should there be any additional needs, all necessary documentation, the process outline tailored to their needs and a list of information they will be expected to provide. After onboarding is complete, clients are assigned to a Client Action Team, of which DIMONT currently has six, including one that is dedicated specifically to flood valuations. These teams are partnered with the onboarding process and structured to provide a claims process for each client.

Ernst Publishing Integrates with First American Mortgage Solutions
Ernst Publishing Co., Albany, N.Y., announced integration of First American Mortgage Solutions services into its closing cost search and fee management software.

The connection allows Ernst's lender clients to get title, settlement and recording fee quotes from First American Mortgage Solutions and use them to populate loan estimates required in many residential real estate transactions.

Summit Valuations Spring Buying Season Looking Strong
Summit Valuations LLC, Niles, Ill., released its latest Residential Real Estate Market Overview, noting housing supply of housing, the federal unemployment rate and mortgage rates all decreased, on a year-over-year basis. Meanwhile, the median sales price, the seasonally adjusted annual number of homes sold and the pending home sales index all increased

"We are currently experiencing an increase in both number of homes sold and sales prices, as we would expect for the spring/summer buying season," said Summit Chief Valuation Officer Mark Melikian. "A home in top condition with a reasonable list price will sell relatively quickly and near its list price, regardless of whether the overall market is trending up, down or is stable."

RE/MAX: Homebuyer Demand Moves Market Higher
RE/MAX, Denver, said as homebuyer demand continues, May saw a 10.3 percent jump in sales over April and a 5.1 percent increase from a year ago.

The company said the median sales price in May rose to $222,475, a 4.2 percent increase from a year ago and 3.5 percent from April. The inventory of homes for sale remains very tight in many markets across the country, with the May inventory 14.8 percent lower than a year ago.

In the 52 metro areas surveyed in May, the average number of home sales was 5.1 percent higher than one year ago and 10.3 percent higher than April. Thirty-four of the 52 metro areas surveyed reported home sales higher than one year ago, with 16 experiencing double-digit increases.

RE/MAX reported average days on market for all homes sold in May was 58, down six days from 64 in both April and a year ago. The number of homes for sale in May was just 0.8 percent lower than in April, but 14.8 percent lower than a year ago.

Fitch: Countrywide Settlement Yields Little Ratings Impact for U.S. RMBS
Fitch Ratings, New York, said long-awaited recently distributed payments from the $8.5 billion Countrywide/Bank of America settlement, while a windfall for bondholders, are unlikely to lead to significant rating actions for U.S. residential mortgage-backed securities.

Fitch said nearly five years after the settlement, bondholders from most of the 530 trusts included in the settlement received payments on the June distribution date.

Experian, Freddie Mac Provide Increased Transparency on Credit Risk Transfer Securities
Experian, Costa Mesa, Calif., said Freddie Mac investors will have additional transparency in evaluation of investment decisions when Freddie Mac leverages FICO Scores calculated from Experian consumer credit data for loan-level disclosures to investors, providing the information needed to better assess the value of Credit Risk Transfer securities.

Experian is also investing in making trended data available for the mortgage market. While this data is available as appended data in a variety of its credit products today, Experian plans to make this data available in real time this November.

RealtyTrac Launches Real-Time Email Alerts for U.S. Properties
RealtyTrac, Irvine, Calif., announced its neighborhood portal,, released a new Homefacts email alert product.

Accessible for more than 117 million U.S. properties, Homefacts Alerts provides weekly and monthly email updates of neighborhood and property details that could impact the health, safety and financial security of a homeowner, renter or prospective buyer.

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