Residential Briefs

MBA NewsLink Staff

November 02, 2016


TD: HELOC Reset Causes Uncertainty Among Borrowers' Future Monthly Payments
Between 2015 and 2018, 43 percent of U.S. homeowners will be affected by a Home Equity Lines of Credit reset, with many appearing to be unprepared, according to a new study released by TD Bank. The HELOC Reset Measure polled more than 800 homeowners who hold HELOCs, showing that 23 percent of respondents do not have financial plans in place to handle the end of their draw periods.

During the housing boom, many homeowners borrowed HELOCs to finance expenses such as home renovations, medical bills and college tuition. With home values soaring, homeowners found HELOCs to be a convenient way to borrow or consolidate debt.

The study said many HELOC borrowers are unaware of their HELOC reset date described in their contract, despite communications from lenders. Only 19 percent of respondents understand that a HELOC reset will increase their monthly payments. More than one-third (34 percent) believe their monthly payment will be reduced when their HELOC resets. A majority (60 percent) who do not have a plan for their HELOC resets, indicated that they won't seek guidance from their lenders.

WFG National Title Acquires Columbia Title
WFG National Title Co. of Clark County Wash. LLC, dba WFG National Title, acquired the business of Vancouver, Wash.-based Columbia Title Agency through an acquisition of all Columbia Title's assets.

Columbia Title's team and business come into WFG with two existing office locations in Vancouver; Dennis Gish, county manager and formerly of Columbia Title, will manage the two offices. WFG has also announced that it hired all employees from Columbia Title at the time of the acquisition.

Summit Valuations Expands into New Office Space in Chicago
Summit Valuations LLC, Des Plaines, Ill., relocated its headquarters to a newer facility to accommodate company growth; the new space also provides increased security and easy access to O'Hare International Airport.

Summit also released its most recent Residential Real Estate Market Overview, this time using information collected during August 2016, the most current available industry data. The report includes analysis from Summit's Chief Valuation Officer, Mark Melikian, author of the report, and focuses, in part, on the property valuation accuracy possible using unfiltered real estate data.

"Nationwide reports with large sets of unfiltered data tend to minimize the impact of local anomalies in the data," Melikian said. "Many of today's AVMs are based on this data. When seeking a specific value on a single property, those anomalies in the data could have a significant impact on the results. These uncertainties lead to the accuracy of such valuation methods being questioned on occasion."

Lender Price Launches Real-Time, Competitive Analytics/Pricing Platform
Lender Price, Pasadena, Calif., launched its PPE platform, which allows wholesale and correspondent lenders, banks and credit unions to manage products and pricing for all mortgage types, including conforming, non-conforming, non-QM, and specialty loans.

Performance features include real-time, competitive analytics and reporting; customizable loan programs and eligibility; automated compliance checks; customized workflows; user and product level tracking; margin management, lock desk and secondary marketing management.

Lender Price enables investors to manage origination partners both to identify opportunities and close the gap on technology and customer service. Its analytics report on product search scenarios, including which products are being locked and which are being overlooked, allowing both loan originators and decision-makers to learn, adapt and be profitable in the fluid mortgage marketplace.

Ernst Becomes Ellie Mae Partner
Ernst Publishing Co., Albany, N.Y., formed a partnership with Ellie Mae, Pleasanton, Calif., that will allow Ellie Mae customers to access Ernst's technology and closing cost data through a secure integration.

Ernst programs process an average of 150 million real estate transactions every year, industry-wide. The company's services are used by nine of the nation's top 10 mortgage servicers, all five of the top title underwriters and nine out of 10 mortgage originators nationwide, including nine of the 10 largest banks.

Fannie Mae to Introduce Paperless Income, Employment Verifications from Equifax into DU
Equifax Inc., Atlanta, has been selected as a designated vendor to support Fannie Mae's DU validation service, supplying its employment and income verification services, provided by Equifax Workforce Solutions, a business unit of Equifax Inc.

The move towards automation of income and employment verification will help to limit underwriting cycle times by reducing lenders' reliance on applicant provided W-2s, pay stubs and other income-related documentation. The DU income validation service leveraging the Equifax instant and manual income verifications, and IRS tax transcript fulfilment services has already gone live; the DU employment validation service leveraging instant and manual verifications is scheduled to go live in December.

First American to Offer 100% U.S. Coverage in Property Ownership Data
First American Financial Corp., Santa Ana, Calif., said it reached 100 percent coverage for U.S. property ownership data.

Data are available via, First American's real estate research platform. offers access to First American's data sets, along with other workflow services, such as the TotalView report, which combines data from both public and proprietary sources to provide a current, complete view of property, ownership, encumbrances and market data. DataTree also delivers search features, such as the ability to search nationwide and patent-pending Verified Record and FlexSearch.

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