Residential Briefs

MBA NewsLink Staff

April 16, 2019

HUD Issues RFI on Opportunity Zones
HUD announced a Request for Information seeking public input on how the Department can use its existing authorities to maximize the beneficial impact of Opportunity Zones for residents and their communities.

The RFI will allow the public to share existing knowledge and provide recommendations to HUD regarding the use of public and private investments in urban and economically distressed communities, including qualified Opportunity Zones.

HUD is seeking information on the following:
--How HUD should use its existing authorities to maximize the beneficial impact of public and private investments in urban and economically distressed communities;
--Whether HUD should create an information portal, and what information it should include;
--How HUD should prioritize support for urban and economically distressed areas, including Opportunity Zones, in its grants, financing, and other assistance;
--What types of technical assistance should be offered through HUD;
--How HUD can ensure existing residents, businesses, and community organizations in Opportunity Zones benefit from the influx of investment;
--How HUD can properly evaluate the impact of Opportunity Zones on communities;
--How HUD should interact with other stakeholders to maximize the success of the Opportunity Zone incentive;
--How Qualified Opportunity Fund investments might support the goal of ending homelessness; and
--Any other aspects of Opportunity Zones that should be considered and are not addressed in this request for information.

The RFI is a part of the work Secretary Carson is undertaking as the Chair of the White House Opportunity and Revitalization Council. The Council's 13 Federal member agencies are engaging with governments at all levels-State, local, tribal and Territorial-on ways to more effectively use taxpayer dollars to revitalize low-income communities.

HUD estimates the median family income in an Opportunity Zone is 37 percent below the state median. Overall, more than 8,700 communities in all 50 states, Washington D.C. and five U.S. territories have been designated as Opportunity Zones. Nearly 35 million Americans live in communities designated as Opportunity Zones. Responses to this RFI must be submitted electronically to

Ginnie Mae MBS Outstanding Increases to $2.058 Trillion
Ginnie Mae said issuance of its mortgage-backed securities totaled $27.331 billion in March.

A breakdown of February issuance includes $26.452 billion in Ginnie Mae II MBS and $879 million in Ginnie Mae I MBS, which includes $782 million of loans for multifamily housing. Ginnie Mae's total outstanding principal balance of $2.058 trillion is an increase from $1.940 trillion a year ago.

RoundPoint Mortgage Servicing Corporation Selected as Subservicer by Reliant Bank
RoundPoint Mortgage Servicing Corp., Charlotte, N.C., was selected as a subservicing partner for Reliant Bank.

RoundPoint services loans for a variety of community banks, credit unions, private equity firms and mortgage banks and is committed to providing a world-class customer experience to borrowers.

RiskExec Integrates 2018 HMDA Modified LAR Files
Asurity Technologies announced integration of the 2018 Home Mortgage Disclosure Act Modified LAR files into RiskExec, its web-based compliance reporting and analysis platform that automates HMDA, CRA, redlining and fair lending processes.

This current release of downloaded 2018 HMDA data includes 5,619 institutions comprising 14.7 million records. The count of total records is similar to 2017 although this year's data contains HELOCs.

ClosingCorp Joins Blend Partner Ecosystem
ClosingCorp, San Diego, joined Blend's data-driven consumer lending ecosystem. Lenders using Blend's platform will now be able to access real-time third-party provider rates and fees from more than 20,000 service providers.

The integration gives lenders the ability to manage fees delivered by SmartFees within Blend's point-of-sale system and the lender's commercial loan origination system. This makes ClosingCorp a single-source of fee information since the data file created in Blend's platform can now pass through to the lender's LOS, enabling lenders to disclose from Blend or their LOS, as desired. The integration also enables the lender to adjust loan characteristics, where fees can be re-quoted as needed, helping to ensure compliance and improve time-to-close metrics. Borrowers receive a modern, transparent experience that allows them to complete an application from any device, review pricing and get approved.

"At Blend, our mission is to power a frictionless, compliant, and more accessible consumer lending ecosystem," said Ram Woo, Blend's head of business development. "ClosingCorp's SmartFees brings us best-in-class accuracy and efficiency, while providing a completely transparent closing process for our clients and the consumers they serve."

Lender Price, Mountain West Financial Launch Digital Lending Platform
Lender Price, Pasadena, Calif., a provider of digital lending technology for the financial industry, and Mountain West Financial, a regional mortgage lender based in Southern California, announced rollout of Digital Lending Platform, Lender Price's online borrower portal.

Digital Lending Platform is a borrower engagement platform that automates and streamlines the mortgage loan application process. The platform integrates with loan origination systems to create a seamless environment among the borrower, loan officer and the lender's operation staff.
The integration provides borrowers with visibility throughout the entire origination process. Loan status updates, document uploads and pricing engine access were built into the LOS integration.

Verus Mortgage Capital Completes $664.1 Million Loan MBS Transaction
Verus Mortgage Capital, Washington, D.C., finalized its ninth rated residential mortgage-backed securities transaction for $664.1 million. Verus Securitization Trust 2019-1 was VMC's largest transaction to date and the second largest in the non-QM space.

The transaction comprised 1,270 loans. The securitization was rated by S&P Global Ratings and Morningstar.

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