wshfc | 2017 lender appreciation eventwshfc.org/sf/lenderevent2017.pdf · · 2017-02-14fannie mae...
TRANSCRIPT
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2017 Lender Appreciation Event
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Welcome & Introductions
2016 Production & Program Updates – Corinna Obar
Introducing Lakeview Loan ServicingUpdate on Loan Purchasing & Credit Policy – Scott Permar & Erika Harvell
Fannie Mae Roundtable – Caroline Wessling
Emphasys Overview – Corinna Obar
Marketing Updates – Lisa DeBrock
Lender Appreciation & Closing Remarks
Lunch!
Agenda
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2016 Production
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2016 - 7,294
2015 - 5,043
Loans Purchased
45% increase
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57.4%42.2%
VA – 2.9% USDA –1.6%
FHA CONVENTIONAL VA USDA
2016 Volume by Loan Type
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$190,746
$207,825
$223,004
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
2014 2015 2016
7.3% ↑
Average Sale Price Growth
9.0% ↑
Average Sale Price by Year
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$184,625
$201,239
$216,278
$160,000
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
2014 2015 2016
9.0% ↑
7.5% ↑
Average Loan Amount Growth
Average Loan Amount by Year
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2016 Household Size
29.1%
32.3%16.7%
13.2%
5.8%
3.0%
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$55,000
$56,000
$57,000
$58,000
$59,000
$60,000
$61,000
2014 2015 2016
Average Household Income Growth
Average Household Income by Year
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69.5%
10.0%
12.9%
4.5% 1.1%
DETACHED CONDO PUD MANU ATTACHED
2016 Property Types
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2016 Diversity Participation
Racial Minorities(17%)
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Program Updates
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• MCC
• House Key
• Home Advantage
• Office Visits
Program Updates
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Limited MCC Credit Left
Mortgage Credit Certificate - MCC
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House Key Opportunity and Mortgage Credit Certificate
Tax Reform
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Home Advantage Conventional Program
• Temporary Suspension• Case-by-case exception basis
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Lakeview Loan Servicing
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© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
WSHFC Client Event 2/6/2017 – 2/10/2017
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Lakeview
19
Thank You
On behalf of the entire team at Bayview / Lakeview Loan Servicing. A sincere Thank you for allowing us to serve you as your Master Servicer.
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Background
20
Lakeview Loan Servicing (Lakeview) is a wholly-owned subsidiary of Bayview Asset Management (BAM), and affiliate company to Bayview Loan Servicing (BLS).
Lakeview is managed by a seasoned group of mortgage veterans with an average industry tenure of 22 years.
Lakeview is an approved Seller/Servicer for FNMA, and FHLMC, as well an approved GNMA Issuer. Licensed to conduct business in 47 states including the District of Columbia.
Lakeview is well capitalized with over $1.0 billion in committed warehouse financing.
Lakeview has a Consumer Direct, a Closed Loan Correspondent, and Wholesale origination channels.
Lakeview began funding loans in February 2013 (Consumer). February 2014 (Correspondent)
Newly funded Lakeview loans are subserviced by LoanCare, LLC.
Lakeview is an active investor and manager of Mortgage Servicing Rights
As of December 2016 BAM had a total headcount of over 2,000 FTEs of which approximately 19% were dedicated to the origination business.
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Production Stats
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Current Pipeline – 1,184 Loans , $135 Million
Current average audit time (Compliance & Credit) – 3 Days
Average time to purchase first mortgage loans after audit completion – 18 Days (Channel Avg. – 9)
Average time to purchase second mortgage loans after audit completion – 21 Day
In early January, Lakeview began to purchase First’s & Seconds independent of each other
Month # $ (MM) # $ (MM)Oct 153 17.2 - - Nov 580 67.4 20 3 Dec 427 48.6 271 31 Jan 533 62.3 598 70
1,693 195.5 889 103
Locks Purchases
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Loan Review Statistics
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Top 5 Compliance Suspense Conditions1 TRID - Final CD Discrepancies (Missing, Itemization Needed, Closing Dates, Timing)2 TRID - Initial LE (Missing, Proof of Delivery (3 Days - Timing))3 TRID - Compliance (Fee Tolerance)4 Missing Documents (First Pay Letter, Proof of Rate Lock, Deeds 5 Original Notes with Bailee Info, Wiring Instructions
Top 5 Credit Suspense Conditions1 FHA / U/W Requirements - Missing Docs (CAIVRS, FHA Case Results)2 Credit Documentation - Missing Info / Explanations Needed3 Income / Employment - Documentation4 Assets - Evidence / Clarification5 Collateral / Appraisal
Comp Comp Credit Credit
Month # Purchased Suspense % (a) Suspense % (b)
Nov 20 4 20% 2 10%Dec 271 104 38% 34 13%Jan 598 265 44% 47 8%
(a) - Channel Avg - 35% (b) - Channel Avg - 26 %
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Reminders for Success
23
Instruct operations personnel to get to know their “Client Managers”. Ask questions.
Timely Delivery of Loan Files (Credit & Closing Docs)
Review Suspense Reports and Findings often
All Original Notes to be delivered under bailee or with wiring instructions
− Bailee information: Lakeview Loan Servicing, LLC or its Custodian Wells Fargo
− Note endorsements should be to Lakeview Loan Servicing, LLC
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Reminders for Success
24
Complete the following post purchase actions:
− Properly identify LoanCare, LLC as the new Servicer in the borrower’s Goodbye Letter
− Provide loan sale and transfer notices to insurers (hazard, flood, MI companies)
− Complete MERS transfer of servicing and beneficial rights within 24 hours of purchase
• Investor: 1010298 Lakeview Loan Servicing, LLC
• Servicer: 1010298 Lakeview Loan Servicing, LLC
• Sub-Servicer: 1000723 LoanCare, LLC
− Complete insuring/guaranty/guarantee processes:
• FHA insuring and transfer of servicer and holder
• VA insuring
• USDA Loan Note Guarantee request and transfer of holding lender and servicing lender
Refer to the Quick Reference Guide located in the Reference Library for complete information related to servicing and post purchase actions in addition to Client Manager contact information
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
What’s in your Bayview / Lakeview Approval
25
Access to Full Bayview / Lakeview Product Suite
− Bulk Desk Bidding
− Best Effort Rate-sheet distribution with On-line Locking capabilities
− Bayview Portfolio Products (add’l Request)
Titanium (Whole Loan) Delivery (ULDD Data Delivery) (additional approval)
Participation in “FNMA SET” (additional approval)
Direct Purchaser of MSR assets
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© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
WSHFC Home Advantage Government Loan Programs Guideline Updates
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
WSHFC Home Advantage Government Loan Programs Guideline Updates
27
The following guideline overlays have been removed:
Credit Requirements Private party Verification of Mortgage/Rent as stand-alone documentation is not permitted.
12 months cancelled checks are required to document the payment history.
Employment/Income Verification Verification of Employment as a stand-alone document is not acceptable
(A paystub is an investor guideline requirement)
For future income, paystubs are required prior to the purchase by Lakeview
Assets Request for Verification of Deposit as a stand-alone document is not permitted
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
WSHFC Home Advantage Government Loan Programs Guideline Updates
28
The following guideline overlays have been removed:
Re-negotiated Purchase Agreement Purchase agreements renegotiated after the completion of the appraisal that increase the sales
price are only acceptable under the following circumstances:
The sales price adjustment is due to price overruns that impact the tangible value of the property on new construction. An updated appraisal must be obtained to verify the value of the modifications.
A renegotiation of only seller paid closing costs and/or prepaids occurs where seller paid closing cost/prepaids are common and customary for the market and supported by comparables.
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
WSHFC Home Advantage Government Loan Programs Guideline Updates
29
FHA Underwriting Guideline Updates:
Manual Underwriting will now be permitted with ‘Refer/Eligible’ Findings. Subject to the following requirements:
Minimum 660 FICO
Maximum 43% DTI
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CONFIDENTIAL© 2016 Lakeview Loan Servicing, LLC. Lakeview Loan Servicing, LLC All Rights Reserved.
Lakeview
30
Questions ?
What else would you like to see ?
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Fannie Mae Roundtable
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 32
Fannie Mae HFA OfferingsWSHFC Lender Appreciation MeetingFebruary, 2017Caroline Wessling
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 332/14/2017
Working with Housing Finance Agencies (HFAs)
Fannie Mae Partnership with HFAs More than 40 HFAs are collaborating with Fannie Mae
to support affordable homeownership HFAs bring many valuable attributes A careful, high-touch, mission-motivated approach to
consumers from application through the life of the loan
Why do lenders partner with the HFAs? Potentially earn CRA credits* Down payment assistance Acceptable Community Seconds® Grants
Support of home buyer education
*Lenders must confirm with their regulators.
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 342/14/2017
HFA Preferred Product Features
Most flexible 97% LTV option
Lowest / No MI requirement
Follow Commission income limits
Allows for Commission homebuyer education requirements
Gifts, grants, Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs.
NEW – Borrower may own other property at time of closing
NEW – Income flexibilities available
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 352/14/2017
Borrower Income Flexibilities
Non-occupant borrower Borrower is on the loan Non-occupant borrower(s) income is included in qualifying
income Consider income, assets, credit, and liabilities DU LTV up to 95% Must meet income eligibility requirements No limitation on ownership of other property for non-
occupant borrowers
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 362/14/2017
Non-Occupant Borrower Sample Scenario
$2,800/month
$2,000/month $800/month
$2,800/$6,000 = 46.7%
$3,600/$8,000 = 45%$8,000/month $3,600/month
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 372/14/2017
New Borrower Income Flexibilities (Continued)
Boarder income Permissible with 1-unit properties only Boarder income (relatives or non-relatives): Up to 30% of qualifying income Rent paid monthly from someone in shared
living quarters
Rental income from an accessory unit Rental income from a 1-unit property with an accessory unit may be used as qualifying income.
Rent is paid monthly Rent from a separate dwelling unit (as identified
by the appraisal) with a kitchen and a bathroom Note: Accessory unit income added as a new
Other Income Type in DU (used in qualifying).
Important distinction between Rental and Boarder Incomes: Rental Income: The home being purchased is a 1-unit property that has a basement apartment,
which includes a functioning kitchen and bathroom, that can be rented out.
Boarder Income: A roommate has been sharing living quarters with the borrower for the past 12 months and plans to live in the newly purchased home.
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 382/14/2017
HFA Preferred: Borrower Benefits
Low Down Payment
No Upfront MI Premiums
Low Monthly MI
*Restrictions apply. See Fannie Mae Selling Guide for additional details (Sections: B5-6-04, B7-1-02, B-8.1-04)
LTV for Terms >20 Years Standard HomeReady HFA
Preferred
95.01 – 97.00% 35% 25% 18%
90.01 – 95.00% 30% 25% 16%
85.01 – 90.00% 25% 25% 12%
80.01 – 85.00% 12% 12% 6%
Example/Assumptions: $200,000 Purchase Price, 720 FICO, FHA rate 4.875%, Preferred rate 5.0\, taxes and
insurance 3%.
Estimated savings over FHA:• $30 per month • +$3,377 additional equity /
down payment and upfront MIP
• = $6,177 savings over 5 years
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 392/14/2017
Tools and Resources
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 402/14/2017
Tools to Effectively Manage Risk
Desktop Underwriter (DU) – the leading automated underwriting platform in the industry
Early Check™ – provides access to Fannie Mae delivery edits to assist lenders in identifying and correcting potential eligibility and/or data issues early in their processes and prior to loan delivery https://www.fanniemae.com/singlefamily/earlycheck
Collateral Underwriter™ (CU™) – Proprietary appraisal review application developed by Fannie Mae to support proactive management of appraisal quality.– Gives lenders access to the same appraisal review tool
that Fannie Mae uses, at no additional cost.
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 412/14/2017
Have You Seen the New Fannie Mae Marketing Center?
Self-service consumer and realtor marketing materials availableReach out to credit worthy homebuyers
and educate them about the availability of HFA PreferredCustomizable – add your photo and
contact information and include your company’s logo and product name(s) Flyers and frequently asked questions
resource materials available in both English and Spanish translations https://www.fanniemae.com/singlefamily
/marketing-center
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 422/14/2017
Spanish Language Resources
Spanish Language Resources for Lenders
Use these resources to better support your Spanish speaking customers.
For more details click here: https://www.fanniemae.com/singlefamily/spanish-resources-for-lenders
New online resource for lenders and HFAs to help support their Spanish-speaking borrowers
Spanish and English versions of many loan origination documents side-by-side
– Loan application– Loan estimate– Verification forms– Closing disclosure– Security instruments – Links to outreach materials in Spanish
Customizable sample notice to borrowers to help consumers understand that the mortgage transaction will be conducted in English
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 432/14/2017
HOME by Fannie Mae™
New Fannie Mae consumer app created to support access to homeownership
Informs prospective home buyers on the home buying process
App includes dashboards, checklists, financial calculators, videos and more
Free interactive app
Learn more, view video
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 44
EmphasysA sneak peek into our new online lender portal
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Agenda
► Review System Features
► Reserving a Loan
► Check Loan Status
► Review Pipeline
► Lender Reports
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System log in
Similar to the current system, each Commission-trained loan officer will have their own username and login codes to the system. These
codes are specific to each person and should not be shared.
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You can view the current availability for any program or DPA by choosing the “Available Funds” tab and choosing
the program you wish to use
This feature will be especially helpful for the specialty DPA and MCC programs which are dependent on different funding sources.
System Features
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System Features
Direct access to rates via the navigation panel.
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Direct access to program manuals and forms.
System Features
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• The navigation panel will also have direct links to…
• The Master Servicer file checklists.• All WSHFC marketing materials including brochures and flyers
for our programs.• A “How To” help guide:
• Entering a New Reservation• Viewing/Printing Loan Information• Running and Printing Reports
System Features
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1. Select “New Reservation” from the Tab Navigation to bring up program options.
2. Use the + sign to expand the available options.
3. Choose the option that best suits your borrower’s needs to get started!
Making a Reservation
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• Once you have selected your 1st mortgage loan type, you will be prompted to choose a 2nd mortgage.
• Choose the radio dial next to the program in question, then choose Continue with Additional Mortgage(s).
• If there is no 2nd you can choose the first option, to continue reserving only a 1st mortgage.
Making a Reservation
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All of the data is entered into one screen for both 1st and 2nd mortgages
Making a Reservation
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• Choosing the Loan Status tab in the navigation panel will take you to your personal pipeline.
• From there you can search by WSHFC loan number, lender loan number, borrower name or SSN.
• Once you find the loan in question, you can print the details, find the WSHFC file reviewer, upload doc’s, etc.
Pipeloan and Loan Status
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• Loan/Reservation status details will show you the loan in a snap shot including terms, DPA (if applicable) and status all on one screen.
• Printable versions of this are also available.
Loan Status
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• Several canned reports will be available to lenders and back office staff:
• HFA Conditions/Exceptions report - This report details all of the conditions outstanding on loans in your pipeline.
• Commitment Expiration report - This report details all of the loans in your pipeline, their current “stage” and lock expiration date.
• Current Stage Status report - This report details all of the loans in your pipeline and the current status each loan is in.
• Demographics report - This report details the gender, ethnicity, martial status and age of your current pipeline
Reports
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• When you choose a report, you are given the option to add criteria to further drill down the report criteria you will receive.
• When you run the report, the results are interactive. Meaning, you can click on the loan number hyperlinked in blue to take you to the loan in question.
Reports
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• Additional trainings will be offered prior to going live with the system. We will provide:
• Online training materials • Webinars
• There will be a period where both systems (Mitas and Emphasys) are live until we move over all data.
• Stay tuned into our lender announcements for more details!• www.wshfc.org/sf/ProgramAnnouncementArchives.html
Emphasys Launch!
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 59
Marketing Updates
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Introducing Here to Home!
A new marketing campaign and new branding for our home-loan programs!
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New Materials
New Flyer
Still fillable with your contact info!
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New Web Look
HeretoHome.org
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New Materials
Poster for lenders
Please share your feedback
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Stories Wanted
Please share your homebuyer stories!
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© 2016 Fannie Mae. Trademarks of Fannie Mae. 66
Thank you!From all of us…