wshfc | 2017 lender appreciation eventwshfc.org/sf/lenderevent2017.pdf · · 2017-02-14fannie mae...

2017 Lender Appreciation Event

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

2016 Production

2016 - 7,294

2015 - 5,043

Loans Purchased

45% increase

57.4%42.2%

VA – 2.9% USDA –1.6%

FHA CONVENTIONAL VA USDA

2016 Volume by Loan Type

$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

$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

2016 Household Size

32.3%16.7%

$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

4.5% 1.1%

DETACHED CONDO PUD MANU ATTACHED

2016 Property Types

2016 Diversity Participation

Racial Minorities(17%)

Program Updates

• MCC

• House Key

• Home Advantage

• Office Visits

Program Updates

Limited MCC Credit Left

Mortgage Credit Certificate - MCC

House Key Opportunity and Mortgage Credit Certificate

Tax Reform

Home Advantage Conventional Program

• Temporary Suspension• Case-by-case exception basis

Lakeview Loan Servicing

WSHFC Client Event 2/6/2017 – 2/10/2017

Lakeview

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.

Background

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.

Production Stats

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

Loan Review Statistics

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 %

Reminders for Success

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

Reminders for Success

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

What’s in your Bayview / Lakeview Approval

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

WSHFC Home Advantage Government Loan Programs Guideline Updates

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

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.

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

Lakeview

Questions ?

What else would you like to see ?

Fannie Mae Roundtable

Fannie Mae HFA OfferingsWSHFC Lender Appreciation MeetingFebruary, 2017Caroline Wessling

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.

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

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

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

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.

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

Tools and Resources

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.

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

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

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

EmphasysA sneak peek into our new online lender portal

Agenda

► Review System Features

► Reserving a Loan

► Check Loan Status

► Review Pipeline

► Lender Reports

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.

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

Direct access to rates via the navigation panel.

Direct access to program manuals and forms.

System Features

• 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

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

• 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.

All of the data is entered into one screen for both 1st and 2nd mortgages

• 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

• 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

• 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

• 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

• 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!

Marketing Updates

Introducing Here to Home!

A new marketing campaign and new branding for our home-loan programs!

New Materials

New Flyer

Still fillable with your contact info!

New Web Look

HeretoHome.org

New Materials

Poster for lenders

Please share your feedback

Stories Wanted

Please share your homebuyer stories!

Margret GrahamCommunications Managermargret.graham@wshfc.org(206) 287-4409

Contact me!

Thank you!From all of us…

wshfc | 2017 lender appreciation eventwshfc.org/sf/lenderevent2017.pdf · · 2017-02-14fannie mae...

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