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NAMB Marketplace Adds Ability To Directly Connect Brokers With Wholesale Lenders

Lender Price, a provider of digital mortgage technology solutions, and the National Association of Mortgage Brokers (NAMB) announced today the release of “Send to Lender,” a new feature added to the NAMB Marketplace digital origination tool that provides direct communication between mortgage brokers and wholesale lenders. 


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NAMB Marketplace is an online tool developed by Lender Price that is offered to NAMB members free of charge. It features a pricing engine that allows mortgage brokers to search for loan products and compare pricing between multiple wholesale lenders that participate in the NAMB Marketplace. It also includes the ability to instantly send a digital loan application to borrowers directly from the pricing results, providing mortgage brokers with an advanced point of sale tool that was originally designed for large banks and mortgage lenders.


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The new “Send to Lender” feature adds the option for brokers to send a loan scenario to a lender directly from the pricing results. Mortgage lenders instantly receive a notification that includes the loan scenario, the selected product and price and the broker’s contact information.
“Our goal is to connect mortgage brokers with borrowers and wholesale lenders in an interactive way,” said Dawar Alimi, founder and CEO of Lender Price. “With ‘Send to Lender’ we allow brokers to engage with lenders in an incredibly direct and convenient way. With only three mouse clicks, brokers can send a complete loan scenario inquiry to any lender in the marketplace.”


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Additionally, NAMB and Lender Price released a new website that contains information about NAMB Marketplace, demonstration videos and a fully automated registration process that creates an account for brokers in minutes. The new website can be found at www.nambmarketplace.com


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“We’re very proud to offer NAMB Marketplace to our members at no cost,” said Rick Bettencourt, president of NAMB. “This is the type of technology that mortgage brokers need because it truly simplifies the origination process. One tool connects brokers directly to borrowers and lenders for the sole purpose of obtaining a mortgage loan. We’re grateful to have Lender Price work with us on this amazing solution.”

New Tool Helps Brokers Compare Wholesale Lender Pricing And Go Digital

Lender Price, a provider of digital origination solutions for mortgage lenders and the National Association of Mortgage Brokers (NAMB) announced today the release of NAMB Marketplace, a new loan origination tool that features a loan pricing engine and a digital loan portal. NAMB and Lender Price are offering the NAMB Marketplace tool to all NAMB members at no cost. 


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“NAMB Marketplace puts power back in the hands of the mortgage broker,” said Rick Bettencourt, NAMB president. “We’ve seen other industries use technology to completely transform the way they do business. We believe NAMB Marketplace does exactly the same thing for mortgage brokers. We’re giving our members a powerful tool that normally would cost thousands of dollars for free. This will transform the way our members generate leads and service their customers.”


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NAMB Marketplace is an online system that combines a loan price comparison tool with a digital point-of-sale platform. Originators input a loan scenario and the product pricing and eligibility (PPE) engine automatically compares real-time prices between 18 wholesale lenders, including 7 of the industry’s top 10 lenders. A wide range of product types are available, including Conforming, FHA, VA, Non-Agency and Non-QM. Once a lender and a price are selected, originators instantly send an email invitation to a borrower, enabling rapid collection of loan application information in both a desktop and mobile format.


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Loan applications are available to originators in an online lending portal for review and to export in a FNMA 3.2 file format, making it easy to transfer data directly into other systems, such as a loan origination system (LOS) or to upload into a wholesale lender portal.


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“Mortgage brokers have been underserved with technology,” said Dawar Alimi, president and CEO of Lender Price. “Even though there has been a surge of technology investment in the mortgage space, mortgage brokers are using outdated technology. We saw an opportunity to give brokers innovative, and useful, and modern technology and at the same time provide a marketing opportunity for lenders so that everybody wins. We’re proud to partner with NAMB.” 

NAMB Marketplace is available for free to NAMB Members. To register for NAMB Marketplace visit https://lenderprice.com/marketplace/. For more information on NAMB marketplace, reach out to NAMBsupport@lenderprice.com.

NAMB Seeks To Ban Trigger Leads

National Association of Mortgage Brokers (NAMB), an association that represents the interests of individual mortgage loan originators and small to mid-size mortgage businesses, has announced that it is seeking to ban the sale of trigger leads by urging Congress to add appropriate legislative language to Bills HR4028 and S1982 (also known as the PROTECT Act of 2017, Congressional legislative action relating to the recent credit bureau data leak of over 143 million Americans).

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Mortgage trigger leads are created and sold by the national credit bureaus. These leads are comprised of names, contact information and other data, including a significant amount of personal information, for individuals who have recently applied for a mortgage.

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“The credit bureaus compile trigger lists daily and sell them to numerous buyers across the US, including so-called ‘lead generators,’ who then resell the list to even more companies,” said John G. Stevens, president of NAMB.

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At this time, mortgage brokers are unable to prevent credit reporting agencies from including their borrowers’ personal information on the trigger lead lists they sell.

“Trigger leads impose danger to consumers in several ways,” said Stevens. “First, they expose borrowers to identity theft and increase the risk of compromising borrowers’ financial passwords. They also increase the borrower’s exposure to potentially unfair and deceptive activity by unscrupulous mortgage originators looking to impinge on another mortgage professional’s client.”

Contacting consumers for the express purpose of encroaching on an in-process transaction can be harmful and confusing during the complex process of obtaining a mortgage, Stevens explained.

“Unfortunately, there are people who use all kinds of unethical tactics to target borrowers who have initiated the process of obtaining a mortgage,” said Stevens. “This activity should be classified as an unfair and deceptive trade practice and banned, with the only exception being those that have an ownership interest in the current mortgage for portfolio retention purposes. The only way to protect the consumer is to close this loop hole immediately, and that’s what NAMB is seeking to accomplish.”

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Follow The Leader

I have been critical of the industry’s inability to move forward on eMortgages, or what is now called a Digital Mortgage, without other lenders going first. Today there is great buzz around going digital so I’m shifting my earlier concerns. To every lender today I say: Please follow the leader and go digital. My hope is that we have reached a tipping point where not going digital is more of a risk compared to finally making that transition to digital mortgages.

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In order for lenders to make this transition there first has to be clarity around the term Digital Mortgage. “There is still quite a bit of confusion in the marketplace as to what a digital mortgage is actually comprised of,” noted Dominic Iannitti, President and CEO at DocMagic, Inc. “Put simply, a truly comprehensive digital mortgage involves zero paper whatsoever, from start-to-finish. That means from the time the loan is originated at the point-of-sale to when the loan is closed and the eNote is delivered to the investor, nothing is papered-out. This includes fully paperless eClosings for borrowers, which absolutely must contain eNotarizations. Also, another important component of the digital mortgage process is an integrated mobile strategy.”

Recently DocMagic, Inc. completed North Carolina’s first 100 percent paperless eClosing. The DocMagic-driven eClosing was completed on Friday, May 5th at North State Bank and was carried out in the presence of borrowers Jason and Karen Boccardi, the North Carolina Secretary of State, a closing paralegal, an eNotary, and members of the media who documented the historical event.

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Attorneys from the Hunoval Law firm attended via interactive video. The entire eClosing took only about 20 minutes to complete.

“Millennials in particular want the ability to start the origination process on a phone/tablet, check status, eSign documents and complete the closing process,” added Iannitti. “That technology needs to be integrated with the document preparation provider, eClose technology vendor, LOS, as well as other third party vendors.”

DocMagic’s Total eClose, which contains all the components to facilitate a fully compliant, 100 percent paperless digital closing, served as the single platform that enabled the entire transaction in North Carolina. eNotarization was facilitated by long-time DocMagic strategic partner World Wide Notary (WWN).

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In fact, DocMagic facilitated four of the five statewide-first eClosings, as well as the CFPB’s eClosing pilot program. The North Carolina eClosing was part of a state sponsored eClosing Pilot Program that was established in 2016 by North Carolina Secretary of State Elaine F. Marshall to create a best practices guide for mortgage lenders seeking the heightened security, speed and efficiency of eClosings.

“For the record, a comprehensive digital mortgage is really just a new term for an end-to-end eMortgage process,” stated Iannitti. “The reality is that most of the digital mortgage technologies that are currently available for lenders are hybrids, so paper is unfortunately still involved. However, the technology to go fully digital is here today. The biggest hurdle is still educating all the players on the benefits, the technology solution exist today. The CFPB was very helpful in evangelizing for lenders and vendors to embrace eClosings, which is now well on its way.”

Valerie Saunders, Vice President at NAMB – The Association of Mortgage Professionals and President at Title ClearingHouse of Jacksonville, agrees that a digital mortgage is a mortgage that is transacted 100% electronically, including digital signing and electronic notarization, with no semblance of paper, whatsoever. And while there is still jockeying among some over the definition of the term Digital Mortgage, nobody disputes the return on investment associated with adoption.

“Digital mortgages are a lot faster and more efficient than traditional mortgages,” pointed out Saunders. “It’s also a lot easier for lenders and settlement service providers to manage and keep mortgage files secure without all that paper.

“As far as the consumer goes, paperless mortgages allow more time for borrowers to review the documents they’re executing prior to affixing a signature. In a typical transaction, unless the borrower specifically requests it, the first time they’re seeing those documents is when they’re at the closing table. With a digital mortgage, borrowers can take the time to digest the information and ask questions well in advance of closing.”

That doesn’t mean that there are no hurdles to adoption. “I think the major hurdles are cost and necessity,” noted Saunders. “We need to remember the role that states and counties play in electronic mortgages. In order to transact a fully paperless mortgage, states need to allow for both electronic recordings and electronic notarizations, and counties need to be technologically equipped to accept those electronic documents.

“Technology is the foundation of a digital mortgage, so it plays a major role in how that experience is going to play out. That said, lenders and settlement service providers also play a key role in assuring that the digital mortgage experience doesn’t replace a personalized experience.”

Put simply, the digital mortgage is about the customer interaction. “Customers will interact how they want on their timetable,” noted Josh Friend, the founder and CEO of InSellerate, a Costa Mesa, California-based CRM provider that helps companies maximize their sales leads and convert them into closed customers. “The second part of the digital mortgage is the use of big data. Tax returns, pay stubs, w2s, etc. is all in the cloud. You need to leverage platforms so that documentation can be downloaded through the web without the borrower having to provide that. Third, is the technology required to take in and process all the loan data. You want to make the mortgage process easier.”

InSellerate is a specialized customer relationship management system that delivers incremental sales and revenue by optimizing consumer direct lead channels, increasing prospect conversion and maximizing sales opportunities through an automated nurture program. With InSellerate, companies can immediately connect to leads while the prospects are actively in the decision-making process, manage their sales team real-time for maximum efficiency and ROI, and build strong customer relationships through trigger-automated nurture marketing campaigns. InSellerate is SSAE 16 certified and built to satisfy the most closely regulated businesses, including community banks with mortgage subsidiaries.

“The cost to originate has increased,” noted Friend. “Having accurate closing fees upfront will allow us to be more accurate at closing. The digital mortgage will also lower buybacks significantly. From the view of the consumer, if they can go online, see accurate pricing, fill out the documents and submit the trailing documents online, that would be a big benefit.”

So what will it take for digital mortgages to finally go mainstream? “You need to tie the business and technology together,” concluded Dr. Rick Roque, President and Founder of MENLO, a firm that advises mortgage lenders on their M&A strategies. “You have solid technology, but there are failures in how to apply that to the business process. It takes a unique intersection in how the business process can be designed and reimagined with the use of technology.

“Lenders have to look at the net tangible benefit. Lenders may go after the latest technology, but don’t look at how it can be operationalized. A digital mortgage is not a switch that just gets flipped. It’s a progression.”

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Survey Reveals The Number One Obstacle For Homebuyers Nationwide

NAMB, The National Association of Mortgage Professionals, announced the results of its monthly member survey. The primary findings include the following:

>>low home inventory was cited by 58.0 percent of respondents nationwide as the number one obstacle for clients looking to buy a home, followed by down payment (18.5 percent) and credit (7.0 percent)

>>according to 57.6 percent of respondents nationwide, the average length of time to receive an appraisal is 10 days or fewer, for 36.8 percent of respondents, turn times average between 10 and 21 days

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Roughly 53 percent of responses the survey came from NAMB members in California, Florida and Texas.

In California, 73.0 percent of respondents cited low home inventory as the number one obstacle for clients looking to buy a home, followed by down payment (9.0 percent) and credit score (3.3 percent). Appraisal turn around times are fairly quick in the Golden State, averaging fewer than 10 days for 79.8 percent of respondents. Of the three states, California was the only one in which appraisal turn times were reported to exceed 21 days, although only 2.2 percent of responses indicated average times between 22 and 30 days.

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In Florida, the reported top obstacles to home buying were more balanced: low inventory was cited most often at 36.4 percent, followed down payment (30.3 percent) and credit score (21.2 percent). The majority of respondents (60.6 percent) reported average appraisal turn times of fewer than 10 days, and the remainder (39.4 percent) stated timeframes between 10 and 21 days.

Texas NAMB members also cited low inventory as the number one obstacle to home buying (58.0 percent), followed by down payment (16.1 percent) and credit score (6.5 percent). The average length of time to get an appraisal back in Texas takes fewer than 10 days for 54.8 percent of respondents, and between 10 and 21 days for the remaining 45.1 percent.

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NAMB surveys its members periodically to determine mortgage activity and trends. For the June 2017 survey, over 65 percent of respondents nationwide reported being employed by mortgage brokerage firms. Slightly more than 30 percent stated that they are licensed in multiple states.

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NAMB Supports Carson To Head HUD

NAMB, The Association of Mortgage Professionals released the following statement today regarding the U.S. Senate Committee on Banking and Housing and Urban Affairs hearing to confirm Dr. Ben Carson as the next secretary of the U.S. Department of Housing and Urban Development (HUD).

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“NAMB and its members are committed to working with Dr. Carson and HUD in developing policies that will expand affordable credit, therefore moving more Americans towards the dream of homeownership,” said Fred Kreger, CMC, NAMB President.

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HUD is integral to mortgage lending and plays an important role in supporting NAMB’s goal of consumer protection through clear regulation and consumer education. We look forward to working with Dr. Carson and his team to ensure that HUD continues to be vital to homeownership. We wish Dr. Carson great success as the new secretary.

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NAMB—The Association of Mortgage Professionals is a trade association of mortgage professionals with membership in all 50 states and the District of Columbia. NAMB provides education, certification and government affairs representation for the mortgage industry.

NAMB: Proposed Transitional Licensing Bill Harms Consumers

NAMB – The Association of Mortgage Professionals has expressed concerns regarding H.R. 2121, The Transitional Licensing Act of 2015, which is currently being considered by the House of Representatives.

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H.R. 2121 would allow unlicensed, federally-registered loan originators to have a 120-day temporary license where they would be allowed to originate loans prior to completing the requirements currently established in the Secure and Fair Enforcement of Mortgage Licensing (SAFE) Act. NAMB believes state law and regulations are in place for consumer protection and should not be by-passed by those not properly educated and tested. HR 2121 and any Senate companion bill will dilute all states rights to protect consumers.

“One of the touchstones of the Dodd-Frank Act was to permit states to go beyond Federal law to protect consumers in their state. HR 2121 completely nullifies state consumer protections”, says Valerie Saunders, NAMB Government Affairs Chair.

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“In 2012, the CFPB stated that its regulations do not allow states to provide for transitional licensing for registered but unlicensed loan originators who leave banks to act as loan originators while pursuing a state license. In addition, CSBS remains neutral on a bill they should have a solid opinion on. This destroys state consumer protections by cramming down a licensing construct that states have demonstrated they don’t want”, said Rocke Andrews, President of NAMB.

NAMB, as the prime creator and advocate of the current SAFE Act, believes all loan originators need to prepare for working in their home state or any other state by getting the education, criminal background checks, test-taking, and making application for a loan originator license before they deal with consumers. This is the only way to protect the stringent requirements set out in state and Federal law today and to protect consumers from individuals not fully licensed seeking to enter the loan originator work force.

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[ABTM id=15321]

App Brings Ease-Of-Use To Organizing Referral Base For Loan Originators

NAMB+ Inc., the for-profit marketing and communications subsidiary of NAMB—The Association of Mortgage Professionals, has announced a new partnership with WhoHub, a free marketing app for local real estate agents to introduce their clients to the best loan officers.

WhoHub connects clients, agents and vendors by driving new leads, building and enhancing relationships between agents locally and nationwide. The WhoHub app allows users to manage both inbound and outbound connections from any mobile device, including home-related service provider recommendations for clients, saving valuable time. WhoHub’s online dashboard allows users to add vendors, complete an online profile and view connections and contacts online.

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“NAMB members will have the ability to bolster their referral base via the WhoHub app,” said NAMB+ President Nathan S. Pierce. “By utilizing WhoHub’s technology, our members will have the ability to better manage their system of contacts, and keep track of their ever-growing network of real estate professionals. Through this app, NAMB members can focus on closing more loans and leave the organization of their referral partners to WhoHub.”

NAMB+ connects NAMB members with an array of Endorsed Providers aimed at helping mortgage professionals gain a competitive advantage in today’s marketplace. NAMB+ brings everything from compliance, credit reports, lead generation, phone services, social media and custom canvas prints to NAMB members as part of the program.

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“NAMB members have to work harder than ever to grow their business, replace MSAs, and stay abreast of new regulations, much less have the time or budget to stay in touch with their key real estate agents and brokers,” said Brad LaTour, co-founder and CEO of WhoHub. “WhoHub was designed to help the individual mortgage loan originator and their top real estate professionals stay connected and expand their business relationship. We are honored to be selected to help NAMB members overcome their marketing challenges with an easy, convenient and low cost way to connect with their real estate agents.”

Suggesting Changes To The New TRID Forms

NAMB – the Association of Mortgage Professionals, is calling on Congress to require the Consumer Financial Protection Bureau (CFPB) to include a new line item clearly stating the hidden cost of G-fees on the soon to be required TRID forms. Fannie Mae and Freddie Mac guarantee fees, commonly referred to as G-fees, are not readily detectable by consumers in their mortgage documents since they are incorporated into the underlying rates paid by borrowers. The new TILA/RESPA, or TRID, forms will be required during all home sales beginning October 3, 2015.

“Consumers deserve to know that a portion of the cost of financing a new home will be used by increased federal ‘G-fees’ used to finance highway legislation and other federal spending not directly related to homeownership,” said John Councilman, President of NAMB. “We oppose proposed increases in G-fees and we especially oppose their use in financing highway legislation, or any other legislation, that doesn’t directly benefit the homebuyer.”

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“In the spirit of full transparency on behalf of consumers involved in the home buying process,” added Councilman, “we’re asking Congress to require that the new TRID forms being used by CFPB contain a specific line item showing homebuyers exactly how much of their home purchase costs are in fact fees that in no way benefit them and are unrelated to the home purchase itself.”

NAMB and other mortgage and housing groups have spoken out in opposition this week to increased G-fees as a “pay for” to cover the costs of the Omnibus Highway Bill under consideration in the U.S. Senate. Originally enacted in 2011 and set to expire in 2021, the increased G-fees have essentially become a hidden tax on consumers being used to pay for federal programs unrelated to homeownership, according to NAMB.

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“Congress should require the CFPB to disclose the costs of G-fees to consumers buying homes,” said Councilman, “the CFPB should not start their ‘Know Before You Owe’ program with hidden fees even if those fees are government taxes.”

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Nothing To Rejoice About

Following a request by NAMB, The Association of Mortgage Professionals, to the Consumer Financial Protection Bureau to implement a “hold harmless” period on TRID enforcement on August 1, housing industry groups are now backing legislation that would mandate such a period.

Supported by NAMB and numerous other housing industry leaders, H.R. 2213, sponsored by Congressman Stevan Pearce (R-NM), will provide a reasonable hold-harmless period for enforcement of the of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) regulation for those that make good-faith efforts to comply. A hold-harmless period helps ensure consumers’ real estate closings will not be disrupted after the complicated regulation’s August 1 effective date.

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“NAMB has repeatedly warned the policy makers in Washington, D.C. that, while everyone involved is doing their very best to be ready, there is just too much uncertainty surrounding the August 1 TRID deadline,” said John Councilman, NAMB President.

“Today we’re urging Congress and the President to make this clear for the CFPB,” added Councilman. “Pass and sign H.R. 2213 into law right away and remove the uncertainty in the mortgage market as we head into summer.”

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However, regardless of any delays in enforcement, this change is coming and cannot be stopped. So those celebrating a grace period should stop rejoicing and start preparing.

About The Author

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