The Pulse

Goldman Sachs Group Inc. has announced plans to buy Los Angeles-based Genesis Capital LLC, which provides funds for developers seeking to purchase, renovate and flip single-family home
Goldman Sachs Group Inc. has announced plans to buy Los Angeles-based Genesis Capital LLC, which provides funds for developers seeking to purchase, renovate and flip single-family homes.
 
Genesis was launched in 2007 and is being acquired from funds managed by Oaktree Capital Management LP. Terms of the acquisition were not disclosed.
 
"Our new partnership is a validation of the platform we have worked tirelessly to build and the strong relationships we have developed with a loyal customer base," said Robert Wasmund, Co-CEO of Genesis Capital. "We look forward to working with the Goldman Sachs team in our next stage of development."

 
Primary Residential Mortgage Inc. (PRMI) has named Corey Butler to its Severna Park, Md. team as its newest Loan Officer
Primary Residential Mortgage Inc. (PRMI) has named Corey Butler to its Severna Park, Md. team as its newest Loan OfficerPrimary Residential Mortgage Inc. (PRMI) has named Corey Butler to its Severna Park, Md. team as its newest Loan Officer. Corey is a native of the eastern shore of Maryland and is an active member of the Severna Park Chamber of Commerce. He’s worked in the mortgage industry since 2011 and has held both operational and sales positions during his tenure.
 
“I joined PRMI because it is built on relationships, networking and face-to-face interactions. They truly care about the customer experience,” Butler said. “I believe in being involved every step of the way and making meaningful relationships that last a lifetime.” 

 
 
Ginnie Mae and the U.S. Department of Veterans Affairs (VA) have teamed up on a new initiative to focus on problems related to mortgage refinancing for retired military personnel
Ginnie Mae and the U.S. Department of Veterans Affairs (VA) have teamed up on a new initiative to focus on problems related to mortgage refinancing for retired military personnel.
 
The Joint Ginnie Mae–VA Refinance Loan Task Force is tasked with examining the issues, data and lender behavior related to refinancing and will determine if program or policy changes are required to prevent undue risk being placed on the veterans receiving the refinancing or the taxpayers funding the refinancing. The task force will place a specific focus on aggressive and misleading refinancing propositions identified by the Consumer Financial Protection Bureau and will address questionable practices including loan churning and repeated refinancing.
 
Ginnie Mae and VA plans to meet with individual lenders that may be engaged in inappropriate refinancing solutions. In a statement, the agencies promised to “continue to work collaboratively until concrete solutions have been implemented to eliminate lender behavior that is unhelpful to veterans and harmful to the American taxpayer.” 

 
Mortgage Capital Trading Inc. (MCT) has earned a spot on the San Diego Business Journal’s (SDBJ) Best Places to Work list for the sixth consecutive year
Mortgage Capital Trading Inc. (MCT) has earned a spot on the San Diego Business Journal’s (SDBJ) Best Places to Work list for the sixth consecutive year. MCT ranked number 18 out of 29 companies in the medium-size company category (50-249 U.S. employees). Nominees were judged in the categories of privately-held company, public company, non-profit organization, business non-profit, education, family-owned business and government agency.
 
Organizations that make the annual list go through a rigorous, two-part process over the course of several months that: Evaluates company benefits, compensation, corporate culture, policies and philosophies; and compiles data from extensive employee satisfaction surveys, which are done with anonymity. The combined scores determined the top companies and final rankings.
 
MCT fosters a culture that ensures employees enjoy a comfortable, dynamic work environment that offers many unique benefits to keep them motivated and help grow their skill sets,” said Curtis Richins, President of MCT. “Our employees are comprised of a close-knit, top-notch, highly devoted team. They are paramount to providing excellence in support to our growing client base.” 

 
LoanStar Home Lending has been awarded a 2017 Top Workplaces honor by The Oregonian
LoanStar Home Lending has been awarded a 2017 Top Workplaces honor by The Oregonian. The company was ranked among the Top Workplaces list of mid-sized companies based in Oregon and Southwest Washington. This is the third consecutive Top Workplaces Award that LoanStar has received since the company was founded in 2013.
 
“LoanStar is a fairly young company, so to be recognized yet again with the Top Workplaces award is a testament to the value of our employees and the culture we’ve built,” said Mike Baldwin, Founder and Chief Executive Officer of LoanStar. “Helping our clients purchase or refinance a home is meaningful work, so we strive to ensure that employees feel connected and supported at LoanStar. This award demonstrates that our people recognize their important role in making LoanStar what it is today.”
 
The Top Workplaces lists are based solely on the results of an employee feedback survey administered by WorkplaceDynamics LLC, a research firm that specializes in organizational health and workplace improvement. Several aspects of workplace culture were measured, including alignment, execution and connection, just to name a few. LoanStar employees from Hawaii to Florida were surveyed, not just those in Oregon and SW Washington.
 
“The Top Workplaces award is not a popularity contest. And oftentimes, people assume it’s all about fancy perks and benefits,” said Doug Claffey, Chief Executive Officer of WorkplaceDynamics. “But to be a Top Workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day—the employees. Time and time again, our research has proven that what’s most important to them is a strong belief in where the organization is headed, how it’s going to get there, and the feeling that everyone is in it together. Without this sense of connection, an organization doesn’t have a shot at being named a Top Workplace.” 

 
LBA Ware has announced that the Advanced Technology Development Center (ATDC)—Georgia’s technology incubator—has accepted LBA Ware into its ATDC Signature portfolio
LBA Ware has announced that the Advanced Technology Development Center (ATDC)—Georgia’s technology incubator—has accepted LBA Ware into its ATDC Signature portfolio. As an ATDC Signature company, LBA Ware will have access to ATDC coaching and programming, potential investment capital and additional resources from the Georgia Institute of Technology, including intellectual property and talent.
 
LBA Ware is the first Macon startup to be accepted into ATDC Signature. The company also is in the financial technology (FinTech) space, a sector of particular focus at ATDC. In 2015, Worldpay U.S. made a $1 million gift to Georgia Tech to create a FinTech program at ATDC.
 
“Being part of ATDC has been invaluable to LBA Ware’s success, and with the promotion from ATDC Accelerate to ATDC Signature, our potential for additional growth only increases,” said Lori Brewer, Founder and President of LBA Ware. “Moving to the next stage of incubation also validates the ability of our CompenSafe and LOS Talker solutions to improve back-office efficiency for mortgage lenders, and we look forward to extending the reach of LBA Ware’s solutions in the market, using the additional resources we will now have at our disposal.”
 
ATDC Signature is a metrics-driven and milestones-based program for companies with transformative technology or life sciences products. Companies accepted into the ATDC Signature program must be located in or willing to relocate to Georgia and support ATDC’s goal of bringing economic value to Georgia. Entry into the program is by invitation only.
 
“As Georgia’s technology incubator, we are focused on helping to develop and support tech-oriented startup ecosystems across the state,” said Jeff Gapusan, ATDC’s FinTech Catalyst. “The company has a promising technology that serves a market need. Financial institutions continue to adapt to changing consumer demands and a stringent regulatory and compliance framework, and LBA Ware ensures they are able to do so. We’re excited to welcome our first Macon-based startup.”

 
Ocwen Financial Corporation has named Christopher Whalen, Chairman of Whalen Global Advisors LLC, as a Senior Consultant and Advisor to the company
Ocwen Financial Corporation has named Christopher Whalen, Chairman of Whalen Global Advisors LLC, as a Senior Consultant and Advisor to the companyOcwen Financial Corporation has named Christopher Whalen, Chairman of Whalen Global Advisors LLC, as a Senior Consultant and Advisor to the company. Whalen brings nearly three decades of financial experience to the role, with a specific focus on the financial services, mortgage finance and technology sectors.
 
Whalen, an investment banker and author, has worked as a financial professional in Washington, New York and London. Before founding Whalen Global Advisors LLC, he was Senior Managing Director and Head of Research at Kroll Bond Rating Agency from 2014-2017. In this role, Whalen was responsible for ratings by the firm’s Financial Institutions and Corporate Ratings Groups. Previously, he was a Co-Founder and Principal of Institutional Risk Analytics from 2003-2013.
 
Ocwen expects to benefit from Whalen’s experience, knowledge and insight of the mortgage finance sector, especially in areas such as strategy, risk management and counterparty relations.
 
During his career, Whalen also held positions in organizations such as the House Republican Conference Committee; the Federal Reserve Bank of New York; Bear, Stearns & Company; Prudential Securities and Carrington Mortgage Holdings.

 
CIS has announced their 4506T Tax Transcript Service is now integrated to Day 1 Certainty from Fannie Mae through Desktop Underwriter (DU) validation service
CIS has announced their 4506T Tax Transcript Service is now integrated to Day 1 Certainty from Fannie Mae through Desktop Underwriter (DU) validation service. Verification of Deposit/VOD and Verification of Employment/VOE through CIS were integrated with the initial launch of Day 1 Certainty.
 
“This integration streamlines procedures and saves cost through the ability to reissue original reports,” said Mike Brown, CIS President and Chief Executive Officer. “CIS clients benefit from requesting all credit and verification reports required by mortgage underwriting from one platform. Single-request-functionality is an efficiency that results in faster, more accurate, compliant loan packages and ultimately a better borrower experience.”
 
Fannie Mae’s Day 1 Certainty provides greater speed, certainty, reps and warrants relief, and efficiencies by streamlining the traditional paper-based mortgage process. Third-party validation of tax return information, employment, income, deposits and assets is required for mortgage origination. CIS has been providing credit and verification solutions for more than 30 years.
 
“Our operations centers on the East and West Coasts process 4506T requests on a proprietary platform that enables us to review, monitor and track each request, delivering industry-leading turn-times and low IRS rejection-rates”, said Brown. “We are pleased to complete this integration to Day 1 Certainty, giving our clients the ability to participate in this excellent new Fannie Mae program.”

 
Trelix has announced that it has been approved as a third-party due diligence provider for DBRS-rated transactions
Trelix has announced that it has been approved as a third-party due diligence provider for DBRS-rated transactionsTrelix has announced that it has been approved as a third-party due diligence provider for DBRS-rated transactions. DBRS is a full-service credit rating agency respected for its independent, third-party evaluations of corporate and government issues. DBRS’s approval process, before adding a company as an accepted provider, includes an on-site review to assess companies’ staffing, infrastructure and capabilities relevant to securitization-related services.
 
As part of Altisource’s Origination Solutions platform, Trelix offers clients a unique combination of technology and risk management tools that position it to have a meaningful impact on the securitization market.
 
The Trelix suite of industry-leading mortgage fulfillment offerings includes: Processing; underwriting; loan due diligence; quality control; and CastleLine Certification, a proprietary risk management process to help clients obtain Certified Loan insurance.
 
“DBRS is one of the prominent rating agencies and our acceptance as a third-party provider further validates our company and the best-in-class solutions and services we deliver,” said Jon Gerretsen, President of Trelix. “We are pleased with the approval as it helps solidify our position as a leading provider of impactful services across the mortgage origination and securitization lifecycle.”

 
HLP has named Larry Gilmore, a former HLP Chief Executive Officer and Founder, to HLP’s Board of Directors
HLP has named Larry Gilmore, a former HLP Chief Executive Officer and Founder, to HLP’s Board of DirectorsHLP has named Larry Gilmore, a former HLP Chief Executive Officer and Founder, to HLP’s Board of Directors. Gilmore is currently Vice President of National Community Lending for HSBC, where he manages the company’s strategy to originate mortgage loans to underserved communities throughout the U.S., a position he has held since July 2015.
 
“I am delighted to have Larry Gilmore join the HLP Board of Directors. Larry will make an immediate contribution to the Board,” said Faith Schwartz, HLP’s Board Chair. “He will be effective in bringing new opportunities to the organization and offering a lender viewpoint on some key aspects of consumer lending and support. His long-time commitment to helping borrowers with affordable housing opportunities and foreclosure avoidance efforts makes him an obvious addition to our Board.”
 
Gilmore has a long history working in the housing and finance industries with an emphasis in working with underserved communities. He served as President and Chief Executive Officer of HLP, formerly known as HOPE LoanPort, from September 2009 until August 2011, and President and Chief Executive Officer of the Student Loan Alliance from February 2012 through February 2014. He has also served as Vice President for Government and Industry Relations for Option One/H&R Block Mortgage and Associate Director of Government and Industry Relations for the Mortgage Bankers Association.