Join the Utah Association of Mortgage Professionals (UAMP) for this informative and IMPORTANT update of upcoming loan program changes, Thursday, Jan. 19 for "Introduction to the NEW WORLD of Digital Mortgages and Agency Guideline Updates for 2017," to be held at Brick Oven, located at 10622 South Riverfront Parkway in South Jordan, Utah at 11:30 a.m.
Topics will include, Fannie Mae's Day 1 Certainty digital income and asset verification, property inspection waivers (PIWs) update, property value reps and warrants, and HomeReady enhancements. Freddie Mac's upcoming changes to tax returns for self-employed borrower\'s will also be covered.
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Carrie Parker has been named senior loan officer for the team at the St. George, Utah branch of Bay Equity Home Loans. Parker has more than 15 years of experience in nearly every facet of the mortgage industry, and has worked for Southern Utah lenders the past 13 years.
“Communication, transparency and attention to details are some of the most important keys to successfully closing loans–and opening doors to new homes,” Parker said. “I like to draw from experience, which gives me the foresight to be proactive and innovative on every lending scenario for every borrower.”
“We are thrilled to have Carrie join our team,” Bay Equity’s St. George Branch Manager Drew Bahoravitch said. “Her knowledge of the industry and the area, as well as her outgoing personality, make her a wonderful fit.”
A pair of mortgage lenders based in Salt Lake City has settled federal charges of violating the False Claims Act.
Primary Residential Mortgage Inc. (PRMI) and SecurityNational Mortgage Company (SecurityNational), have agreed to pay the United States $5 million and $4.25 million, respectively, and to admit they certified loans for Federal Housing Administration mortgage insurance that did not meet federal underwriting requirements regarding borrower creditworthiness and eligibility. Although both companies are based in Salt Lake City, they did not operate in unison and their cases, while announced together, were resolved separately.
“The FHA program provides important economic support for homeownership and community development,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division. “The Department has and will continue to ensure that program participants adhere to applicable requirements and will pursue those that knowingly misuse the program for their own gain and to the detriment of homeowners and the public.”
In announcing the settlements, the Justice Department added that the “claims asserted against SecurityNational and PRMI are allegations only and there has been no determination of liability.”
Karla Abbott has joined Bay Equity Home Loans as a loan officer in the company's St. George, Utah office. With more than eight years of experience in the lending industry, Abbott has the advantage of familiarity with the area to help in her move from loan coordinator to loan officer, said Branch Manager Drew Bahoravitch.
“We are excited for Karla’s transition to this new role,” Bahoravitch said. “Her knowledge of the industry as well as her sparkling personality make her an excellent fit.”
Abbott also speaks fluent Spanish, which will be a great asset in the growing Hispanic community in the Southern Utah region. Abbot says her philosophy for success is a passion for helping others. Transparency, knowledge and customer service are at the core of every loan.
“I am so proud to have this great opportunity to work closely with members of our community to realize their dreams,” Abbott said. “These are people who could very well be my neighbors.”
Bay Equity in St. George recently added several other new employees as well, including Loan Processor Ruth Akkerman, Administrative Assistant Rianne Debry and Marketing Associate David Cordero.
MiMutual Mortgage, the national retail channel for Michigan Mutual Inc., has opened a branch in South Jordan, Utah, a suburb about 20 miles south of Salt Lake City and plans soon to open another office in Lehi, Utah.
“As one of the nation’s most trusted and respected mortgage lenders, we’re thrilled to continue our steady growth through more than 30 states nationwide,” said Daniel Jacobs, executive vice president and managing director of MiMutual Mortgage. “We’re not simply expanding our business with these branches but making a commitment to the Greater Salt Lake community with our experienced team of industry experts.”
Utah native Spencer Stott has been named Salt Lake City’s regional manager to oversee the area’s growth, and he brings more than a decade of mortgage industry experience as a licensed mortgage loan originator, specializing in FHA, VA, conventional and jumbo financing loans. Recently hired John Stevens, vice president of business development for MiMutual Mortgage, will work closely with Stott to grow the company’s presence in and service to the Salt Lake City community. Stott’s South Jordan branch currently has 14 employees.
“The opportunity to continue MiMutual’s tradition of high quality customer service as we continue to expand to new locations is very exciting for me,” Stott said. “MiMutual has an enriched company culture founded on critical core values, such as integrity, problem solving and commitment. Being able to share my knowledge and experience with a company that prioritizes customer satisfaction and the personal growth of every employee will be a great foundation for this new branch.”
“The key to successfully serving a community and extending the culture, brand and family values of MiMutual is to find the most talented, like-minded mortgage professionals in the region, and in Spencer and his team, we have found just that,” Jacobs added.
The UAMP 4th Annual Golf Tournament will be held Thursday, September 8 at Crater Springs Golf Course, located at 700 Homestead Drive in Midway, Utah.
Registration and breakfast will start at 7:00 a.m. with a shotgun start at 8:00 a.m. Lunch will be served immediately following the tournament. Price is $80.00 per golfer or $300 per foursome. Lunch and breakfast are included.
On Friday, November 18, the Utah Mortgage Expo 2016 will be held at the Zermatt Resort & Spa, located at 784 Resort Drive in Midway, Utah.
Each year, the Utah Association of Mortgage Professionals stages an extraordinary event, celebrating, advancing and supporting the men and women who finance residential and commercial real property. With top speakers, great hands-on sessions and a wealth of opportunities from exhibitors and sponsors, it's a can't-miss day for hundreds of mortgage professionals! Join UAMP this year on Nov. 18 at its new location, the Zermatt Resort & Spa in Midway, Utah!
UAMP Expo 2016 Agenda
(Subject to change)
Friday, November 18
7:00 a.m. Exhibitor Setup
9:00 a.m. Registration
Continental Breakfast & Exhibit Hall Opens
10:00 a.m.-10:45 a.m. General Session
11:00 a.m.-11:45 a.m. Gaining Market Share in 2016
Allen Beydoun, executive vice president of United Wholesale Mortgage (UWM), will be sharing exclusive strategies for obtaining and retaining purchase business. This session is packed with hard-hitting relevant tips and techniques to keep you top of mind with real estate agents, your clients and referrals.
12:00 p.m. Lunch With Exhibitors
12:45 p.m. Swearing in of the UAMP Board
1:00 p.m.-1:45 p.m. Concurrent Sessions
Classes to be determined
2:00 p.m.-2:45 p.m. Concurrent Sessions
Classes to be determined
2:50 p.m. PAC Auction & Exhibitor Wrap Up
Raffle prizes announced and the Exhibit Hall closes.
3:00 p.m.-5:00 p.m. Utah Two-Hour NMLS Course (Separately Ticketed Event)
The 2016 Utah CE class will cover the statute definitions all licensees need to know for their 2016 renewal plus new statutes and rules for 2015 and beyond.
The level of loan defects fell by 1.3 percent last month, according to the latest First American Loan Application Defect Index. On a year-over-year basis, the level of loan defects in February registered a 5.1 percent.
Among the states, Utah saw the greatest year-over-year loan defect spike, with a 9.7 percent increase since February 2015. Other markets experiencing increased loan defects were Kentucky (8.8 percent), South Carolina (8.6 percent), the District of Columbia (eight percent) and Texas (five percent). The states with the greatest year-over-year decrease in defect frequency are: Alabama (-17.2 percent), Michigan (-16.2 percent), West Virginia (-15.6 percent), Minnesota (-14.8 percent) and Wyoming (-14.7 percent).
“The continued decline in loan application and mortgage defect risk is indicative of the benefits the industry is accruing from investments in technology and improved production standards,” said Mark Fleming, chief economist at First American. “The investments to improve compliance are producing real benefits in the form of higher quality loan manufacturing processes with fewer defects and less misrepresentation.”
The Loan Application Defect Index analyzes the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications.
Castle & Cooke Mortgage LLC, with 43 locations across the United States, has announced the acquisition of the sales and operational staff of Sun Valley Mortgage and the opening of a second branch in South Ogden, Utah. Previous founder and President of Sun Valley Mortgage Dennis Porter will assume the position of senior loan officer and branch manager for the new branch, and he will be leading a team of 10 loan originators and related support staff.
In a move described by Castle & Cooke Mortgage's President and COO Adam Thorpe as "ideal," this is the third new branch Castle & Cooke Mortgage has opened in 2016, on the tail of the nine it opened in 2015. With the company's drive to offer its leading-edge lending services in more states in the continental U.S., it plans to reach a total of 15-20 new markets this year.
Porter is an industry veteran who brings 22 years of experience with him to the position of branch manager in South Ogden. During the last several years, Porter has been responsible for the funding production of more than 150 loan originators in the region and is known for his consistency and business integrity. Porter will continue to lead his seasoned team of lending professionals with the greater flexibility offered by Castle & Cooke Mortgage's robust sales platform, including the company's comprehensive suite of loan products, 24-hour turn times, and a commitment to provide its sales force with unparalleled sales and marketing support. This branch opening marks the ninth in the state of Utah and the 12th new branch for Castle & Cooke Mortgage in the past 12 months.
"This was a monumental decision for Sun Valley Mortgage," said Porter. "Fortunately, we found a good fit with Castle & Cooke Mortgage. The company is aligned with our core values and shares our philosophies. This move will allow us the freedom to focus on lending and client services and refine our professionalism with the support of Castle & Cooke Mortgage's estimable marketing and administrative capabilities. We have always made a living by helping people accomplish their financial goals and by honoring our clients' trust. I believe we are going to continue to do that while delivering a better and more complete product to the public."
"Expanding in South Ogden by acquiring the Sun Valley Mortgage team is an ideal situation for Castle & Cooke Mortgage," said Thorpe. "Dennis Porter and his team will be a tremendous asset to our company. Their core values and work ethic are directly aligned with the culture and guiding principles that are so important at Castle & Cooke Mortgage. They understand their market and how to deliver superior consumer experiences with every loan they fund. Castle & Cooke Mortgage already has a strong presence in Utah, and I am confident that Dennis Porter's experience and leadership, and the high standards of his team will further enrich the standards we are all dedicated to maintaining."