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Weekly Newsletter
Thursday, February 25th, 2016
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In This Issue
  1. Did You Know?
  2. Fannie Mae DU®
  3. CFPB
  4. Google
  5. NAMB Legislative Fund Golf Tournament
  6. Legislative Efforts
  7. Upcoming Events

Did You Know?
We are in the last week of February and we have seen many different special days this month, such as Groundhog Day, Valentine's Day, President's Day (celebrating both George Washington's and Abraham Lincoln's birthdays), Mardi Gras, and Ash Wednesday, but did you know that Friday is National Pistachio Day?  I realize it's a nutty day, but click here to learn some fun facts about pistachios.

Fannie Mae DU®
Fannie Mae recently announced plans to implement Desktop Underwriter® (DU®) Version 10.0 the weekend of June 25th, 2016.  DU® Version 10.0 will further enhance risk management capabilities, offer more streamlined processing, improve operational efficiency, and help creditworthy borrowers obtain access to mortgage credit and sustainable homeownership.

Key enhancements include:

Enhanced credit risk assessment using trended credit data
  • Allows a smarter, more thorough analysis of the borrower's credit history and creates an opportunity for lenders to work with borrowers to improve their credit evaluation in DU®.
  • Is expected to have minimal to no impact on the percentage of Approve/Eligible recommendations that lenders receive.
Enhancements to support underwriting borrowers with no traditional credit
  • Leverage the power of DU® to automate a manual underwriting process, reducing the overall cost of origination for lenders.
  • Provide additional certainty through DU®, providing more creditworthy borrowers with access to affordable, sustainable mortgage credit.
Automated underwriting for borrowers with multiple financed properties
  • Requires fewer eligibility overlays.
  • Automates remaining eligibility requirements and determines reserves required for all financed properties.

How do you perceive the Consumer Finance Protection Bureau?  Often we hear that the CFPB is either "out to get us" or they are not our friends.  Perhaps, they are the new sheriff in town.  Regardless of how you think of the CFPB, they would like you to know that they do not want to be considered the enemy of the finance industryClick here to learn more.

Many people thought that the Google mortgage comparison tool would be a way to eliminate the loan officer.  Although it was supposed to be rolled out in the San Francisco Bay Area market, it has ever really taken off.  Google announced this week that they plan to shut down the mortgage comparison tool next month.  Click here for more information.

NAMB Legislative Fund Golf Tournament
NAMB is bringing back the NAMB East conference with an amazing lineup of speakers.  Have you ever been to Hilton Head, SC?  On Wednesday, March 9th, 2016 at the Westin Hilton Head Resort, NAMB will hold their Inaugural Golf Tournament benefiting the Legislative Action Fund.  Registration begins at 12:00pm and Shotgun start is promptly at 1:00pm.  Cost is $175 per player and a complete foursome is only $600.  Range balls and cart included.  Looking for a Club Rental?  For only $59, you will receive a set of clubs and a sleeve of 6 Titleist Velocity Golf Balls!  Box Lunch and Awards Presentation at Evening Cocktail Reception in the Exhibit Hall at 6:30pm Wednesday evening.  Golf attire required - no denim or shirts without collars and shorts must be Bermuda length.  No metal spikes.

Sponsorship opportunities are also available and include beverage cart sponsorships and hole sponsorships!  Arrange a foursome if you wish or we can pair you with a group.  Don't miss this fun-filled event and register today!  Click here for more information.

Legislative Efforts
There is nothing more empowering than to be the voice for your industry  to our legislators and walk the halls of our nation's Capitol.  You have a chance to do just that!  Join us for the 2016 NAMB Legislative and Regulatory Conference taking place Saturday-Wednesday, April 9th-12th in Washington, D.C.  This is a "must attend" event for all mortgage professionals.  Last year, more than 10,000 realtors attended NAR's Lobby Day.  This year, NAMB would love to get 1,000 mortgage professionals to D.C. to help NAMB lobby on Capitol Hill.  Join NAMB as the association rallies to fight for consumers, small businesses, and mortgage professionals.  THIS IS A MEMBERS-ONLY EVENT.  Click here to register.

State Lobby Day will be set for Wednesday, May 11th in Sacramento.  Click here for more information and watch the state's newsletter as new information arises!

Upcoming Events
Greater Sacramento Chapter presents Credit Reporting, How Does It Really Work on Friday, February 26th from 9:30am - 12:00pm at the Sacramento Association of Realtors, 2003 Howe Avenue, Sacramento, CA.  Click here for more information.

East Bay Chapter presents Combined Event with WCR - Policies Affecting Our Communities with Assemblywoman Catharine Baker on Friday, March 11th from 9:00am - 11:00am at Round Hill Country Club, 3169 Roundhill Road, Alamo, CA.  Call Audrey Boissonou for more information at 925.788.1351.

San Francisco Peninsula Chapter presents NMLS CE in March.  More information to follow.

Excellence & Integrity in Lending


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