TheMReport — News and strategies for the evolving mortgage marketplace.
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Local Edition ORIGINATION Corporation is making strides in advance of the company's operational launch. California // National Mortgage Insurance Corporation (National MI) announced it has been approved by the California Insurance Department to write mortgage insurance in the state. "Approval by the California Insurance Department is a critical Expecting to complete the move early this year, NewDay has relocated its headquarters as the company prepares to debut a new education program. Maryland // NewDay USA, a na ly t ic s Hammerhouse Debuts MortgageFocused Division Creating a new company unit, Hammerhouse is targeting the placement of lending professionals around the U.S. to experience unprecedented change. NewDay's programs ensure employees are always up-todate and prepared for regulatory changes that impact all aspects of mortgage originations and loan servicing," Lynch added. Startup Company Receives Approval for MI Newly formed National Mortgage Insurance step toward our operational launch and in achieving our goal to provide mortgage insurance to homeowners in California and throughout the country," said Bradley Shuster, president and CEO of National MI. The new mortgage insurance company was approved in June to participate in an accelerated licensing process sponsored by the National Association of Insurance Commissioners. In addition, National MI has applied for state licensing in all 50 states and the California // Launching a new division focused on mortgage banking, Hammerhouse, LLC, is expanding into the lending industry. The new unit, Tactical Ops Recruiting Quality (TORQ), will target the placement of operational and other non-sales professionals around the U.S. According to a statement from Hammerhouse, TORQ is already active throughout the company's network, including offices in North Carolina, Illinois, and Washington. Hammerhouse is basing the TORQ program in the company's corporate headquarters in Mission Viejo, California. "The effectiveness of mortgage operations, which is driven by top talent, is a significant advantage in today's mortgage industry and will define the next generation of mortgage bankers," said Drew Waterhouse, managing director and CEO of Hammerhouse. The M Report | 45 se c on da r y m a r k e t LLC, announced it is packing up and moving its Maryland office into a new 60,000-squarefoot facility to better support the launch of NewDay USA University, an educational and training center created for new and established mortgage banking professionals. "Through NewDay USA University, a state-of-the-art educational program, our goal is to train the next generation of mortgage bankers, which we believe will be our company's lasting legacy," said NewDay USA CEO Rob Posner. "To reach this goal, we needed a facility that enabled us to create a training center that would provide a strong learning environment for new recruits as well as current employees." The training center will provide programs for new hires (who will undergo an eight-week program designed to teach best practices in the mortgage industry) and current employees (who will receive continuing education that includes professional development as well as instruction on regulatory and agency changes). In addition, the facility will continue to build NewDay USA's programs for reverse mortgages and loans insured by the Department of Veterans Affairs (VA). "Mortgage banking offers a great career path, especially for young people and recent college District of Columbia and is seeking approvals from Fannie Mae and Freddie Mac. According to company general counsel Glen Corso, National MI is "making good progress in working with both Fannie Mae and Freddie Mac to receive their approvals" and is on track to start business early this year. NMI Holdings, Inc., based in California, announced last year it had raised $550 million in private capital to start the mortgage insurance venture. National MI estimates its available capital will support mortgage insurance coverage on more than $30 billion of mortgage loans and make homeownership available for roughly 150,000 households all over the country. s e r v ic i ng NewDay Announces Expansion Plans graduates," said retired Rear Adm. Tom Lynch, chairman of NewDay USA. "Educating new hires and providing continuing education to current employees has been a cornerstone of success at NewDay USA and it is a foundation in the company's strategic plans for growth. "This commitment to education and ongoing training is especially important as the mortgage industry continues Or ig i nat ion expert, Rachel Springall, commented on HSBC's mortgage rates, noting, "The HSBC 1.99 percent deal has the lowest rate for a two-year fixed mortgage on the market and existing customers will be rewarded with £500 off the booking fee, which is great to see."