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Posturing for Progress

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Local Edition ORIGINATION Mortgage Corp. (FGMC) announced it has added a division in its Third Party Originator (TPO) created to focus on United States Department of Agriculture (USDA) Rural Housing Program loans as well as manufactured housing loans under Federal Housing Administration (FHA), CALIFORNIA // The median Veterans Affairs (VA), and conventional loan programs. The new division joins the TPO group's wholesale, correspondent, and bulk lending divisions. In addition to the new division, FGMC announced the opening of a fulfillment center in Boca Raton, Florida, a region long recognized "as the operational hotbed for USDA operations and expertise," according to a release. The company has also added a number of employees with USDA experience as underwriters and senior processors to staff the new center. "Boca Raton is home to the best and brightest of those specializing in USDA loans," said FGMC CEO Andrew Peters. "These programs require experts in the field, and FGMC is proud of the extensive and growing resources we have available in that regard." Peters also added that the company plans to continue its steady growth across product channels and is "aggressively looking for relationships with mortgage brokers as well as flow sellers and bulk sellers." Flow or bulk mortgage servicing rights transactions are also being considered "for the right counterparties," he said. price for a home in the San Francisco Bay Area climbed above the half-million mark in April for the first time in almost five years, according to DataQuick. The median price paid for a home in the nine-county Bay Area was $510,000 in April, up 17 percent month-over-month and 30.8 percent year-overyear. The monthly increase is the highest on record in DataQuick's Bay Area statistics. "There's somewhat of a perfect storm here, statistically speaking. The pent-up demand, the economy, interest rates, investor buying— everything is in alignment right now, but that won't always be the case. Also, it's easier to regain lost ground. A major element to watch between now and Fall is how many homes are put on the market at these higher price points," said DataQuick president John Walsh. While a little more than half of April's annual price gains stemmed from simple appreciation, the rest reflected shifts in market mix. According to the company, the number of homes sold for less than $500,000 fell 25.7 percent year-over-year in April, while the number of homes that sold above that mark increased 24.9 percent. Also influential was the decline in distressed sales, which drag down price points. Foreclosure resales and short sales together made up about 24 percent of the resale market in the Bay Area in April, down from 27 percent in March and 44 percent a year ago. The M Report se c on da r y m a r k e t FLORIDA // First Guaranty Prices finally climb above the half-million mark around San Francisco. a na ly t ic s The group will be based in a Florida fulfillment center. Bay Area Median Price Reaches Major Milestone s e r v ic i ng First Guaranty Mortgage Adds USDA Division The median price for a home in the San Francisco Bay Area climbed above the half-million mark in April for the first time in almost five years, according to DataQuick. Or ig i nat ion consuming and error prone," said David Colwell, VP of corporate strategy at LendingQB. "Our proprietary AUS already houses the entire set of underwriting manuals for each investor. "By implementing MI eligibility guidelines and rate cards into our decisioning engine, clients are able to quickly render an accurate decision with the click of a button— without having to bounce to other applications. This makes it a breeze to shop for the best MI products and prices," he continued. LendingQB manages and ensures that all guidelines and rates are current in its AUS for Radian, Mortgage Guaranty Insurance Corporation (MGIC), Essent, and Genworth. When a decision is rendered, loan products are paired with eligible insurance products along with accurate debt-to-income calculations. At the point of sale where loan officers are talking to borrowers, they are able to quickly view side-by-side comparisons from all eligible products from each company along with best execution pricing. Using the system, lenders are given full control over which MI providers are available for pairing and also the preferred order of providers. | 39

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