TheMReport

The Three Percent Solution

TheMReport — News and strategies for the evolving mortgage marketplace.

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mnotes A Down Payment on the Industry's Future? N obody wants to see the American dream of owning a home turn into a nightmare—again. Homeowners, homebuyers, and the housing industry overall would suffer in that scenario. So it seems only natural that when Fannie Mae and Freddie Mac announced their 3 percent down payment programs, even those who said that they like the idea were quick to add that they're just not sure how much they like the idea. And despite the attendant fanfare and opti- mism surrounding the GSEs' unveiling of their new loan initiatives, can anybody say how much stimulus these program will really provide? This month's MReport cover story, "The 3 Percent Solution," examines these loan programs from all angles, providing fresh perspectives, important historical context, and unvarnished fi- nancial realities that will help you make up your own mind about whether this is the right way to give a boost to the housing market. Camillo T. Melchiorre, president and CEO of Hope LoanPort, has his own ideas about how to turn more potential homebuyers into homeowners. He calls for collaboration between lenders and nonprofit credit counselors to give at-risk borrowers a fighting chance at owning a home. He outlines his new, novel game plan in "The Second Time Around." For quite a while, CoreLogic has been publishing illuminating data on the condominium market. In her article, "Grounding Condo Lending's Take-Off," Jacquie Doty, the company's VP for industry solutions, shows how the inef- ficient, time-consuming process of quali- fying for GSE or investor purchase could stunt the condo market's growth. She also provides insights into what CoreLogic is doing to help keep that from happening. When is the last time you thought about your HR department? In her feature, "From the Inside Out," Yvonne Thompson, VP of human resources at LRES, makes a compelling argument that in today's regulatory environment you should be thinking about it a lot more often. "Overlooked, even often deemed trivial," Thompson writes, "sound HR policies and well-executed employee training programs are, in fact, essential to ensuring everything from fewer compliance problems to healthier working relationships between lenders and their vendors." Working with low down payment programs, bulking up company policies, streamlining wasteful procedures, and promoting responsible lending. Taken as a whole, this month's MReport shows how housing industry pros are finding their own ways of navigating around the impasses that might otherwise block the road to growth. All the Best, Michael Oricchio Associate Publisher 2 | Th e M Rep o RT Publisher Mark hulme associate Publisher Michael oricchio online editor theMrePort.coM Tory Barringer coPy editors Alison Rich Shalene Roberts contributors Jacquie Doty Camillo T. Melchiorre Yvonne Thompson creative director Jason Stone art director Denis Kashoid Jonathon Won design director Sean Walker advertising Robyn Clayton (214.525.6716) Courtney Coffey (214.525.6781) Kevin McCrea (214.525.6756) Jason Myers (214.525.6760) Lindsay Wolf (214.525.6713) social Media Blake Stepan corPorate officers chairMan & chief creative officer Mark hulme President & chief executive officer ed Delgado chief financial officer John harrison director of hr/accounting ernest Gillespie art direction Denis Kashoid Jason Stone Sean Walker Jonathon Won No part of this publication may be reproduced without written permission from the publisher. ©2015 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us.

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