December 2015 - Fortune Tellers

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 15 TAKE 5 FROM THE SOURCE READ THIS≈ The Courage to Act: A Memoir of a Crisis and Its Aftermath By Ben S. Bernanke In his memoir The Courage to Act, Ben Bernanke, says, "If we acted, nobody would thank us. But if we did not act, who would?" This sums up nicely the call to action Bernanke felt as Federal Re - serve Chairman from 2006 to 2014, which spanned the height of the Great Recession. Whether you agree with the Fed's policy decisions during this time or not, the story behind them is one worth reading. SHARE THIS: Xome Signings Xome, a Nationstar Mortgage Holdings company, released Xome Signings—a mobile notary app available on iOS and Android. "For lenders, Xome Signings works with their internal systems and enables tracking and monitoring orders in real time. For notaries and consumers, it facilitates scheduling the meeting and monitors notary arrival times," the company said. WATCH THIS: 99 Homes The foreclosure crisis recently got the big screen treatment in "99 Homes," starring Andrew Garfield and Michael Shannon. Set as a thriller following a Florida construction worker (Garfield) who loses his job and then his home, "99 Homes" has received its fair share of criticism regarding its agenda, but will entertain those who want to see what the fuss is about first hand. TWEET THIS: @WSJCentralBanks If you want more news about the Federal Reserve and the central banks than can be found on the Wall Street Journal Twitter page (@WSJ), head straight on over to @WSJCentralBanks. Manned by @WSJ reporters from around the world, it perfectly merges the caliber of the Wall Street Journal with a targeted focus on the finance industry. Freddie Mac is adapting to the market by offering Home Possible Advantage, a 97 percent LTV product that is respon- sibly structured and requires acceptable credit quality. Now we're working with different stakeholders, like Quicken Loans, to test different variations of our Home Possible low downpayment mort - gage products to increase their appeal to different market segments, such as mil- lennials, new arrivals, and non-traditional households. At the same time, we're working closely with lenders to address their need for greater certainty. This past October we announced Loan Advisor Suite SM , a smart, end-to-end technology solution that will give lenders greater purchase certainty earlier in the production pro - cess. We're designing Loan Advisor Suite with lenders and industry stakeholders to make high quality lending easier, more efficient and more certain for our cus - tomers. Initially, Loan Advisor Suite will include Loan Prospector ® , Loan Quality Advisor ® , Loan Coverage Advisor ® , the Selling System SM and a new application, Loan Collateral Advisor SM . This is where the new frameworks for remedies, and representation and warranties come back into the picture. Loan Advisor Suite will give lenders a way to gain insight into representation and warranty relief earlier in the loan produc - tion process. M // What initiatives are you proud to have led in your current position? CORLEY // Freddie Mac recently implemented the Three Lines of Defense risk management framework. Under this structure, we reorganized numer - ous functions into a new SF Risk Management department with the First Line responsibility of setting business objectives, identifying risks, and setting proper controls to manage the risks of the single family business. I've been very proud to lead the team through this transformation. My role is to ensure that the entire team feels accountable for identifying and managing risks in a way that both achieves our business objectives and remains inside our risk appetite. In the past, we held people accountable for only managing their portion of that equation—some focusing on reducing risk, while others were focusing on busi - ness opportunities. Now we have a more holistic approach that creates best-in-class risk managers, a more engaged work- force, and, ultimately, a more competitive company.

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