Mortgage Bankers Association (MBA) Honors Altavera Mortgage Services with Residential Leadership Award for Diversity and Inclusion
Altavera Mortgage Services LLC

DENVER, Colo., Nov. 6, 2017 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), a Computershare company and leading provider of outsourced residential mortgage origination services, today announced that the Mortgage Bankers Association (MBA) has honored Altavera with its Residential Leadership Award for Organizational Diversity and Inclusion.


Altavera was recognized for the design and implementation of its Diversity + Inclusion + Advancement + Leadership (DIAL) program, which proactively cultivates leadership opportunities for women, LGBTQ individuals and ethnic/racial minorities and works to remove traditional barriers to their advancement.

“Diversity has been a bedrock Altavera value since our founding,” said Altavera President and Founder Brian Simons, who accepted the award on the company’s behalf during the opening ceremony of the MBA’s Annual Convention and Expo in Denver. “As someone who firmly believes diverse organizations are fundamentally better organizations, this recognition is gratifying both personally and professionally — and accepting it in our hometown of Denver is especially rewarding.”

“These award winners reflect the tangible progress our industry is making on diversity and inclusion,” said Dave Motley, CMB, MBA Chairman and outgoing Chairman of MBA’s Diversity and Inclusion Committee. “But we have a long way to go. The goal of these awards is to celebrate the best initiatives so that they are models for continued progress.”

“In only our second year of existence, we were once again inundated with quality submissions and pleased with the numerous initiatives and programs our members have created,” Motley added.

The MBA’s Residential Leadership Award for Organizational Diversity and Inclusion celebrates and recognizes MBA member companies for their work and dedication in supporting diversity and inclusion as it pertains to hiring, lending and outreach. The program’s intent is that these efforts will contribute to the formation of a mortgage banking industry that better reflects and understands its customers.

To learn more about the MBA’s Diversity and Inclusion efforts, please visit mba.org/diversity. The MBA’s Summit on Diversity and Inclusion will be held in Washington, D.C., this December 4–5, 2017.

About Altavera:
Altavera is a leading provider of outsourced residential mortgage origination and due diligence review services. Its SAFE Act-compliant staff of seasoned, U.S.-based fulfillment specialists helps clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. Altavera’s fully customizable closed-loan file review services enable investors and aggregators to reduce risk and make better-informed decisions. Based in Denver, Colorado, Altavera is a Computershare company.

For more information, visit https://www.altavera.com.

About Computershare Loan Services:
Computershare Loan Services (CLS) is a leading international third party mortgage services provider. We currently service over $100 billion of loans globally and support hundreds of thousands of customers throughout the lifecycle of their loans. We provide a variety of services including credit risk solutions, secondary market services, property solutions and third-party servicing. We also operate a mortgage cooperative that gives middle market lenders increased buying power, and we help mortgage lenders and investors optimize the performance of their portfolios. Our expertise, experience and understanding of the regulatory environment, credit and complex financial data help us provide insight and cost-effective services to mortgage originators, investors and real estate professionals. CLS is part of the Computershare group of companies.

For more information, visit https://www.computershare.com

About the Mortgage Bankers Association:
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field.

For additional information, visit MBA’s website at https://www.mba.org.

News Source: Altavera Mortgage Services LLC

Mortgage Professional America Names Altavera Mortgage Services’ Jennifer Fountain a 2017 Elite Woman in Mortgage
Altavera Mortgage Services LLC

DENVER, Colo., July 27, 2017 - This article orginially appeared on the website send2press.com

Altavera Mortgage Services (Altavera), a Computershare company and leading provider of outsourced residential mortgage origination services, today announced that Senior Vice President of Due Diligence Jennifer Fountain has been named one of Mortgage Professional America’s 2017 Elite Women in Mortgage. Fountain was recognized as a distinguished expert in the areas of credit and underwriting policy, operations, due diligence, management and training.


“I know Jennifer to be an unrivaled expert in the fields of mortgage credit risk and due diligence,” said Debora Aydelotte, Altavera’s chief operating officer and 2014 Elite Woman in Mortgage. “She has played a transformative role both at Altavera, where she built our closed-loan file review service from the ground up, and in the mortgage industry as a whole, where she has left an indelible mark over the course of her 30-year career.”

“It’s a privilege to be honored among such an influential and experienced field of industry peers,” said Fountain. “The challenge of helping loan conduits, aggregators and investors transact their business with total confidence in loan quality and consistency is both a source of personal motivation and a driver of the continuing evolution and innovation of Altavera’s service offerings.”

Each year, the Mortgage Professional America (MPA) Elite Women in Mortgage list recognizes influential women leaders in the mortgage industry. For a full list of honorees, visit http://www.mpamag.com/rankings/elite-women-2017.

About Altavera:

Altavera is a leading provider of outsourced residential mortgage origination and due diligence review services. Its SAFE Act-compliant staff of seasoned, U.S.-based fulfillment specialists helps clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. Altavera’s fully customizable closed-loan file review services enable investors and aggregators to reduce risk and make better-informed decisions. Based in Denver, Colorado, Altavera is a Computershare company.

For more information, visit http://www.altavera.com.

About Computershare Limited:

Computershare (ASX: CPU) is a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications. We also specialize in corporate trust, bankruptcy, class action and utility administration, and a range of other diversified financial and governance services.

Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organizations use us to streamline and maximize the value of relationships with their investors, employees, creditors and customers. Computershare is represented in all major financial markets and has over 16,000 employees worldwide.

For more information, visit https://www.computershare.com.

About Mortgage Professional America:

A publication of Key Media, Mortgage Professional America (MPA) delivers news, opinion and analysis to mortgage, real estate and finance industry profesisonals through its bi-monthly magazine and daily email newsletter.

For more information, visit http://www.mpamag.com/.

News Source: Altavera Mortgage Services LLC

What’s Behind the Mortgage Reshoring Trend?
Nora Caley

DENVER, Colo., June 05, 2017 - This article orginially appeared on the website Mortgageorb.com

Banks and other financial entities are increasingly announcing that they are opening call centers in the U.S. and creating domestic instead of offshore jobs. Some industry experts say this has been a trend for several years and is due to several factors, from regulatory pressure to cost savings to bad publicity.

In June, Dallas-based Nationstar Mortgage announced it had moved its international call center operations back to the U.S., creating 500 new jobs in customer service call centers in Dallas; Longview, Texas; and Chandler, Ariz., (with the majority of the new jobs in the Longview facility) and bringing customer service closer to Nationstar’s more than 3 million customers. The mortgage servicing, origination and transaction services company noted that it had begun moving all call center operations onshore in 2016, with the opening of a call center in Longview, Texas.

In its press release, Nationstar did not offer specifics about where its international call center operations had been, but in its 2016 annual report, Nationstar noted this in the “Other Risks” section: “We currently have operations located in India and expect to grow those operations, and we have reduced our costs by contracting with certain third parties with operations in India and the Philippines.”

The annual report noted that these countries are subject to political upheaval, social unrest and natural disasters. Another risk: “The political or regulatory climate in the United States, or elsewhere, also could change so that it would not be lawful or practical for us to use international operations in the manner in which we currently use them.”

Also in the annual report, Nationstar noted that on Dec. 31, 2016, among its primary facilities was a 68,722-square-foot leased space in Chennai, India, to support its Xome technology and data segment. For its part, a spokesperson from Nationstar noted, by email, that the facility in Chennai is not a customer service call center, but a technology and operations center, and that facility is not closing. Also according to Nationstar, the overseas customer service call center operation was located in Manila and was operated by a third-party vendor.

Still, the June press release did not mention these risks. Instead it emphasized that customers had noted that speaking with a U.S.-based representative made their service experience better, and that the onshoring was part of a rebranding by Nationstar.

Other mortgage servicers are likely seeing the advantages of U.S.-based customer service. The Mortgage Bankers Association (MBA), in its surveys of the largest mortgage servicers, found that in 2008, more than one third of servicers indicated they did have incoming call center operations in offshore locations. That number decreased over the next few years, and in the 2016 survey, less than 15% indicated they had incoming call center operations in offshore locations.

Marina Walsh, vice president of industry analysis for MBA, says there are several reasons for the decrease.

“It is a trend that started a long time ago, after the crisis,” she says. “Servicers were trying to get control over their customer-interfacing operations.”

Many organizations were under consent orders and were responding to complaints to the Consumer Financial Protection Bureau (CFPB). These organizations were becoming more selective about which functions to have located offshore.

Also, Walsh says, production margins are compressing, as there are not as many refinancing loans now.

“There will be an effort to have servicing operations be profitable given the fact that net production income in 2017 is expected to be lower than in 2016,” she says.

In fact, the MBA reported in its Quarterly Mortgage Bankers Performance Report that independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $224 on each loan they originated in the first quarter of 2017, down from a reported gain of $575 per loan in the fourth quarter of 2016.

Other experts say call centers are moving to the U.S. for several reasons.

“Generally, the most important reason is an increased understanding of the total cost of offshoring,” says Harry C. Moser, founder and president of Kildeer, Ill.-based Reshoring Initiative. “Companies are starting to quantify the impact of dissatisfied customers, more errors, more time (even if at a lower cost/hour), turnover, etc.”

In a 2016 report, Reshoring Initiative indicated that from 2010 through 2015, the total number of manufacturing jobs brought from offshore to the U.S. totaled more than 338,000. While the nonprofit focuses on manufacturing jobs, some of the reasons that companies cited for reshoring jobs – such as rising wages, loss of control, poor communications and employee turnover – are likely applicable to other sectors, There were also some positive reasons for reshoring the jobs, such as government incentives, proximity to customers and impact on domestic economy.

Lenders are onshoring both customer-facing and back-office activities, says Debora Aydelotte, chief operating office of Altavera Mortgage Services, based in the Denver area.

“We’ve seen a real shift in how potential clients speak about their needs,” she says. “Credit unions and even national retail lenders are turning to onshoring for partners that deliver more than just speed and price. There is a focus in 2017 on ‘right fit’ partnerships that emphasize cultural fit and trust.”

Also, the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) affects how the mortgage industry works with some third-party services. According to the HUD website, the SAFE Act is designed to enhance consumer protection and establishes minimum standards for the licensing and registration of state-licensed mortgage loan originators. If an employee that performs work related to mortgage origination is not U.S.-based, that could be tricky for state licensing compliance.

Employers are still doing some offshoring, says King R. White, CEO of location advisory firm Site Selection Group LLC in Dallas.

“There is definitely an overall trend in the industry to where domestic operations are very active, but there is still a shifting of jobs to offshore markets,” he says.

For example, in the Philippines, he says, the attrition rate of employees went from 20% to 30% five years ago to 60% to 70% today.

“That’s causing labor problems,” he says. “That’s what’s driving a lot of companies back to domestic.”

On the other hand, minimum wage increases in the U.S. are causing long-term issues. For example, in Arizona, the minimum wage is set to increase in increments to $12 an hour by 2020.

“Phoenix was a hot bed for call centers,” White says.

White sees a definite desire among companies to move call centers and non-voice, or back office, centers onshore. Still, banks are opening operations in other countries.

“Unless there is some kind of government change that requires it, I just don’t see a ton of companies making the shift to onshore,” he says. “Money is not flowing like crazy right now.”

Nora Caley is a freelance writer based in Denver

The Fastest Path To Activating A New Correspondent Business
Debora Aydelotte

DENVER, Colo., June 01, 2017 - This article originally appeared in the May/June issue of Secondary Marketing Executive

Despite open uncertainty about potential regulatory and monetary policy changes under the new administration, interest in the loan purchase/correspondent investor market remains high. Early this year, credit ratings agency DBRS predicted that 2017 would see a resurgence in the residential mortgage-backed security (RMBS) market, citing the tendency of rising interest rates to drive down refinances and make securitization more financially appealing. In April, data from Standard & Poor’s Global Ratings confirmed that RMBS issuance in the first quarter of 2017 was double that of the same period in 2016.

From Ventana Home Mortgage to GSF Mortgage, nearly a dozen loan aggregators and investors have announced plans to grow or launch a correspondent channel in the last few months. With crisp execution, this business channel should be less expensive, with higher profitability than wholesale and retail branch operations.

One option more and more firms are considering – especially when first entering the purchase market – is hiring a vendor partner to support the entire back-shop functionality.

Outsourcing offers tangible benefits

Outsourcing arrangements have the potential to deliver to investors an array of benefits. First, consider that typical back-shop functions include receiving and indexing document images, conducting pre-purchase review, coordinating the satisfaction of closing conditions, approving and denying purchase notifications, and providing seller performance analytics. Transferring these important but often administrative responsibilities to a vendor frees correspondent investors to focus their efforts on relationships and other critical aspects of the transaction.

Outsourcing also allows investors to take advantage of a variable and contained cost structure. Rather than spending time and money building out infrastructure (identifying space, recruiting and hiring employees, buying equipment, training, etc.), investors can partner with a vendor that’s already fully outfitted. Further, typical outsource contracts use a per-unit pricing model, introducing variability to the cost structure and giving investors peace of mind that resources will remain at full utilization rates.

Timing is key for organizations entering a new business channel, and outsourcing can easily shave months off a firm’s entry timeline. One example of this type of service is our firm’s “correspondent in a box” option, often used by firms activating a new correspondent business. The service offers all of the components needed for sellers to start delivering within a matter of weeks, including a technology platform with optical character recognition technology and exception-based conditioning and rules. Investor loan programs are compiled within the system, and monthly analytics can be used to drive seller scorecards and decision-making.

At a time when seasoned back-office personnel is scarce and at a premium, outsourcing can have recruiting advantages, as well. Expertise in the correspondent channel is a rare commodity that requires knowledge of multiple programs and an understanding of multiple investor approaches. Effective communication with sellers is also critical insofar as back-office staff serve as representatives of their investor clients. Firms often find that a limited supply of these specialty skills in the local talent pool is a real obstacle to standing up a new correspondent investment channel. Fortunately, vendor partners often have access to an employment base that differs from their client firms’ geographical footprint, allowing for quicker identification and hiring of appropriate talent.

Cultivating a close relationship with a trusted vendor team increases the value of the outsourcing arrangement for investors over time. For example, strong vendor relationships might evolve to include assistance with such tasks as upfront counterparty due diligence and risk assessment or even improving the process of organizing and assessing seller application packages to expedite decisions.


Choosing the right vendor partner

The current cycle promises rewards to correspondent investors that can move confidently with the knowledge that their back-shop T’s are crossed and I’s dotted. How, then, should firms go about selecting the right third-party partner?

Before choosing the vendor with which one will entrust his business – or at least his new business channel – it’s critical to first identify what is important to the firm. A thorough understanding of one’s needs should guide the development of one’s request for proposal, as well as one’s evaluation of each vendor’s information or live presentation. Using a standard scorecard approach is a best practice to ensure consistency across all assessments. The scorecard should allow vendor-by-vendor comparison on the following mission critical criteria:

Specialized expertise

  • Does the vendor have experience with correspondent/conduit business processes, flow and responsibilities?
  • Do managers and team members have specific experience with pre-purchase review? and
  • Can the vendor provide client references to support its claims?

Investment in technology

  • Does the vendor use a system specifically designed for due diligence rather than improvising with old technology or spreadsheets?
  • Is the system up to date with critical regulatory developments, such as TILA-RESPA Integrated Disclosure rule comparative analysis?
  • Does the system incorporate a rules engine that integrates investor loan program guidelines? and
  • Can the vendor furnish evidence of its information security certifications, protocols and commitment to ISO standards?

Professional representation

  • Is all work completed by tenured industry experts at a fully SAFE ACT-compliant, onshore location? (The vendor should furnish licensing information as evidence.); and
  • Does the vendor provide its services on a “private label” basis?

Project management support

  • Does the vendor provide a well-organized implementation plan for onboarding your business?
  • Is the plan executed by a dedicated project manager? and
  • How often does the vendor conduct performance reviews to identify and resolve gaps or challenges related to onboarding and/or ongoing performance?
  • Mortgage finance will always be a business of cyclic opportunity that requires successful organizations to think and act with agility. An agile mind set helps companies identify opportunities – such as the promise of today’s purchase market – as they arise. An agile outsourcing partner can help savvy investors translate opportunity into profit by cost-effectively supplying exactly the right expertise at exactly the right time.   

The Future is Female
Debora Aydelotte

DENVER, Colo., May 23, 2017 -  This article originally appeared in the April 2017 issue of The MReport

And male. And a rich mix of races and ages. A brighter future for the mortgage industry, where the leaders are representative of the borrowers they serve, depends on embracing diversity, inclusivity, and pay equity—now.

By Debora Aydelotte

What can you buy for 19 cents? According to the U.S. Bureau of Labor Statistics, in 1979, women made 62 cents for every dollar earned by their male counterparts. By 2015, this had risen to 81 cents for every man-earned dollar. That’s an improvement of just 19 cents
in 36 years. By that pace, women won’t reach pay equity with men until 2033—another 16 years.

That puts us a decade behind the U.K., according to one recent study, and ranks us 20th out of 30 countries in Bank of America Merrill Lynch’s 2015 Transforming World Atlas report. Worse yet, the bureau’s figures may be too generous. More recent data from the Institute for Women’s Policy Research suggests that women in the United States earn only 78.3 cents for every man-earned dollar and won’t achieve pay equity until 2058.

Pay equity for women and underrepresented minorities is closely linked with their level of representation in the workforce, which is one reason 2010’s Dodd-Frank Act included language that encourages federal agencies to assess the diversity policies and practices of the entities they regulate, including banks and mortgage lenders. The correlation between employee pay equity and diversity in a company’s executive ranks is especially strong because executive leaders in general—and chief executives in particular—wield great influence over recruitment, hiring, compensation, and other diversity and inclusion practices within their organizations.

Unfortunately, our progress toward a more diverse executive landscape has been abysmal. In fact, the percentage of female CEOs actually dropped in 2016 compared to the previous year, and it was already incredibly low to begin with.

When it comes to the mortgage industry and other parts of the financial services sector, women and minorities are even more underrepresented. According to the Government Accountability Office, as of 2013, women hold about a quarter of senior management jobs in financial services, and of those women, 86.5 percent are white.

Statistics from the Urban Institute’s Housing Finance Policy Center show that women make more reliable mortgage-holders than men. And according to Fannie Mae, new household formation will be driven chiefly by ethnic and racial minorities in the coming years. How can our industry expect to understand and adapt to the needs of the next generation of homebuyers when our workforce is such a poor reflection of the borrowers we serve?

Over the years, speakers and authors have coached women that they can succeed despite staggering inequities if they would only stand up, speak up, take initiative, lead like a man (or better yet, like a woman), take back their power, know their worth, or just “lean in.” While I believe such guidance is generally well intentioned, it’s simplistic to think that if you’re dissatisfied with your lot, you merely haven’t leaned in enough. These same messages get repackaged over and over, and meanwhile, the progress we’ve made as a society remains woefully quantifiable: just 19 cents in 36 years.

Findings from a November 2014 Pew Research survey may explain why so few women are CEOS. According to the study, most people recognize that men and women make equally good leaders (though stigmas persist around certain industries), and many respondents even believe that having more women leaders would benefit the businesses they serve and society at large. Yet, according to a January 2015 Fortune article, “corporate America still isn’t ready” to hire women for top executive positions: “Even in 2014, some 50 percent of women and 35 percent of men agree that many businesses aren’t ready to hire women for top executive positions.” And so the underrepresentation continues.

Survey findings like these clearly convey a problem that “leaning in” can’t solve: There is resistance by those in powerful positions to promote women. Yes, women need to persist in their determination, but you can’t get through the door if it’s being held shut from the other side.

In other words, it’s not that women aren’t ready for leadership roles; it’s that many of today’s companies and CEOs need to shift their thinking. We are asking the wrong question when we entreat women to look within themselves for the answers. Instead, we should be asking companies and executives what steps they are taking to get ready for greater inclusion.

Those in positions of power— company executives, board members, and those who sit on hiring and risk committees—must make a conscious decision to act differently. If they choose to do it, these leaders can accelerate pay equity, exert enormous influence over hiring, and insist on diversity in their executive teams. Their actions or inactions will shape the focus and
success of their companies and industries for years to come.

Below is a primer CEOs can use to open the door to a more inclusive work place—starting today.

Developing an Inclusive Executive Team

GET READY: Get over it—and get on board.

The typical CEO exhibits business acumen, leadership skills, and a preference for action rather than inaction. Executives set clear goals and expect people to exceed them. So why all the hand-wringing and foot-dragging when it comes to tackling diversity and inclusion in the organization? Of all the complex decisions CEOs make on a daily basis, this has to be one of the easiest. Inclusivity is not complicated; it simply requires commitment and a plan. The following actions can be set into motion today and, with focus, can be completed within a matter of weeks.

STEP 1: Understand Your Baseline (Two Weeks)

Start with a current-state assessment. Give your human resources (HR) executive two weeks to provide detailed data describing your firm’s current diversity position. Does your company reflect the population it serves? When you compare hires made in the last year to your overall employee population, do you find you’re trending toward greater diversity or greater uniformity? How big are the pay gaps between men and women and between white employees and underrepresented minorities?

It’s time to get real and identify your top concerns and priorities without making excuses. A critical look at the data will help you identify where the problems lie. Perhaps your biggest diversity and pay equity challenges occur within certain job levels, geographies, locations, or positions, or they may happen under the watch of a particular hiring manager. A plan can be built to address any of these issues; however, if your company is like many of the organizations I’ve worked with over the years, there’s a good chance your most egregious diversity and pay disparities center around your management and executive leadership teams. Let’s talk about how to address that.

STEP 2: Assemble a Plan with Measurable Goals (Two Weeks)

Thank your HR executive for casting light on the diversity and pay equity issues within the organization—without pointing fingers. Like any other corporate function, HR takes its cues from executive leadership. Instead of blaming your HR leader for failing to make diversity and inclusion a priority in the past, solicit his or her commitment to help you make it a priority going forward. Communicate why diversity and inclusion are goals for your firm and part of the culture you want to build, and describe the role you expect HR to play in that effort.

Then ask your HR and recruiting executives to propose a plan for identifying, recruiting, and promoting diverse management and executive candidates. The plan should include HR’s
recommendations for specific goals against which progress can be measured at regular intervals over the next six to 12 months. These goals might range from assessing a larger, more diverse candidate pool when filling new executive positions to redesigning career paths within your firm to ensure equal access to executive leadership opportunities.

HR has two weeks to develop the plan and present it to you. Don’t let it wither on your desk; schedule a working session to review HR’s recommendations, make any necessary adjustments, and reach consensus. Don’t put it off for the next budget or performance management cycle—the time to engage is now. Communicate with your management team, encourage their input, and adjust where needed. The plan doesn’t have to be perfect
to be executable. You can—and should—revisit the plan every six to 12 months to make any necessary adjustments.

STEP 3: Hold Everybody, Including Yourself, Accountable (Ongoing)

Don’t stop with your implementation plan. Build diversity and inclusion goals into performance plans for executives and managers, and assign a weight to these goals that reinforces the criticality of creating a diverse and inclusive environment. Add diversity and inclusion objectives to the charters of your hiring and risk committees. Ask the board of directors to help ensure you set and reach your goals. Demand regular and active reporting of results. Make the topic a frequent point of conversation.

STEP 4: Assess and Course-Correct as Needed (Every Six Months)

One of the goals of a diversity and inclusion program is to recruit diverse candidates reflective of our national composition. Doing so has many documented benefits, from reduced turnover to greater innovation. Companies that recruit from a diverse set of potential employees are more likely to hire the best and the brightest in the labor market and position themselves
to capture a greater share of the consumer market.

In other words, inclusivity is closely related to business success, so if your fledgling diversity and inclusion program is not meeting its goals, your business may not be living up to its potential either. If you’re not seeing the results you expect six months in, consider the following possibilities:

You’re not walking the talk. If your diversity and inclusion activities are chiefly designed to make your company and its leaders feel good or look good, they’re unlikely to achieve tangible results.

Litmus test: Are your diversity and inclusion activities and communications designed to engage line-level employees rather than managers or leaders? Is management involvement limited to handing out awards or participating in other occasional photo ops? Have you made changes to actual policies and practices? Successful change requires more than a publicity stunt.

You’re not holding people accountable. Nothing to measure means no accountability, and no accountability means no action. Revisit both the goals and the accountability plan you set when you started and modify as needed.

Litmus test: When is the last time your HR executive provided a progress report comparing today’s workforce, including management and executive teams, with the one you had six months ago? When is the last time you gave your board of directors a status update? Sweeping lackluster progress under the rug may spare you a few minutes of discomfort in a board meeting, but it won’t do anything to help you move closer to your goals.

You’re targeting the wrong results. Often, companies get fixated on correcting a particular department or job description where women and minorities are especially underrepresented. While I applaud these focused efforts, I can’t emphasize enough the trickle-down benefits of building a more diverse executive leadership team. It’s the most effective way to fast track your company’s diversity and inclusion efforts.

Litmus test: How has the composition of your management and executive teams evolved? Open your firm’s web- site and go to the page that showcases your leadership team. Does it look diverse? This may be a wholly unscientific way of judging diversity, but
it is what you’re presenting to clients, potential job candidates, your industry, and your community. Be honest with yourself: What do you see?

Achieving a diverse and inclusive workplace can be complex, but getting started is not. Too often, we hide behind excuses and create artificial challenges. By taking simple steps today, CEOs can make real progress and feel good about passing the baton to their successors—who, with any luck, may not look anything like themselves.

DEBORA AYDELOTTE has helped shape diversity and inclusion programs for national and global firms both in the United States and abroad—including Germany, India, and the U.K.—over the course of a decades-long career as an executive and advisor in the mortgage, banking, and fintech industries.

Dear CEO: If You're Not Uncomfortable, You're Probably Not Making Progress
Debora Aydelotte

DENVER, Colo., April 18, 2017 - When it comes to diversity and inclusion initiatives, discomfort is a leading indicator of progress.

In a 2016 interview, Mortgage Bankers Association Chairman (then Chairman-Elect) Rodrigo Lopez, CMB, described diversity and inclusion as "a business imperative" for the real estate finance industry--and leaders across the sector have begun to heed his words.

Encouraged by initiatives such as the MBA Summit on Diversity and Inclusion (held in Washington, D.C., last November) and propelled by demographics that point to a diverse future home buying population, mortgage industry executives are increasingly making the decision to tackle diversity and inclusion in their own organizations.

They've chartered committees with participants from a variety of departments. They've begun receiving regular activity updates from human resources. They've announced their good intentions to their boards of directors and perhaps added a paragraph on diversity and inclusion to their websites or annual reports.

It feels like real progress, and these executives should be applauded for their efforts--but they should know they've only just begun. Monumental as it may feel, getting started is the easy part. The real work begins when companies start aligning activities to move the needle on concrete diversity and inclusion goals.

The question CEOs should ask themselves is, "Am I feeling uncomfortable yet?" If not, it's likely they're using the diversity and inclusion platform as a way to promote feel-good activities rather than digging deep to address the core issues.

In my experience, there are three distinct stages of a successful diversity and inclusion program, and discomfort is the hallmark of the transitional middle stage:

Stage 1: Building Momentum
In this stage, a small budget is set, a committee is formed and a calendar of events is developed. Internal activities focus primarily on line-level employees and their direct supervisors. Executive involvement is limited to token appearances, such as judging employee competitions or distributing occasional awards. External events are chiefly philanthropic in nature, like participating in a fundraising walk or day of service. These activities are a good fit for the corporate culture, and employees seem to enjoy them.

Stage 2: Asking Tough Questions
This is the stage where someone asks whether efforts have directly addressed or improved the company's diversity and inclusion challenges as identified through employee surveys or in HR reporting. Usually, the answer is "no" or "not sufficiently." The timing of this realization can vary depending on what's being measured (e.g., recruitment, diversity at various job levels, advancement). It's a critical inflection point for the CEO, who must decide whether to dig deep and get uncomfortable or continue with the "feel good" activities already in place.

For most CEOs, this is not a particularly pleasant stage--but it's a productive one.

As the MIT Leadership Center's Hal Gregersen observes in the latest issue of Harvard Business Review, "The process of discovery almost always takes you outside the zone where you feel competent and in control"--something many CEOs have not experienced since early in their careers. Yet, Gregersen says, this very discomfort has the beneficial effect of putting CEOs into an "alert mode" where the struggle to find their bearings makes them extra inquisitive and receptive to new ideas and information. Uncomfortable CEOs tend to ask more questions and gather more opinions and information before making decisive moves.

Stage 3: Turning Discomfort into Action
In this stage, companies pave the path to real diversity and inclusion by challenging the status quo and getting to the heart of issues. CEOs will be challenged to make decisions for the good of the firm, putting themselves aside.

If data show managers are failing to meet recruiting and hiring goals, the CEO must take action. If evidence suggests the HR and recruiting teams are not up to the task, it's time for change. If survey feedback shows employees are questioning whether minorities are receiving fair opportunities--or, conversely, disparaging the company's focus on hiring and promoting minorities--it's got to be addressed. Perhaps most importantly, when CEOS have openings on their own executive leadership teams, they need to walk the talk of inclusivity by opening the opportunity to all qualified candidates.

Make Planned Obsolescence a Goal
My advice for diversity and inclusion committees is that they aim to one day make themselves obsolete. By embracing discomfort as a means of achieving meaningful change, companies will gradually progress beyond mere feel-good activities to develop a culture where diversity and inclusion are inherent considerations in every decision.

(Views expressed in this article do not necessarily reflect policy of the Mortgage Bankers Association, nor does it connote an endorsement of a specific company, product or service. MBA Insights welcomes your submissions. Inquiries can be sent to Mike Sorohan, editor, at msorohan@mba.org.)

S&P Approves Altavera for Residential Mortgage-Backed Securities Due Diligence

DENVER, Colo., March 14, 2017 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), a Computershare company and leading provider of outsourced residential mortgage origination services, has been approved by Standard & Poor’s Global Ratings (S&P) as a third-party due diligence provider for U.S. residential mortgage-backed securities (RMBS) rated by that agency.


When assessing third-party due diligence firms like Altavera, S&P uses a systematic methodology and rigorous criteria that encompass mortgage loan data quality, compliance with originator underwriting guidelines, property valuation and regulatory compliance. Altavera joins fewer than a dozen organizations currently included in S&P’s list of reviewed third-party due diligence firms that meet these criteria.

Altavera provides investors and correspondent aggregators with a full range of closed-loan file review services for agency and non-QM residential mortgages, including validation of product acceptability to investor guidelines, credit decision and supporting documentation, QM/ATR requirements, regulatory compliance, property valuation and closing documentation. The company’s due diligence business is led by thirty-plus-year mortgage operations veteran Jennifer Fountain.

“Our goal is to provide buyers and sellers of mortgage loans with confidence in the value of their collateral through extensive, yet cost-efficient analysis performed by a team of seasoned experts,” said Fountain. “S&P’s recognition of Altavera as a reviewed due diligence provider for RMBS is a vote of confidence in our ability to help investors make informed decisions.”

“Altavera’s clients are demanding greater transparency than ever when it comes to loan data and documentation, and that expectation will only intensify when appetite for private-label securities returns,” said Altavera President Brian Simons. “Our deep experience and customized approach sheds light on loan quality and consistency and help investors mitigate risk and expense.”

S&P frequently relies on due diligence performed by reviewed third-party firms in addition to its own analysis when assigning ratings for new U.S. RMBS transactions because, according to its website, the credit rating agency “believes that using third-party due diligence results in its ratings analysis will increase transparency and strengthen the rating process.”

“Altavera’s inclusion in S&P’s exclusive list of reviewed RMBS due diligence firms is exactly the kind of achievement we expected when we decided to invest in the firm,” said Nick Oldfield, CEO of Computershare Loan Services, the umbrella brand for all of Computershare’s mortgage servicing businesses. “It’s also a natural complement to the clean sweep of high S&P, Fitch and Moody’s ratings earned by Specialied Loan Servicing (SLS) and Computershare’s UK mortgage servicing businesses.”

Altavera Expands Mortgage Fulfillment Operations To 10 New States

DENVER, Colo., March 8, 2017 - Altavera Mortgage Services (Altavera), a provider of outsourced residential mortgage origination services, reports that it has received residential mortgage licensing approval in 10 new states.

That means the firm is now licensed in 36 states.

The new states where Altavera’s origination services are now available include Arkansas, Connecticut, Illinois, Iowa, Kansas, Minnesota, Mississippi, Oklahoma, South Carolina and the District of Columbia.

The news follows Computershare’s acquisition of Altavera in May 2016 and Altavera’s January 2017 announcement that it would expand licensing to several additional states to meet growing demand for its private-label mortgage services.

Altavera’s customizable, fully SAFE Act-compliant fulfillment solutions include processing and underwriting of conforming, jumbo and non-qualified mortgage loans.

The company also specializes in closed-loan file review for a variety of loan types.

“Federal and state laws are abundantly clear: Third parties involved in residential mortgage loan fulfillment, which includes contract processing and underwriting, must be licensed to provide those services,” says Brian Simons, president of Altavera, in a release. “At Altavera, we do not take lightly these legal obligations.”

Simons points out that Altavera employs a team of regulatory experts to ensure the company remains compliant.

Altavera President Brian Simons to Speak on Risk and Reward of Non-QM Lending  

COMPANY ANNOUNCEMENT

DENVER, Colo., February 17, 2017 - Altavera Mortgage Services (Altavera), a leading provider of outsourced residential mortgage origination services, today announced company President and Founder Brian Simons will be a featured speaker at the Capital Markets Cooperative (CMC) annual Be Connected Summit held March 5–8, 2017, on Amelia Island, Florida. Simons will join other mortgage experts in a panel discussion designed to debunk common misconceptions about non-Qualified Mortgage (non-QM) lending.

The session will be of particular value to lenders and investors assessing the potential of this unique market segment. While not inherently high-risk, non-QM loans do not meet the standards of a Qualified Mortgage as established by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Often misunderstood by originators and buyers alike, non-QM loans play an important role in addressing the needs of a wide spectrum of homebuyers, from non-prime borrowers to the very wealthy. 

Altavera saw a sharp increase in demand for its non-QM services in 2016. According to Simons, it’s an area of lending that’s poised for continued growth in 2017.

“Altavera has experienced a substantial increase in demand for non-QM underwriting and servicing in the past year, and we expect that to continue,” Simons said. His company provides U.S.-based outsourcing of mortgage back-office services, including processing and underwriting of non-QM and other loan types. 

Simons will be joined on the non-QM lending panel by Larry Platt of Mayer Brown; Will Fisher of Citadel Servicing, Inc.; and Darin Judis of BofI Federal Bank. The Be Connected Summit is open to current and prospective members of CMC and invited guests. For more information, visit https://www.capmkts.org/summit/.

Altavera to Expand Operations Following Record Year

DENVER, Colo., February 8, 2017 - Altavera Mortgage Services has announced its plans for expansion in 2017.

“Altavera experienced rapid growth throughout 2016 despite the challenges of a dynamic regulatory environment,” said Altavera Founder and President Brian Simons. “We responded to the increased business volume by augmenting our staff, including our leadership team, and adding new services to address the evolving needs of our clients. We will continue to expand our SAFE Act-compliant outsourced mortgage services in 2017 by obtaining licensing in even more states.”

The Denver-based company, which celebrated its fourth anniversary in October, expanded its staff by 70 percent in the last 12 months. The firm was acquired by Australian financial services company Computershare Limited in May.

“Our closed-loan file review service has remained in high demand since its launch in Q3 of 2016,” said Debora Aydelotte, Altavera’s chief operating officer. “Overall, we’ve seen a 142 percent increase in volume, so post-close due diligence will continue to be an area of focus for Altavera in 2017. We also expect lender interest in Altavera’s non-Qualified Mortgage fulfillment services will continue growing, fueled by the expected changes in the regulatory environment in 2017. Additionally, we anticipate that strong home values will keep HELOC originations on the forefront for Altavera and our lender clients.”

Altavera plans to expand licensing to several additional states in early 2017 to meet growing demand for private-label mortgage loan fulfillment solutions. Currently licensed in 34 states, Altavera is a fully SAFE Act-compliant loan fulfillment partner offering both comprehensive and component-based fulfillment solutions, including customized non-Qualified Mortgage services. Altavera service delivery is structured to meet each client’s specific needs for loan processing, underwriting, losing and funding.

MBA Diversity & Inclusion Summit: First Step in Worthwhile Journey
Brian Simons

DENVER, Colo., February 1, 2017 - In November, the Mortgage Bankers Association (MBA) held its first-ever Summit on Diversity and Inclusion in Washington, DC. The two-day event brought together dozens of industry leaders for a series of in-depth discussions and action planning around promoting inclusive practices in the mortgage industry.

I was honored to participate as a speaker in the “Leading by Example” panel along with MBA Chairman-Elect David Motley, Patty Arvielo of New American Funding, Byron Boston of Dynex Capital and Niki Scott of SunTrust Mortgage.

I feel passionately that the way to build a successful business is through diversity. Mortgage companies with diverse workforces benefit from the varied experiences, skill sets, competencies and viewpoints of their employees and are often better equipped than their counterparts to understand and serve the needs of an increasingly diverse consumer base.

I was pleased to share the story of Altavera’s diversity and inclusion journey with an audience of industry executives and decision makers. Since Altavera’s founding in 2013, we have sought to create a diverse, inclusive and women-led culture with a special focus on the proactive cultivation of leadership opportunities for women and the removal of traditional barriers to women’s advancement, such as the typical career deceleration experienced by those who play the dual roles of employee and mother/caregiver.

For example, we offer full benefits to domestic/civil partners and an adaptive work culture that doesn’t merely offer remote work (i.e., work from home) opportunities, but also offers flexible scheduling options that allow employees to succeed wherever and whenever they work. To equip and prepare personnel for steadily advancing leadership roles, Altavera provides a six-month management and leadership development program with more than 150 courses, which helps us grow a diverse leadership team from within. 

Altavera is characterized by a “lead by example” mindset. To that end, we have engaged employee demographic analytics, salary comparisons and recruitment strategies to ensure our diversity intentions are fully institutionalized, tracked and accountable. Success metrics are keyed to achieving at least 50% women both across staff and in leadership while sustaining overall diversity that tracks with state and national racial demographics. A critical element of Altavera’s diversity and inclusion commitment has been our crusade to close the gender wage gap through mission-focused measurement and decision-making. Its success is borne out in Altavera’s diversity and compensation achievements, including:

  • Altavera’s management team is 80% female
  • Companywide, Altavera is 85% female
  • Companywide, Altavera’s is 35% non-white
  • Altavera has achieved complete wage parity throughout the firm

My single reservation to an otherwise glowing review of the MBA’s inaugural Diversity and Inclusion Summit would be that, at times, it seemed we were preaching to the choir. The speakers were top-notch, and the discussions were engaging — but by and large, the event’s attendees are already leading the charge with their progressive diversity decisions.

When I shared this observation with Altavera Chief Operating Officer Debora Aydelotte, she agreed that our industry should broaden its outreach and education efforts, noting, “We need to engage those companies that need help developing diversity policies and bring them together with those who have blazed the trail.”

That’s the sign of an idea whose time has come: the need to persuade has been replaced by the need to evangelize. In this case, our industry has correctly identified diversity as the key to seizing its opportunities and overcoming its threats. Having assembled a group of leaders and given voice to our convictions, it is now time to share the benefits of our experience with our peers. That will be our calling for 2017.

Credit Unions Increase Use of Outsourced Mortgage Services by 30 Percent in Q3, According to Altavera Mortgage Services

DENVER, Colo., Dec. 7, 2016 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), a leading provider of SAFE Act-compliant outsourced residential mortgage origination services, reported a 30 percent increase in credit union demand for its outsourced mortgage origination services in the third quarter of 2016 compared with the previous quarter. The uptick in demand for outsourced services is linked to growing regulatory compliance costs and an overall increase in origination volume among credit unions.


“Reports early this year indicated that the credit union market was experiencing atypical growth, and our own observations confirm it,” said Altavera chief operating officer Debora Aydelotte. “Increasingly, medium-to-large-sized credit unions are choosing Altavera as their outsource partner because we can deliver the service excellence required to meet member commitments while significantly reducing the burden of growing origination workloads.”

According to a September Credit Union Trends Report by CUNA Mutual Group, credit unions experienced a 3.3 percent year-over-year increase in first-mortgage originations and a 20 percent year-over-year increase in home-equity loans and second mortgages during the first half of 2016.

Ent Credit Union, the largest Colorado-based credit union and a mortgage lender since the 1980s, turned to U.S.-based Altavera for outsourced assistance in managing some of its record-breaking 2016 first mortgage volume.

“Ent has been active in mortgage lending for decades. Having just come off a record Q3, we anticipate record volume for 2016 and robust demand for mortgages into the foreseeable future,” said Ent Credit Union senior vice president and chief lending officer Jon Paukovich. “We are fortunate to be able to invest in growing and training our in-house staff to handle most of our operations, but with the kind of growth we’ve been undergoing, the option to outsource through Altavera is helpful. Mortgage talent is in high demand and can be very expensive.”

Altavera is part of the Loan Services business unit of Computershare (ASX: CPU). Its sister company Capital Markets Cooperative (CMC), a provider of capital markets solutions to mortgage lenders, also serves credit union mortgage lending operations with its mandatory delivery and hedging advisory services.

“The credit union model is built on member trust, which drives a conservative approach to the mortgage business,” said Capital Markets Cooperative executive vice president Jeff Harry. “Still, credit unions are receptive to outsourcing when they feel it gives them an advantage around safety and soundness or when certain capabilities just aren’t available internally. Just as our credit union partners rely on CMC’s expertise in hedging analytics, more and more credit unions are turning to Altavera for SAFE Act-compliant mortgage loan fulfillment.”

Altavera expects the upward trend in credit union business to continue over the next 12 months and is preparing to dedicate further resources to this sector of the market.

About Altavera

Based in Denver, Colorado, Altavera provides private-label loan fulfillment services to residential mortgage originators. Altavera’s SAFE Act-compliant staff of seasoned, U.S.-based specialists helps clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. The firm’s service delivery is structured to meet each client’s specific needs for loan processing, underwriting, closing and funding.

For more information, visit http://www.altavera.com/.

About Computershare Limited

Computershare (ASX: CPU) is a global market leader in transfer agency and share registration, employee equity plans, mortgage servicing, proxy solicitation and stakeholder communications. We also specialize in corporate trust, bankruptcy, class action and utility administration, and a range of other diversified financial and governance services.

Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world’s leading organizations use us to streamline and maximize the value of relationships with their investors, employees, creditors and customers. Computershare is represented in all major financial markets and has over 16,000 employees worldwide.

For more information, visit https://www.computershare.com/.

About Computershare Loan Services (CLS)

Computershare Loan Services (CLS) is a leading international third-party mortgage servicing business, currently administering over $100 billion of assets. We continue to invest in technology and servicing enhancements globally and in mortgage servicing rights across the USA. We help mortgage lenders optimize the performance of their portfolios and support hundreds of thousands of borrowers throughout the lifecycle of every loan. Our expertise, experience and understanding of large volumes of complex financial data also help us provide insight and services to mortgage providers, investors and real estate professionals.

News Source: Altavera Mortgage Services LLC

To view the original post, visit: https://www.send2press.com/wire/credit-unions-increase-use-of-outsourced-mortgage-services-by-30-percent-in-q3-according-to-altavera-mortgage-services/.

This press release was issued by Send2Press® Newswire on behalf of the news source, who is solely responsible for its accuracy. www.send2press.com.

Will Trump Gut Dodd-Frank Dissolve The CFPB?

This article originally appeared in MortgageOrb on November 22, 2016

It has been two weeks since Donald Trump won the election, and already, we are getting some glimpses into how his presidency might impact the mortgage industry.

First off, mortgage rates took a nice jump, with the average rate for a 30-year, fixed-rate mortgage increasing to nearly 4.0% in the week following the election for the first time since July 2015. This was due mainly to a bond sell-off in response to the president-elect’s stated goals to lower taxes, dial back regulation and make massive infrastructure investments. Investors know that a growing economy fueled by government spending can trigger higher inflation. As bond prices fell from the sell-off, yields rose, leading to higher mortgage rates. As a result of the rate hike, the industry is seeing lower application volume – especially for refinances. Meanwhile, the Federal Reserve has given its strongest indication yet that it will vote to raise short-term rates in December.

Regardless of what happens with mortgage rates in 2017, President-Elect Trump’s political appointments (Ben Carson for secretary of the Department of Housing and Urban Development? Rep. Jeb Hensarling as secretary of the Treasury?) and the policies that are enacted under his administration will, no doubt, reshape the mortgage market to a degree. But, will Trump follow through on his pledge to dismantle the Dodd-Frank Act, which could result in the dissolution of the Consumer Financial Protection Bureau (CFPB) and a major rollback of the many onerous regulations placed on the mortgage industry during the past eight years?

Trump is already being seen as back-peddling on some of his campaign promises (e.g., he has indicated that he may decide to keep parts of Obamacare intact), leaving many in the industry wondering, will he follow through with his plans? Will he abolish the CFPB or keep it intact? Will he seek to redefine the role of the Federal Housing Administration? Will he return Fannie Mae and Freddie Mac to the private sector?

With the Republicans in full control of the House and Senate, it will be interesting to see just how far this administration will go to reduce the government’s footprint in the mortgage market. It will also be interesting to see how quickly these things happen. Needless to say, Trump will have a very full plate of things to accomplish once he takes the Oval Office in January, so whether housing is really a priority remains to be seen.

MortgageOrb recently polled experts from across the industry to get their views on how a Trump presidency might impact the mortgage market. Participating in this second helping of emailed responses (the first round can be accessed here) are Jonathan Payne, operations manager at American Financing Corp.; Brian Koss, executive vice president of Mortgage Network Inc.; Rick Sharga, chief marketing officer at Ten-X; Debora Aydelotte, chief operating officer for Altavera Mortgage Services; Jeff Bode, CEO and president of Mid America Mortgage; and Michael Cremata, senior counsel and director of compliance for ClosingCorp.

Q: According to President-Elect Trump’s website, “Great Again” (www.greatagain.gov), Trump plans to dismantle Dodd-Frank, which gave birth to the CFPB. It states that the “Financial Services Policy Implementation team will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” In your opinion, how likely is it that Trump will completely replace the act as opposed to keeping certain sections of it intact?

Payne: I am not sure it will totally go away altogether. It is likely that a part of the Dodd-Frank Act will get redistributed into other areas such as TILA and RESPA. This will allow them to decide what part of the act was helpful, as well as what parts they feel were harmful, to consumers.

Koss: There are too many positive pieces to the Dodd-Frank Act and too many champions of the act still left in Congress to gut it. In order to get a bill through quickly, a compromise like Rep. Hensarling’s bill proposing to revamp Dodd-Frank would be smart.

Sharga: It’s much, much easier to amend a piece of legislation than it is to repeal it – especially one as unwieldy as the Dodd-Frank Act – so it’s more likely that we’ll see a lot of the law rewritten rather than the entire act replaced. That said, President-Elect Trump is on record blaming Dodd-Frank not just for causing the mortgage industry to seize up, but also for strangling credit availability for small and midsize businesses across the country. So, if he’s going to take aim at replacing any law, it’s likely to be this one.

Aydelotte: Repealing the act in total would be very difficult, as Dodd-Frank covers a complex, multifaceted edict. For example, the act reassigned responsibilities from certain regulators to the CFPB – such as the FDIC, the OTC and the Federal Reserve. Rolling such changes back would be considerable. Additionally, some portions within the act are now relied upon to analyze individual bank and system stability, such as stress testing and the required establishment of living wills. This will be a section-by-section review, likely taking into consideration some of the proposals offered up over the past few years by both bipartisan and non-bipartisan groups (e.g., Rep. Hensarling’s bill).

Bode: I think Trump is already walking a lot of his promises back. I do think that regulations will take a hit under Trump. I think a lot of the rollback will be dependent upon the Senate filibuster rules. If the Democrats can block the repeal of Dodd-Frank, then Trump will weaken the enforcement substantially.

Cremata: It seems unlikely Trump will replace Dodd-Frank completely. Given the current makeup of the Senate, he would not have the votes to do so even if he wanted to – that is, unless Republicans were to pursue the so-called “nuclear option” of abolishing the filibuster, but I don’t think anyone realistically expects that to happen.

Q: What do you think any new legislation replacing Dodd-Frank might look like – and what impact do you think this will have on the mortgage industry? What would a major rollback of the current regulations do to the industry in terms of operations?

Payne: You will see the lenders start to come back with programs they feel there is a niche for in the market. This could include stated income loans for the high credit score/low loan-to-value customer. This would allow a lot of people who are self-employed to be able to refinance for the first time in nearly a decade and could start another “refi boom.”

Sharga: Trump has talked about having two major objectives in replacing Dodd-Frank. First, do what the law was originally intended to do, and eliminate (or at least mitigate) the “too-big-to-fail” scenario that the country faced in 2008. The current act really doesn’t do that and has effectively created a system with so many burdens that it has, instead, created a “too-small-to-survive” environment that has forced many smaller banks to exit the lending space. Trump’s plans call for guidelines that ensure adequate capitalization and severe penalties for malfeasance. The second part of his plan is to create a regulatory environment that makes it feasible for smaller lenders such as community banks to reenter the market without crushing compliance costs or the kind of regulatory and litigation risk that could put them out of business. If the law is changed, I can’t imagine the current litigation structure – in which a borrower who defaults on a loan can sue the lender – will survive. It also seems likely that a Trump administration would want some clear guidelines about buybacks so that lenders don’t feel the need to be so extraordinarily risk-averse about every loan. And it also seems likely that there might be an agreement on national default servicing guidelines, or, at least, a way to minimize the current conflicts that servicers face between federal, state, government-sponsored enterprise (GSE) and CFPB rules. Overall, I think a less rigid, burdensome regulatory environment – and more regulatory certainty – would make more credit more readily available to the average borrower, which would have the effect of “priming the pump” for the entire housing industry.

Bode: Many of the consumer protections that were put into place will probably stick, but letting banks invest as they want will probably be loosened. I doubt that the Republicans will focus on “too big to fail.”

Cremata: If there is any new legislation replacing Dodd-Frank, it could look a lot like the Financial CHOICE Act, which recently passed the House Financial Services Committee but received zero Democratic support. Republicans will likely need to modify the act in certain respects to get past a Democratic filibuster in the Senate (again, barring the nuclear option), but I suspect some version of it will ultimately get passed. The author of the bill, Rep. Hensarling, is close with Vice President-Elect Mike Pence, has traveled with the Trump campaign, and has even been rumored to be on the short list for Treasury secretary (although, most are now expecting that post to go to Steven Mnuchin), so that may be the direction the Trump administration is headed. A major rollback of current regulations could have a significant impact on the industry in terms of operations, but that’s part of the reason why I don’t expect it to happen. There has been so much regulatory turmoil in the financial services industry over the past several years that I think even banks and lenders wouldn’t welcome a massive overhaul at this point. What the industry is craving more than anything at this point is certainty and stability.

Q: What do you think replacing Dodd-Frank means for the future of the CFPB? Do you think the bureau will end up being abolished? Or will it live on in another form?

Payne: There still needs to be some sort of consumer protection out there. I think the industry has learned that over the last few years with the billions that have been returned to consumers from lenders. I am sure they will keep some form of the CFPB alive in some way.

Koss: The CFPB isn’t going away. It will just look more like other agencies, with some check and balance. More importantly, there will hopefully be more clarification as to how to meet the regulations. Like Dodd-Frank, there are good aspects of having a strong presence to regulate the industry. You just want clarity so that all firms will follow the rules the same way.

Sharga: Because the CFPB was created by a mandate within Dodd-Frank, it’s possible that if the law is repealed, the regulator could be eliminated, as well. It seems more likely that the bureau will survive but with a different management structure (a committee rather than an executive director), congressional oversight and budgeting, and probably more of a focus on policy than on enforcement actions.

Aydelotte: The CFPB has assumed regulatory responsibilities from several other bodies (such as the FDIC), making it difficult to summarily abolish. More likely, it will change over time, in line with changes to Dodd-Frank. The current director’s term expires in 2018; however, the president may consider a change prior to that. Look for the promotion of a junior-ranking politician with an alignment to Republican banking committee ethos.

Bode: I think the CFPB will continue, but its power will be diminished.

Cremata: I think the CFPB will live on but with less power, more oversight and a more measured enforcement approach. Director Richard Cordray will probably be replaced at some point with a bipartisan commission, as is contemplated in the proposed Financial CHOICE Act and has been called for by Republicans since the bureau’s inception. Key parts of the Financial CHOICE Act also include making the bureau subject to Congressional oversight and appropriations, repealing the Chevron deference doctrine (which forces courts to provide deference to agencies’ interpretations of statutes), and restoring notice and comment rulemaking. Although it’s hard to say which elements of the act will ultimately make it past the Senate, these issues have been among the most frequent subjects of Republican – and industry – criticism around Dodd-Frank, so I would expect them to remain in any reform bill passed by Congress.

Q: How quickly do you think these changes might come about?

Payne: It will probably take one to two years to totally take effect, but we will likely begin to see changes by the end of 2017.

Sharga: It seems like the Trump transition team, along with the Republicans in the House and Senate, is already talking about this, so I’d be surprised if this isn’t on the “First 100 Days” agenda. Pushing massive reforms – or repealing a major piece of legislation – could take a few months. But I suspect that, along with the Affordable Care Act and tax reforms, this will be pretty high on the new president’s agenda.

Aydelotte: Clearly, the industry and markets prefer policy certainty. Until there is more consistent policy rhetoric and evidence from the newly established White House and Senate/House, confidence will be cautious. Stronger investment may bide time, awaiting more concrete indicators.

Bode: Attempts will be made in the first 100 days.

Cremata: It depends on how willing Senate Republicans and Democrats are to work together. If they can find some common ground and agree on a modified version of the Financial CHOICE Act, then the changes could come very quickly. However, if both sides dig in their heels and the Republicans come up against a filibuster, then it could be a very long time before we see any significant changes to Dodd-Frank.

Q: Will this lead to a major loosening of credit standards and the return of riskier lending, as some have predicted? (What of the investors?)

Payne: There will be a few looser standards after the change. I am sure we will not see things go back to how they were pre-2008 with the 580 credit score, no-doc programs. People are wise to what happened with the junk bond mortgage loans, thanks to movies like “The Big Short.” They will have to find balance between what loans consumers need and what investors are willing to buy on the back end. I feel investors are going to take the “dip your toe in” approach as opposed to just jumping into new programs.

Koss: If Dodd-Frank gets repealed or RESPA is changed, of course there would be widespread changes, many of which would be bad for our industry if there is no model to replace them.

Sharga: I’m hopeful that lenders (and the investors who funded them) learned their lessons during the last boom-and-bust cycle – and that we’ll keep basic regulations in place to help ensure that credit doesn’t get as ridiculously loose as it was in the early 2000s. Remember that the industry had already adjusted to much stricter standards before the CFPB put its qualified mortgage (QM) rules in place – those rules essentially codified what the market was already doing. There’s also no secondary market for the kinds of toxic loans that were written during the last housing boom, and I doubt too many lenders will be interested in keeping those kinds of loans in portfolio. What should happen – what I hope will happen – is that lenders will, once again, be able to price loans appropriately to reflect risk and that the millions of creditworthy borrowers who would normally have qualified for loans before QM will be able to qualify again.

Bode: Ultimately, yes, but not in the short run.

Cremata: Most of the talk from Trump’s camp has been around reining in regulatory overreach and eliminating certain overly burdensome regulations, especially those that disadvantage community banks and credit unions. It would be highly unpopular, politically, if they were to loosen credit standards to the extent of ushering back the kind of risky lending that led to the 2008 collapse. I don’t hear anyone calling for that.

Q: In what other ways do you see a Trump presidency potentially reshaping the housing and mortgage markets?

Payne: I don’t feel it’s going to “reshape” the mortgage or housing markets. You have to remember, a lot of laws have been put in place on a state level, so those will not change. I feel that Trump will listen to what people want and does not want to rock the boat too much in this area.

Koss: Clarity that brings back the securities market and uniting the GSEs are big issues that could be reshaped in a Trump administration.

Sharga: Making credit available again will go a long way toward reshaping the mortgage and housing markets. But the biggest, single impact a Trump presidency can have on housing is the creation of more higher-paying jobs. The kind of infrastructure rebuilding project President-Elect Trump has been talking about would create a massive number of construction jobs and fuel manufacturing and service industry jobs, as well. Those are the kinds of jobs that typically lead to housing demand, which, in turn, should drive home building back to healthier levels, creating even more jobs. If Trump’s economic plans are half as successful as he hopes they’ll be, the housing market will soar.

Aydelotte: Very critical to the housing market I would further watch, both short and long term, are board of governor appointments. There are currently two vacancies on the board, and the current Fed chair, Janet Yellen, and Vice Chair Stanley Fischer complete their terms in those specific positions in 2018. Look for changes in 2017. This, of course, directly impacts monetary policy, including interest rates.

Bode: I can see something finally happening with the GSEs. Not sure if Trump will adopt Rep. Hensarling’s ideas on the GSEs, but as an independent mortgage banker, I do fear he might.

Cremata: It will be interesting to see what happens with origination volumes. There are obviously a lot of factors at play there, but, in theory, reducing regulations, increasing access to credit and stimulating the economy through tax benefits should all point to increased purchase volumes. It’s also possible that we could see an uptick in new construction, as Trump specifically pledged on the campaign trail to significantly reduce regulations around home building. Conversely, higher interest rates could lead to a further reduction in refinance volumes, which were already cooling.

 

Source: http://www.mortgageorb.com/will-trump-gut-dodd-frank-dissolve-the-cfpb

Altavera Mortgage Services Selected as Capital Markets Cooperative Preferred Provider

DENVER, Colo., September 19, 2016 — Altavera Mortgage Services (Altavera), the premier provider of third-party residential mortgage origination and closed loan review services, announced today that it has been named a preferred provider for Capital Markets Cooperative, LLC (CMC), a nationwide alliance of mortgage bankers.

Altavera provides private label mortgage loan fulfillment solutions that reduce mortgage bankers’ costs and provide additional capacity—all as a fully SAFE Act compliant loan fulfillment partner. Offering either a comprehensive end-to-end fulfillment solution or a component-based solution, Altavera service delivery is structured to meet lenders’ specific needs and goals for loan processing; underwriting, including customized non-QM underwriting services; closing; and funding.

Further, Altavera offers closed loan reviews to prospective buyers and sellers of mortgage loans, building on a standard review criteria to tailor each review to specific requirements and particular products, including agency and non-QM. Critical components of an Altavera closed loan review include full regulatory and compliance reviews; a full re-underwriting of loan file to specific guidelines; property valuation analysis utilizing licensed appraisers; fraud reviews utilizing various third-party verification; and data validations.

“Altavera is honored to join the select group of preferred providers serving Capital Markets Cooperative patrons,” said Altavera President Brian Simons. “Our industry has rebounded with a fresh focus on quality, compliance and efficiency – characteristics that will determine competitive differentiation for complex mortgage lending businesses.”

Both Altavera and Capital Markets Cooperative were acquired by Computershare Limited (ASX:CPU) in Q2 2016, and according to its announcement:

These acquisitions significantly expand Computershare’s ability to support mortgage lenders and investors through each stage of the mortgage lifecycle. CMC’s range of secondary market solutions, combined with Altavera’s loan fulfillment offerings and Computershare’s existing loan servicing solution, will help the company deliver servicers critical to the success of lenders.

About Capital Markets Cooperative

Founded in 2003 by Tom Millon and based in Ponte Vedra Beach, Fla., Capital Markets Cooperative, LLC (CMC), leverages the collective power of a nationwide network of mortgage

bankers to negotiate better products, services, pricing and liquidity solutions during the processing, sale and servicing of mortgages. CMC has 200+ Patrons with combined annual production of more than $100B. CMC Patrons choose from a wide array of mortgage services including cooperative business solutions, servicing acquisition, servicing valuation and pipeline risk management.

Specialties
Cooperative Business Solutions, Mortgage Capital Markets, Secondary Marketing, Hedging Services, Servicing Valuation and Analytics, Servicing Acquisition. http://www.capmkts.org

About Altavera

Based in Denver, Colorado, Altavera provides independent, third-party mortgage origination services to residential mortgage originators. Altavera's staff of seasoned, U.S.-based specialists help clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. Altavera maintains its highly trained staff through Altavera Academy, the firm's dedicated training unit.

Brian Simons: SAFE Act Changes Would Be Good For Consumers

Written by Patrick Barnard
on September 06, 2016

PERSON OF THE WEEK: Brian Simons is founder and president of Altavera Mortgage Services, offering collaborative, end-to-end loan fulfillment services to residential loan originators. Previously, he served as executive vice president and chief operating officer of Urban Lending Solutions, one of the nation’s largest providers of loss mitigation services. With an 18-year career in the mortgage industry, Simons has deep experience in capital markets, loss mitigation and origination.

MortgageOrb recently interviewed Simons to get his view on why the SAFE Mortgage Licensing Act is such an important topic – and whether his company is seeing an increase in non-qualified mortgage (non-QM) activity, as it had previously forecast.

Q: The Senate is currently considering a widely popular bill – already approved by the House – that will relax the rules of the SAFE Mortgage Licensing Act to make job transitions easier for loan officers. Why is the licensing of mortgage originators such an important topic?

Simons: Loan officers are changing jobs more frequently than ever, often crossing state lines in pursuit of their next role. I applaud the proposed bill for acknowledging this reality with a 120-day licensing grace period for loan officers who move from one state to another or leave a bank or credit union for an independent lender or brokerage.

That said, I’m a big believer in the importance of mortgage originator licensing. By requiring that mortgage loan originators in one state be held to the same standards as mortgage loan originators in another, the SAFE Act provides a safer, more consistent consumer experience. It also provides a way for consumers and the industry to verify originators’ history and qualifications. Last, but certainly not least, it helps ensure bad actors cannot escape regulatory action simply by crossing state lines.

Q: Do you see the minimum standards for state licensing and registration of mortgage loan originators (MLOs), as set forth in the SAFE Act, as sufficient to protect borrowers and lending institutions from negligent lending practices?

Simons: Although Nationwide Multistate Licensing System & Registry (NMLS) sets federal minimum guidelines for MLO pre-licensing and continuing education, there is a good deal of variation when it comes to additional requirements from state licensing agencies. In some states, MLOs must complete education requirements before they apply for an NMLS number, while others allow MLOs to complete their coursework any time within the calendar year. And in most states, continuing education is performed on an elective basis, with the only real stipulation being that MLOs can’t take the same class back-to-back. So, although MLO licensing exams and continuing education courses are a good starting point, participants in these programs don’t necessarily share a comprehensive and consistent level of expertise.

That’s why Altavera developed its own, in-house training program called Altavera Academy. The academy delivers more than 90 hours of coursework that equips our staff to consistently and effectively deliver top-notch work for our clients and their borrowers. Having one of the most knowledgeable staffs in the industry is not just a point of pride – it enables us to do our work right the first time, which serves our clients’ bottom lines. Our commitment to ongoing training and education has proven particularly valuable in light of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule and other complex regulations.

Q: As a third-party provider of loan fulfillment services, Altavera interacts with a broad sample of lenders. What lingering effects of TRID are still impacting loan production and closing processes that you have observed?

Simons: The most common issues we see are errors and omissions on the initial loan estimate (LE), changes made to the LE without a valid change of circumstance, and the initial closing disclosure (CD) being sent out before the file was properly reviewed and reconciled (and, in some cases, before the file was clear to close).

To combat these problems, extreme diligence and care must be taken with both the initial LE and the final CD. Sales teams must get on board with this necessity and provide terms and fees accordingly. Perhaps most critically, access must be strictly controlled so that any staff member touching an LE or CD thoroughly understands the details of TRID regulation.

Q: In April, MortgageOrb reported that your company expects increased non-QM activity in the coming months. Does that prediction hold true today? What other market trends does Altavera anticipate based on the staffing requests it receives?

Simons: We continue to receive requests for underwriting and processing support on non-QM loans at a pace that exceeds last year’s volume, and volume is about on pace with what we observed early in the second quarter.

The newest trend we’re seeing is significant interest in closed-loan file review, also called pre-purchase review, for both QM and non-QM loans. In fact, demand has been so strong that we’ve formalized an offering around this service. It’s something we’ve done on a limited basis for existing clients for some time, but now that so many large lenders, investment firms and aggregators are expressing interest, we’ve ramped up our capabilities.

Closed-loan file review involves auditing a loan package prior to purchase by a correspondent buyer or aggregator by validating product conformity with investor guidelines, reviewing the credit decision and supporting documents, checking QM/ability-to-repay requirements, verifying collateral valuation, and reviewing closing documentation and other compliance issues.

Q: Speaking of non-QM activity, how do you respond to critics of so-called “stated income” or “low doc” loans? Should investors be wary of these loans as a throwback to the loose lending practices of the pre-financial crisis era?

Simons: Non-QM loans, which can include stated income loans, are not inherently risky products. These are not the same subprime loans that led to the housing crisis. Today’s non-QM loans carry a higher average borrower credit score than pre-crisis loans, and they require higher down payments for borrowers with the riskiest credit profiles. They do not come with prepayment penalties. They’re subject to stronger regulations that ensure independent collateral valuation and hold originators accountable for the loan’s performance. And, contrary to popular belief, they’re still subject to Dodd-Frank’s ability-to-repay standards, even if alternate proof of income is used (as in the case of stated income loans).

That said, non-QM loans need a rock-solid fulfillment process to ensure their legitimacy and liquidity on the secondary market. These loans are not an area of specialty for the average loan officer, so it’s important to partner with a fulfillment team that has a full understanding of non-QM underwriting requirements. For our clients in the non-QM space, we assign dedicated resources that specialize in non-QM to ensure every loan is compliant and performing.

Aussie-Based Computershare (CPU.AX) Runs Silent, Runs Deep

DENVER, Colo., August 19, 2016 —  Founded in Melbourne, Australia, in 1978, the present-day Computershare Ltd. is a global stock transfer company with offices in twenty countries, a workforce of 16,000 employees and a market capitalization of A$4.87 billion ($4.33 billion) they are a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. They specialize in corporate trust, mortgage, bankruptcy, class action and utility administration, and a range of other diversified financial and governance services.

Computershare administers the transactions of stock on behalf of companies which publicly issue the stock. These companies delegate to Computershare the task of keeping track of which investors are registered shareholders at any given time, which is more cost-effective than keeping track in-house would be. This task involves engaging with shareholders, processing transactions, payments, and managing data.

Prospective investors can use Computershare to put money into a wide variety of companies via the different investment plans that they offer. These include Direct Stock Purchase Plans, or DSPPs, where you purchase company stock directly without any broker involved, and Dividend Reinvestment Plans, or DRIPs, which allow investors to reinvest cash dividends into buying either additional shares or fractional shares of a stock.

Recently, in an effort that will expand the company's ability to support mortgage lenders and investors, Computershare announced it has completed the acquisition of Altavera Mortgage Services, LLC. The company also announced the completion of its acquisition of Capital Markets Cooperative, LLC (CMC) on April 29, 2016. Altavera and CMC are a vital part of Computershare's strategy to grow its global mortgage services business, which includes mortgage servicerSpecialized Loan Servicing (SLS) and Homeloan Management (HML). CMC's range of secondary market solutions, combined with Altavera's loan fulfillment offerings and Computershare's existing loan servicing solution, will help the company deliver services critical to the success of lenders.

Computershare has established an integration team to bring together a unified loan services solution for its clients and expects clients to begin seeing benefits from the combined approach in the coming months. Altavera and CMC management teams along with their employees will be integral to the success of this growing segment of the Computershare portfolio of companies.

Founded in 1978, Computershare is renowned for its expertise in high integrity data management, high volume transaction processing and reconciliations, payments and stakeholder engagement. Many of the world's leading organizations use them to streamline and maximize the value of relationships with their investors, employees, creditors and customers.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:http://www.equities.com/disclaimer

Altavera Mortgage Services Adds Kimberly Joyce as SVP of Sales

DENVER, Aug. 16, 2016 — Altavera Mortgage Services (Altavera), a leading provider of outsourced residential mortgage origination services and home of the industry’s most experienced staff of U.S.-based mortgage fulfillment experts, announced today it has hired Kimberly Joyce as senior vice president of sales. Kimberly brings 22 years of sales and business development experience to the role, in which she will oversee national sales for Altavera.

“Increased demand for Altavera’s expertise, especially in the areas of closed-loan file review and underwriting and processing support for non-QM loans, has positioned the firm for tremendous growth in the final quarter of 2016 and beyond,” said Altavera President Brian Simons. “Kimberly’s years of experience not just in the financial services industry but in outsourced mortgage solutions specifically makes her the perfect choice to lead Altavera’s business development efforts and steward our next iteration of growth.”

Prior to joining Altavera, Joyce was director of business development for a leading outsource service provider. In that role, Joyce served as a key member of the senior management team, where she regularly exceeded sales quotas, ultimately earning her recognition as one of the firm’s “Rising Stars” in 2015.

“Altavera’s highly skilled, all-U.S.-based staff is the best in the business at delivering fast, cost-effective and compliant mortgage origination services,” said Joyce. “I look forward to bringing Altavera’s sharply focused solutions to more companies that need them, and helping existing clients get the most out of their dedicated Altavera resources.”

In addition, Joyce has held senior-level sales and business development positions with marquis financial services companies such as ISGN, LenderLive Network and FISERV. She received her Bachelor of Science degree in business management from Springfield College in Springfield, Massachusetts.

About Altavera
Based in Denver, Colorado, Altavera provides independent, third-party mortgage origination services to residential mortgage originators. Altavera's staff of seasoned, U.S.-based specialists help clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. Altavera maintains its highly trained staff through Altavera Academy, the firm's dedicated training unit.

For more information, visit http://www.altavera.com.

 

 

Altavera Mortgage Services SVP Penny Nelson Selected to HousingWire 2016 Women of Influence

DENVER, Colo., August 1, 2016 — Altavera Mortgage Services (Altavera), the premier provider of third-party residential mortgage origination services, is pleased to announce that its senior vice president of mortgage operations Penny Nelson has been named to HousingWire’s 2016 Women of Influence list.

According to HousingWire, its annual Women of Influence list honors “individuals who are making notable contributions to both their businesses and to the industry at large – with a specific focus on contributions made in the most recent 12 months. Their energy, ideas, achievements, as well as commitment to excellence and progress give us a look at the future of the industry.”

At Altavera, Nelson oversees all mortgage operations, including processing, underwriting, closing, quality control and training. She joined Altavera from Urban Lending Solutions, where she led the mortgage origination services group and oversaw its growth from 10 to more than 300 staff members in 12 months.  

Previously, Nelson served more than three decades as a mortgage executive, senior underwriter, loan officer and processor. More than twenty of those years were spent in operations management at start-up or high-growth companies, where Nelson focused on procedural development, risk management, training and staff development.

“Penny Nelson’s influence on the mortgage industry spans decades and organizations, as well as shifting responsibilities and regulations,” said Altavera President Brian Simons. “A natural leader, Penny has tirelessly shared her hard-earned wisdom and insight, thus ensuring that others benefit and, in turn, positively impact the industry themselves.”

“The mark of a true woman of influence is measured not merely by her accomplishments over days or years but by her distinctive impact amassed and shared over time,” said Altavera COO Debora Aydelotte. “Penny Nelson is such a woman, and Altavera clients are among the beneficiaries.”

For a full list of honorees, visit http://www.housingwire.com/articles/37664-women-of-influence-2016.

Altavera Mortgage Services Announces Jennifer Fountain named SVP of Due Diligence

DENVER, Colorado – June 16, 2016 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), the premier provider of third-party residential mortgage origination services, today announced that Jennifer Fountain has been named senior vice president of due diligence and will have oversight of its closed-loan file review business.

A residential mortgage lending veteran of more than three decades, Fountain has had a career distinguished by its emphasis on credit and underwriting policy, operations, due diligence and training. She has previously held positions with Redwood Trust, Aurora Loan Services and SunTrust Mortgage, among others.

Altavera recently announced the expansion of its closed-loan file review services beginning in Q3 2016. Also known as pre-purchase review, closed-loan file review is the review and approval of loans prior to investor purchase, or the audit of a loan package prior to purchase by a correspondent buyer or aggregator.

“I worked with Jennifer at Aurora before she went to Redwood and know her to be an unrivaled expert in the fields of closed-loan file review and rating agency approval. She also has a long and deep history in credit policy and credit risk management,” said Altavera Chief Operating Officer Debora Aydelotte. “Jennifer possesses and exceeds the critical qualifications mortgage lenders and investors expect when they outsource closed-loan file review to a service provider partner.”

When independent, non-bank mortgage companies and investment firms begin to purchase loans, they often consider outsource providers to limit their exposure to poor loan quality.

Altavera’s closed-loan file review services include, but are not limited to:

* Validation of product acceptability to investor guidelines;
* Review of credit decision and supporting documentation;
* Confirmation of QM/ATR requirements;
* Performance of compliance review;
* Review of appraisals and property value validation; and
* Review of closing documentation.

Altavera Mortgage Services Closed-Loan File Review Services Set for Q3 2016 Expansion

Non-bank lender and investor loan purchase growth drives demand for outsource option

 

DENVER, Colorado – May 24, 2016 (SEND2PRESS NEWSWIRE) — Altavera Mortgage Services (Altavera), the premier provider of third-party residential mortgage origination services, announced today that it will expand its closed-loan file review services beginning in Q3 2016. Closed-loan review, also known as pre-purchase review, is the review and approval of loans prior to investor purchase, or the audit of a loan package prior to purchase by a correspondent buyer or aggregator. 

Altavera’s closed-loan file review services include, but are not limited to:

Validation of product acceptability to investor guidelines;

Review of credit decision and supporting documentation;

Confirmation of QM/ATR requirements;

Performance of compliance review;

Review of appraisal and property value validation; and

Review of closing documentation.

“Altavera has provided closed-loan review of agency and non-QM products on a limited basis since 2015,” said Altavera President Brian Simons. “Now, in response to increasing requests from larger firms, investors and aggregators, we’re pleased to formalize this service offering and make it available to all our clients.”

Independent, non-bank mortgage companies and investment firms that have begun to purchase loans often consider outsource providers to limit exposure to poor loan quality. Altavera builds on standard review criteria to tailor each review to a firm’s requirements and particular product, including non-QM. Firms often do not want to invest in building internal infrastructure to support a new or expanding correspondent purchase program, opting to work with a knowledgeable partner.

“A successful loan purchase business strategy requires specific expertise and execution capabilities, many of which make sense for mortgage lenders and investors to outsource to a qualified service provider partner,” said COO Debora Aydelotte. “By partnering with Altavera these businesses can be confident that underlying loan data and documentation support a purchase decision through factual, extensive review of credit, compliance and valuation.”

“Unlike other loan file review providers, Altavera is a U.S.-based fully licensed and SAFE Act compliant mortgage-only business offering mortgage lenders and investors unmatched quality and scalability in closed-loan review just when they need it most,” said Simons. “We feel strongly the needs of the mortgage industry are best served by domestically located providers.”

According to Aydelotte, Altavera plans to increase its Denver based staff by 30 – 35 percent over the next several months to support the new service offering. The firm is also doubling its office space within the Denver metro-area to accommodate this expansion.

 

About Altavera:
Based in Denver, Colorado, Altavera provides independent, third-party mortgage origination services to residential mortgage originators. Altavera’s staff of seasoned, U.S.-based specialists help clients streamline operations, minimize costs and achieve faster cycle times for greater customer satisfaction and profitability. Altavera maintains its highly trained staff through Altavera Academy, the firm’s dedicated training unit.

For more information, visit http://altavera.com/.

News Source: Altavera Mortgage Services LLC