Daily Dose

As third-party vendors continue to be an extension of the servicer, it’s imperative that a servicer selects a lender-placed insurance vendor that operates as a partner. There are various elements that should be considered when evaluating a lender-placed insurance partner, one of which is technology. Vendors that can effectively leverage technology can efficiently meet the changing needs and evolving regulations of the mortgage servicing industry. A vendor’s commitment to technology can ensure that servicers remain in compliance.

As the technology conversation in the mortgage industry heats up, many companies are attempting to meet industry demands and adopt streamlined industry processes. Today’s companies are driven by creativity and innovation and are fostered by client success. DS News spoke to James Vinci, VP and Chief Technology Officer at Equator, about what mortgage professionals can learn from other industries and what technology trends are having the most impact today.

The Summary of Commentary on Current Economic Conditions by Federal Reserve District, otherwise known as the Beige Book, will be released this Wednesday. The book, released eight times a year, summarizes anecdotal information on current economic conditions in its District through Bank and Branch director reports and interviews with key business contacts, economists, market experts, and other sources. Find this and a preview of what is to come in the Week Ahead.

With nearly 40,000 American veterans homeless, the nation is finally starting to take notice. From new bills and big housing projects to events across the nation, parties from all over are taking at aim at veteran homelessness. The Five Star Institute’s upcoming Military Heroes Keys for Life event is just one such effort.

Fannie Mae announced that it secured commitments for a front-end Credit Insurance Risk Transfer (CIRT) transaction. The risk transfer will have been committed prior to Fannie Mae’s acquisition of the covered loans, so the insurance coverage will be effective as soon as loans are acquired. This will begin in the 2017 second-quarter deliveries and is expected to be filled over the course of nine months.

Homebuyers in San Jose, California are enjoying the fastest closing times in the nation. Trailing behind San Jose, six other cities came in at 50 days or less. These markets are seeing multiple bidders, many of whom are pre-qualified and offer large down payments, on the first day of listing.

The OCC’s initiative to grant national bank charters to FinTech companies may not go as smoothly as some had hoped. According to a new report, there may be some unexpected hurdles that could stall its movement, including new leadership at the OCC and a recent lawsuit filed by various state regulators. President Trump named Keith A. Noreika to replaced Thomas J. Curry as head of the OCC in early May.

At the close of Q1, Bank of America had fallen behind its peers—at least in terms of its capital buffer. The bank came in last among major financial institutions, with just a 1 percent buffer for the quarter. Goldman Sachs took the top spot.

There are few more concrete examples of supply-and-demand economics in action than the housing market. A new report looking at April numbers shows a spike in demand and a corresponding spike in median prices. The B-side, of course, is that while demand rises, inventory shrinks, fueling the current sellers’ market.

The latest Census data has Southern cities reigning supreme in terms of population growth. Ten of the top 15 fastest growing cities in the country are located in the South, with five in Texas alone. The West also saw growth, claiming four of the top spots.