What is with the MBS market? One day we see 20/32 gains and the next we are right back down with two days of 12/32 losses just to remind us of where we are. This is a very volatile time for bonds, both from seasonal and market conditions and we are seeing that on a daily basis. How long does this continue and how big of a factor does Europe and our own economy come into play?

The Department of Veterans Affairs (VA) has provided updates and clarification for the breakdown of credits and fees in the 200 series and the 800 series of the HUD-1 Settlement Statement in Circular 26-15-6.  Previously, lenders were only required to provide a breakdown of the charges in line 801 (along with the itemization of the title fees in line 1101).  The requirements have been updated to include itemization of the 200 series and the 800 series, with clarification that credits cannot be given in line 803 to offset any unallowable fees.

This week we're showcasing Sales Manager Ryan Cameron. Ryan has been working at Mortech for 11 years, and he and his wife Jennifer are currently celebrating the birth of their first child, a girl named Ava.

Favorite things to do on his days off: Hang with the family, grab a slice of Yia Yia’s and catch a concert, and most sports.

Favorite place to travel: Summit County for a snowboarding trip or anywhere in the Caribbean.

Favorite time of the year: The fall. It has the best weather, the World Series, and college football.

This week, we're showcasing Senior Software Engineer Troy Ray. Troy has been working here at Mortech for almost 10 years. He has two children with his wife Allison: 4 year-old daughter Amalia and soon to be 2 year-old daughter Eloise.

Favorite things to do on his days off: Golfing or spending time with my family at the zoo, a park, etc.

Favorite place to travel: Lake of the Ozarks or Scottsdale, AZ. 

Favorite time of the year: Fall for the weather and Husker football.

This week we’re focusing on sales representative Travis Eckhardt, who’s been with Mortech for eight years. He also has a wife, Samantha, and Lily, their yellow lab.

Favorite thing to do on your days off: Golfing or hunting.

Favorite place to travel: Scottsdale, Arizona.

Favorite time of the year: Spring.

This week, we're showcasing Associate Account Manager Chris Gibbons. Chris has been working here at Mortech for almost a year and a half now. He and his wife, Shawna, have been together for almost 8 years. He has no children of his own, however he does have four stepchildren and four grandchildren with whom he loves spending time with. They also have a Shitzu who is almost four years old and hates the cold but loves to cuddle up with just about anyone who walks through our door. 

This week, we're showcasing Associate Account Manager Samantha Hermann. Sam just celebrated her first wedding anniversary with her husband Alex in August and together they have a very energetic baby boy named Jackson.

Favorite things to do on her days off: My favorite thing to do on my days off is spend time with my husband and son. I also love to golf when the weather is nice!

Favorite place to travel: My favorite place to travel would be Oregon. I have family there, so I have spent a lot of time hiking and enjoying the scenery.

Favorite time of the year: My favorite time of the year would be winter. I know, I know, nobody likes snow! I happen to really enjoy it!

"Pricing discretion" means any judgmental adjustments to standard pricing to a borrower, as listed on rate sheets or given by a pricing engine. Anytime there can be pricing discretions allowed in a Lender’s business practice, there will be a heightened risk of Fair Lending violations.  Managing this risk has become increasingly important since numerous fines have been levied by the Department of Justice for discretionary pricing that was deemed to discriminate against race and ethnicity or their practices caused disparate impacts on minority borrowers.

There always seems to be some confusion over the definitions for “closing costs” and “prepaid finance charges” as they are relevant to mortgage lending. Closing costs are any costs that are paid in connection with a mortgage transaction besides the purchase price (or pay-off of the current mortgage(s), if a refinance) by either the buyer or the seller. Closing costs are all disclosed at the loan closing on the HUD-1 settlement sheet as required by TILA (Truth in Lending Act).

The Truth in Lending Act (TILA) and its implementing regulation, Regulation Z, require Lenders to disclose the Annual Percentage Rate (APR) on the Truth in Lending form.  The APR is defined as the cost of credit per year expressed as a percentage of the Loan.  It takes into consideration the closing fees that are defined as prepaid finance charges (i.e., Origination fees, discount points, underwriting fees, processing fees, etc.) and any Mortgage Insurance that is required to be paid throughout the life of the loan.  The reasoning behind the regulation was so that consumers could more easily compare loan offers between lenders to make a more economical choice.