Every mortgage originator at American Dream Mortgage holds a planning certification from the CMPS Institute, so they can deliver mortgage planning strategies to borrowers rather than just getting them through the mortgage process.

Because a mortgage is most people’s largest financial investment, borrowers’ financial picture needs to be considered when purchasing a home and a certified mortgage planning specialist can ensure that this occurs, according to American Dream.

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“We are thrilled to have all of our Mortgage Advisors accredited by the CMPS Institute. Along with these certifications every department in our company operates as one team thus making life better for customers. Each mortgage advisor provides the best service and advice and has the tools to provide education and seminars in all aspects of mortgage lending,” said Mark Burnett, co-owner of American Dream.

“Our certified mortgage planning specialists outperform and exceed the standards used by the other mortgage lenders and brokers, helping us to be the most informed and educated residential lender in the region,” said Dave Yanett, co-owner of American Dream.

American Dream, a direct lender, has been providing residential mortgages for consumers in Colorado, Arizona, Texas and California since 2004. American Dream Mortgage is a division of Finance of America Mortgage LLC.

 

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Mortgage applications increased 2.3 percent from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 8, 2019.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index decreased 0.2 percent from the previous week. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 2 percent higher than the same week one year ago.

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“Led by a 5.5 percent increase in FHA loan applications, purchase activity picked up last week and was almost 2 percent higher than a year ago,” said Joel Kan, associate vice president of economic and industry forecasting for the MBA. “Purchase applications have now increased year-over-year for four weeks, which signals healthy demand entering the busy spring buying season. However, the pick-up in the average loan size continues, with the average balance reaching another record high. With more inventory in their price range compared to first-time buyers, move-up and higher-end buyers continue to have strong success finding a home.”

The refinance share of mortgage activity decreased to 38.6 percent of applications from 40.0 percent the previous week. The adjustable-rate mortgage share of activity decreased to 7.2 percent of total applications.

The FHA share of applications increased to 10.4 percent from 10.3 percent the week prior. The Veterans Affair share of applications decreased to 10.2 percent from 10.4 percent the week prior. The Department of Agriculture share of applications remained unchanged from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.64 percent from 4.67 percent, with points increasing to 0.47 from 0.44 (including the origination fee) for 80 percent loan-to-value ratio loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $484,350) increased to 4.45 percent from 4.41 percent, with points increasing to 0.34 from 0.25 (including the origination fee) for 80 percent loan-to-value loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration decreased to 4.61 percent from 4.66 percent, with points decreasing to 0.47 from 0.48 (including the origination fee) for 80 percent loan-to-value loans loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.02 percent from 4.08 percent, with points decreasing to 0.44 from 0.46 (including the origination fee) for 80 percent loan-to-value loans loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 adjustable rate mortgages increased to 4.09 percent from 4.08 percent, with points decreasing to 0.26 from 0.39 (including the origination fee) for 80 percent loan-to-value loans.

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Wells Fargo has become a better bank through its efforts to improve its operations, leadership and culture, Tim Sloan, CEO and president of Wells Fargo, told the House Committee on Financial Services.

Also, he outlined the company’s efforts to compensate customers for past issues and on how the bank is working to become the most customer-focused, efficient and innovative company it possibly can be.

“Above all, Wells Fargo is committed to making things right for our customers and earning back the public’s trust,” said Sloan in his testimony. “Wells Fargo is a better bank than it was three years ago, and we are working every day to become better still. This is an ongoing commitment by all 260,000 team members--starting with me--to put our customers’ needs first; to act with honesty, integrity and accountability.”

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Wells Fargo is making things right with customers who were harmed, how the company continues to strengthen risk management and controls, and how Wells Fargo’s culture has improved since he became CEO in 2016. He also provided updates on new Wells Fargo innovations aimed at providing customers with additional convenience and simplicity and the company’s deepening commitment to communities.

[caption id="attachment_10949" align="alignleft" width="327"] Sloan highlights steps Wells Fargo has taken to strengthen its business practices.[/caption]

Sloan told the committee that Wells Fargo is compensating retail bank customers who were impacted by past retail sales practices issues. To date, the company has reviewed 165 million accounts going back 15 years, contacted more than 40 million customers--both individuals and small businesses—through 246 million communications, and provided tens of millions of dollars in compensation to customers.

“We are taking responsibility not only for fees customers should not have been charged, but also for related effects such as impact on credit scores,” said Sloan. “Our guiding principle has been to err on the side of our customers, and we are taking an over-inclusive approach in doing so.”

Wells Fargo has centralized companywide control functions such as risk, finance, human resources, compliance and technology for better oversight. Within risk, the company has three “lines of defense”--front-line risk, independent risk management, and audit--to ensure multiple layers of review and to improve internal oversight.

It has also hired more than 3,000 new risk team members from outside the company since 2016 with plans to hire more, said Sloan. As a result, Wells Fargo has better visibility into issues as they emerge and can respond to them more quickly.

Since 2016, Wells Fargo’s culture has undergone substantial transformation, Sloan said.  It has introduced a clear set of behavioral expectations for team members and enhanced accountability through a single leadership objective that is part of every team member’s annual performance plan.

In 2018, Wells Fargo increased minimum base pay in the U.S. to the current minimum of $15 per hour. The company also granted restricted stock rights to around 250,000 team members and increased the total number of paid holidays from eight to 12--two additional national holidays plus two personal holidays that team members can use for any reason.

In addition, Wells Fargo enhanced its independent Ethics Line to make it easier for team members to report concerns and expanded a program that encourages team members to speak up when they see something that may need additional review, attention or expertise.

Wells Fargo has deepened its already strong commitment to good corporate citizenship, said Sloan. The company has consistently ranked among the leading corporate philanthropists in the U.S. For example, since Wells Fargo began its NeighborhoodLIFT program in 2012, the company has provided more than $442 million in down-payment grants to more than 20,000 families in almost 70 communities across the U.S.

In 2018, Wells Fargo expanded its philanthropic giving by more than 50 percent, donating more than $444 million to nearly 11,000 nonprofits nationwide. Beginning in 2019, Wells Fargo is targeting two percent of after-tax profits for corporate philanthropy.

 

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