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Mortgage Technology Top Tech-Savvy Lender & Servicer

ENVOY MORTGAGE WINSEnvoy Mortgage of Wisconsin and California is an award winning lender homeowners and home buyers with their purchases and refinances.


Houston, TX – October 17, 2012 – Envoy Mortgage, a full-service mortgage banking firm operating retail branch locations across the United States, and currently originating mortgage loans in more than 47 states, was recently award Mortgage Technology’s 2012 Top Tech-Savvy Lenders and Servicers Award for the sixth consecutive year. Part of the 13th Annual Mortgage Technology Awards to be presented at the Mortgage Bankers Association’s 99th Annual Convention & Expo in Chicago, the award recognizes innovative technology developers and users that promote efficient and cost-effective lending practices. Envoy Mortgage will receive the award on October 21st at the event.

“A large part of Envoy Mortgage and its IT is based on the idea of continuous improvement,” said Mark James, Envoy Mortgage’s Director of Information Technology. “When you look at all aspects of hardware and software, it’s really about refining the customers’ experiences as well as our employees’ user experiences. Every piece of the business is looked at from an IT perspective which is where we get involved in more and more.” Envoy Mortgage is a pioneer in paperless loan origination, laying the green roadmap as early as the late 1990s. It boasts using one-tenth of the paper it originally did. “Today, we are completely in the cloud with our applications, and all data has been moved out of the four walls,” said David Zugheri, Co-Founder of Envoy Mortgage. “This is not just a mortgage technology thing—it’s a technology thing. We saw great efficiency and security, and it has been a seamless transition. Everything is backed up in multiple locations and everything is now offsite. We have thought it through, methodically, over a period of time. It is business as usual for our employees and for our customers. It just makes sense.”

Apart from implementing enterprise-wide business process management software, which permeates throughout all operations in the company, Envoy Mortgage is focused on data and using it to create efficiencies and to also enhance customers’ experiences—one of its core values. IT at Envoy Mortgage is strategic. “

IT doesn’t drive the business,” James said, “It solves the problems. It answers what the company needs to move forward. IT looks at every opportunity, gets a picture of what it looks like in the present, what it could look like in the future, and determines how IT can be put it in place across the board.” The IT infrastructure ties together all branches and its offshore location —integrating operations and also safeguarding for potential disasters. “With a modest staff, we rely heavily on our partners to help us achieve our goals,” James said. “We have become really good at integrating products and services to help the company do what it does best.” “You have to have faith in the technology to allow it to work for you,” Zugheri said.

About Envoy Mortgage
Envoy Mortgage is a full-service mortgage banking firm headquartered in Houston, TX that operates a network of retail branch locations across the U.S., currently originating in 47 states with several more pending. The branches offer a full menu of loan products and knowledge and expertise for all areas of the residential mortgage lending industry. Envoy’s technology enables the company to maintain a completely paperless, in-house origination process, reducing costs and improving efficiencies. For more information, visit or contact Michael Creed here at our Brookfield, WI office.


HUD Announced an Increase in FHA Fees

Image Increased costs FHA home loans oconomowoc wisconsin wiOn 3/6/2012 HUD’s Official Announcement came out (click here to read it). The revisions/updates below are in red.

As part of HUD’s ongoing efforts to increase their financial health – and to get the FHA back into a place where they meet their capital requirements – on Monday, HUD announced the anticipated increases in the premiums they charge borrowers for FHA loans.

In its simplest form: The cost of borrowing is going to rise.

As you might know, the standard FHA loans are less risk-sensitive with their underwriting guidelines relative to conventional loans (that means lower credit score requirements, less money down, higher debt-to-income ratios, etc.). FHA is not a lender. Instead, they are a federally-backed insurance company that insures lenders against default on loans that are in compliance with their published guidelines.  A PMI company would be a private equivalent of the FHA. It is because of this insurance that lenders approve and close loans with more liberal guidelines; without it, the loans could not be closed.

As a federally-backed insurer, the government charges two types of premiums on the FHA mortgages:

  • Monthly Mortgage Insurance Premium (UFMIP) This, too, will increase. It will go up 10 basis points (0.1% per year) on April 1, 2012 for all cases assigned on or after April 9, 2012 to cover the requirements of the payroll tax extension approved in December of 2011. You might recall that this was already tacked on to conventional loans from a post I wrote a while back. This is a direct increase of 10 basis points (0.1%) in the borrower’s mortgage payment. For those in very high cost areas, FHA loans over $625,000 will be bumped 35 basis points from today’s levels effective June 1, 2012 for all cases assigned on or after June 11, 2012.
  • Up Front Mortgage Insurance Premium (UFMIP) This fee will, effective April 1, 2012 for all FHA cases assigned on or after April 9, 2012, go from its current 1% to 1.75% of the loan amount. One huge advantage to this UFMIP is that it is customarily built into the loan and does not require additional cash from a buyer at closing. That increase, however, certainly does impact monthly payment and cash flow.

Bottom Line:

  • If you are selling a home, get it priced correctly and under contract this month.
  • If you are buying a home, it’s quite possible that right now is the time where the cheapest possible mortgage is available – ever.  It’s time to make that to get yourself into a home!

To find out how this impacts you directly, please contact me directly for a completely free consultation.