MLO Jobs; BI, HELOC, Joint Venture, Sales Tools; Bank Market Share Study; Upcoming Events; Jumbo News

Posted To: Pipeline Press

Semper Fi! Tomorrow marks the 38th anniversary of the 1983 bombing in Beirut of a U.S. Marine barracks in the largest conventional explosive blast in history killing 241 Americans. San Diego has a huge military presence, and while there I spent a few hours with the folks at PenFed discussing trends in jumbo lending and the overall market for the near future and for 2022. In the very near future, Halloween is only nine days away! Dating back 2,000 years to the Celtic festival of Samhain, Halloween has evolved into a celebration characterized by child-friendly activities like dressing in costumes, trick-or-treating and carving pumpkin. The U.S. Census Bureau estimates 73.1 million children under the age of 18 that are potential trick-or-treaters… and future home financers. Which of these…(read more)

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MLO Jobs; BI, HELOC, Joint Venture, Sales Tools; Bank Market Share Study; Upcoming Events; Jumbo News
MLO Jobs; BI, HELOC, Joint Venture, Sales Tools; Bank Market Share Study; Upcoming Events; Jumbo News

Recruiting, MLO Jobs; Processing, Automation, Pricing, MSR Sales, Non-Agency Products; Vendors to Watch

Posted To: Pipeline Press

Thousands of people in the residential lending biz headed to the San Diego aerodrome and flew home. Plenty were sore from wearing dress shoes everywhere, although I saw plenty of gals in flip flops while in transit. Guys are happy to stop wearing ties. Masks at the airport sure cuts down on recognizing someone you may have met with the day before. What’s the chatter? Efficiency and cost cutting, the subject of this month’s STRATMOR blog . At the MBA event the vendors were out in force. Vying for the coolest name is Digital Silence , a firm focused on information security research and consulting services. There was the digital loan closing specialist Stavvy party. Househappy allows your client to take care of all their home project needs with a simple phone call or click. And a company…(read more)

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Recruiting, MLO Jobs; Processing, Automation, Pricing, MSR Sales, Non-Agency Products; Vendors to Watch
Recruiting, MLO Jobs; Processing, Automation, Pricing, MSR Sales, Non-Agency Products; Vendors to Watch

MLO, AE Jobs; Sales, Retention, Recruiting Tools; Processing Changes; Fannie and Freddie Appraisal Tweak

Posted To: Pipeline Press

Someone here in San Diego asked an audience, “Who out there misses their Blackberry?” and many raised their hands. Technology… an interesting thing. How about the ability to look at this “Star Wars House” in Florida: $11.5 million, not even on the water, but page down a few times in the photos . Many of the technology changes announced or advanced here in San Diego are focused on reducing the friction between application and funding. Part of that is the appraisal process , and acting director of the Federal Housing Finance Agency Sandra Thompson announced a change: allowing banks and mortgage lenders to use desktop appraisals in lieu of in-person home valuations . (The change makes permanent a measure that Fannie and Freddie instituted during the pandemic.) In…(read more)

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MLO, AE Jobs; Sales, Retention, Recruiting Tools; Processing Changes; Fannie and Freddie Appraisal Tweak
MLO, AE Jobs; Sales, Retention, Recruiting Tools; Processing Changes; Fannie and Freddie Appraisal Tweak

Call Center, LO Jobs; Post-Closing, Broker CRM, Correspondent Products; Conference Snippets; Weak Housing Numbers

Posted To: Pipeline Press

The MBA’s conference, which began with a capacity crowd at mPower , is packed with meetings and sessions, and I am sure glad that I’m not going between them in heels! (To paraphrase a joke about how, Fred Astaire was a great dancer, but Ginger did all those moves in heels and backwards.) Sure the Fed will start to taper (it’s been expected for months), and other investors will step in, but there may be periods of less investor interest. Put another way, the NY Fed’s trading desk is like clockwork with its consistent near-daily buying; private investors aren’t like that. Fed will do what it can to suppress any of the symptoms of the “taper tantrum” from 2013 (yes, it’s been eight years!) Other topics revolve around technology. My cat Myrtle is “chipped…(read more)

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Call Center, LO Jobs; Post-Closing, Broker CRM, Correspondent Products; Conference Snippets; Weak Housing Numbers
Call Center, LO Jobs; Post-Closing, Broker CRM, Correspondent Products; Conference Snippets; Weak Housing Numbers

LO Jobs and Transitions; Broker, Credit, Debt Recovery, Reverse Products; Redwood Results; Wholesaler News

Posted To: Pipeline Press

One discussion topic here at the MBA’s annual conference, besides how rates are pressing higher, is how wonderful the San Diego weather is. But there are much better places to see autumn colors than coastal Southern California. (The 2021 Fall Foliage Map is a visual planning guide to the annual progressive changing of the leaves in the U.S.; slide the cursor at the bottom to today’s date.) Another discussion topics, besides the spate of new products from vendors, is geography and demographics and housing prices, and the fact that millions of people 25-40 want to own homes have really added to the demand side of the supply/demand equation for housing. What about demand for a house 30 years from now? It isn’t only home purchase figures that are seasonal, as U.S. births have…(read more)

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LO Jobs and Transitions; Broker, Credit, Debt Recovery, Reverse Products; Redwood Results; Wholesaler News
LO Jobs and Transitions; Broker, Credit, Debt Recovery, Reverse Products; Redwood Results; Wholesaler News

MLO Jobs; Cap. Mkts., Analytics, Decisioning, Fee Collection Tools; Processing Changes; Primer on Tapering

Posted To: Pipeline Press

Life is full of decisions. One space or two after a period in a sentence? Move to a state with no state income tax, or stay put? Wells Fargo is no longer the largest bank in the U.S. based on workforce, and I imagine trimming overhead was a conscious decision on Wells’ part. If you’re in the wholesale or correspondent channel, is there enough profit margin left to beef up your compliance department or to set aside money for potential liabilities and buybacks in the future? Or do you decide to make other moves? Fiscal Year (FY) 2022 funding for Rural Development’s Single-Family Housing Guaranteed Loan Program is available. The funding is authorized by H.R. 5305 the “Extending Government Funding and Delivering Emergency Assistance Act” of FY 2022. (Today’s…(read more)

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MLO Jobs; Cap. Mkts., Analytics, Decisioning, Fee Collection Tools; Processing Changes; Primer on Tapering
MLO Jobs; Cap. Mkts., Analytics, Decisioning, Fee Collection Tools; Processing Changes; Primer on Tapering

AE Jobs; Loan, U/W, Compliance, Business Intelligence Products; Condo and Co-op Agency News; Good Jobs Data

Posted To: Pipeline Press

Labor strikes are back in the news, but this time of year is *** cancer awareness month . Did you know that 1 in 8 women get *** cancer, and it can attack men as well? What could be more important than a life? They aren’t pleasant, but having mammography can save one. In a lighter vein, besides Freedom Mortgage’s Pitbull concert at the National MBA, for many this time of year highlights one of the many differences between women and men: if it’s drizzling, do you turn on the windshield wipers and leave them on, or do you occasionally twist the knob and swipe as needed? If you’re a sports fan, there is no better time of year: Football, baseball, hockey, basketball, they’re all on TV in some form. And with them comes trivia questions. Some in our biz are downright…(read more)

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AE Jobs; Loan, U/W, Compliance, Business Intelligence Products; Condo and Co-op Agency News; Good Jobs Data
AE Jobs; Loan, U/W, Compliance, Business Intelligence Products; Condo and Co-op Agency News; Good Jobs Data

AE Jobs; MBS Quote, Borrower, Processing, TPO, eClose Products; Conforming Conventional Changes

Posted To: Pipeline Press

Those heading to the conference in San Diego should pack stylish, yet sensible, shoes given the amount of walking. (Today’s audio version of the commentary is available here and includes an interview between Robbie and myself about the MBA Annual starting this weekend about navigating the conference and Pitbull . This week’s is sponsored Candor Technology , helping underwriters and company improve underwriting effectiveness.) Speaking of attire, “I am currently brainstorming Halloween costume ideas after receiving an invitation to a party, and am thinking of going as a Southwest Airlines flight so I don’t have to show up.” But yesterday afternoon, my cat showed up and I could see that Myrtle was nervous: impatient, wouldn’t look me in the eye, and her bent…(read more)

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AE Jobs; MBS Quote, Borrower, Processing, TPO, eClose Products; Conforming Conventional Changes
AE Jobs; MBS Quote, Borrower, Processing, TPO, eClose Products; Conforming Conventional Changes

LO, Cap. Mkts. Jobs; Automation, Credit, Processing Products; Conforming Conventional News; Redwood Trust Deal

Posted To: Pipeline Press

People ask me for advice all the time. For example, I tell guys, “Don’t ask your wife when dinner will be ready while she’s mowing the lawn.” With the move in rates, LOs are looking for advice, hoping for free extensions. Everyone knows that LOs are out there adding value and wealth to and for their clients, but since the Paleozoic era lender’s management has dealt with “Lose the deal or give the client an extension” question, especially troubling if the loan hasn’t moved past the app stage. “Free anything” is not likely if a particular originator or broker shop constantly asks for extensions or concessions. It’s rough out there, and one broker in Michigan sent, “Rob, it’s brutal here, so thanks for the info on supply…(read more)

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LO, Cap. Mkts. Jobs; Automation, Credit, Processing Products; Conforming Conventional News; Redwood Trust Deal
LO, Cap. Mkts. Jobs; Automation, Credit, Processing Products; Conforming Conventional News; Redwood Trust Deal

Sales Jobs; LO, Customer, Non-Owner, CRM UW Productivity Products; Conforming Loan Amounts; Lawsuits

Posted To: Pipeline Press

The definition of the word “holiday” seems open to debate, as some states, and companies, working on holidays like Monday’s. Words are important. It’s mortgage principal , not principle . Farther mostly referred to “distance,” and further mostly referred to “quantity or degree.” “How much farther do we have to walk?” And “Upon further reflection, I agree.” Words, and actions, are at the basis of the spate of lawsuits facing companies. Attorney Brian Levy’s latest piece addresses the question, “ Who Owns the Customer Relationship .” Tammy Richards’ lawsuit against loanDepot has made its way around the industry as a look inside the alleged inner workings for a publicly held company. And in New Jersey courts, former Residential…(read more)

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Sales Jobs; LO, Customer, Non-Owner, CRM UW Productivity Products; Conforming Loan Amounts; Lawsuits
Sales Jobs; LO, Customer, Non-Owner, CRM UW Productivity Products; Conforming Loan Amounts; Lawsuits