Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?

Posted To: Pipeline Press

Suddenly everyone’s ruminating on upcoming mergers and acquisitions (and there will definitely be some), but in the lower management ranks, lenders are already shifting their hiring practices , and taking a careful measure of production and productivity. Will we ever run out things to measure? The median age (half above, half below) of owner-occupied homes across the U.S. is 39 years, according to the latest data from the 2019 American Community Survey . (New York has the oldest owner-occupied homes at a median age of 60 years while Nevada has the newest at a median age of 23 years.) Why should every loan originator care about the age of housing in their area? As a lender, do you have a renovation product, or 2 nd ? The age of the housing stock is an important remodeling market indicator…(read more)

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Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?
Lock Desk, MLO, Underwriter Jobs; POS, Workflow, Digital Tools; Agency's Trend: Not Our Friend?

AE, Ops, Sales Jobs; Sec. Mktg., NOI, QC, Diversity Products; NewRez/Caliber Deal; Servicing Retention Study

Posted To: Pipeline Press

There are some clever people out there, especially when it comes to satisfying demand . Lenders know that mortgage pricing is a function of supply and demand. If one investor doesn’t want your non-owner loans, for example, some other investor will, whether it is a Wall Street private label or a non-QM investor. I mention this because the 25 leading U.S. banks curtailed loan holdings by 8% during the first quarter to $5.45 trillion, according to the Federal Reserve. Deposits rose 16%, to $10.13 trillion, giving the lowest loan-to-deposit ratio since data collection began 36 years ago. How about the supply & demand of odd properties? How does one obtain financing, or go to the bank, or have an appraisal done, on a lighthouse? Sea lovers should know that the historic Wolf Trap Lighthouse…(read more)

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AE, Ops, Sales Jobs; Sec. Mktg., NOI, QC, Diversity Products; NewRez/Caliber Deal; Servicing Retention Study
AE, Ops, Sales Jobs; Sec. Mktg., NOI, QC, Diversity Products; NewRez/Caliber Deal; Servicing Retention Study

MLO Jobs; Risk Reduction Products; Marketing, Workflow Tools; JP's Earnings, and the MBA's Take on 2020's Profits

Posted To: Pipeline Press

“I wear a stethoscope so that in a medical emergency I can teach people a valuable lesson about assumptions.” People shouldn’t assume that all offices are made equal . People in our biz shouldn’t assume that “all lenders are the same.” Jim Cameron from the STRATMOR Group has noticed a difference between depository banks and independent mortgage banks. Namely, banks are not only awash in cash, which will help them with HELOCs and other portfolio products, but appear to have larger pipelines heading into this slowdown in volume/reduction in margin. IMB’s mindsets are on cutting overtime, watching expenses. One CEO even told me about a small “RIF” (reduction in force) for his company in the coming weeks. Even though the pandemic is still in the headlines…(read more)

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MLO Jobs; Risk Reduction Products; Marketing, Workflow Tools; JP's Earnings, and the MBA's Take on 2020's Profits
MLO Jobs; Risk Reduction Products; Marketing, Workflow Tools; JP's Earnings, and the MBA's Take on 2020's Profits

MLO Jobs; HELOC, Renovation, Jumbo, Sales Products; New Correspondent Investor for Non-QM and QM Loans

Posted To: Pipeline Press

Why do all underwriters have soft hair? Because they over-condition! (How do your underwriters feel about bitcoin? Brokers up in Canada are now accepting eCurrency .) Underwriters are charged with analyzing the 5 C’s of credit (character, capacity, capital, collateral, and conditions) and hope that none of their borrowers go bankrupt. Surprisingly, bankruptcy filings by consumers under Chapter 7 were down 22% last year , despite COVID, compared with 2019, while individual filings under Chapter 13 fell 46%. After holding above 50,000 filings a month in 2019 and in the first quarter of 2020, bankruptcy filings have remained below 40,000 a month since last March when the pandemic hit. Say what you will about it, I am sure the stimulus money helps. The credit “black box” is good…(read more)

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MLO Jobs; HELOC, Renovation, Jumbo, Sales Products; New Correspondent Investor for Non-QM and QM Loans
MLO Jobs; HELOC, Renovation, Jumbo, Sales Products; New Correspondent Investor for Non-QM and QM Loans

MLO Jobs; Customer Support, Servicing Products; Upcoming Webinars Cover Everything From Origination to Servicing

Posted To: Pipeline Press

I received this over the weekend: “I just want to make enough money to live a life that doesn’t include Microsoft Teams in my work life.” Many people in residential lending began their careers before Teams even existed, and I love it when I am listening to someone in their 60s or 70s talking about a lack of people in their 20s and 30s entering our biz. One could make the argument that people in their 60s or 70s are holding onto jobs that someone in their 30s wants or would be better at… But experience is important. Speaking of time and money, recall that it has already been four years since one of the biggest effects of the financial crisis rolling off: Those who had short sales and foreclosures in 2009-2010 reached the end of the 7 year no-mortgage period and became eligible…(read more)

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MLO Jobs; Customer Support, Servicing Products; Upcoming Webinars Cover Everything From Origination to Servicing
MLO Jobs; Customer Support, Servicing Products; Upcoming Webinars Cover Everything From Origination to Servicing

Sales Mgt., MLO Jobs; Non-QM, Processing, ECOA, Subservicing Tools; Administration and Housing

Posted To: Pipeline Press

What’s new out there? Queen Elizabeth’s husband Prince Phillip has passed away this morning at age 99. Wealthy people in New York seem to be fleeing to live in other states with a lower tax rate. Both Freddie Mac and Fannie Mae released QM loan information that maps out their policies. Any lender originating Agency loans should be aware of their requirements and their effective dates related to their purchase of loans subject to the Qualified Mortgage (QM) Rule and originated relying on the GSE Patch. And tongues are wagging about the proposed CFPB RESPA Servicing Rule with protections for borrowers affected by the COVID emergency . Industry players are questioning the regulatory authority to issue a blanket prohibition on foreclosure through the end of the year and are concerned…(read more)

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Sales Mgt., MLO Jobs; Non-QM, Processing, ECOA, Subservicing Tools; Administration and Housing
Sales Mgt., MLO Jobs; Non-QM, Processing, ECOA, Subservicing Tools; Administration and Housing

Non-QM, Reno, Jumbo Products; SaaS, Sales, Underwriting Products; Correspondent News; Underwriting Shifts

Posted To: Pipeline Press

“i” before ‘e’ except after ‘c’” has finally been disproved by science. Does “machine learning” equal “Artificial Intelligence (AI)”? Nope . And did you know that over the past 12 months, in the U.S. there has been a net loss of 2,563 bank branches (3,585 branches shuttered while 1,022 were opened) per S&P Global? Although the pandemic has definitely had a hand in speeding some of these closures along, lenders are concerned about how the post-pandemic world will affect depository bank and mortgage bank branch levels. Lenders are also concerned about how HMDA data, sifted through by the CFPB, may be construed. It is generally thought that the lowest cost, most efficient producers will rise to the top, and the commentary has some notes…(read more)

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Non-QM, Reno, Jumbo Products; SaaS, Sales, Underwriting Products; Correspondent News; Underwriting Shifts
Non-QM, Reno, Jumbo Products; SaaS, Sales, Underwriting Products; Correspondent News; Underwriting Shifts

AE, MLO Jobs; Subservicing, Workflow, Marketing, Processing Tools; FHA News; Events This Week

Posted To: Pipeline Press

Does the CFPB have jurisdiction of all mortgage-related agencies, borrowers, and servicers? We’ll see, as yesterday, and this proposal should not come as a surprise to any mortgage servicer, the Consumer Financial Protection Bureau issued a proposal that would broadly halt foreclosure initiations on principal residences from August 31, 2021 until 2022, and change servicing rules to promote consumer awareness and processing of Covid-relief loss mitigation options. This article spells out some of the reasons. I will not opine, but you should ask the head of your servicing department what they think. The devil is in the details. The proposal comes as the housing market is strengthening, loans in Covid-related forbearance are dropping, the unemployment rate is ticking down, and the nation’s…(read more)

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AE, MLO Jobs; Subservicing, Workflow, Marketing, Processing Tools; FHA News; Events This Week
AE, MLO Jobs; Subservicing, Workflow, Marketing, Processing Tools; FHA News; Events This Week

MLO Jobs; Post-Close, Processing, Sec. Marketing Tools; Conventional Conforming Shifts

Posted To: Pipeline Press

For some good news, any company that holds or buys servicing has seen their balance sheet improve with the rise in mortgage rates. For more good news, reverse mortgage lenders are licking their chops over the news that homeowners, aged 62 and older, saw their collective housing wealth increase by $234 billion to a record of $8.05 trillion , according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) and data analytics firm RiskSpan. For not good news, the MBA reported that the GSEs’ .50 Adverse Market Refinance Fee is reportedly in place through at least December 1, 2021 , per Federal Housing Finance Agency (FHFA) officials. The fee is currently imposed on most Fannie Mae and Freddie Mac refinances, and FHFA plans to evaluate data in early October to determine if…(read more)

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MLO Jobs; Post-Close, Processing, Sec. Marketing Tools; Conventional Conforming Shifts
MLO Jobs; Post-Close, Processing, Sec. Marketing Tools; Conventional Conforming Shifts

AE Jobs; Lead Gen Products; Wholesaler's New Products; Training, Events, and Webinars

Posted To: Pipeline Press

“Some are born to meet, some achieve meetings, and some have meetings thrust upon them.” There are definitely in-person meeting “green shoots” sprouting ahead of the residential and commercial lending conference season. A survey done during a session last week hosted by the Mortgage Bankers Association for state and local organizations showed the vast majority were planning in-person events in 2021. (For example, I will be sharing the stage with Brian Montgomery in next month’s MBAG convention in Ponte Vedra, Florida.) Yes, Georgia , Florida , Texas , and California have every intention of having in-person conferences starting next month with safety as a paramount concern; more events and training below. I’m sure many sessions will highlight technology and…(read more)

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AE Jobs; Lead Gen Products; Wholesaler's New Products; Training, Events, and Webinars
AE Jobs; Lead Gen Products; Wholesaler's New Products; Training, Events, and Webinars