Encompass, Training, Credit Risk Jobs; Pricing, Sales, Reno Products; Training on Securitization and Other Upcoming Events

Posted To: Pipeline Press

Just a couple more weeks until my uncle sends me a text asking if I’ve seen these funny photos of Bernie Sanders , of which there are no shortage. There is, however, a shortage of houses out there for the 70+ million Millennials to buy, even if rates were 0 percent and DPA programs abounded (which they do) When someone mentions a “housing price bubble” I am quick to point out that the force behind the price rise is a supply shortage, not a speculative frenzy. Are tiny homes the answer? Here’s a cool Finnish prefab cabin that pops up in a single day and the “Kynttilä tiny house lights up like a lantern in a secluded Finnish forest.” (I’m getting old: all I can think about is cleaning that window, and wonder what I would do with my stuff. But page…(read more)

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Encompass, Training, Credit Risk Jobs; Pricing, Sales, Reno Products; Training on Securitization and Other Upcoming Events
Encompass, Training, Credit Risk Jobs; Pricing, Sales, Reno Products; Training on Securitization and Other Upcoming Events

MLO Jobs; Sales, Pricing, Processing, Correspondent, Products; LO Productivity Study; FHFA Disaster News

Posted To: Pipeline Press

While the Biden Administration waits for the Trump staff to tell them the Wi-Fi password in the White House, the government continues to occupy our thoughts. “The government should not vaccinate health care workers first. Because if it fails, we’re in trouble. They should try the vaccine on politicians first because if we lose a few of them, it really won’t matter at all.” That is an interesting take. I find the term stealth tax hike ” interesting, especially in the coming years, because many of us are predestined to pay more in taxes by legislation already in place. Economists look at interesting things, like U-Haul rental truck movement to determine state or regional trends. Many companies are interested in what the post-pandemic work environment will look like…(read more)

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MLO Jobs; Sales, Pricing, Processing, Correspondent, Products; LO Productivity Study; FHFA Disaster News
MLO Jobs; Sales, Pricing, Processing, Correspondent, Products; LO Productivity Study; FHFA Disaster News

MLO, Ops Jobs; Broker, VOE, Servicing, MI Tools; Imminent Training and Virtual Events

Posted To: Pipeline Press

There’s always “stuff” going on in residential lending, right? Capital markets folks have noticed that the big banks are re-entering buying jumbo loans from correspondents. BAML’s pass through channel, Wells Fargo, Redwood Trust, Chase, Citi remind us that banks and investors are cash rich and seeking to put assets on their books at the right price and LTV. Many lenders are concerned about retaining their Ops/fulfillment staff, and what they had to pay them in 2020 to keep the competition from stealing them away. Staffing and technology is critical. Our industry continues to work primarily from home, and IT staffs are ever vigilant about data security and consumer privacy while HR watches the health and safety of employees for those who have come back into the office…(read more)

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MLO, Ops Jobs; Broker, VOE, Servicing, MI Tools; Imminent Training and Virtual Events
MLO, Ops Jobs; Broker, VOE, Servicing, MI Tools; Imminent Training and Virtual Events

MLO Jobs; Broker, Recruiting, HELOC Products; Freddie and Fannie Compliance Reminders

Posted To: Pipeline Press

This week Joe Exotic did not receive a presidential pardon, nor did mortgage rates move much versus last week, but there are still over 16 million refinance candidates who meet broad-based eligibility criteria and could also cut their first mortgage rate by 0.75 percent or more, per Black Knight. But last night the world saw, at 21:21, the 21 st second of the 21 st minute of the 21 st hour of the 21 st day of the 21 st year of the 21 st century. How cool is that!? Instructor: “Welcome to salsa class! Who’s ready to learn how to dance?” Me, hiding a bag of tortilla chips: “Uh, there’s been a misunderstanding.” There’s no misunderstanding between CNN , Axios , the White House , the Federal Times , and the ABA Banking Journal . They concur that Dave Uejio…(read more)

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MLO Jobs; Broker, Recruiting, HELOC Products; Freddie and Fannie Compliance Reminders
MLO Jobs; Broker, Recruiting, HELOC Products; Freddie and Fannie Compliance Reminders

Retail, Correspondent Jobs; Performance, Non-QM, Sales Tools; STRATMOR Strategy Paper; DACA and FHA

Posted To: MND NewsWire

“Do y’all remember, before the internet, that people thought the cause of stupidity was the lack of access to information? Yeah, it wasn’t that.” The internet has brought a lot of change to the world, and to our industry. But we don’t need the internet to drive changes, and potential changes, in our biz. HUD has declared that it will once again back DACA mortgages. Huntington’s Rob B. asks, “Is a CRA Mandate coming for independent mortgage banks (IMBs)?” (Prompting his question is the perception that President Biden will look for opportunities to boost homebuyers and builders . Of course, if there is little inventory, or land to build on, or people to build them…) CFPB Director Kathy Kraninger, who’s term would not have ended until 2023…(read more)

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Retail, Correspondent Jobs; Performance, Non-QM, Sales Tools; STRATMOR Strategy Paper; DACA and FHA
Retail, Correspondent Jobs; Performance, Non-QM, Sales Tools; STRATMOR Strategy Paper; DACA and FHA

Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update

Posted To: Pipeline Press

In his Saturday Morning Cup of Joe , Jeremy Potter quipped, “The word ‘homeowners’ has the word ‘meow’ in it. Good luck unseeing that from now on.” Plenty of people are out there predicting the path of homeowners and homeownership. And there are those that say, “All forecasts are wrong, but some are useful.” It has certainly been interesting hearing forecasts about the direction of rates (relatively steady with a bias toward increasing gradually), new regulations for lenders (relatively steady with a bias toward increasing gradually), and even residential lending IPOs. (The current STRATMOR blog is, “Lenders and Vendors Going Public: Pros and Cons” .) Broker and Lender Services and Products “ DocProbe partners with your Post…(read more)

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Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update
Ops, AE Jobs; Sales, Leadership, Tech, Pricing Tools; VA, Ginnie, FHA Changes Incl. URLA Update

IT, AE Jobs; Jumbo, Origination, Productivity Tools; Thoughts on the CFPB Nominee; Training and Events

Posted To: Pipeline Press

Sometimes running a mortgage compliance department can seem like this short clip Indiana’s Carol K. sent along. Yet there is value in compliance, and it is good that lenders and servicers are much more cognizant of rules and regulations than we were 12-14 years ago, along with requiring that borrowers have the ability to repay a loan. President-elect Joe Biden will nominate Rohit Chopra to be the next director of the Consumer Financial Protection Bureau . He is a strong consumer advocate, aligned with Senator Elizabeth Warren, lifelong friend of banks everywhere. (Snort.) There is value provided to consumers by the CFPB, and we’ll see a lot of that in the next four years. Individuals and companies are hard at work finding value out there, whether it is uncovering borrowers with…(read more)

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IT, AE Jobs; Jumbo, Origination, Productivity Tools; Thoughts on the CFPB Nominee; Training and Events
IT, AE Jobs; Jumbo, Origination, Productivity Tools; Thoughts on the CFPB Nominee; Training and Events

Retail, Ops Jobs; Appraisal, Non-QM, Jumbo, DPA Products; Industry Weighs in on Good Freddie/Fannie News

Posted To: Pipeline Press

As Flagstar’s Marcus L. points out, “1999 doesn’t sound like that long ago until you realize that people with a birth year starting with ‘2’ are starting to be old enough to legally drink.” And plenty of them have student debt, the forgiveness of which is now in the press and could very well impact lending & home ownership in a positive way. All of these households and corporations, and the U.S. Government, refinancing debt at lower rates and saving money has to have a beneficial impact on finances and growth going forward, right? Rates are certainly impacting bank earnings, and their mortgage earnings. More about that tomorrow. Lender and Broker Jumbo, DPA, and Non-QM Products “If your New Year’s resolution was to roll out a NonQM product, eResi’s…(read more)

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Retail, Ops Jobs; Appraisal, Non-QM, Jumbo, DPA Products; Industry Weighs in on Good Freddie/Fannie News
Retail, Ops Jobs; Appraisal, Non-QM, Jumbo, DPA Products; Industry Weighs in on Good Freddie/Fannie News

Warehouse, Sales Jobs; Digital, AMC, Pricing Tools; Comp Survey; Cap. Markets, Broker Products

Posted To: Pipeline Press

With the money I’m saving on “Dry January,” I was able to buy some great edibles at the dispensary yesterday. “Come on, come on, listen to the money talk” sang AC DC. Wells Fargo’s stock price is up 60 percent since late Halloween… that’s money! Some are curious about bitcoin, with proponents saying it is the worldwide currency of the future while critics say… well, the list of what critics say is too long for this lead paragraph. But I found this article titled, “Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes” fascinating. “Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t access that wealth because you forgot the password to your digital wallet…(read more)

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Warehouse, Sales Jobs; Digital, AMC, Pricing Tools; Comp Survey; Cap. Markets, Broker Products
Warehouse, Sales Jobs; Digital, AMC, Pricing Tools; Comp Survey; Cap. Markets, Broker Products

Retail, Recruiting Jobs; Servicing, Appraisal, Income Calculation Tools; Upcoming Virtual Training; MSA FAQs

Posted To: Pipeline Press

There are plenty of MLOs (mortgage loan originators) out there very pleased with their earnings for 2020. In a non-random sample, several CEOs with whom I spoke had retail LOs earn more than a million clams, all in a compliant manner. It is good to remember that some of the changes made as a result of the “Financial Crisis” were in the area of LO comp(ensation), especially to prevent steering and taking advantage of borrowers. Importantly, LO Comp doesn’t restrict how creditors price their loans, only how they compensate LOs (including brokers). This has many ramifications, For example, many in the industry question worse pricing for self-employed borrowers, or better pricing for W-2 borrowers. The pricing has always varied for high credit score borrowers, or loan to value…(read more)

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Retail, Recruiting Jobs; Servicing, Appraisal, Income Calculation Tools; Upcoming Virtual Training; MSA FAQs
Retail, Recruiting Jobs; Servicing, Appraisal, Income Calculation Tools; Upcoming Virtual Training; MSA FAQs