Paper on FHA Changes; Tech Report; Compliance and Ops News

Posted To: Pipeline Press

Experienced originators know that lending is a numbers game. Every 100 cold calls result in 20 conversations, which result in 5 potential leads, which result in 1 closed loan. Or whatever personal ratios are. Not only that, but there is a 2-4-month lag time between those 100 calls and any funded loans that come from making them so good LOs have been laying the groundwork for summer for a quite some time. But speaking of two months, from St. Louis Mike Swaleh reminded me that the revised Uniform Closing Dataset (UCD) Seller data requirements will be effective on June 24, 2019 . Lenders are working on the borrower’s app process. For example, Envoy Mortgage has developed XLR8 . More on Ops issues below. Lender Products and Services MGIC’s SEB Cash Flow Worksheets are Now Live ! These…(read more)

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Paper on FHA Changes; Tech Report; Compliance and Ops News
Paper on FHA Changes; Tech Report; Compliance and Ops News

Non-QM Products; Mortgage Mergers Roll On; QE Still Influencing Rates – a Primer

Posted To: Pipeline Press

Economic doldrums? Probably not – but there is always someone out there claiming dire straits are right around the corner. A CNBC survey of Wall Street experts finds over 96% do not anticipate a recession by summer 2020, 70% are optimistic about the economy, and 30% have a neutral outlook. Fitch Ratings said there are no signs of recession currently but noted that global growth was sharply deteriorating. Fitch sees relatively strong US GDP growth as a positive and expects China will start stabilizing soon. And a survey of economists by the Wall Street Journal found that 57% thought the next rate increase by the Fed wouldn’t happen until September or later. This number is up from 35% in the February survey and 13% in the January survey. Overall, 18% of economists believe the Fed will not…(read more)

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Non-QM Products; Mortgage Mergers Roll On; QE Still Influencing Rates – a Primer
Non-QM Products; Mortgage Mergers Roll On; QE Still Influencing Rates – a Primer

Coaching, Underwriting, and Franchise Products; Tech Study; Fed Speeches This Week

Posted To: Pipeline Press

Things aren’t always what they seem. Does the mainstream press, or politicians, think about how about how much money it takes to attract top talent to senior roles at top mortgage companies? Elizabeth Warren has led a new proposal to Respect the Caps .” Stay tuned, as taking Fannie’s president, now at $4.2 million , and Freddie’s, now at $3.85 million, under $600k a year, would be “interesting.” And lots of Agency staff make much more than $600k, as do a scattering of individual originators around the country. We are reminded that no politician wants to see anyone make more than they do. (Speaking of comp, if you want to register for STRATMOR’s Compensation Connection Study you have until April 30.) Lender Products and Services When it comes to strengthening…(read more)

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Coaching, Underwriting, and Franchise Products; Tech Study; Fed Speeches This Week
Coaching, Underwriting, and Franchise Products; Tech Study; Fed Speeches This Week

Marketing, HELOC Comp, Post-closing Products; New Broker Products

Posted To: Pipeline Press

M&A grab current headlines (Freedom buying JG Wentworth’s mortgage biz being the latest) but it’s hard to put the past behind us, as an industry, when the past continues to grab them as well. “GE to pay $1.5 billion U.S. fine over crisis-era subprime mortgages.” The U.S. Department of Justice stated that GE concealed the poor quality of the loans and WMC’s lax fraud controls when packaging the loans into residential mortgage-backed securities sold to investors. As is customary, GE did not admit any wrongdoing, and it is unknown if anyone at GE ever yelled, “We didn’t do anything wrong, but here’s a billion and a half to leave us alone.” WMC originated $65 billion in residential loans from 2004-2007. “They won’t catch us”…(read more)

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Marketing, HELOC Comp, Post-closing Products; New Broker Products
Marketing, HELOC Comp, Post-closing Products; New Broker Products

Condo, Referral Products; Upcoming Events; Investing in the Industry Takes Many Forms

Posted To: Pipeline Press

Loan officers everywhere tell me about “The Bank of Mom and Dad” helping buy homes , either through gifts or co-signing, helping overcome that down payment hurdle. Investing money is often a probability game. Did you know that one of Germany’s richest families, through JAB Holding Company, owns a controlling stake in Krispy Kreme Doughnuts, Peet’s Coffee & Tea, Caribou Coffee, and Panera Bread? (Unfortunately the family’s ancestors were staunch supporters of Adolf Hitler and extensively used forced labor . And you think you have problems!) There is a lot of money moving around and investing in our biz – more below. Lender Products and Services With the GSFA Platinum® down payment assistance (DPA) program provided by Golden State Finance Authority (GSFA…(read more)

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Condo, Referral Products; Upcoming Events; Investing in the Industry Takes Many Forms
Condo, Referral Products; Upcoming Events; Investing in the Industry Takes Many Forms

Underwriting, Bid Tape Tools; Fannie/Freddie, Conventional Conforming Updates

Posted To: Pipeline Press

Kim Kardashian has vowed to take and pass the bar exam in 2022 without attending law school. You go girl! Few who go that route pass the test. Then again, few accomplish being famous just for being famous. Perhaps her goal is to one day address the MBA’s Legal Issues and Regulatory Compliance Conference (next month). While we’re on legal issues, Mortgage Media points out that “…Quicken is the only major lender to have not settled their FCA case, unlike almost all others, and have steadfastly defended their innocence. Not only has Quicken refused to settle, they have been effective at slimming down the volume of loans used as the base sample for the suit. ‘We’re talking about 55 loans that the DOJ said had an issue with out of the 250,000 FHA loans that we’ve…(read more)

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Underwriting, Bid Tape Tools; Fannie/Freddie, Conventional Conforming Updates
Underwriting, Bid Tape Tools; Fannie/Freddie, Conventional Conforming Updates

Broker, Automation, and Coaching Products; Asset Sale; Today's Market Movers

Posted To: Pipeline Press

“My 8-year-old daughter can already read at a 5th grade level and ignore me at a 12th grade level.” Talking about young ‘uns, who needs great grades when… The house belonging to Peter Brand, Harvard’s fencing coach, appraised at $549,300. Two years ago, however, the house was sold to a wealthy businessman (with a son in high school) for nearly $1 million. The buyer’s son later attended Harvard and joined Harvard’s fencing team , and the buyer sold the house, having never lived in it, for a $324,500 loss. Speaking of losses, analysts expect Federal Reserve dovishness and a flattening US yield curve to lead to the first decline in banks’ quarterly profits since 2016, with capital-market functions hit hardest. Lender Services and Products PlainsCapital…(read more)

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Broker, Automation, and Coaching Products; Asset Sale; Today's Market Movers
Broker, Automation, and Coaching Products; Asset Sale; Today's Market Movers

Capital Markets; Single Security Playbook; Vendor-Mania!

Posted To: Pipeline Press

Free ice cream at Ben & Jerry’s Scoop Shops today? Count me in! Going back a few days, in Saturday’s commentary I mentioned a company offering blockchain HELOCs to brokers and correspondents. In other tech news, Bitcoin was used as collateral to buy a home in Amsterdam. An actor (the 90’s comedy Mighty Ducks) purchased the $1.2 million property using Bitcoin as collateral, according to a statement from lender Nexo . If you think that the mortgage biz is full of technology, you’re right. But golfers know that it is Masters’ Week. Augusta National doesn’t love technology; it loves that 21st-century advances can maintain the tournament’s pristine image. (Supposedly packing the azaleas with ice so they bloom at the right time is a myth.) Lender Products…(read more)

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Capital Markets; Single Security Playbook; Vendor-Mania!
Capital Markets; Single Security Playbook; Vendor-Mania!

HELOC, Jumbo, Non-QM, and Broker Products; Bank Mergers, Capital Markets

Posted To: Pipeline Press

The move down in rates has sparked optimism about volume (and perhaps margins) out there. But mergers and acquisitions (M&A), and the details thereof, for many reasons, continue. For example, HomeStreet, Inc., the parent company of HomeStreet Bank announced an executed definitive agreement for Homebridge Financial Services to acquire the assets of up to 50 stand-alone, satellite, and fulfillment offices related to the Bank’s home loan center based single family mortgage origination business, and to make offers of employment to HomeStreet’s related personnel. (More details below, along with other M&A deals.) Lender Services and Products Looking for a game-changing product to help you elevate your business and stand out from the crowd? On April 1st, (no fooling) Freedom Mortgage…(read more)

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HELOC, Jumbo, Non-QM, and Broker Products; Bank Mergers, Capital Markets
HELOC, Jumbo, Non-QM, and Broker Products; Bank Mergers, Capital Markets

Appraisal and Construction Products; Lots of Events; Agency Changes

Posted To: Pipeline Press

Some New Yorkers like to think that they’re at the Center of the Universe. But, though larger Java, in terms of islands, in Indonesia, is home to 135 million inhabitants versus Manhattan’s 1.7 million. (And although Manhattan does have about 125,000 hotel rooms, it is less than Las Vegas’ 152,000 and Orlando’s 150,000.) What about housing affordability? Even though some homes have become more affordable in the past year, based on income growth, home prices in more than 70 percent of the country are more than the average worker can afford. Brooklyn and Manhattan have a dubious distinction: The largest share of income to buy a home at 115 percent . Lender Products and Services Congratulations to Frank Novak whom ACT Appraisal has hired as its new Coordinator/Account Executive…(read more)

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Appraisal and Construction Products; Lots of Events; Agency Changes
Appraisal and Construction Products; Lots of Events; Agency Changes