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Broker Loan Products; Super Jumbo, Accounting, RON, Fraud Prevention Products; Wholesale and Correspondent News

Broker Loan Products; Super Jumbo, Accounting, RON, Fraud Prevention Products; Wholesale and Correspondent News
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Warehouse, Processing, Homeowner Insurance Products; Jumbo and Non-QM News; Credit Suisse MBS Settlement

There’s a splendid joke about the definition of an economist being someone who “will know tomorrow why the things they predicted yesterday didn't happen today.” Everyone’s warning everyone about everything these days: Recessions, plagues, housing collapses, overnight rates near 5 percent. The bigger the prediction, the bigger the headlines. No one has a crystal ball, but one thing for sure is that with the increase in both short and long-term rates, independent mortgage banks are seeing even less revenue. For example, their warehouse line costs have gone up. Optifunder’s Mike McFadden noted, “Rob, although every contract is different, with different covenants, with the migration from LIBOR, most warehouse lenders have resorted to some sort of SOFR as the reference rate. Each warehouse lender, however, has resorted to different terms or sources of SOFR (which is something Optfunder helps sort through). In general, many warehouse lines ar

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Housing Supply, Career Opportunities, Vendor Services; How the Fed Impacts Rates

It’s Fed decision day today and another 75-basis point rate hike is expected. Mortgage rates have surged to 14-year highs, deterring both buyers and builders, who have begun making the shift to apartments. ArchMI released its quarterly Housing and Mortgage Market Review, which said that rates aren’t expected to return to the sub-3 percent, or sub-4 percent, range any time soon. Existing home sales have declined sharply to sit nearly 30 percent below the January 2021 pandemic peak of 6.65 million and about 10 percent below the 2019 average of 5.24 million. Over the past year, home prices climbed another 13 percent and combined with increases in mortgage rates have caused the cost of homeownership to surge 48 percent year-over-year and 79 percent over two years. Bloomberg reported that “Months of supply has rarely increased as quickly as it has over the past six months. While we have a limited sample size of this kind of volatility, the size of this increase is norma

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Automation, Non-QM products; LD,Notarize,Cypress, and UWM in the News; Disaster Updates; CPI and Rate Volatility

Big and small, they aren’t the first and won’t be the last. Residential lenders everywhere are ruminating on Notarize laying off 75 percent of its legal staff, the closure of fledgling correspondent Cypress Mortgage Capital, “powered by Celebrity Home Loans,” and the announced winddown and shutdown of loanDepot’s wholesale channel, effective by Halloween, along with dramatic cuts to its retail division. Frank Martell took LD’s helm in April, and announced the bad Q2 results (fortunately helped by servicing income). loanDepot is not alone. Of course it’s stock, and that of nearly every lender, has not done well after its initial investors cashed out: LDI went public at $14 per share, hit a high that day of nearly $40 per share, and closed yesterday at $1.84. If someone had invested their life savings of $1 million at the high, their life savings would be worth $46,000 now. Thousands have been laid off, not only from loanDepot but from oth

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Fraud, Home Equity, Non-QM, Reno Products; Wholesale Updates

Everyone is watching the value of their 401(k) plan go down. You should be watching it go down from “across the pond,” sitting at a sidewalk café in Paris. Anyone traveling in Europe is rejoicing at the exchange rate: Things are more affordable for American tourists this summer, with the exchange rate between the euro and the dollar now about equal. It's the first time since 2002 (in the early years of the euro's existence) that the ratio came close to 1:1, but could come at a cost of global economic stability. The Fed is on track to continue hiking interest rates by 75 bps per meeting to conquer inflation, in comparison to the European Central Bank, which is still hesitant to get too aggressive. EU recession fears are more pronounced than they are in the U.S., especially given the grim energy outlook and the shutting of the Nord Stream 1 pipeline for annual maintenance. (We all have a chance at listening to the MBA’s Dr. Mike Fratantoni di

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