Ops, MLO Jobs; Cap. Mkts., Valuation, Default, Fulfillment Tools; Technology and Processing Notes Feb 25 2021, 8:03AM
As hope for a recovery drawing nearer helps push rates higher, Carol K. writes, “I hate it when people ask me what I do for fun because there is no classy way to say, ‘Binge drink.’” The approaching 1003 form mandatory changes may cause some people to turn to drink… Is it going to “March Madness” at your shop with the new URLA? (The commentary has plenty of URLA and processing notes below.) Plenty of lenders who are “farther along technology curves” than others seem to be hiring lots of developers to accommodate change like incorporating a new application. But AEs and MLOs need to be aware of and use digital tools that they already have. DU and LP, for example, are great tools and in nearly every lender. Heck, I hear a lot about senior management reminding staff about the benefits of correctly filling out forms: it is im
Ops, MLO, IT Jobs; MSR, Originator Ranking, Digital Tools; FHA s Bevy of News; Ginnie s eNote Pool Jan 28 2021, 8:19AM
The stock price of American Airlines back to February 2020 levels. Investors seem to be “buying hope.” In Mortgage Land, though I am beginning to hear tales of pricing margins dropping slightly, if you’re a lender and it takes your back office two months to close a refinance, why make your pricing more aggressive? How does that help customer service? Prices and money are interesting constructs. I remember the thrill of finding a dime or quarter in a coin return when I was a kid. Hugh Hefner became a multimillionaire staying home in his pajamas. I am not seeing the same result. The older I get the more I appreciate alcohol that is on sale. But returning to taking two months to close a loan, I didn’t pull that out of… thin air. ICE Mortgage Technology s (formerly Ellie Mae s) records for the Origination Insight Report showed (for
Homeownership Slips Into Unaffordable Territory Across Majority Of U S In Fourth Quarter Of 2020 tmcnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tmcnet.com Daily Mail and Mail on Sunday newspapers.
Non-QM, LOS Admin, Ops, MLO, IT Jobs; Broker, Sales Tools; QC and Compliance Dec 28 2020, 8:09AM
Congress and the press have been talking about a second stimulus plan since the summer. The bill signed by President Trump last night keeps the U.S. Government running through next September, including USDA housing programs. For ordinary citizens we hope that it is not too little, too late. Did you know that, driven by stock market gains, the current net worth of the 4 richest U.S. citizens is double the entire net worth of the lowest 50 percent of the U.S. population? Fortunately, many lenders and vendors help their communities in numerous ways, and this Commentary highlights them in our Saturday Spotlights. (For information on being featured, contact Anjelica Nixt.) What about Goodwill? Do you think it is an organization owned by churches, or a non-profit? Nope. Goodwill Industries is a privately held, not-for-profit company which has come under fire for pa
Correspondent, MLO Jobs; Digital, Trailing Doc; FHA s Foreclosure and Eviction Moratorium Extension Dec 22 2020, 8:28AM
I hope that everyone had a happy solstice yesterday, with a few folks writing to suggest that “It is the shortest day, of the longest year, of our lives.” Given my background in capital markets I am regularly asked how some lenders offer lower rates than others. Freddie Mac’s survey has continues to point to mortgage rates dropping, even when “rates” aren’t doing much. The answer is simultaneously simple and complicated (borrowers can pay plenty of points to buy it down, or the lender calculate the value of servicing differently), and one of my commentaries from earlier this year spells it out well. I encourage you to skim through the “How are Mortgages Priced” section, or pass it along to any MLO pointing at some of the headline-grabbing rates in the market (like 1.99 percent for a 30-year fixed!?!). Mortgage pricing, o