Ops, MLO Jobs; Sales, Non-QM, HELOC Products; Agency and Investor Disaster Policies; the Fed and Rates Mar 1 2021, 8:21AM
With the jump up in mortgage rates Thursday, and the move back down Friday, a few lock desk personnel wrote to me over the weekend asking about ways of keeping LOs who floated when rates were low, or locked loans at the bottom, off their back. Here you go. Certainly, the mortgage servicing rights of the 2020 book have become more valuable to those holding it as the perceived duration has increased: At this point who is going to refinance a 2.75 30-year mortgage (unless they need cash out)? Last year saw a continued wave of people in their 20s and 30s buying, or trying to buy homes. As this article points out (an important read for any MLO interested in first time home buyers), it is not an easy process saving up the down payment, qualifying for a loan, finding a property, presenting a winning bid, and then financing it. (To listen to
CRM, Ops, MLO Jobs; Pooling, Processing, Broker, Recruiting Products; Shift in CFPB Thinking? Rates Creeping Higher Feb 8 2021, 8:10AM
A Pennsylvania man is suing Smart Water for not making him smart, and here, in this Commentary, I’d like to formally announce my lawsuit against Thin Mints. Residential lenders are not only watching the 10-year yield hit a pandemic high, but are concerned about the legal and regulatory environment. Whether it is lawsuits or lending, the role of government, and regulators, is shifting. Anyone hoping for smaller government with this Administration was dealt a blow with the latest proposal to eliminate credit bureaus and have the government control (through the CFPB) the credit process. (I certainly received my share of emails over the weekend opposing this move, for a variety of reasons.) The Consumer Financial Protection Bureau and the National Credit Union Association (NCUA) signed a memorandum of understanding agreemen
Sales Jobs; Pre-Approval, Hobby Farm Products; Events and Training; Wholesale and Correspondent Updates Feb 2 2021, 8:14AM
Okay boys and girls, besides it being a snow day in the Northeast, and Groundhog Day and Punxsutawney Phil s 135th prognostication, here is today’s short video math lesson: Snow+Pandas=Fun. Continuing with the four-legged theme, Chrisman LLC was dealt a blow to its morale yesterday when my cat Myrtle balked at joining the Super Bowl pool. She was nonpussed, uh, nonplussed when I assured her we could the draw numbers in person, unlike using Zoom which appears to be what a lot of people are using, but she was had no interest and actually seemed irate. How do you like dealing with an irate client a month after a loan funds? Or if you owned a store, dealing with a return a month later? Following 2020 s holiday shopping season, real estate firm CBRE estimates that more than $70 billion worth of online purchases will be returned, a 73%
Sales, MLO Jobs; Home Ownership, Non-QM, PPE, Sales Tools; Conventional Conforming Updates Jan 12 2021, 8:30AM
Nearly two weeks into 2021 already? I was just getting used to saying “2020.” Now I have to add a syllable every time. “One.” There’s continued talk of companies likeFinance of America, loanDepot, SoFi, and Homepoint going public, and if Caliber and AmeriHome will after delaying things in October. Many experts are predicting another strong housing market in 2021. “Strong” can mean either lots of volume, or price appreciation. Or both. “They” are forecasting increased demand from buyers who delayed purchasing homes due to the pandemic, from existing homeowners who need larger spaces to accommodate parents working from home, children attending school virtually, and from condo owners who are seeking to escape multifamily buildings for single-family houses to mitigate exposure to the virus. The ability to tour homes and close on pu