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Rome , Lazio , Italy , Italian , Access-to-services , Conditions-of-service , Agency-products , Subscription-to-services , European-union , Nazionale-stampa-associata-societ , Press-register

Jumbo, Non-QM, Accounting, Servicing, Processing Tools; Conv. Conforming News; STRATMOR on Customer Experience

“I'm at a place in my life where errands are starting to count as going out.” No one’s getting any younger, and like time marching on, technology does as well. For history buffs, here is a recording of the voice of someone born in 1800, at the 13:30 mark in the video. Fast forward, and something that enthralled countless kids has run its course: The last Chuck E. Cheese animatronic band in the world will exist in Northridge, California. Remember when that chain was popular for kids’ birthday parties? Assumable mortgages were, at one point, popular as well, but not any longer. “Assumable mortgages are hard to find, take long to process, and are only good for certain buyers.” But that doesn’t stop them from grabbing the public’s attention when they’re in the headlines. (Today’s podcast can be found here, and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Today’s has an interview with Argyle’s Brian Geary on mortgage vertical growth, customer benefits of technology integrations, and how vendors can differentiate themselves from competitors.) Lender and Broker Products, Programs, and Services Hot off the press! Did you know Optimal Blue offers a free monthly report with metrics on origination activity? That’s right: The Originations Market Monitor provides a comprehensive and timely look into origination data for the U.S. and the top 20 metropolitan statistical areas by share of total volume. The latest report, which looks at data through November’s month-end, is now available. Highlights from November include an uptick in rate/term refinance production and a significant decline in average purchase price, possibly signaling a trend in falling prices. Access the latest Originations Market Monitor and subscribe to receive the report each month.

California , United-states , Jerry-mccoy , Argyle-brian-geary , John-gibson , Mike-seminari , Freddie-mac , Phil-jones , National-mi-bulletin , Market-committee , Chucke-cheese , Flagstar-bank

ITIN, AOT, Warehouse, Servicing Products; Rocket Changes, Conventional Conforming News; Fannie's $5 billion Net Income

Overheard last night at a bar here in Austin, Texas: “It’s hotter than the hinges to the gates of hell.” Not so hot, as residential lenders know, are volume and mortgage rates (which some believe may drift down during the final five months of 2023). No one can predict interest rates with any degree of accuracy or confidence, so originators should optimize the current situation with the cards they have been dealt, which aren’t always good. Speaking of which, an owner of a non-bank lender who was doing $40 million a month a few years ago and who is now doing $10 million a month wrote, “Rob, are you hearing that, in the acquisition of a lender, that all the premium is gone, and that deals are comprised of just an earn out over 2-3 years?” Yes, I am hearing that, for lenders doing $10 million a month. But every deal is different, and for companies that were doing $80 million a month and are now doing $30 million, then there might still be a premium. You should check with someone like STRATMOR M&amp;A partner Garth Graham for particulars. (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with LoanCare’s Rodney Moss on how subservicers are winning business and what to expect in the servicing space for the remainder of 2023.) Lender and Broker Software, Products, and Services

Texas , United-states , Salt-lake-city , Utah , Philadelphia , Pennsylvania , Brentwood , Illinois , Chicago , Denver , Colorado , Australia

Servicing, Cybersecurity, QC, Fee Collection Tools; Investors React to FHFA Changes; Nationwide Property Listing Stat

Two hydrogen atoms meet. One says, “I've lost my electron.” The other asks, “Are you sure?” The first replies, “Yes, I'm positive.” (Yes, its cutting-edge humor like this that keeps you coming back.) Do positive thoughts matter? Houston’s Norina and Ramon Navarro think so. Thinking positive thoughts about the housing inventory in the United States probably won’t help, and I am hearing renewed stories about a lack of inventory and multiple offers at certain price points around the nation. There are only 578,000 active listings nationwide. (This is out of 142 million housing units.) Where’s the supply? Well, what do American Homes 4 Rent, Home Partners of America/Blackstone, Tricon Residential, Main Street Renewal, Progress Residential, Invitation Homes, and a smattering of others have in common? They have accumulated more than 65,000 homes in the Atlanta area alone. Thank you to DepthPR’s Kerri M. for sending along this article spelling things out titled, “The American Dream for Rent.” Given that so much of our lives are dictated by supply and demand, well, you get the picture, and many think it isn’t pretty. (Today’s podcast can be found here and this week it’s sponsored by MGIC. Since 1957, MGIC has insured more than 13.5 million mortgage loans with innovative products, tools and strategies that help customers solve problems and fuel growth. Explore tools and solutions to boost your business here. Interview with SPMB’s Ross McLaughlin on executive search firms and finding the best candidates for open positions.)

Houston , Texas , United-states , American , Lawrence-yun , Ben-miller , Uday-devalla , Freddie-mac-llpas , Perry-hilzendeger , Nancil-weissgold , Ramon-navarro , Chris-voss

CRM, Forecasting, Warehouse Tools; FHA, USDA Industry News; 2-Year Yield Above 5%; BK's Empower to be Sold

Last week my son asked if I had seen the dog bowl. I replied, “I didn’t know he could!” The weather here in Palm Springs, California is much different than that of Anchorage, and yesterday’s Commentary’s mention of the fabled Iditarod prompted Fairway Independent’s Susan Hawkins to send, “I was there when I lived in Anchorage! Here are some photos.” Looks cold, which is to be expected. What is not expected is when a lender or vendor makes headlines. Huh? CoreLogic in the headlines again? Yup. What is also in the headlines is the move in interest rates: The bond market price selloff came after Fed Chairman Jerome Powell warned in his testimony that the "ultimate level of interest rates is likely to be higher than previously anticipated." So, any loan originator, or lender, praying for lower rates soon is likely to be disappointed. (Today’s podcast can be found here and this week is sponsored by SimpleNexus, an nCino company and homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Todays has an interview with SimpleNexus’ Andria Lightfoot on crafting a modern customer experience.) Broker and Lender Products, Software, and Services The assertion that “beauty is in the eye of the beholder” is put to the test each year by the World’s Ugliest Dog Contest, which is accepting entries now through June 21. The homeliest mutt will take home a top prize of $1,500. Unfortunately, those winnings won’t even come close to offsetting the mortgage opportunities lenders could miss this Spring without the right sales and marketing strategies. On March 9 at 2 pm ET, uncover the tools and tactics lenders MUST prioritize if they want to take full advantage of seasonal demand in TrustEngine’s (formerly Mortgage Coach and Sales Boomerang) free webinar featuring Dave Savage, Melissa Wright from American Pacific Mortgage, and Ben Miller from SimpleNexus, an nCino Company. Register and help your organization become the top dog of this Spring homebuying season.

California , United-states , Canada , Palm-springs , Texas , Washington , Utah , American , Jerome-powell , Adam-quinones , David-floan , Melissa-wright

Pricing, Income Calc., POS, Accounting Products; FHA and VA News; Georgia and Non-QM

As attendees from the MBA’s servicing conference headed home this week, they may have learned that some airport lounges are cutting back on free guests. Some of those attendees work for depository banks, and they are in flux when it comes to servicing portfolios: Certainly reports of the majority of them shedding servicing are erroneous. Reports have Mr. Cooper, Nationstar, Chase, PNC, 5 3, all increasing their servicing portfolios. Other trends being discussed in the hallways at the conference include an increased scrutiny of regulators and auditors of the fair value of servicing, and counterparty financial strength of servicing sellers declining. Certainly, one topic is Wells Fargo’s shift in residential mortgages: Will its servicing hit the market in one big chunk? The general consensus is “probably not” and that Wells will sell its Ginnie portfolio (FHA, VA) and delinquent loans to reduce servicing costs. $400 billion of whole loans. Wells is not in any rush, and will look for fair prices, which is the best way to sell anything, right? (Today’s podcast can be found here and this week’s is sponsored by Agile, bringing the mortgage capital markets into a new digital era. From lenders to dealers, Agile is the new way to quote MBS.) Lender and Broker Services and Products The Empower® loan origination system (LOS) from Black Knight is the one-stop shop for lenders looking for an easier, faster, and more satisfying loan process that ultimately costs less money. Over the last year, more than 25 leading credit unions, banks and independent mortgage bankers turned to the Empower LOS to automate their mortgage process, implement exciting new innovations and capture new efficiencies and cost reductions. With a complete LOS ecosystem that seamlessly integrates with a natively embedded point-of-sale and loan officer workspace, the Optimal Blue® PPE, the Surefire℠ CRM, and more innovative solutions, Empower isn’t just any LOS. It’s an invitation to experience cutting-edge mortgage technology that will transform the way you do business. Talk with Black Knight today, and see why Empower is the proven LOS platform that positions lenders to win in a difficult lending market.

Georgia , United-states , Boston , Massachusetts , Florida , Colorado , State-of-georgia , Michigan , Denver , American , Tom-davis , Kevin-broughton

Asset Depletion, Appraisal Form Products; Union Home/Amerifirst (MI); loanDepot/CrossCountry; Investor News

When I see lover’s names carved into the wood on a tree, I don’t think it’s sweet. I just think how surprising it is how many people bring a knife on a date. Time passes, life goes by fast, first dates turn into long-term relationships, a hot summer has been forgotten, turned into a beautiful autumn, and turned into an arctic winter. Time has passed, and it is nearly Christmas Eve. Ya’ll sick of Christmas carols (again)? The Winter Solstice has occurred, meaning that the minutes of daylight will only increase for the next six months in the northern hemisphere. People are planning for 2023, as if the calendar changing from December to January will have an impact on rates, volumes, margins, or revenue. Augie Del Rio with Gallus Insights did a video interview with Tammy Richards and me about how lenders and vendors are reacting to the end of 2022 and the beginning of 2023. (Gallus Insights helps lenders make data-driven decisions.) And before we know it, Wi-Fi will be free on airlines… Just ask Delta. (Today’s podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Listen to an interview with Ally Home’s Glenn Brunker on the current environment and how originators are coping.) Lender and Broker Software, Products and Services Strength. Stability. Deep know-how that comes from navigating 35 years of all kinds of markets. That’s what Flagstar Bank brings to the table. Nearly $90 billion in assets. Vast experience in all four mortgage-channels. A comprehensive product offering including the recently rolled-out Advantage Plus, with expanded eligibility guidelines including a minimum credit score of 660 and DTI to 55%, and which also allows full and limited documentation including asset depletion. So, whatever your business initiative, know this: for 35 years Flagstar Bank has delivered in challenging markets. And they’ll deliver in this one. Don’t settle for second best, especially in a market this challenging. Choose Flagstar. Visit us or reach out to John Gibson.

Arizona , United-states , North-carolina , Florida , California , Illinois , Ohio , Michigan , David-gahm , John-gibson , Garth-graham , Mark-jones

Capital Markets, Purchase Advice Products; Investor Agency Changes; Rates Hit Housing; IMB Costs Head Higher

All the stories that could be told, and so many that have yet to happen. And now 19 that never will be. It is very hard to go about one’s day, whether one has children or not, or a teacher in their family as I do, or not, given what happened in Uvalde, Texas, yesterday. Or to imagine what being in that classroom was like. And just like after every other mass shooting in the United States, fingers are pointed, lines are drawn, and rhetoric that we’ve all heard before is repeated until it happens again. Ban guns? Better background checks? Create fortresses out of elementary schools? Improve mental health care? We’ll go around and around on the reason(s) and the cure(s). Far be it from a daily commentary on residential lending to adequately address the evil that we witnessed yesterday. But we all do what we can. (Today’s podcast is available here and this week’s is sponsored by Matchbox LLC, igniting ideas for the mortgage industry. Expertise in assisting clients through transition periods with Technology, Capital Markets, and Education. Today’s features an interview with Mark Walser, President of Incenter Appraisal Management, on desktop appraisals.) Lender and Broker Software, Services, and Programs Since 2006, Mortgage Professionals Providing Hope (MPPH) has provided thousands of families and children worldwide with avenues out of poverty, such as safe housing and quality education. To honor this commendable work, the June installment of Sales Boomerang’s monthly Worthwhile Webinar series will support MPPH’s humanitarian relief programs. For a $10 donation, join Sales Boomerang’s Alex Kutsishin, Mortgage Champion’s Dale Vermillion, SDP Solutions’ Scott Payne, and Mortgage Coach’s Dave Savage on June 8 at 2PM ET to learn more. All proceeds from the event will go to MPPH, with Sales Boomerang, SDP Solutions and Vermillion Consulting, Inc. each matching up to $1,000 in ticket sales. Register and join this growing coalition for positive change!

New-york , United-states , Saratoga , Florida , Fort-wayne , Indiana , Texas , Uvalde , Dale-vermillion , Freddie-mac , Aquil-flythe , Danny-hughes

Customer Service, Digital, Warehouse, Pricing Tools ; Non-QM, Jumbo, ARM News

“Rob, my capital markets gal eliminated our ability to lock overnight at yesterday’s rates. I think that she’s being unreasonable. Your thoughts?” No, she’s not. Overnight lock protection is one of the first things to go in a volatile rate environment, especially when developments in Ukraine, seven hours ahead of New York, contribute to our rate movement. Besides, who needs to lock loans at 3AM? It is tough enough to preserve pricing margins as it is. As packages of mortgage servicing rights continue to be sold by companies looking to raise cash, do you think it’s hard to make money doing mortgages these days? Try music. I was recently chatting with a musician in Nashville who told me that they earn .003 per stream on YouTube. There are varying deal structures, of course, but for someone just starting out this equates to $30 for 10,000 streams. Yikes. I hope that Bruce Willis, and his family, made some money as they’ve been selling off $65 million of very nice real estate as the actor’s health declines. (Today’s audio version of the commentary is available here and this week’s is sponsored by Optimal Blue, a division of Black Knight. Optimal Blue delivers technology and analytics solutions that help mortgage lenders and investors more accurately price, lock, hedge, and trade loans to increase profitability, mitigate risk and grow their business. Today’s features an interview with Mark Tereris and John Dumonsau on how leveraging product pricing and eligibility technology will deliver the most targeted, and attractive, loan product, faster than ever before.)

New-york , United-states , Washington , Ukraine , Jeff-bonner , Leesa-logan , Rob-clennan , Krista-sabol , Bruce-willis , Jen-peachman , Jay-arneja , John-dumonsau

Borrower, Disaster Alert, Verification, Processing Tools; Non-QM and Non-Agency Product News

This morning I am heading to Knoxville to visit with the local chapter of the Tennessee Mortgage Bankers Association. On my way I received an email asking, “I’m trying to place a high bal loan on a manufactured house on acreage. Any suggestions?” Nope, no suggestions. This is not an ad, but you should start with Mortgage Elements: enter the state, and then the program, and see who’s doing what. And what about information on warehouse lending, and what it is telling us about the current lending environment? The Mortgage Bankers Association has its survey. The MBA’s Chart of the Week from mid-February showed that the average usage level of first-mortgage warehouse lines (the percentage of outstanding borrowings to warehouse facility limits) fell for the sixth consecutive quarter to 38% as of the end of the fourth quarter of 2021. It was the lowest usage level since the inception of the survey in the second quarter of 2018. Meanwhile, at the other end of the industry, a panel at MCT’s Exchange discussed the exponential MSR portfolio growth in the last few years. Anyone with a financial interest in that asset are actively managing the mortgage servicing rights through watching speeds, stress testing, and cash flow analysis, and hoping to use the income and balance sheet boost as a cross hedge for lower production, margin compression, revenue, and balance sheet declines in other areas. And plenty more servicing sales are expected in 2022. (Today’s audio version of the commentary is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender.)

United-states , Miami , Florida , Australia , Tennessee , Ukraine , Australian , American , Lori-brewer , Robbie-chrisman , Gregg-palmer , Simplenexu-lori-brewer