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Here in Orange County, the mortgage talk runs the gamut. Sure, a recession would cause rates to drop, but before that happens, are residential lenders looking at a long autumn and winter? Our biz is dealing with broad topics such as affordable housing, housing inventory being impacted by potential sellers taking properties off the market, and the general trend in mortgage rates, all the way down to the cost of credit reports potentially approaching $100 per report and making sure you talk to your warehouse lender weekly (not weakly). Lenders are looking at cross-training skillsets: Prioritizing coverage and making sure to cross-train so people can play to their strengths. Analyzing what tasks they're doing, and the best people to do it. Workflow? Lenders are minimizing file touches, using a cheaper resource for parts of the file, and moving more duties from underwriting to cheaper personnel. Using checklists: Once a file hits intake, if there is enough information to make a cre ....
Camping: “where you spend a small fortune to live like a homeless person.” Lenders have done a remarkable job in the last few years trying to reduce homelessness in an indirect way, namely putting credit-worthy borrowers in well-collateralized properties in a compliant manner despite COVID. But let me get right to the point. It’s not good out there now for residential lenders, or their counterparties. After a remarkable, record-setting 2020 and 2021, the industry is now suffering, and companies are adjusting. (The current STRATMOR blog is, “Mergers and Acquisitions Continue On.”) We all knew the good times wouldn’t last forever, but the degree to which things have plummeted has been surprising. First the corporations were hit, then branches, and now mortgage loan officers (MLOs) are feeling the pain of a) very little business, and b) higher rates. Do IMB originators think that their 100 or 150 basis point commissions are untouchable, especially ....