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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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Regulatory, Compliance, RIA, Accounting, AI Products; CFPB Penalty News; Credit/FICO and Investor Updates

I’m so tired of the mainstream press talking about the 2024 election, 10 months out. Given that the median age of U.S. citizens is about 38 years, one would think we could find someone under the age of 75 to be president, regardless of party affiliation. On the other end of the age spectrum, at age 34, Gabriel Attal became France’s youngest prime minister. France’s inflation rate is running at 3.7 percent, which I mention because inflation and the actions of central banks are linked, and the inflation rate and the CFPB are linked. (Whenever I mention the CFPB to my cat Myrtle she feigns indifference. Sometimes she even saunters away.) The CFPB announced the annual adjustments for inflation to the CFPB’s civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act, as amended. This final rule is effective on January 15, 2024. Tomorrow we will have the Consumer Price Index, meant to broadly capture changes in the prices of goods a

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, au

HMDA Audit, QC, TPO Products; Conforming Conventional News; LoanCare Attack; Strong GDP Report; New Loan Limits

There is always non-mortgage financial news. Mark Cuban is both selling his share in the Dallas Mavericks and leaving Shark Tank. Berkshire Hathaway’s Vice Chairman Charlie Munger has died. When I want something bougie to give as a Christmas present, I go to… Alabama? U.S. airlines lose 2 million suitcases a year, and they all go here along with the contents up for sale. Will Rogers came up with, “Things will get better… Despite our efforts to improve them.” Things certainly aren’t getting better in the credit & verification world. Costs keep going up. Blame the CRAs (credit reporting agencies), Fair Isaac, or the bureaus (Experian, Transunion, or Equifax). Lenders of all shapes and sizes have a renewed interest in managing those costs. At this point, why wouldn’t you charge the borrower up front? Meanwhile, originators are continuing to scramble for business, despite rates having dropped somewhat in recent weeks. (STRATMOR&#

TPO Programs, Broker Locking, New Media Company, CRM Products; Investor News; Capital Markets

Planet Home’s Michael B. reminds me, “I miss every shot I don’t take.” The topics here in Orlando at the FAMP convention include not only prospecting, prospecting, and… prospecting, but also not missing a shot by offering clients more than a couple products. Freddie, Fannie, FHA, and VA are fine, but every client and referral source is precious, and what happens if someone walks through the door and needs a loan for a renovation (remodel), or a condotel, or a non-warrantable condo, or qualifies for a bond program, or… the list goes on. In the category of leads, have you looked into any local real estate investment clubs as a source of business? What about going after leads from divorce attorneys or local hard money lenders? Persistence! Another big topic at the FAMP conference is saving money, and STRATMOR’s current blog is titled, “Improving Revenue Might Be Right Under Your Nose.” (Today’s podcast can be found here

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