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This morning I Head East to Chicago for a handful of days. If you’ve wondered what a pilot sees when landing at O’Hare, here’s a mesmerizing video. (What is the tallest building in Chicago? The library, because it has so many stories.) From coast to coast lenders and vendors are eyeing the MBA’s volume predictions for 2023 and stay ahead by reducing overhead. In the furor over cutting costs, a cottage industry has sprung up helping lenders review their vendor arrangements. Given that product, price, and service are what vendors sell, products and service are usually, if not more, important than price, but companies like MTG Services review pricing schemes. (No, this isn’t a paid advertisement; contact James Zeldin with questions.) Today’s podcast, posted after 5:30AM PT, is sponsored by Appraisal Logistics, a full-service AMC licensed in all 50 states. AIM-Port’s robust integrations, custom automations, and granular reporting tools are delivering gains in efficiency and cost savings to lenders across the country. Lender and Broker Software, Products and Services “Are you ready to join tons of other satisfied brokers and start working with Towne Mortgage Company? Our 40 years of experience working with Brokers, Mortgage Bankers, Credit Unions, Community Banks, and Agricultural Banks means you can expect flexible solutions and reliable service. Work directly with your Underwriter, contact the Business Support Hotline for updates and technical help. As an approved FNMA/FHLMC/GNMA seller/servicer offering full Agency and Renovation product sets you are guaranteed program options and expertise at Towne Mortgage Company. “Wow is all I can say, super experience on my VA loan, quick UW, and 1 day on conditions…thanks Towne Team.” (Kim M.) Let our years of experience work for you! Get started with Towne Mortgage Company today, call (888) 653-9037or visit us.”
/PRNewswire/ -- Stratifyd – a leading customer experience analytics and insights platform – announced today that Toronto-based investment firm Georgian...
Many youngsters don’t know the “Shave and a haircut? Two bits!” knock, or musical notes. Some things are timeless, like British Prime Ministers coming and going, and like what happens to certain lenders and investors when rates go up and credit spreads widen out. And we were reminded, in the cases of FHA, VA, Fannie, and Freddie, why some level of government interaction is good as “Sprout is out” was making the rounds yesterday. Sprout, which made a name for itself in non-Agency TPO activity in correspondent, wholesale, and retail channels, shut down. Unfortunately, it is not the first, won’t be the last. In this case, Sprout President Shea Pallante held a companywide phone call. (Word has it that Sprout’s entire correspondent team was let go and moved over to Oaktree Funding Corp. Those impacted can always post their resume for free here, and anyone can view them for several months for a nominal fee.) One industry vet wrote to me saying, “Like having the kids come home from college, it’s amazing how quick you can burn through cash when you have hundreds or thousands of employees on the payroll and/or branches across the nation to pay rent on.” Another wondered, “I realize non-QM is not subprime, but they were/are both non-Agency. In ‘08 we saw subprime evaporate in March and gone by June. Then jumbos in August. In March of 2020 many vanished. This time we have no subprime, non-QM volumes are still very small and may evaporate quickly unless Wall Street has an appetite for it. Fannie and Freddie high balance goes up to $970k, and private banking portfolios have a demand for it on the retail channel: A tough environment out there and its getting dicey.” (Today’s podcast is available here and this week’s is sponsored by Real Estate Connection (REC), a boutique real estate brokerage that acts as a centralized and organized, fully-managed real estate fulfillment service, connecting buyers with local qualified Real Estate Agents and walking them through the entire home purchase and selling process with the lender partner. Today’s has an interview with Brian Coester on connecting buyers, sellers, lenders, title companies, and real estate agents.)
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As servicing rights continue to be sold, and residential lender layoffs are rampant, here’s a quick reminder that anyone displaced can post their resume for free here; employers can view all resumes for a flat $75 for several months. Today I am passing through Chicago to the Indiana MBA conference. Unfortunately Chicago has the dubious distinction of being on the List of Top 10 Metro Areas where home prices are down the most. (Toledo, Rochester, and Detroit make up the top three.) Did you know that in 2020, there were the most first-time home buyers ever in history at 2.38 million? Interestingly the average age for a first-time homebuyer is 36 years old. What kind of customer experience are lenders offering these borrowers? In turbulent times like these, employees’ eyes and ears are tuned into what their leadership says and does. Research consistently shows that a focus on the employee experience (EX) and employee engagement results in higher revenues and productivity, better talent retention and recruitment, higher overall business growth and ultimately, happier customers. What should mortgage industry leaders be saying and doing to ensure a great employee experience? Check out the latest Customer Experience Tip by STRATMOR Group Sr. Advisor Sue Woodard with EX and engagement strategies for lenders. (Today’s podcast is available here. Want to know how lenders of all sizes can benefit from cutting-edge technologies and automation? Learn more about Black Knight and how the innovative solutions they provide are transforming the industry at www.blackknightinc.com.)
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Lenders are focused on December, and 2022, and along those lines the MBA’s Chief Economist Mike Fratantoni will be presenting a forecast today for next year. Of immediate concern are year-end closings: this is the day of the year when a 30-day rate lock doesn’t quite match its name, given the upcoming holidays. There’s no forecasting or estimating 2022’s conforming loan limits… they’re a sure thing! Fannie and Freddie officially set the level at $647,200 for 2022, per the Federal Housing Finance Agency. It’s a jump of nearly $100,000 from 2021 and a leapfrog over what some investors and MI companies have been marketing for nearly three months. The conforming loan limit will rise in all but four U.S. counties. For most of the U.S. the 2022 CLL for one
Coaching, Jumbo, Medical Professional Products; Investors Follow Conventional Conforming Limit Changes mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.
Branch Mgr., Non-QM, Encompass Jobs; Cash Out, Warehouse, Fulfillment Tools; Lenders' Capital Structuring News mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.