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While we await the release of the changes in the official conforming loan limits later today (many lenders and MI companies went to $750k in October, the CLL will probably increase around 6 percent for 2024 to around $770,000, and to $1,155,000 for high cost areas), both vendors and lenders continue with changes, instituting workweek reductions, furloughs, pay cuts, and layoffs due to overcapacity… Much different than a couple years ago when those same companies couldn’t hire people fast enough. Things rarely stay the same forever, whether it is in mortgage banking, shipping, or population. For example, there’s this: “Amazon Takes the Delivery Throne From UPS and FedEx.” Is Texas losing population? No, but here’s yet another example of a sensationalist headline that would make you think so: “People are leaving Texas over rising costs, partisan politics, and a sense of disenchantment.” Paging down a bit shows, “Over 494,000 ....
This morning I head to Kansas, greeted by the news that Southwest is raising drink fees for the holidays. Has the “Let’s circle back after the holidays” season officially begun in your office or in your meetings with vendors? Chortles aside, one of the discussion topics in KC will certainly be the impending move in credit prices as lenders everywhere move toward charging borrowers up front. Whether the cost change is driven by Fair Isacc or the credit bureaus, and then being passed along by the CRAs, it doesn’t matter. It’s coming, and the jungle drums are saying the price changes will impact soft credit pulls, which (or course) many lenders implemented to reduce their costs with the amount of credit reports run as it’s cheaper than the full hard credit pull. Some lenders may use Freddie or Fannie AUS. (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior customer experience thr ....
Do you use make up? Charles Revson of Revlon observed, back in the days when you could observe these things, "In the factory, we make cosmetics; in the store, we sell hope.” Informed mortgage people know that hope is not a strategy, and companies can’t hope that they’re never the victim of a hack. Here in the Dallas, Texas, area, headquarters of Mr. Cooper, the company was hit with a cyberattack forcing it to lock down its systems and impacting thousands and thousands of clients of hundreds of lenders whose clients rely on them. I don’t know if live-time cyber-attack maps are for real, but they are mesmerizing. Be careful out there! As of 2023, the average cost of a data breach in the United States amounted to $9.48 million dollars, up from 9.44 million U.S. dollars in the previous year. The global average cost per data breach was 4.45 million U.S. dollars in 2023. (Today’s podcast can be found here, and this week is sponsored by nCino makers ....
As we move through September, the colors will start to change on the trees, the air starts to get a little crisp, and many people will look to get outside and celebrate Oktoberfest in metro Detroit. ....