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PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and Ford have been dwarfed by Tesla, Mercedes, Toyota, and even Volvo.) I had my share of “hard hat” jobs growing up, so I noticed OSHA announcing a switch from traditional hard hats to safety helmets. Is that the politically correct term now? Speaking of terms, “smishing” is a term that combines “SMS” and “phishing” where hackers try to get your personal and banking information through unsolicited text messages on mobile devices by pretending to be government agencies, companies that you might have done business with, or a package delivery service. They’ll say something to get your urgent attention like a text about a free gift that you have to pay a small “shipping fee” to receive or they will send a warning about suspicious activity on your account. Be careful out there! Today’s podcast can be found here, and this week’s is sponsored by Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools. Get loans approved in under two minutes. By providing lightning-fast underwriting decisions, your market reputation with borrowers and Realtors will soar. Listen to an interview with Arch MI’s Carl Tyree on mortgage insurance (MI) misconceptions and various product offerings that separate MI companies from one another.

Japan , Chicago , Illinois , United-states , Nippon , Elliot-eisenberg , Stacy-mestayer , Dave-savage , Freddie-mac , Jim-deitch , Jeremy-forcier , Adam-carmel

DSCR, CRM, Predictive Analytics Tools; Wholesale News; Application Volume Continues to Drop

“What do you call a bovine with a stutter that makes chocolate milk? Cacao.” Speaking of sweets, hats off to Byte’s booth at the conference for dishing out some amazing s’mores brownies here in Philadelphia. (They will be my breakfast on my flight out this morning.) The brownies are sweeter than the upcoming credit report cost increases (there is definitely a shift to lenders having borrowers pay for credit reports up front, not eating the cost of reports run on loans that don’t fund), the search by IMBs for HELOCs and 2nds and jumbo outlets, the talk of distant future EPO (early pay off) penalties when rates decide to drift down, and continued over-capacity and cost cutting until then. That said, there is good news for existing homeowners trying to build net worth: house prices hit another peak in September per one measure. (Today’s podcast can be found, after 8 AM ET, 5 AM PT, here: Sponsored by nCino, maker of the nCino Mortgage Suite, built for the modern mortgage lender. The nCino Mortgage Suite unites the people, systems, and stages of the mortgage process. Hear an interview with Think Mortgage’s Anthony Focca on how originators are winning business in a tough rate environment.) Lender and Broker Software, Products, and Services Here’s a bit of an unusual ad, but what the heck? Here is a list of domain names available for purchase: DirectJumboMortgage.com, DirectFHAMortgage.com, BestRateMaryland.com, BestRateVirginia.com, BestRateVA.com, BestRateVALoans.com, and JumboPortfolioLoans.com. If you are interested in a discussion with the owner, contact David Horvath.

Israel , Philadelphia , Pennsylvania , United-states , New-york , Robert-senko , Andrew-berman , Anthony-focca , Robbie-chrisman , Jim-deitch , John-wise , Brent-emler

Market Intel, Borrower Experience Tools; Misc. Investor News; Interview With Fairway's CEO Steve Jacobson

The old joke, “Why don’t the Phillies have a website? Because they can’t string three W’s together!” is no longer true. The Phillies are doing just fine, and the MBA Annual is underway. Talk in the hallways includes the Community Home Lenders of America, National Association of Realtors, and Independent Community Bankers of America sending a letter calling on the administration to reduce the historically high, long-term mortgage rates relative to long-term Treasury bonds, and the supposed UMortgage financials (showing loans held for sale, typically the sign of a mortgage banker not a broker, but really, financials on Reddit?). For many IMBs, their goals by going to the MBA Annual here in Philadelphia include searching for the reason for the wide bid/ask spreads in MBS trading, the reason for the increased Agency buybacks (increased inspection rates and not taking chances on seller servicers not being around in the future, are usually mentioned as the culprits), finding the least expensive credit reporting company, a great HELOC and/or 2nd program, seeing what’s new with down payment assistance programs, and seeing the latest in under-served markets. There is, of course, the thread of continuing over-capacity, personnel, and technology cutbacks, as well as continuing to negotiate better deals with vendor partners. (By the way, anyone displaced can post their resume for free here where potential employers can view all the resumes for several months for only $75.) (Today’s podcast can be found here: Sponsored by nCino, maker of the nCino Mortgage Suite, built for the modern mortgage lender. The nCino Mortgage Suite unites the people, systems and stages of the mortgage process. Hear and interview with Fairway Independent’s Steve Jacobson on false reports of his company’s takeover and the problems with defamation.)

Philadelphia , Pennsylvania , United-states , Gaza , Israel-general- , Israel , America , Andrea-zubiate , Adam-carmel , Kevin-marek , David-doyle , Patrick-harker

MeridianLink Mortgage Partners with Industry Leader to Help Innovative Financial Institutions Profit from Opportunities in Residential Lending

MeridianLink, Inc. , a leading provider of modern software platforms for financial institutions and consumer reporting agencies, has partnered with Jim Deitch, Certified Mortgage Banker , to create a...

Becky-baumgartner , Jim-deitch , Financial-credit-union , Meridianlink-inc , Certified-mortgage-banker , Meridianlink-mortgage , Prime-financial-credit , Markets ,

Marketing, Database, Cost Reduction Products; UBS MBS Settlement; Webinars This Week; Consumer Spending

Sorry the commentary is a little late this morning. I received an email from my IT department that I needed to change my username and password. It took me a few minutes to remember that I didn’t have an IT department. Beware of those phishing expeditions! Technology… if it weren’t for my pets or grandparents, I don’t know what I’d do for passwords. There are obviously pluses from technology, of course, and thank you to Steve Richman who told me about Canva, a marketing website that appears darned easy to use. How about the darker side of tech, even including today’s “joke” about how card shuffling machines can be influenced and hacked into. (Do you really think virtual Wonder Woman slot machines are random?) Thank you to those who passed along this story about the aftermath of a cyberattack on a Southern California data host for property listing information, Rapattoni Corporation, freezing up real estate transactions and valuations. (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. Hear an interview with Servbank’s Sherri Higuera on how the servicing industry is investing in technology and innovation.) Lender and Broker Software, Products, and Services FHA proposes to eliminate face-to-face default requirements…. Driven by the success seen during the COVID-19 pandemic, HUD introduced a rule to align “electronic communication technology and mortgager engagement preferences” while eliminating loss mitigation requirements that entail face-to-face borrower engagement. Read our recent blog, “Digitizing Mortgage Default,” to find out how you can experience the future of borrower-centric communications with CLARIFIRE®. Offering a powerful servicing solution, bridging modern communication tools and borrower engagement, CLARIFIRE modernizes your servicing operations and reshapes your organization’s future. Access game-changing capabilities that incorporate personalized borrower interactions delivered through mobile process automation technologies and accessed 24/7 through a user-friendly self-serve portal. CLARIFIRE® is Truly BRIGHTER AUTOMATION®.

Michigan , United-states , Washington , California , Melissa-langdale , Mitch-kider , James-brody , Freddie-mac , Jim-deitch , Robbie-chrisman , Lawrence-yun , Steve-richman

Rushmore Exits Correspondent, Vendor Services, GNMA Risk-Based Capital; Jobless Claims

Rushmore Exits Correspondent, Vendor Services, GNMA Risk-Based Capital; Jobless Claims
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.

United-states , Russia , Spain , Ukraine , America , Freddie-mac , Serena-williams , Dan-dresser , Tom-farmer , Ted-lasso , Doug-duncan , Bob-broeksmit

Operational Cost, Pre-qual, Broker, Legal and Vesting Tools; News From Wholesale Channel; Housing Supply and Demand

You can rest assured that no animals were harmed in the making of this commentary! But the harm felt by stockholders during the last several months has not been trivial, and not only confined to lenders. As has been discussed in this Commentary, just because the open market can see their stock prices fall doesn’t mean those companies are faring any worse, or better, than non-public companies. And other companies in related industries have not fared much better. For example, Redfin (a full-service real estate brokerage that owns lender Bay Equity) hit a high of over $95 a share and hit a low a few weeks ago of $7.13. Put another way, if you had sunk your life savings of $1 million into Redfin stock in February of 2021 your life savings would stand at $75,000. Ouch. The speed and magnitude of the rate move in 2022 has hurt many, but to keep things in perspective remember that the highest interest rates were in October 1981, a whopping 18.45 percent. Fortunately, no one is talking about rates moving up that high, and in fact there is a growing school of thought that mortgage rates may have plateaued for the foreseeable future leaving LOs asking, “What kind of products can we offer clients to blunt the impact of these higher rates?” Capital markets and product departments to the rescue! (Today’s podcast is available here and this week’s is sponsored by Ignite Integration Solutions, Inc., a custom software provider that has created industry leading LOS CORE integrations in addition to a library of Encompass base tools and plug ins, and custom API development with our team of 100% on shore developers to support both Mortgage Lenders and Vendors as clients and partners.)

United-states , Russia , Texas , Hawaii , Russian , Richmond-barkin , Kenny-parkhurst , Francisco-daly , Lawrence-yun , Travis-rulle , Mark-wilson , Jim-deitch

How lenders can improve business models in 2022

James Deitch, CEO of Teraverde, talks about the changes lenders can make to their business models in today's housing market.

United-states , Dallas , Texas , American , Jonathan-corr , James-deitch , Jim-deitch , Ellie-mae , Boeing , American-airlines , Dallas-at-southwest-airlines-headquarters , Southwest-airlines-headquarters

ECOA, Coaching, Title, Verification Tools; Events This Week; Rates Driven by COVID Variant News

ECOA, Coaching, Title, Verification Tools; Events This Week; Rates Driven by COVID Variant 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.

South-africa , California , United-states , Dallas , Texas , Michigan , Chicago , Illinois , America , American , Cindy-ertman , Lockton-mike-smith

Corresp. Mgt., AE, MLO Jobs; Pricing, Cap. Mkts., Sales Tools; Appraisal M&A; Disaster Updates; Comp Survey

Corresp. Mgt., AE, MLO Jobs; Pricing, Cap. Mkts., Sales Tools; Appraisal M&A; Disaster Updates; Comp Survey
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.

Louisiana , United-states , Montana , Tennessee , Texas , Antarctica , State-of-texas , Colorado , Boston , Massachusetts , Illinois , California