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Super Jumbo, HELOC, DSCR, CRM Texting, Servicing Rights, QC Products; Fannie/Freddie Updates

Today I head to Northern California, home of plenty of technology. The other day I went to the doctor and the receptionist handed me a tablet and said, “Please fill out these medical forms on the screen, which are identical to the ones you filled out earlier online, and have the exact same questions your doctor will ask you later in the exam room.” Great. There’s nothing like old-fashioned printed things. I am sure that menu Quick Response (QR) codes are fine, but plenty of other QR codes are not: beware! “The Federal Trade Commission (FTC) warned the public against scanning any old QR code in a consumer alerts blog last week. Naturally, the warning comes down to security and privacy: bad actors can put QR codes in inconspicuous places or send them via text or email, then just sit back and wait for a payday in the form of money, logins, or other sensitive information. Lord knows that the mortgage industry has enough challenges from lousy characters without more of it coming our way! (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. Today’s has an interview with Clear Capital’s Kenon Chen putting a bow on the real estate market in 2023 and why 2024 brings reasons for optimism.) Lender and Broker Products, Programs, and Services Are you missing out on originating more government-backed loans? A whopping 44 percent of purchase loans for 1–4-unit properties in the top 10 MSAs in the United States would be potentially eligible for down payment assistance. That’s according to a newly released Urban Institute (UI) study. UI partnered with Down Payment Resource (DPR) to analyze 2022 HMDA data and DPA data from the 10 largest MSAs. Among the findings, the report says that across channels, FHA and USDA loans are most likely to be eligible at 80 and 82 percent, respectively and that FHA and USDA loans are generally eligible for a greater number of programs than conventional or VA loans. For more insight into how DPA programs could help you fund more government-insured mortgages, schedule a demo with the DPR team.

United-states , Washington , California , American , Kenon-chen , Eric-nelepovitz , Orleans-jan , Sandra-madigan , Freddie-mac , Clayton-collins , Justin-castillo , Companies-inc

FHFA Announces 2024 Conforming Mortgage Loan Limits | Ballard Spahr LLP

The Federal Housing Finance Agency (FHFA) recently announced the conforming loan limits for residential mortgage loans acquired by Fannie Mae and Freddie Mac in 2024. Fannie Mae...

Hawaii , United-states , Guam , Alaska , Freddie-mac , Fannie-mae , Housing-finance-agency , Ballard-spahr , Federal-housing-finance-agency , Lender-letter ,

Accounting, JV Partner, Credit, Stand-Alone 2nd Products; Shutdown Primer for Lenders; Tax Transcripts?

Shutdown or no shutdown, the National Park Service’s Fat Bear Week is approaching, focused on how these behemoths tip the scale. Here’s your tip of the day: Having books in your Zoom background makes you seem more trustworthy. What if one of them is “The Complete Idiot’s Guide to Mortgages”? Maybe put some gold bars on the shelf instead? You can buy them now at Costco. Owning a home is a great way to build wealth, although mortgage rates are at 23-year high and mortgage applications have fallen 27 percent year-over-year… is your staffing down 27 percent from a year ago? (I know that’s simplistic, but…) At least you’re not Tanner Winterhof whom the Federal Reserve issued an enforcement action on for falsification of bank documents. On the more constructive side of things, originators and others can learn about special-purpose credit programs (set out unique standards and benefits to make loan qualification easier for people who are from underserved populations) in today’s Mortgage Collaborative’s Rundown at 3PM ET. (Today’s podcast can be found here and this week’s is sponsored by Built. Built is powering smarter and faster money movement for the entire construction and real estate ecosystem, all while reducing risk. Hear an interview with LoanSense’s Catalina Kaiyoorawongs on why resuming student loan payments matters to the mortgage industry.) Lender and Broker Software, Programs, and Services In challenging down economic times, Loan Vision is your solution to maximizing profitability and reducing costs in your business. With Loan Vision, companies see improvements of 25 to 35 percent decrease in days to close the books, 20 percent reduction in accounting headcount, complete LOS to G/L automation, and improved reporting and visibility that allow for better business decisions. Don’t accept a competitive disadvantage or get caught flat footed in a recovering market. To improve your cash position, gain a competitive edge, and prepare your business for sustained growth, contact Carl Wooloff to schedule a call today.

New-york , United-states , Michigan , Chicago , Illinois , Tom-davis , Mike-snider , Loansense-catalina-kaiyoorawongs , Ginnie-mae , Neel-kashkari , Freddie-mac , Tanner-winterhof

Nearly 70% of Borrowers in Forbearance Cite Pandemic-Related Hardships

Nearly 70% of Borrowers in Forbearance Cite Pandemic-Related Hardships
dsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dsnews.com Daily Mail and Mail on Sunday newspapers.

Hawaii , United-states , Washington , Colorado , Kahului , Oregon , California , Freddie-mac , Ginnie-mae , Marina-walsh , Mortgage-bankers-association , Disaster-recovery-center

HUD Measure Seeks to Reduce Mortgage Fees for Native Americans

HUD Measure Seeks to Reduce Mortgage Fees for Native Americans
dsnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dsnews.com Daily Mail and Mail on Sunday newspapers.

Alaska , United-states , American , Americans , Office-of-native-american-programs , Biden-harris-administration , Us-department-of-housing , Urban-development , Native-american-programs , Upfront-loan-guarantee , Annual-loan-guarantee

Sales, DPA, QC, Appraisal, Servicing Products; Freddie and Fannie News

Sales, DPA, QC, Appraisal, Servicing Products; Freddie and Fannie 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.

Washington , United-states , New-york , America , Freddie-mac , Sandra-thompson , Shant-banosian , Brendan-kihn , Kate-mcdougall , Knight-frank-poiesz , Veronica-khandelwal , Joe-welu

Fannie Mae Permits Purchase of Shared Equity Loans Subject to PTFs | Weiner Brodsky Kider PC

Fannie Mae recently published Lender Letter 2023-02, permitting Fannie Mae to purchase shared equity loans secured by properties that are subject to private transfer fee covenants,...

Weiner-brodsky-kider , Solutions-network , Community-seconds , Fannie-mae , Lender-letter , Model-forms , Grounded-solutions-network ,

General Counsel, LO Jobs; Lead Conversion, Auditing, DPA Correspondent Tools; The CFPB and UDAAP

Rates can be 0 percent, but if there are no homes to buy, lender and real estate agent activity will grind to a halt. I realize that this is an extreme example, but you get the point, and headline bait like, “Home Sales Plummet” should be viewed skeptically. That said, in my travels, I am continuing to hear about a lack of inventory at lower/first-time home buyer price points. And out of the MBA’s Bob Broeksmit came, “One hurdle for many prospective buyers this spring continues to be low supply, especially for new listings at the lower end of the market.” And the various generations continue to compete for homes, with multiple bids being reported by agents in many places: Baby Boomer versus Millennial cage fight. Turning from the primary markets to the secondary markets, investors continue to sit on the sidelines of the $11 trillion mortgage-backed securities market as they await BlackRock helping the Federal Deposit Insurance Corp. liquidate the roughly $100 billion MBS portfolio it acquired from Silicon Valley Bank and Signature Bank. Those banks will probably be mired down in lawsuits for years. (Today’s podcast can be found here and this week it’s sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more.) Lender and Broker Services, Programs, and Software

Virginia , United-states , Utah , Blackrock , New-york , Great-river , Long-island , California , Essex , Rohit-chopra , Weiner-brodsky-kider , Mitch-kider

Jumbo, Broker, Performance Comparison, Internal Audit Products; Freddie and Fannie Updates

I won’t sugar coat this. Here’s some rough news for lenders and LOs: With plenty of quant jocks to slice and dice numbers, Goldman Sachs tells us that 99 percent of borrowers have a mortgage rate lower than 6 percent or the current market rate, and around 28 percent of those have rates below 3 percent. So, what are you going to do about it? A buddy and I were out to eat recently. I asked the server (in my day they were called waiters and waitresses), “Is this a bistro, a brasserie, or a gastropub?” The bearded, short-haired fellow replied, “None of those. We’re a brewpub.” Options! People have options in investing their cash, and a LO can help with financial planning. Hey, if higher rates are driving business income down, you may-as-well profit from them, even if you only have $100. If you don’t mind tying your money up for a month or more and can earn nearly 5 percent on your cash with a few keystrokes, why earn 0 percent on your bank account? Open up a TreasuryDirect account and you can buy Treasury securities with a minimum of $100. And if you’re an LO, that’s a good subject to touch base on with that client you put into that 3 percent 30-year fixed-rate loan: how to make more off of their savings. (Today’s podcast can be found here and this week is sponsored by Built Technologies: Increase efficiency, streamline processes, and improve construction and real estate financing. Built connects lenders with key stakeholders to expedite funding and provide real-time deal visibility via a cloud-based digital platform.)

Dallas , Texas , United-states , Spain , Washington , Spanish , Freddie-mac , Mike-isaacs , Mike-hardwick , Jesse-vazquez , Kelly-lee , Patti-robins

Cybersecurity, Efficiency, DSCR, Lead Management, Correspondent Products, Freddie/Fannie Changes Continue

Do you know what “splooting” is? Here’s a hint: 4-legged animals do it. (Hey, I don’t make these things up.) Quite the word. Words are very interesting, and can incite a riot, help someone get through a loss, make up this Commentary, entertain. Every morning I share my Wordle results with a few friends, comparing who was able to find the 5-letter word of the day in the fewest tries. For the most part Wordle is quick, fun, and mildly entertaining, which is the exact opposite of financing a home as any borrower or loan originator will tell you. Originate? “Origin”: source, inception, root means the point at which something begins its course or existence. Origin applies to the things or persons from which something is ultimately derived and often to the causes operating before the thing itself comes into being. “ate” is a suffix meaning “state of quality of” and when added makes an adjective a verb. Originate, tolerate, stimulate, nominate, dislocate, penetrate, intimidate… there are thousands of words with -ate on the end. And as many of us are in, or head to, San Diego for the MBA’s conference, origination volumes, margins, and revenues will certainly be discussed, as will attempting to lessen the friction that each loan goes through during processing and closing. It is important to remember that we’ve helped millions of families by originating their loans and save billions of dollars, and will continue to do so. (This week’s podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Today’s has Part One of an interview with Keller Williams Scott Agnew on navigating through uncertain times and what the industry has learned since 2008.)

San-diego , California , United-states , Nebraska , Freddie-mac , Alan-parris , Anjelica-nixt , Tony-nienas , Maxwell-jim-smith , Gibran-nicholas , Peggy-rubadue , Bob-broeksmit