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Compliance, Asset Mgt., PPE, DPA Tools; Assorted TPO News; STRATMOR on Profitability

Who doesn’t think swearing parrots are funny? Although you wouldn’t want your parrot talking about the clap when Aunt Beatrice comes over for Sunday dinner. I’m sure that every LO has heard their share of salty words, and they deal with much more for their clients than just a loan. Working with their client’s debts, assets, rental insurance until they buy a home, even servicing after the loan funds, you name it. Everyone across the nation is feeling the brunt of seemingly usurious homeowner insurance rates, and The Mortgage Collaborative’s Rundown tomorrow has Andrew Hellard, SVP of Products with Matic, discussing why homeowner’s insurance costs have skyrocketed. IMBs have not been retaining servicing. They needed the cash. Companies like Freedom, AmeriHome, Pennymac, and Planet Home have been buying up servicing. They will retain that customer if and when refinancing kicks in. Rate and term refis will probably go to the aggregators. They bought the servicing; they want to keep that customer. What percentage of customers will go back to the original lender, increasing the recapture rate? It may very well depend on what the customer service was like initially. (Today’s podcast can be found here and this week’s is brought to you LoanCare, successfully navigating clients and homeowners through market change for 40 years. The mortgage subservicer delivers superior customer experience through personalization and convenience via its portfolio management tool, LoanCare Analytics™, supporting MSR investors with a focus on customer engagement, liquidity, and credit risk. Hear an interview with Angel Oak Mortgage Solutions’ Tom Hutchens on his real estate market outlook for 2024 and securitizations in the Non-QM space.)

United-states , China , Germany , Red-sea , Djibouti-general- , Djibouti , American , Tom-hutchens , Julas-hollie , Jim-cameron , Anjelica-nixt , Abraham-maslow

POS, Dashboard, Credit Verification Products; Freddie and Fannie Changes; Today's CPI Suggests Fed Holds Steady Tomorrow?

POS, Dashboard, Credit Verification Products; Freddie and Fannie Changes; Today's CPI Suggests Fed Holds Steady Tomorrow?
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.

New-york , United-states , Japan , Washington , American , Americans , Chris-guerin , Bill-rogers , Coleen-bogle , Nitesh-patel , Freddie-mac , Arie-pisarevsky

Fair Lending, Broker, Jumbo Programs; CFPB Reviews LO Comp; Former Fannie CEO to Run SVB

Where should we start the week? How about how predictions and forecasts are nearly worthless when they’re out of date one week later? How about with an old-fashioned run on a bank, eliminating any talk of another Fed rate increase. People wonder, “Where do I bank? Is it big enough? Is there enough regulation?” Lenders are making sure that their warehouse funding is not only from one bank, since nothing will shut down a faster than lack of liquidity and inability to fund loans. With the demise of Silicon Valley Bank and Signature Bank (below, see government announcement from yesterday), here’s a great graphic of how we ended up with just four megabanks in the USA. And how did regulators not see a huge bank failure coming? Regulation is in the news, not only in banking but also in loan officer compensation. The Consumer Financial Protection Bureau is requesting the public’s input on the economic impact of the mortgage loan originator rules on small mortgage companies. (More below.) Residential lenders are watching rates help them: Curinos tells us February 2023 funded mortgage volume decreased 62% YoY and 4% MoM. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures and drills into this data further here.) (Today’s podcast can be found here and this week 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. Hear an interview with RentSpree’s Michael Lucarelli on the impact of homebuilder sentiment on the rental market and correlations with the purchase market.

New-york , United-states , California , California-valley , Michigan , American , Mark-teteris , Jeromeh-powell , Martinj-gruenberg , Amy-jo-plummer , Santa-clara , Maxwell-bryan-traeger

CRM, Forecasting, Warehouse Tools; FHA, USDA Industry News; 2-Year Yield Above 5%; BK's Empower to be Sold

Last week my son asked if I had seen the dog bowl. I replied, “I didn’t know he could!” The weather here in Palm Springs, California is much different than that of Anchorage, and yesterday’s Commentary’s mention of the fabled Iditarod prompted Fairway Independent’s Susan Hawkins to send, “I was there when I lived in Anchorage! Here are some photos.” Looks cold, which is to be expected. What is not expected is when a lender or vendor makes headlines. Huh? CoreLogic in the headlines again? Yup. What is also in the headlines is the move in interest rates: The bond market price selloff came after Fed Chairman Jerome Powell warned in his testimony that the "ultimate level of interest rates is likely to be higher than previously anticipated." So, any loan originator, or lender, praying for lower rates soon is likely to be disappointed. (Today’s podcast can be found here and this week is sponsored by SimpleNexus, an nCino company and homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Todays has an interview with SimpleNexus’ Andria Lightfoot on crafting a modern customer experience.) Broker and Lender Products, Software, and Services The assertion that “beauty is in the eye of the beholder” is put to the test each year by the World’s Ugliest Dog Contest, which is accepting entries now through June 21. The homeliest mutt will take home a top prize of $1,500. Unfortunately, those winnings won’t even come close to offsetting the mortgage opportunities lenders could miss this Spring without the right sales and marketing strategies. On March 9 at 2 pm ET, uncover the tools and tactics lenders MUST prioritize if they want to take full advantage of seasonal demand in TrustEngine’s (formerly Mortgage Coach and Sales Boomerang) free webinar featuring Dave Savage, Melissa Wright from American Pacific Mortgage, and Ben Miller from SimpleNexus, an nCino Company. Register and help your organization become the top dog of this Spring homebuying season.

California , United-states , Canada , Palm-springs , Texas , Washington , Utah , American , Jerome-powell , Adam-quinones , David-floan , Melissa-wright

Cybersecurity, Data Mining, Credit Supplement Products; CMG and Homebridge Make Retail Deal

While the musical world mourns the loss of Gary Rossington, the last original Lynyrd Skynyrd band member, and I head to San Diego this morning for the TMC event, but I’ve heard through channels that my cat Myrtle is thinking about copywriting her trill after hearing the news that the Toblerone candy company is removing the Matterhorn from its label due to pressure from Swiss authorities: 80 percent of raw materials must come from Switzerland, so it’s a numbers game. Being a loan officer is a numbers game: so many calls and emails per day, yield so many call backs, yield so many applications, yield so many eventual closings. Day after day, and it is not glamorous. There’s a dog team race that is also a numbers game. The 1,000-mile Iditarod kicked off in Willow, Alaska, 70 miles north of Anchorage, with a finish line in Nome. This year there are only 33 mushers, a record low since the first race in 1973. The average number of starts in the first 50 races was 63 contenders, but only 823 mushers have reached the finish line and in the past 50 years only 24 individual people were on the teams of dogs that have won it. (Today’s podcast can be found here and this week is sponsored by SimpleNexus, an nCino company and homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Todays has an interview with Change Wholesale’s Ryan Carry on what it means to be a CDFI and how that helps the communities Change serves.)

New-york , United-states , Alaska , Iditarod , California , San-diego , Virginia , Anchorage , Switzerland , Spain , Spanish , American

Point of Sale, MSR Financing, DSCR, Home Equity, Accounting Products; Training and Webinars

Some things are nearly timeless, like this annual list of “10 Things to Do,” most of which can be applied any year. Here in Las Vegas, the time of sunrise is 6:05AM, and yes, I’ve been up for a few hours by then, not getting into bed. But can’t you almost feel the earth moving around the sun? Anchorage is picking up 6 minutes of daylight per day; Kanas City 4. Over a week that’s… uh… 7 times… well, you can figure it out per week. Every spring it is remarkable. What some consider remarkable, although not in a good way, is how we find mortgage rates in the 7s again, and the talk here at the Lenders One event is what can be done about it. Despite the yield curve being inverted (2-year yields are .8 percent higher than 10-year yields), once again IMBs are searching for hidden ARM buyers, good home equity products, and continuing to offer down payment assistance programs, bond programs, and buydowns. But for many, the hope of 30-year fixed-rate mortgages in the 5s is temporarily shelved. (Today’s podcast can be found here and this week is sponsored by SimpleNexus, an nCino company and homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Listen to an interview with Guardian Mortgage’s Jordan Jarvis on the daily grind of a mortgage loan originator (MLO) and ways to keep closing deals in a tough lending environment.)

United-states , Michigan , Salt-lake , Americans , Jim-shaffer , Freddie-mac , Dan-elsea , Mateen-cleaves , Nick-richards , Kristin-messerli , Andrew-oxley , Suzanne-garwood

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

Ginnie EVP Jobs; Pricing, Credit Reporting, Compliance, Workflow, PPE Tools; Wholesale News

Hey, why wouldn’t you want to join the Mortgage Action Alliance? It doesn’t cost you a penny, and there’s strength in numbers. Signing up takes about 90 seconds. And the information you receive is much more reliable than mine! The U.S. Census Bureau produces some reliable information, unless you’re some conspiracy theory nut, and they have information that loan officers love: where most owners are free and clear of any home loan. And 30-year rates, which probably won’t be down to 2.75 percent again in our lifetimes, are less expensive than credit card debt, so there is business to be had. California has 2.4 million households free-and-clear of mortgage debt, the third-highest count among the states. There’s Texas at 2.9 million, and Florida at 2.5 million. After California comes New York at 1.7 million and Pennsylvania at 1.5 million. West Virginia has the largest share of free-and-clear owners at 53%, followed by Mississippi at 51%, North Dakota and New Mexico at 47% and Louisiana at 46%. Texas and Florida were both at 43%. (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. Today, an interview with MGIC’s Vance Edwards dispelling common mortgage insurance (MI) misconceptions.) Broker and Lender Products and Services

China , New-york , United-states , Louisiana , Texas , Florida , California , Pennsylvania , New-mexico , North-dakota , Mississippi , West-virginia

Marketing, Profitability, Qualification, DTC, RON Products; Wholesaler News

I have news for you, and I hope that I’m not bursting anyone’s bubble here. If a meat packer could sell the delicious looking meat that you see in the background in ads for hamburger at $15/pound, do you really think they’d put it into $4/pound ground beef, or $2/pound hot dogs? Yes, numbers can tell a story, like it or not. How about this nifty map, great for loan officers and real estate agents and discovered in my email files, showing the population shift in the United States during the last ten years? Continuing with the numbers theme, today only 10 percent of U.S. mortgage borrowers have adjustable-rate mortgages, and that number was 40 percent in 2008. In terms of our biz, today’s higher mortgage rates only impact new buyers and borrowers. Existing fixed-rate home loan borrowers are insulated from increases in short-term interest rates. “Let the Fed do what it will!” Lastly, Rocket gave the world a lot of numbers yesterday in the form of its earnings, and can be used as a bellwether for what many lenders saw in 2022: see “Wholesale News” below. (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. Today Built Technologies’ Riley Thomas discusses the economic headwinds facing builders and an overview of the construction management industry.)

United-states , Freddie-mac , Tina-jablonski , Deb-jones , Steve-fortunato , Gibran-nicholas , Todd-lautzenheiser , Meridianlink-pricemyloan , Mary-ann-callahan , Bobby-frank , Blair-sirman , Tim-bowler

Marketing, AMC, Credit, Servicing Products; CFPB Closes Lender; Interview with Flagstar's Lee Smith

“Life was much easier when apple and blackberry were just fruits.” But perhaps not as interesting. Here’s what happens when you put a West Coast MI rep on TikTok, sending out her message through the internet and technology. Meanwhile, the California MBA spread the word that, given the end of COVID’s emergency status, the DFPI’s “Guidance Regarding Remote Work” is posted on the internet. Here in Las Vegas, the ICE Experience is in full swing, and with it, technology talk abounds, as does how the cost per loan continues to rise despite tech tools. Certainly, compliance and regulatory costs enter into that (just like permitting and inspection costs enter into the cost of a new house), and we find our very Consumer Finance Protection Bureau making the headlines again; More below. (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. Today’s features an interview with Flagstar’s Senior EVP and President of Mortgage, Lee Smith, on Flagstar's recent merger with New York Community Bank.) Broker and Lender Products and Services “At CBC Mortgage Agency, we know that homeownership is more than just a financial investment. It’s a dream, and as the leader in nationwide down payment assistance, we are committed to making that dream a reality for as many people as possible. Our Chenoa Fund program is the primary choice for IMBs and credit unions because we don’t complicate things. With one set of guidelines that streamlines our program across the country and our dedicated team to provide support every step of the way, it is simple to understand and implement. For originators, this is particularly appealing because it allows you to focus on what you do best: helping your clients. With the Chenoa Fund program, you can trust that you are providing the best possible program and helping your clients achieve their dream of homeownership. Visit our website today and let us make homeownership a reality for your clients.”

Georgia , United-states , Chenoa , Illinois , North-carolina , South-carolina , Texas , California , Orange-county , Utah , Chicago , American