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FHA Jobs; Processing Efficiency Tools; TPO, Non-QM, Education Products; Consumer Inflation Pushes 10-year Past 2%

Everyone has a story about something they said or asked that they shouldn’t have. “When are you due?” is a good one, as is asking, “When did you turn 60?” when the person is only 55. But forecasters are out in force, saying things about interest rates they may, or may not, regret later. Analysts at Citigroup and Goldman Sachs, for example, expect an interest-rate increase likely forthcoming from the Federal Reserve to be less than the widely predicted half-percentage point, noting a quarter point is a better bet. I heard an analyst this morning on the radio saying he believed that the yield on the risk-free 10-year should be up to 2.90 percent! Meanwhile, managers are trying to predict “where the puck is going” in terms of the pandemic and work from home moves. As staffers at financial institutions begin to return to the office in large numbers, there is an increasing trend to allow workers greater choice in the office-remote work balan ....

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March Training and Events; Broker and Lender Products

Today is “National Pizza Day,” a made-up day that wasn’t around when Jimmy Carter was sworn in as president 45 years ago. Back then the yield on the risk-free 10-year T-note was 7.40 percent and 30-year mortgage rates were 8.75 percent. Rates have bumped lower since 1981, but for the first time since August 2019, the 10-year Treasury yield is nearing 2%, reaching 1.95 percent this week. President Carter had housing on his agenda, and after the presidency went on to do Habitat for Humanity work throughout the United States. Recall that Habitat For Humanity came up with its first-ever 3-D printed house. I mention this because many lenders are concentrating on products to help buyers, and finding those buyers. “Rob, is there a database to determine how many purchase money mortgages were recorded in a specific county/area during a certain time period?” Marina Walsh, MBA’s VP of Industry Analysis, and the MBA is a good source, and she recommended, ....

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Conforming Conventional Updates; Lender and Broker Services; The Fed Has Spoken

Overheard in the hallway: “My email got hacked again. That’s now the third time I’ve had to rename the cat.” But there’s a lot of other conversation and session topics here in the hallways at the IMB in Nashville. Discussion about the rapidity of the Federal Reserve’s moves in attempting to combat inflation, and how might those moves actually eventually push rates back down if they dampen the economy. How volume and margin projections for 2022 are changing the minds of lenders, potentially turning them into sellers. The impact of Experian Go: a free, first-of-its-kind program designed to help credit invisibles begin building credit on their own terms. The continuing shift by employees, and the mangers managing them, in hybrid work-from-home arrangements. Trends in signing and retention bonuses. (The STRATMOR Group has a compensation survey, as does the MBA’s Compensation Survey.) Conventional servicing multiples up to 5x1! Conventional f ....

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Secondary, Processing, Referral, Automation Tools; B2B Lawsuits Update; NFP Comes in Low

Anyone born around this time is a Capricorn, and if you believe in horoscopes, they are the most patient and careful, and they are down-to-earth for everything. The broad stroke feature of them is adamancy: they tend to hold on to their own views and never give up before achieving the goal. I like to believe that the goal of nearly every lender is to do more volume in a compliant manner, and the volume part is going to become tougher. According to Curinos, December 2021 mortgage rate-lock volume was down 40% YoY and 17% MoM across all channels, while funded volume decreased 25% YoY and 6% MoM. In the Retail channel, lock volume decreased 37% YoY and 17% MoM, while funded volume was down 25% YoY and 6% MoM. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures. Drill deeper into this data here.) Farther up the food chain, do you think it is just your imagination that active real estate listings are down? Nope. The St. Louis Federa ....

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Workflow, Vendor, Digital Processing Tools; Warehouse Bank Wanted; Freddie and Fannie News

Do we have an 8-year memory in an industry with 10-year business cycles? Bridging the gap between affordability, qualifying with a low income, and rising house prices are not issues confined to the United States. A new company and product out of London (Habito) claims to do all that, and is offering medical professionals and public servants a break. We don’t need to slide down the credit curve at the same time investors want higher yielding assets, as that didn’t work out so well in 2006-2008. Switching gears, New York’s Westminster Dog Show is the latest COVID variant casualty, being postponed. I received plenty of notes (most complimentary, some not) about the COVID and work-from-home (WFH) policies of major financial service sector companies. One person sent me a study by the U.S. Census Bureau titled, “Who Are the Adults Not Vaccinated against COVID.” There is no denying that lenders and vendors have more people are working from their homes these ....

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