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“A fine is a tax for doing wrong. A tax is a fine for doing well.” April 15th is in a week, the traditional date when taxes are due. Time flies. Do you realize that we have seven more months until the election? Seven more months of headlines and gaffes, posturing, missteps, and election trivia (like no Republican has been elected to the White House by a majority of Americans since 1988). I’m glad residential lending continues to motor along, albeit at a very moderate pace. Politics can determine the regulatory environment, and this Wednesday’s L1 “Mortgage Matters: The Weekly Roundup at 11AM PT has Kathy Kraninger, former director of the CFPB from 2018 to 2021, now CEO of the Florida Bankers Association. (Found here after 8:30AM ET, this week’s podcasts are sponsored by PHH Mortgage. From subservicing to correspondent lending, MSR/co-issue transactions, portfolio retention, reverse mortgages, and commercial servicing, PHH has solutions for the entire mortgage lifecycle. Hear an interview with Figure Technology Solutions Jackie Frommer on disrupting the industry by leveraging proprietary technology and a deep partnership network.) Lender and Broker Products, Software, and Services A few hours from now, for the first time in nearly seven years, a total solar eclipse will cross the continental United States. Though the time between eclipses varies (it’ll be 2044 before the next one visits the contiguous 48 states) science assures us the choreography of our sun and moon is both cyclical and predictable. If only mortgage interest rates were as reliable! This week on Dark Matter Technologies’ ‘The Spotlight’ podcast, The Mortgage Collaborative President Melissa Langdale shares highlights from her co-op’s recent conference, including ways lenders are leveraging technology to make their processes and workforces more adaptable to our cyclical (but often unpredictable) market. Take 20 minutes and listen to the episode today!
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 of the nCino Mortgage Suite. With three products tailored to the needs of the modern mortgage lender, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics unite the people, systems, and stages of the mortgage process.) Lender and Broker Software, Products, and Services How to Avoid Racial Redlining: A Lesson from a Recent $9 Million Redlining Suit. The Department of Justice (DOJ) continues to fulfill Attorney General Merrick Garland's 2021 promise that his department would “spare no resources” in upholding fair lending laws. In fact, over the past two years, its Combatting Redlining Initiative has secured $98 million in agreements with banks from Los Angeles to Newark, N.J. Most recently, the DOJ settled a $9 million redlining suit with a $7 billion-asset Rhode Island bank. While most financial institutions do not deliberately engage in racial redlining, regulators and the DOJ don’t care about a financial institution’s intentions. They care about its impact. They also want every institution, big and small, to have a strong fair lending compliance program. In a new article from the experts at Ncontracts, learn how to avoid redlining, with lessons learned from recent settlements. Read the full article for more.
As President Jimmy Carter celebrated his 99th birthday seven months into hospice, welcome to the 4th quarter! (Will lenders experience any “Q-4-ia”? Say out loud.) Let’s talk U.S. lists! California, Indiana, Michigan, Texas, and Virginia are top five in pumpkin growing. The National Association of Realtors, U.S. Chamber of Commerce, Pharmaceuticals, American Hospital Association, and Blue Cross/Blue Shield are the leading five lobbying spenders. And you can add the Internal Revenue Service's Income Verification Express Service (IVES) to the list of "essential" government activities that would continue to operate in the event of a government shutdown. We won’t have to worry about that until mid-November, as the government kicked the can down the road and passed a Continuing Resolution that averts a government shutdown to November 17. HUD (Ginnie Mae and FHA included), USDA, and the VA will continue to operate temporarily uninterrupted, and for a bonus the bill also includes $16 billion in disaster aid and an extension of the National Flood Insurance Program (NFIP). (Today’s podcast can be found here and this week’s is sponsored by TRUE. TRUE creates accurate data that powers automation and optimizes every step of the lending lifecycle, helping lending organizations rapidly process loans, dramatically cut costs and risk, and radically improve the customer experience. Hear an interview with Keyspire’s Michael Sarracini on housing affordability problems and the best advice for young potential homeowners.)
It was a rough weekend. My cat Myrtle, resting comfortably at the top of the food chain, was visibly miffed at me not nominating her (again) for the vaulted “40 under 40” award. I reminded her that she is way over that in cat years, but my explanation fell on her one deaf ear and her one good ear despite me telling her how much line-caught salmon we could buy with the nomination fee. (Hey, don’t get me wrong. I know some of those folks who were nominated or selected, and the industry is better off because of them!) If lenders would like a little good news, they should know that, despite the low interest rates we saw a few years ago, people are still moving, and that’s a source of business. Around 8.6 percent of Americans moved last year, slightly more than the previous year, but still below pre-pandemic levels. Accordingly, WalletHub released its report on 2023’s Best States to Live in. Chalk it up to complete East Coast bias, but Massachusetts, New Jersey, New Hampshire, and New York took the top four spots. Really? (Today’s podcast can be found here and this week’s is sponsored by LoanCare, a Fidelity National Financial (NYSE: FNF) division and award-winning developer of the most sophisticated mortgage servicing portfolio management tool, LoanCare Analytics, built to support MSR investors with a focus on customer engagement, liquidity, and credit risk. Hear an interview with Flagstar’s Jason Lee on how capital markets departments balance volume and margin.) Lender and Broker Products, Programs, and Services
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