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How Does NXTsoft OmniConnect Work for Partners?

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Connectivity as a Service - Bobsguide

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How Does NXTsoft OmniConnect Work for Financial Institutions?

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NXTsoft Welcomes New Customer: First Bank Kansas

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Lender Products and Services; IMB Profits Plummet; Conforming Updates

Another day of travel, heading to California and its Central Coast. The state has seen its share of house price appreciation, as has the nation, and in terms of actual sales there are some who are predicting a steep decline in sales activity despite heading into the traditional summer buying season. (And there are stories about home “buyer’s remorse” which to me sound like whining.) Yes, as prospectors said starting in 1849, “there’s still gold in them thar hills.” There’s gold in startups also: Of course the co-founders are beaming in the photo from Tomo, a startup founded by former Zillow execs that aims to speed up the mortgage approval process, raised a $40 million Series A round at a $640 million valuation, doubling the company’s value after it raised a $70 million seed round last year. But there’s less gold in lending. Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net gain of only $1,099 on each loan they originated in the fourth quarter of 2021, down from a reported gain of $2,594 per loan in the third quarter of 2021, according to the Mortgage Bankers Association’s (MBA) newly released Quarterly Mortgage Bankers Performance Report. Marina Walsh, CMB, MBA’s VP of Industry Analysis, observed, “Among the headwinds were lower revenues and higher production costs… The average cost to originate a mortgage has now risen for six quarters in a row, reaching a study-high of almost $9,500 per loan by the end of 2021.” (More below!)&nbsp;

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Non-QM, CFPB Readiness, Homeowner Monitoring Products; Title Survey; Upcoming Events; IDS Sale

“I don’t always go the extra mile, but when I do, it’s because I missed my exit.” And that extra mile costs more every week. Higher gasoline prices certainly hit service workers and commuters much harder than other segments of the population, namely higher wealth individuals. (Thank you to a reader in Utah who sent, “Breaking News: gas prices are now so high, it is actually cheaper to buy cocaine and run everywhere.” And there’s “Beer is cheaper than gas. Drink, don’t drive.”) Gas prices don’t show much inclination to slow down, unlike residential lending. U.S. lenders issued a record $4.4 trillion in mortgage originations in 2021, topping the previous mark of $4.3 trillion from 2020, so there is almost no place to go but down in 2022. So lenders are laser-focused on production. At the recent SimpleNexus user’s conference, someone told the assembled group that there is a 77 percent higher chance of funding a loan when it comes through a referral source. eClosing (or however it is spelled), is a focus as well, as is Hispanic borrowers. Now, if only there was some inventory out there for them to buy! (Today’s audio version of the commentary is available here and this week’s is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender. Today’s has an interview with Michael Innis-Thompson, SVP, Head of Community Lending &amp; Development at TD Bank, on how the Bank is helping Black and Hispanic communities achieve the dream of homeownership.)

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Lender and Broker Products; Russian Mortgage Rates; Ukraine Driving Markets

I could tell that my cat Myrtle was miffed, and this time it didn’t have anything to do with the CFPB. (Nor me heading to Salt Lake City today for the SimpleNexus User Group Conference.) She was upset because she had missed out, once again, on the coveted Chrisman LLC Employee of the Month award which includes a parking spot near the front door of the massive office complex we occupy in the downtown of a large city. On top of that, she had recently fallen for an email scam that began, “My beloved, I trust that you are well, but I have become hard times and am in need of many funds…” Okay, Myrtle didn’t fall prey to the phishing, but our industry is where the money is, and subject to constant attempted scams, like wire fraud. Do you think title insurance is a scam? You’re not alone. One thing that isn’t a scam is property values continuing higher, although it is area dependent. Economist Elliot Eisenberg, Ph.D., observed, “Over the past year, house prices have risen a whopping 18.8 percent, due largely to Covid-19 and the WFH phenomenon… over the past 12 months the largest house price gains have been in warm weather cities like Phoenix, Tampa, Miami, Dallas, San Diego, and Las Vegas which all saw Y-o-Y gains exceeding 25 percent. Conversely, Washington, Minneapolis, Chicago, Cleveland, Boston, New York, and Detroit all saw gains below 15 percent.”&nbsp; Lender and broker products, services Is it currently difficult for you as a mortgage origination business to find underwriters, loan processors and servicing agents. By enabling NXTsoft OmniConnect lifecycle API connectivity, lenders can fill the gaps that were previously manual human processes, thereby reducing the need for pre-COVID staffing levels and dramatically decrease turnaround time. NXTsoft has over 25 years' experience connecting financial services systems cost-effectively and efficiently.

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NXTsoft Welcomes New Customer: Mayo Federal Credit Union

NXTsoft Welcomes New Customer: Mayo Federal Credit Union
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NXTsoft Partners with Integra Software Systems for Fintech-to-Financial Institution API Connectivity

NXTsoft Partners with Integra Software Systems for Fintech-to-Financial Institution API Connectivity
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NXTsoft Partners with Integra Software Systems for Fintech-to-Financial Institution API Connectivity

Birmingham, Ala. (PRWEB) January 10, 2022 -- NXTsoft, a company focused on data connectivity, data analytics, data management and data migration announced

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