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TPO, Correspondent, Compliance, UW, Accounting Products; Conventional News; Employment Drives Rates Higher

National MI turned heads yesterday by announcing its temporary increase to AUS conforming loan amounts, despite the official FHFA word not coming until the end of November. (More below on the amounts.) Our biz is filled with “numbers people,” good or bad. According to Curinos, September 2023 funded mortgage volume decreased 30 percent YoY and 14 percent MoM. The average 30-year conforming retail funded rate in September was 7.01 percent, 18bps higher than August and 146bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures.) Inventory and sales aren’t helping. Economist Dr. Elliot Eisenberg summed things up. “August data showed MoM housing starts down 11.3 percent to their lowest level since 6/20, the NAHB housing index down sharply M-o-M for the second month in a row, and new home sales weakening 8.7 percent MoM, the biggest decline since 9/22. Existing housing ....

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Homebuyer, Lead Source, AML, Pre-Qual Appraisal Products; Credit Changes Schedule

Studies have shown that women who have large backsides live much longer than the men who comment on them. Studies also show that there are three basic groups of people in the United States: homeowners with 3 percent mortgages who don’t want to move, wannabe homeowners who don’t want 8 percent mortgages, and renters who don’t care. A growing number will tell you that the actions of the Federal Reserve have had a huge impact creating those groups, and creating the hiring/firing roller coaster that our industry is on. Although there are exceptions, many lenders have gone, or are quickly heading, back to 2018 or 2019 staffing levels and there’s little use in not being aggressive from a bottom-line perspective, unfortunately. Anyone displaced can post their resume for free here, where potential employers can view them for several months for only $75. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an ....

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Best Ex, Cybersecurity, Audit, LO Profile, Credit Reporting, QC Products; Better.com IPO is Today; FOMC Minutes

“I’m not a fan of elevator music. It’s bad on so many levels.” Whether or not you think that the environment and value of owning stock in lenders and vendors has been “bad” over the last year or two, it certainly has been dicey. If you want to “be long” lenders or other mortgage-related companies, you could put some of your hard-earned savings into RKT, ICE, GHLD, UWMC, HMPT, LDI, PMT, FOA, or COOP. Now you’ll have a new vehicle: BETR. Yes, Better.com is going public, in what many would term a “challenging” environment. In a combination of stock market news, along with the reminder that making predictions about markets is like throwing darts, an ETF that was started on March 1, 2023 to track Jim Cramer’s stock picks has only garnered $1.3 million in assets and is closing. Maybe this is the free market saying that Jim Cramer is full of fluff and no value. (Today’s podcast can be found here and thi ....

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Jumbo ARM, Subservicer Products; FHFA/Freddie/Fannie News

In the press, here’s some information on the hit the Fed’s balance sheet has taken give the bond market selloff. And here at the MBA’s annual, some of the talk is about new products and about cost cutting. Yes, lenders are looking for new products, or help in exploring the viability of rolling something new out. For example, at the Capital Markets Committee meeting Sunday, I spent some time with Susan Brown, CMB, Founder & CEO of CoreSGB which helps lenders roll out construction loan products. In terms of cost cutting, I’ve spoken to a few owners who challenged their department heads to cut their costs 15 percent instead of the usual 10 percent, and brainstorm with others in doing it. We all know that net basis point goals (like aiming for 75 to 105 bps) have pretty much gone away. But if you’re “only” hitting breakeven, then unintended events can bring you to large losses quickly. If a company is seeing operational excessive ....

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