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Cybersecurity, Efficiency, DSCR, Lead Management, Correspondent Products, Freddie/Fannie Changes Continue

Do you know what “splooting” is? Here’s a hint: 4-legged animals do it. (Hey, I don’t make these things up.) Quite the word. Words are very interesting, and can incite a riot, help someone get through a loss, make up this Commentary, entertain. Every morning I share my Wordle results with a few friends, comparing who was able to find the 5-letter word of the day in the fewest tries. For the most part Wordle is quick, fun, and mildly entertaining, which is the exact opposite of financing a home as any borrower or loan originator will tell you. Originate? “Origin”: source, inception, root means the point at which something begins its course or existence. Origin applies to the things or persons from which something is ultimately derived and often to the causes operating before the thing itself comes into being. “ate” is a suffix meaning “state of quality of” and when added makes an adjective a verb. Originate, tolerate, stimulate, nominate, dislocate, penetrate, intimidate… there are thousands of words with -ate on the end. And as many of us are in, or head to, San Diego for the MBA’s conference, origination volumes, margins, and revenues will certainly be discussed, as will attempting to lessen the friction that each loan goes through during processing and closing. It is important to remember that we’ve helped millions of families by originating their loans and save billions of dollars, and will continue to do so. (This week’s podcast 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. Today’s has Part One of an interview with Keller Williams Scott Agnew on navigating through uncertain times and what the industry has learned since 2008.)

San-diego , California , United-states , Nebraska , Freddie-mac , Alan-parris , Anjelica-nixt , Tony-nienas , Maxwell-jim-smith , Gibran-nicholas , Peggy-rubadue , Bob-broeksmit

Credit Reporting, Automation, BI, Marketing Tools; FHA, HUD, VA Changes; Bank Market Share

Happy Hanukkah (or Chanukah), which began yesterday. Others are looking ahead to Christmas, with some companies closed Friday the 23rd and some closed Monday the 26th. (The Federal Reserve and the stock market are closed Monday the 26th and then Monday the 2nd.) I am in Chicago where the weather could be termed as “brisk.” There’s a different term that the residents of Fairbanks, Alaska, and my Navy vet father, for that matter, would use to describe their weather, expected to have a high of -35 degrees F today! (To be blunt, which I can be since I’m not reporting to anyone, he’d probably say, “That would freeze the balls off a pool table!”) Weather like that does much more than cause goosebumps, although anyone who knows this song often has them at the 3:08 mark. Plenty of lenders are feeling trapped by current margins and volumes, which probably aren’t going to shoot up in the near future, and some have shifted a portion of their production to home equity lines, with more volume but even less margin. I mention this because the CFPB issued an update to the “What you should know about home equity lines of credit” brochure (HELOC Brochure). The new edition of the HELOC Brochure, available in English and Spanish, is updated to align with the Bureau’s educational efforts, to be more concise, and to improve readability and usability. (Today’s podcast 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.)

Fairbanks , Alaska , United-states , Birchwood , Michigan , Spain , Utah , Chicago , Illinois , Spanish , Dale-vermillion , Alan-parris

Tax, Fee Collection, Digital, TPO Products; FHFA, Freddie, Fannie Developments

This morning I Head East to Chicago for a handful of days. If you’ve wondered what a pilot sees when landing at O’Hare, here’s a mesmerizing video. (What is the tallest building in Chicago? The library, because it has so many stories.) From coast to coast lenders and vendors are eyeing the MBA’s volume predictions for 2023 and stay ahead by reducing overhead. In the furor over cutting costs, a cottage industry has sprung up helping lenders review their vendor arrangements. Given that product, price, and service are what vendors sell, products and service are usually, if not more, important than price, but companies like MTG Services review pricing schemes. (No, this isn’t a paid advertisement; contact James Zeldin with questions.) Today’s podcast, posted after 5:30AM PT, is sponsored by Appraisal Logistics, a full-service AMC licensed in all 50 states. AIM-Port’s robust integrations, custom automations, and granular reporting tools are delivering gains in efficiency and cost savings to lenders across the country. Lender and Broker Software, Products and Services “Are you ready to join tons of other satisfied brokers and start working with Towne Mortgage Company? Our 40 years of experience working with Brokers, Mortgage Bankers, Credit Unions, Community Banks, and Agricultural Banks means you can expect flexible solutions and reliable service. Work directly with your Underwriter, contact the Business Support Hotline for updates and technical help. As an approved FNMA/FHLMC/GNMA seller/servicer offering full Agency and Renovation product sets you are guaranteed program options and expertise at Towne Mortgage Company. “Wow is all I can say, super experience on my VA loan, quick UW, and 1 day on conditions…thanks Towne Team.” (Kim M.) Let our years of experience work for you! Get started with Towne Mortgage Company today, call (888) 653-9037or visit us.”

Florida , United-states , Switzerland , Chicago , Illinois , San-francisco , California , Swiss , Jayme-dungan , Glenn-stearns , Freddie-mac , Alan-parris

Comp Strategy, Non-QM, Fee Collection, Marketing Products; U.S. Bank's Wholesale Decision

Yesterday I spent some time in Northern California with two groups, one of which was CAMP, and while morale is good and everyone is in the holiday spirit, the business focus is on trying to reduce costs, rollout products to help what few borrowers are out there, and leverage technology as we head through December and into the winter. Christmas will be here before you know it. Have you noticed that FedEx trucks have different colors in their logos? Well, they do, and they mean something. (And don’t forget to see the arrow between the “E” and the “X” on the trucks. Afterward, try to unsee it.) The CFPB’s logo doesn’t have any such cleverness, but it published a response to questions regarding the HMDA closed-end loan coverage threshold and the 2022 NCRC et al. v. CFPB court order. (Today's podcast is here and brought to you by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender, and today’s features an interview with Ocrolus’ Suzanne Ross on the evolution of fraud in the mortgage space and how technology is protecting companies from threats.) Lender and Broker Software, Products, and Services Spotify called its users onions last week. Yes, you read that right. When Spotify released Wrapped (a personalized overview of music listened to over the past year) it declared: “This year, you had layers like an onion. But you listened to music, unlike an onion.” Drawing inspiration from Spotify, the 2022 mortgage market had layers like an onion, and after peeling them back, it left our eyes stinging like an onion. To help lenders make sense of a tumultuous year and prepare for 2023, Sales Boomerang + Mortgage Coach are bringing together Alex Kutishin, Dave Savage, Rob Chrisman and MBA Chief Economist Mike Fratantoni to discuss their 2023 forecasts (which hopefully look less like an onion) and give lenders advice on how to capture market opportunity next year. Register now to wrap up your year with us on Thursday, Dec. 15 at 2 pm ET.

California , United-states , Russia , Russian , American , Kathryn-edelen , Alan-parris , Rob-chrisman , Fannie-freddie , Ocrolu-suzanne-ross , Maxwell-jim-smith , Mike-fratantoni

Compliance, Virtual Sales, QC Products; Compliance Snippets; STRATMOR Tech Survey

Lenders and vendors alike are emerging from Thanksgiving and looking ahead to which day they have off for Christmas in the U.S., the 23rd or the 26th. An informal Chrisman poll shows the 26th, but there is definitely a noticeable percentage who are taking both days off. It is good to keep things in perspective and appreciate what we have in the United States. Here in Mexico (yes, that Mexico; down here for a short visit) the daily minimum wage in pesos is $172.87 MXP (approximately $8.06 USD) for the countryside, slightly more in cities and tourist area. Yes, you read that correctly: 8 smackers. With a Gross Domestic Product of $1.4 billion, Mexico’s economy is about the same as Florida’s. Wages aside, in terms of interest rates, across the Atlantic, Ghana, which most people would be hard-pressed to identify on a map of Africa, the latest rate hike to combat inflation puts rates at a19-year high of 27 percent! Not a lot of rate and term refis there, that’s for sure. We don’t have it so bad. (Today’s podcast is available here and this week’s is sponsored by Candor Technology: Home of the One Touch Underwrite, supporting lenders from Point of Sale to Post Close QC, to reduce repurchase risk, increase underwriter productivity by 400 percent, and decrease turn-times by 10. Listen to an interview with The Money Source’s Johnny Spagnola on why customer experience is important in servicing.) Lender and Broker Products, Software, and Services Ranked by Fortune Magazine in 2022 as one of the 100 best Companies, Fortune 300 listing, and a history dating back to 1909, Mutual of Omaha has entered the Wholesale Mortgage Lending arena. Providing a variety of financial services, including Reverse mortgage and traditional mortgage products. In early March 2022, the firm announced the hiring of Colin Treend (President – Wholesale) and starting approving brokers in late April 2022 and are available to add as investor in Loansifter (upon request), ReadyPrice, and LenderPrice. Colin indicated, “This is a unique opportunity to leverage a world class brand and provide stable, consistent service and value in a market that has been treating brokers and their customers like raw materials in a manufacturing line. Mutual’s built-in advantages allow us to provide a consistently strong price, combined with world-class service and people, creating relationships and knowledge of your specific business.” If you would like to learn more, please click here.

China , Florida , United-states , Mexico , New-york , Texas , Ghana , Americans , Alan-parris , Frank-plenskofski , Colin-treend , Maxwell-jim-smith

Independent Appraisal, Accounting, Sales Tools; Conventional News; PPI Drives Rates Lower

The other day I walked in on Myrtle who was looking at the litter cleaning robot on the screen as if to ask, “What’ll they think of next?” Businesses and arrangements are always coming and going. There’s a new in-house appraisal product, noted below. Who wants to go in with me on starting a 2nd home company with a common-sense name, nothing foreign sounding. “Let’s Split It.” (Tagline: “Your Perfect Vacation Home Awaits.”) Wouldn’t “I Gotta Guy” be a cool name for a business? And useful? Call the number, they hook you up with a plumber who shows up, or a gutter repair person who is competent, or whatever you need. New companies are out there. Ever heard of “Calque”? Me neither until Morgan C. from Highland Mortgage pointed out “The trade-in mortgage.” Freddie Mac announced its newly enhanced mortgage rate survey. Progress Residential, with over 85,000 single-family rental (SFR) homes, is now the largest SFR owner in the U.S., surpassing Invitation Homes. The company has been growing at a rapid rate, accompanied by criticism and protests from tenants and community organizations for unsafe practices and problems. Yes, institutional investors once again buying single family homes. Along these lines, here are some great landlord stats. (Today’s podcast is available here and this week’s is sponsored by MCT Investor Services, which helps investors scale their seller base, automate the bid process, source whole loan and flow co-issue production, automate AOTs, and analyze performance all in a cost-effective manner. Listen to an interview with SimpleNexus’ Andria Lightfoot and Marine Bank &amp; Trust’s Shaun Williams on executing a competitive mortgage strategy in today’s market.)

New-york , United-states , Philadelphia , Pennsylvania , Mike-vough , Freddie-mac , Alan-parris , Rob-chrisman , Maxwell-jim-smith , Simplenexu-andria-lightfoot , Peggy-rubadue , Rick-allen

TPO, HOA Data, Outsourcing, Due Diligence Tools; Training and Webinars; NAR's 2023 Forecast

For some reason, companies laying off large numbers of people (most recently Better, Freedom, Mr. Cooper) make headlines, whereas shouldn’t the unusual, like companies that aren’t laying off anyone or who are hiring, be more newsworthy? There are indeed companies that are not laying off anyone, and in fact are hiring to take advantage of slow times. There is other good news. Despite inflation, elevated mortgage rates, and slowing sales activity, severely limited housing inventory will prevent large home price drops for most of the country next year according to NAR Chief Economist Lawrence Yun in his 2023 outlook. “For most parts of the country, home prices are holding steady since available inventory is extremely low. Some places are experiencing price gains, while some places, most notably in California, are seeing prices pull back… Housing inventory is about a quarter of what it was in 2008, distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash. Short sales are almost impossible because of the significant price appreciation of the last two years.” (Today’s podcast is available here and this week’s is sponsored by MCT Investor Services, which helps investors scale their seller base, automate the bid process, source whole loan and flow co-issue production, automate AOTs, and analyze performance all in a cost-effective manner. Listen to an interview with Jason Cave, Deputy Director/Chief Fintech Officer, Division of Conservatorship Oversight and Readiness (DCOR), Federal Housing Finance Agency (FHFA), on how to better channel tech in a way that reduces closing times and costs.)

California , United-states , Maryland , Las-colinas , Michigan , Washington , America , Gregg-logan , Scott-schang , Jason-abell , Maxwell-jim-smith , Frank-garay

Home Equity, Sales, Tax Service, Subservicer Audit Products; Webinars and Training

I was walking down North Wabash in Chicago yesterday and a beggar (is that politically correct?) yelled out at me, “You’re the reason this country has to put directions on cereal boxes!” Simple things like cereal boxes, shampoo, or soup didn’t used to have directions, but things are always changing. Including our industry. Another non-QM company appears to be exiting: As one AE wrote, echoed by a few others, “Athas Capital Group is shutting down its doors. We will be open for about two more months to fund out our remaining loans in the pipeline. But we are not allowed to submit any newer loans.” For confirmation or details, you should contact Athas Capital or your AE. Certainly the Agencies (namely Freddie Mac and Fannie Mae) are always changing, and Chicago is one of six cities (along with Atlanta, Baltimore, Detroit, Memphis, and Philadelphia) that are targeted by Fannie Mae for an Equitable Housing Finance Plan. Freddie has a similar plan with somewhat different approaches. Homeownership rate differences of up to 30 percent need to change, and that change is certainly coming from “the top.” (Today’s podcast is available here and this week’s Sponsored by Candor Technology. Home of the One Touch Underwrite, supporting lenders from Point of Sale to Post Close QC, to reduce repurchase risk, increase underwriter productivity by 400 percent, and decrease turn-times by 10.) Lender and Broker Services and Products They say sugar brings happiness, but I bet after a week of eating Halloween candy our tummies aren’t feeling so happy. Here is something to keep you on that sugar high. While many of us are working hard to finalize our 2023 budget, Subsequent QC (SQC) and MQMR, just published its 2023 Subservicer Audit Calendar. Schedule your subservicer audit before year-end and save money now when you lock in early bird pricing. Spoiler alert: it's a requirement to audit your subservicer annually, so reach out to learn more about our detailed audits and how we can help you budget for compliance!

Boston , Massachusetts , United-states , Ohio , Chicago , Illinois , Washington , Philadelphia , Pennsylvania , Americans , Kelly-hebert , Freddie-mac