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HMDA Audit, QC, TPO Products; Conforming Conventional News; LoanCare Attack; Strong GDP Report; New Loan Limits

There is always non-mortgage financial news. Mark Cuban is both selling his share in the Dallas Mavericks and leaving Shark Tank. Berkshire Hathaway’s Vice Chairman Charlie Munger has died. When I want something bougie to give as a Christmas present, I go to… Alabama? U.S. airlines lose 2 million suitcases a year, and they all go here along with the contents up for sale. Will Rogers came up with, “Things will get better… Despite our efforts to improve them.” Things certainly aren’t getting better in the credit &amp; verification world. Costs keep going up. Blame the CRAs (credit reporting agencies), Fair Isaac, or the bureaus (Experian, Transunion, or Equifax). Lenders of all shapes and sizes have a renewed interest in managing those costs... At this point, why wouldn’t you charge the borrower up front? Meanwhile, originators are continuing to scramble for business, despite rates having dropped somewhat in recent weeks. (STRATMOR’s current blog is titled, “Listening to Real Estate Agents Can Pay Off for Originators”.) $766,550 is the base conforming loan limit for 2024. Today’s podcast can be found here, and this week’s is sponsored by MCT. MCT’s technology and know-how continues to revolutionize how mortgage assets are priced, locked, protected, valued, and exchanged, offering clients the tools to thrive under any market condition. Hear an interview with Argyle’s John Hardesty on the company’s recent case study with NFM Lending. Lender and Broker Products, Programs, and Services

Alabama , United-states , Argentina , Dallas , Texas , America , David-smith , Josh-weinberg , Freddie-mac , Sandral-thompson , Charlie-munger , Anthony-hsieh

HELOC, Affordable Housing, Servicing, QC, MSR Valuation Products; New Appraiser Education Standards?

There’s a lot going on, and not only jawboning about a potential Fed rate increase next week. We have the smoke drifting down from Canada and slowing or stopping flights in the Northeast. The Wall Street Journal reports that China and Cuba have signed an agreement for a Chinese eavesdropping station in Cuba. For rate watchers, Trepp has come out with a report showing interest rates sensitivity with commercial loans, cousin to our residential loans and their sensitivity to refinancing given interest rates. Yes, interest rates impact everything to do with borrowing and lending. New data revealed real estate investors purchased 48.6% fewer homes in Q1 of 2023 than they did a year earlier, according to the latest market report from Redfin. That’s the largest annual decline on record and outpaced the 41 percent drop in overall home purchases in the 40 major metros analyzed. Investor purchases fell 16 percent on a quarter-over-quarter basis, comparable with the 15 percent quarterly drop in overall home purchases. (Today’s podcast can be found here and this week’s is sponsored by Built Technologies. Join Built Technologies on June 20th at 12 PM CST for an exclusive webinar that will dive into proactive portfolio monitoring as Built’s experts share best practices for achieving greater visibility into your construction portfolio. Today’s has an interview with Ally Home’s Glenn Brunker on what sort of housing market correction we should expect to see and how originators are winning business.)

New-york , United-states , California , Salt-lake-city , Utah , Denver , Colorado , London , City-of , United-kingdom , White-house , District-of-columbia

Reverse Point-of-Sale, Marketing and PR, TPO Products; Random TPO News; Ugly Insurance and Water News

While lenders are grappling with steadily increasing Agency repurchase requests, it’s National Donut Day! Someone had better offer those folks at State Farm Insurance a donut… maybe they’ll change their mind about cutting off insuring properties in California. Three thousand miles away, I wonder if Florida home owners should be happy of even having insurance despite it being four times cost of the national average. And good luck insuring anything built near the coast prior to 1992’s Hurricane Andrew. While we’re on the topic of Mother Nature and economics, it’s fine for the Biden Administration, or any politician, to call for more affordable housing, but what about where’s there’s no land or a community limiting development due to running out of water like in Phoenix!? (Today’s podcast can be found here and this week’s is sponsored by Lenders One, one of the largest mortgage co-ops in the country with a diverse mix of 250+ member companies and providers of an end-to-end solution independent mortgage professionals trust to drive profitability and growth. Listen to an interview with nCino’s Ali Maquet and Brett Dooies on why experience-driven automation should matter to financial institutions.) Lender and Broker Products, Software, and Services It's time to schedule your firm’s 2023 MERS Annual Review and e-Annual Report with TENA! Every MERS member is required to complete a MERS Annual Review. If on March 31, 2023, your firm’s count of active MINs was 1,000 or more, then the 2023 MERS Annual Review for your firm must be completed by an independent third party, with the results submitted to MERS not later than December 31st. For significant savings, sign up early for a MERS Annual Review and provide TENA with all of the necessary documentation by August 31st. Avoid the last-minute rush! To ensure that your firm is in compliance, contact TENA today to initiate your firm’s 2023 MERS Annual Review. TENA also offers a full range of MERS reviews, including MERS Data Reconciliation and MERS Document Reviews. TENA Companies, Inc. has been the mortgage industry’s trusted source for Mortgage Quality Control Audit Services and Software since 1982.

California , United-states , Florida , Phoenix , Arizona , Homepoint , Texas , Nassau , New-providence , Bahamas , The , Butte-county

Recruiting, Sales and Marketing, QC, Underwriting, HELOC, CRM Tools; FHA and VA Investor News

When I grow up, I want to own a place at the beach. It turns out that if I’m not too picky, and don’t mind being within a mile of the surf, I might be able to swing it. Here are the “Cheapest Places to Own a Place at the Beach in the U.S.” People living there had better pay their property taxes, but it’s no surprise that more than $14 billion in property taxes go unpaid each year, according to the National Tax Lien Association (who knew there was such a thing?!). Each year, the average American household spends, if they pay it, $2,690 on real-estate property taxes plus another $444 for residents of the 26 states with vehicle property taxes. WalletHub's 2023’s Property Taxes by State report reveals that Hawaii has the lowest real-estate tax, $700, while New Jersey is highest at $6,057. Twenty-six states levy some form of vehicle property tax. “Blue” states have 30 percent higher real-estate property taxes than “Red” states, averaging $2,991 versus averaging $2,297. (Today’s podcast can be found here and this week’s is sponsored by Lenders One, one of the largest mortgage co-ops in the country with a diverse mix of 250+ member companies and providers of an end-to-end solution independent mortgage professionals trust to drive profitability and growth. Listen to an interview with Flagstar Bank’s John Gibson on the third-party originator (TPO) space and tips for originators. Lender and Broker Products, Software, and Services What do dozens of decision-makers know that would lead them to invest in their origination technology in a market as tough as this one? What would you do if you knew the same? In Black Knight’s white paper, “Why Lenders Are Rethinking Their Tech Right Now,” lenders sound off on why a challenging mortgage environment is in fact the perfect time to re-evaluate your tech stack – and how to go about it. Learn the five key recommendations that 32 banks, credit unions and IMBs of various sizes have adopted to navigate a mortgage market in decline and see how your business can prepare for when borrowers return. Download your complimentary copy of the white paper here, and then schedule your talk with Black Knight to get started today.

Philadelphia , Pennsylvania , United-states , New-jersey , Vancouver , British-columbia , Canada , Hawaii , American , Buffy-penttila , Freddie-mac , Tom-costanzo

Correspondent, Servicing, Due Diligence Products; Earnings; DTI Change Recission

In Boston, “wicked pissa smart” is a compliment. I’ll argue that success in lending isn’t based on trying to predict where interest rates are going, since many predictions are a coin toss, but instead on lots of smarts, hard work, and building a business. Sometimes the subject comes up, “My lender ‘owns’ Agency tickets. Are they worth anything?” Yes, there is a dollar value, and STRATMOR’s current blog is titled, “Doing Business with the Agencies: The Golden Ticket?” Certainly the Agencies, namely Freddie Mac and Fannie Mae, were in the news yesterday. Yes, the loan level price adjustments based on DTI have been rescinded. Now all those borrowers can rush out and buy… uh, well, check back in several years while the inventory of houses for sale picks up. Even if rates were 0 percent, if there are no houses to buy, good luck. And after the good news had spread, those who actually read the announcement noticed the last statement: “Additional details about the upcoming Request for Input (RFI) on the single-family guarantee fee pricing framework will be released shortly.” Investors reacted quickly: more below. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, an nCino company and the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Part two of an interview with FundingShield’s Adam Chaudhary on protecting against wire and title fraud.) Lender and Broker Software and Services

United-states , Chennai , Tamil-nadu , India , New-york , Boston , Massachusetts , America , Tom-coffey , Frank-martell , Donna-schmidt , Fundingshield-adam-chaudhary

Stock Market | FinancialContent Business Page

Stock Market | FinancialContent Business Page
financialcontent.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialcontent.com Daily Mail and Mail on Sunday newspapers.

David-spector , Kisha-parker-croom , Charitable-grants-program , Gifts-program , Pennymac-correspondent-group , Corporate-sponsorships-program , Pennymac-corporate-philanthropy-program , Pennymac-financial-services-inc , Pennymac-mortgage-investment , Pennymac-consumer-direct-lending-group , Capital-management , Pennymac-mortgage-investment-trust

Audit, Non-QM, DPA Products; FHA, VA News; Apps Continue Downward Spiral

Change is mandatory. Progress is optional. Are signing bonuses a sign of progress? Perhaps not, and more a continued sign of the competitive times. “A $1 Million Salesperson Signing Bonus is Not a Growth Strategy” is worth a skim. Today’s podcast interview is with me discussing the current rough environment, and as our brethren trail off home from the Texas MBA to the airport in Austin (and actually recognize each other without masks), the talk is about volume and cutbacks. Vendors are being beaten up on price. Long, long gone are the days of padding margins to slow things down as mortgage applications tumble week after week. Refinance volumes have fallen dramatically and are now heavily skewed toward cash-out transactions. Lenders also continue to indicate margins have been cut as much as possible, forcing reductions in capacity to try and control costs as volumes fall. Mid-level management is threatened (do you need district, regional, and divisional managers?) Producing branch managers on a salary plus commission are being scrutinized, especially in smaller markets. LO compensation is being analyzed and segregated. (Today’s podcast is available here and this week’s 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.) Lender and Broker Programs and Services What’s the only thing better than enjoying renowned Italian cuisine in the excitement of New York City’s Times Square? Doing that while discussing ways to automate your secondary marketing functions and boost competitive strategies. If you’re planning to attend the MBA Secondary &amp; Capital Markets Conference &amp; Expo, be sure to visit with Optimal Blue at Carmine’s Italian Restaurant on May 16 or 17. Simply request a meeting, and one of Optimal Blue’s secondary marketing experts will be in touch to discuss scheduling. This is an exclusive opportunity to learn how integrated software and data can support your unique business strategies, surrounded by the energy and spirit of Times Square!

New-york , United-states , Italy , Boise , Texas , Times-square , Ukraine , Italian , America , American , Rob-chrane , Tony-thompson

Fee Processing, Sales, PA Tools; Blend Layoffs, Wholesaler Stops Locks; Rates Drop as Growth Falters

“I’d listen to their forecasts about as much as I’d listen to Aerosmith’s Steven Tyler dispense advice on monogamy.” Regardless of who this LO was talking about, predictions are dicey business. Thank you to Julie W. who sent, “Why So Many COVID Predictions Were Wrong.” We all knew rates would move higher, but not at this pace. And companies have reacted. Layoffs, reductions in force, cutbacks, whatever the politically correct term is these days, are not confined to lenders. Blend made headlines last week with its layoffs. (Resumes for those displaced can be posted here for free.) The drop in volume has allowed companies to focus on cutting costs and maximizing hedging performance and secondary marketing execution. Along those lines, today’s podcast, available here, features an interview Eric Connors, SVP of Product Strategy and Management at ICE Mortgage Technology, on the ICE futures contracts. This week’s 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. Lender and Broker Software and Services Looking to drive revenue while interest rates rise? Referrals, whether they’re from realtors or past customers, can be a key source of leads without spending a lot on marketing. That’s why the experts at Matic Insurance, a digital insurance agency built for the mortgage industry, created a free guide to help you attract new leads from referral partners and past customers, create a great customer experience so your borrowers rave about you later, and market yourself as a choice lender across social media, email, and more. Download the guide here. Matic’s embedded insurance solutions were built for mortgage lenders and LOs. Through our network of 40+ A-rated insurance carriers, we help your borrowers save time and money by matching them with the right policy, making you their trusted advisor and helping you control the home insurance process, so you can focus on the loan and get clear to close, faster. Contact us for information on partnership opportunities.

Tennessee , United-states , Nashville , Michigan , Paul-peters , Eric-connors , Ernestp-schumacher , Steve-smith , Dominic-wilcox , Aerosmith-steven-tyler , Jason-frazier , Mortgage-technology

Compliance, MLO, U/W jobs; processing, disclosure, broker tools; conventional conforming changes; fraud report; refi to purchase shift

The mortgage talk here in Cleveland is how, “Tough times never last but tough people do.” Many estimates have residential production hitting $4.8 trillion in 2021, so is there anyone left to refinance? Of course there is, and in many conversations with lenders, rate &amp; term refis have been replaced by cash out. Black Knight, a mortgage technology and data provider, says there are still 3.8 million people who would benefit from refinancing (30-year fixed-rate mortgage holder with a maximum 80% loan-to-value ratio, a credit score of 720 or more, and a likelihood of reducing their current first lien rate by at least 0.75%) and potentially save $1 billion per month. But many MLOs and lenders have turned their attention to the purchase biz, so what are they doing? The current STRATMOR blog is, “What’s Next” about how lenders and MLOs are shifting to a purchase-centric focus. And unfortunately, even “purchase business” has a solid percentage being done by investors, and thank you to Pam B. for forwarding Redfin’s numbers on how nearly 20 percent of buyers are investors. Lastly, you’d have to go far to find anyone predicting lower rates are ahead of us in 2022. Certainly they’ve gone up, and the recent Freddie Mac PMMS showed the average 30-year rate at 3.92 percent. (Today’s audio version of the commentary is taking today off for the President’s Day Holiday but is normally available here . This week’s is brought to you by Sagent, bringing the modern experience customers expect from loan originations to servicing with platforms that let consumers manage their home-owning lives from anywhere.)

Miami , Florida , United-states , Boston , Massachusetts , China , California , Palm-beach , Denver , Colorado , Berkshire , Americans

HR, Post-Closing, Controller, MLO Jobs; NOO, HELOC, Processing Tools; Florida Fraud Case; LendingClub Fee Settlement

HR, Post-Closing, Controller, MLO Jobs; NOO, HELOC, Processing Tools; Florida Fraud Case; LendingClub Fee Settlement
mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.

Florida , United-states , National-bureau-of-economic-research , California , Louisiana , West-palm-beach , American , Freddie-mac , Glenn-stearns , Nick-volpe , Joe-destasio , Rick-roque