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The MBA’s servicing conference is taking place, and it is an important subject, along with the impact of the 30bp cut in MIP for FHA borrowers. Owning servicing rights certainly helped the bottom lines for many lenders last year, some would say it “saved their bacon.” There are always those warning us of impending doom and gloom scenarios regarding the trillions of mortgages outstanding. But really, come on. We may see an uptick in delinquencies and foreclosures, possibly because the numbers are so low now there’s nowhere to go but up. Borrowers have outstanding credit quality, and huge amounts of equity. And investors and the government offer many loss mitigation options. The industry has other things to worry about. Meanwhile, owners of mortgage servicing rights continue to sell packages, large and small, for various reasons, not the least of which is to raise cash. For the uninitiated who’d like to know exactly what a “servicing package ....
Do you think putting together a loan is tough? How ‘bout a giant skeleton in your front yard? This dedicated individual has documented the process of his spooky creations on Instructables. This will be super helpful for when you create a giant skeleton of your own next year or pass this along to a new homeowner that recently bought a home with your company’s help. Owners and managers of lenders and vendors wish their jobs were as easy. As their companies, small and large, do their best to contain the damage from blowing through cash reserves heading into the autumn and winter, changes are afoot. Curious about the FHA MIP? I was too, and asked Commission Gordon about it Friday; you can skip ahead to the 19:00 mark. Recall that the MBA’s Performance Report showed that the fully loaded cost to originate a loan was $10,937 in the second quarter… Did yours drop last quarter? Equifax announced that it is “the first to provide certain telecommunications (te ....