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Top News In Simplenexus User Group Today - Breaking & Trending Today

Rate Lock Activity, Marketing, B2C Communication Tools; Wholesale and Correspondent News

While California girds its loins for an “atmospheric river and bomb cyclone”, readers should know that I sometimes ask myself, “Why can I remember the order of songs from an album 25 years ago, but I can’t remember why I went into the kitchen?” Yesterday I forgot that it was Ohio’s Union Home bought Michigan’s Amerifirst, not Guild. I apologize for the mistake… It’s all those “stable, multi-state, non-depository, residential lenders with strong management teams”… There certainly are a lot of rumors making the rounds. But also concrete news, about lenders and vendors are making the rounds, perhaps the latest being United Wholesale’s $37.35 credit report. Obviously this puts more pressure on the CRA world (as detailed in the Commentary a few weeks back). There will obviously be pressure on lenders to keep reigning in overhead. For example, the tendency allowing LOs to hang around in down markets is ....

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Bi-Lingual, Warehouse, Operation Efficiency Tools; Events, Webinars and Training Coming up Soon

I am very happy that my life is perfect. Isn’t yours? When I order scrambled eggs at the diner, the waitress says, “Perfect.” When I pay with a credit card at the car wash, the attendant replies with, “Perfect.” I tell the dry cleaner I’d like my shirts not wrapped in plastic. “Perfect.” Watch out for those “perfects” out there. One thing that was definitely not perfect was the ending of 2022 for residential lenders and their vendors. Just because the calendar turned a day or two doesn’t mean rates have done much, nor margins, nor revenue. Ready for a repeat of the 4th quarter of 2022 in the 1st quarter of 2023? Have vendors and lenders made the necessary cuts, in sales and operations, to keep pace with industry volumes being down 50 percent from a few years ago? How’s your “tech spend” as you enter 2023? (Let’s ask Southwest Airlines how its low tech spend worked out. Speaking of S ....

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Retention, HELOC, Solar Products; Events and Training; Fresh MBA Forecast

As Wells Fargo was smacked upside the head with a $3.7 billion fine by the CFPB, sports news included Mat Ishbia and the Phoenix Suns, and the Senate passed the Improving Access to the VA Home Loan Benefit Act of 2022, and the Federal Housing Finance Agency (FHFA) Office of Inspector General released a report with a really long name because that is what bureaucrats do (FHFA Could Further Combat Appraisal Bias by Ensuring That Complaints Are Filed with State Authorities and Ensuring the Enterprises Use Appraisals That Comply with Federal Law), the industry is grappling with continued higher rates. Not that lower rates would release the unicorns from their pens and spread rainbows through the industry, mind you, but they might help. The economists from Redfin (who have seen their stock plunge 94 percent in less than two years) believe that there is a decent chance rates gradually going down to 5.7% by the end of next year. Q1 will be ugly. Seems like after a year of losses in 2022 next y ....

United States , Freddie Mac , Jerome Powell , Derick Mildred , Charles Chucks Gascon , Robbie Chrisman , Scott Weghorst , Alex Suslov , Maxwell Quickapply , Max Slyusarchuk , Feliks Viner , Ginnie Mae , Billy Abrams , Holden Lewis , Federal Reserve Bank , Weekly Mortgage Applications , Census Bureau , Office Of Inspector , Broker Software , Enterprises Use Appraisals That , Hotel Del Coronado , National Mi University , Housing Finance Agency , Phoenix Suns , Wells Fargo , Simplenexus User Group ,

U/W, Business Intel, Cap. Mkts., Remote Worker Compliance Tools; Non-QM, DSCR, 2nds, Commercial News

Here in Southern California for the California MBA’s Legal Issues and Regulatory Compliance Conference, the topics include RESPA, marketing services agreements and Section 8(a), and compliant low income and affordable housing lending. Speaking of which, Here’s a lousy headline to wake up to: “KeyBank Promised to Increase Low-Income Lending, Then Did the Opposite.” In other news lenders are watching, I don’t care if you don’t believe in climate change. And you don’t care whether or not I do. The point is, insurance companies, pension funds, private MI companies, and investors in mortgage-backed securities do, and the pricing and availability of mortgages, and insurance, in those areas is changing as well. Yet people are flocking to areas plagued by fire, hurricanes, and bed lice. (I threw that last one in to see if you were reading.) (Today’s podcast has an interview with Evergreen’s Robert Lipston on why now is the time for ....

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AOT, POS, Marketing, Warehouse, Processing Tools; Misc. Agency and Investor News; Q3 GDP Figures

The financial press seems enthralled with the business cycle. Expansion, contraction, rates and stocks up, rates and stocks down. Right now they’re all stumbling over themselves looking for signs of a recession. Recessions, of course, tend to lower rates since the demand for credit drops. European growth projections are poor. No one really knows what is going on in China. In the United States, the Federal Reserve has pushed the Fed Funds rate (the interest rate at which banks and credit unions lend reserve balances to other depository institutions overnight) from near 0 percent to what could be 4.75 percent by year end. There are some signs of softening in the U.S. job market (like job openings declining), but household debt service levels have dropped and savings levels are doing okay. The team at the Mortgage Bankers Association is forecasting appreciation levels near 0 percent for 2023 and 2024. There’s your snapshot! (Today’s podcast is available here. This wee ....

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