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!