May the 4th be with you! Without the lisp, there are many forces tugging at lenders and vendors. Forget 2020 and 2021. Recruiters are asking LOs what their numbers were in 2018 and 2019. Prequals are running amok, and with them costs for any vendor services like credit verification. The Mortgage Bankers Association’s Marina Walsh tells us that the cost per loan has gone up six quarters in a row, despite all the “cost saving” automation. Meanwhile, in the secondary markets, life isn’t much better… and what happens there directly impacts rate sheet pricing for borrowers. Liquidity in higher coupon securities backed by mortgages (MBS) has been poor to say the least with very wide bid/offers or simply no price discovery. As a result, some higher rate combinations may simply not be available yet. (Keep in mind that any rate over 6.125% would have to be delivered into a UM30 5.5, which are not yet trading in any material amount.) So LOs looking for premium pricing will have to wait. Speaking of the secondary markets, today’s podcast is available here and this week’s is sponsored by MCT’s BAM Marketplace, the world’s first truly open loan exchange, where buyers can bid regardless of approval status, and sellers receive automated live pricing from every buyer on the platform. Today’s features an interview with MCT Head of Investor Services, Justin Grant, on open loan exchange technology.) Lender and Broker Programs and Services Giving back to the communities you serve is a simple yet effective way for lenders to build brand awareness and earn repeat and referral business. To nurture its service-oriented culture, Mortgage Coach is participating in a Sales Boomerang hosted fundraising webinar on May 11 at 2 pm ET. The borrower intelligence platform’s inaugural ‘Worthwhile Webinar’ will benefit the Movement Foundation, an organization that partners with businesses to fund self-sustaining community-building projects. Each registration includes a $10 donation, of which Sales Boomerang and Down Payment Resource will match up to $1,000. Tune in to join Mortgage Coach’s Dave Savage and speakers from Sales Boomerang, Movement Mortgage, Down Payment Resource and NAAMBA as they discuss the importance of lending a hand in your community. Register to get involved.