Reverse, MLO, Ops Jobs; Pricing, Best-ex, QC Products; Compliance and Risk Notes and Information May 6 2021, 8:12AM
While the market is digesting the implications Rocket’s earnings (the shares are down in pre-market trading), remember when, in March 2020, it was as if someone flipped a switch and suddenly everyone was working from home. Now, however, owners and managers of lenders and vendors across the nation are debating allowing employees to continue working from home, requesting everyone come back into the office, or some type of hybrid. Goldman Sachs, for one, has told U.S. employees to return to the office by mid-June and U.K. workers to return shortly thereafter. We know from experience that our culture of collaboration, innovation and apprenticeship thrives when our people come together, according to an internal memo. Google expects 20 percent back in the office, with 60 percent in a hybrid model. Meanwhile, a segment of workers are embracing
CRM, Ops, Consumer Direct, AE, LO Jobs; JV and MSA Updates; Redwood Trust Results; CFPB Action Apr 30 2021, 8:26AM
How are we 1/3 done with 2021 already? Few are sitting on their hands as the months roll on. Exxon had its first profitable quarter since 2019. Fannie Mae posted its first quarter results this morning: $5.0 billion net income for the first quarter of 2021 (compared with $4.6 billion for the fourth quarter of 2020), and its net worth increased to $30.2 billion as of March 31, 2021. In regulatory news, the CFPB took action against a reverse mortgage lender for deceptive advertising. And in IRS news, you don’t need new taxes if you enforce the old ones. Lots of loan officers made a lot of money in 2020, but you’ll need a net worth greater than $4.4 million to be in the top 1 percent in the U.S., and I mention this because the IRS and the Biden Administration believe that as much as $1.4 trillion in additional revenue could be raised with mo
Sales Mgt., MLO Jobs; Non-QM, Processing, ECOA, Subservicing Tools; Administration and Housing Apr 9 2021, 8:07AM
What’s new out there? Queen Elizabeth’s husband Prince Phillip has passed away this morning at age 99. Wealthy people in New Yorkseem to be fleeing to live in other states with a lower tax rate. Both Freddie Mac and Fannie Mae released QM loan information that maps out their policies. Any lender originating Agency loans should be aware of their requirements and their effective dates related to their purchase of loans subject to the Qualified Mortgage (QM) Rule and originated relying on the GSE Patch. And tongues are wagging about the proposed CFPB RESPA Servicing Rule with protections for borrowers affected by the COVID emergency. Industry players are questioning the regulatory authority to issue a blanket prohibition on foreclosure through the end of the year and are concerned that the contractual disruption for investors might lead to l
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Sales Mgt., MLO Jobs; Processing, FHA, Efficiency, Video Products; Dr. Fratantoni on the Economy Mar 9 2021, 7:54AM
Does anyone agree on anything anymore? In the past, state trivia was fun because everyone agreed on it. No one will disagree that Alaska is the northernmost, westernmost, and easternmost state, for example. Now if I were to say, “There is only one natural lake in Texas: Caddo Lake,” people will find fault with it. “What about Sabine Lake?” they’ll cry. (Did you know that West Virginia has no natural lakes whatsoever?) One thing that people working from home don’t disagree on (WFH… careful, not WTF) is having a place to work that, uh, works, and here are some design tips. Or “hub and home” might be the new way to work. How is residential lending going to work? Keith Canter, the CEO of First Community Mortgage, has some thoughts about the near-term forecast. (You can listen to the audio version of today’s commentary featur