All eyes have been on the Federal Reserve this year, but for independent mortgage banks, the focus has been on maximizing production and minimizing overhead in the face of higher rates and decreasing margins. In fact, the ability to offer unique and relevant products has helped keep the lights on at many companies. One of these products is non-QM, which will be discussed in a webinar today at 1pm EST hosted by Robbie Chrisman (Hey, that’s me! It’s been fun writing, editing, and publishing this commentary in its entirety the past three weeks with my dad on vacation. I’ve enjoyed hearing from many of you). Webinar panelists will dive into strategies, compliance, how they are performing, and what the future looks like for non-QM. One other current concern in the industry is Ginnie Mae’s Single-Family Applicant and Issuer Financial Eligibility Requirements , which were announced last month and have caused consternation for Ginnie Mae issuers and potential iss
How to Win with Non-Delegated Correspondent - Key Insights on the Model and Fulfillment Solutions
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Rushmore Exits Correspondent, Vendor Services, GNMA Risk-Based Capital; Jobless Claims
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Abraham Lincoln famously stated, “Don’t believe everything you read on the internet.” There are always rumors out there. The latest to cross my desk, given the student loan forgiveness news, is that Nancy Pelosi (very distantly related to California’s Gavin Newsom through a marriage of his aunt) is leading the charge for the Biden Administration to forgive bar tabs. Not true! But speaking of the partial student loan forgiveness, which critics say does nothing to stop the real culprit of skyrocketing college cost inflation, the credit community seems to think that we won’t see the “Settled for less than agreed” typically that is associated with Charge Off accounts, and probably won’t impact credit scores. But don’t quote me on that. What is more factual is lenders continuing to try to turn fixed costs into variable costs. And why not? The MBA tells us that total loan production expenses (commissions, compensation, occupancy,
In Florida there are approximately 3,000 lakes, not enough to make it onto the leader board of states with the most named lakes (Minnesota, Wisconsin, Michigan, and Alaska are up there). (Here’s a bit of trivia: what is the only state without a naturally occurring body of water large enough to have a name?) Nebraska has the most rivers. I mention this, not to make you thirsty for a glass of clean, cold water, but to bring up that Nevada and Arizona may have their water allotment from the Colorado River cut. What might that do to property values? Florida has its share of rivers, despite the lack of elevation change (its highest point is only 345 feet above sea level). Here in Florida they’re not talking about water, but at the Florida Association of Mortgage Professionals attendees are talking comp, and the current STRATMOR blog is titled, “Lenders are Eying Compensation and Ops Trends.” In addition, don’t be too slow to right-size your company in toug