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General Counsel, LO Jobs; Lead Conversion, Auditing, DPA Correspondent Tools; The CFPB and UDAAP

Rates can be 0 percent, but if there are no homes to buy, lender and real estate agent activity will grind to a halt. I realize that this is an extreme example, but you get the point, and headline bait like, “Home Sales Plummet” should be viewed skeptically. That said, in my travels, I am continuing to hear about a lack of inventory at lower/first-time home buyer price points. And out of the MBA’s Bob Broeksmit came, “One hurdle for many prospective buyers this spring continues to be low supply, especially for new listings at the lower end of the market.” And the various generations continue to compete for homes, with multiple bids being reported by agents in many places: Baby Boomer versus Millennial cage fight. Turning from the primary markets to the secondary markets, investors continue to sit on the sidelines of the $11 trillion mortgage-backed securities market as they await BlackRock helping the Federal Deposit Insurance Corp. liquidate the roug

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Lead Source, Secondary Marketing, Income Verification, Marketing Tools; FHA VA, Ginnie News

The most dangerous statement in the English language is, “But we’ve always done it this way.” Referral business has always been a mainstay in our biz, and is not “against the law,” but oddly enough one topic that has come up a few times here in San Diego at the MBA’s conference is continued talk about MSAs, or Marketing Service Agreements. The CFPB spells out everything in its FAQ site. Attorney Brian Levy also discusses the topic in one of his Musings. One session yesterday included attorneys Mitch Kider and Troy Garris; any questions on the following should be addressed to them. The shorthand notes? Referrals are fine, but paying for them, think twice! RESPA’s been around for decades, the purpose being to discourage kickbacks and illegal referrals. You can’t give someone a thing of value for a referral. You can still do lots of things that you can do with your referral partners! Setting up an MSA? Make sure it is for real servic

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Digital, Compliance, Automated Workflow, Home Equity Products; Rural, FHA, and VA News

Digital, Compliance, Automated Workflow, Home Equity Products; Rural, FHA, and VA News
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Warehouse, Non-QM Correspondent, Compliance, CRM, Processing Products; FOMC and Fed Funds Primer

Dang, is there any good news out there? Japanese ex-Prime Minister Abe was tragically assassinated. Rates stink, especially compare to 2020 and 2021, but are you really rooting for a recession to drive them back down? In Florida we have the rise of giant snails spewing parasites that invade the human brain. What happened to the days when my only worry was if the tide was going to reach my chair while enjoying an adult beverage? We have flooding in parts of the nation, wildfires in the West. The press seems consumed with house price appreciation slowing down, and is putting out sensationalist headlines predicting a crash. Everyone has an opinion. The demand is still strong: I can think of five people I know who are “waiting for the right time” to buy a house. Does “crash” mean instead of going up 20 percent a year we “only” go up 5 percent a year? I think we can all agree that double digit appreciation is unhealthy, even if you’ve recentl

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Company Webinars, Non-Agency, Compliance, DPA Products; USDA and Ginnie News; Rates Smack Housing Starts and Permits

If you can't think of a word or phrase, say, "I forgot the English word for it." That way people will think you're bilingual instead of an idiot. It is not hard to remember the phrase, “Rates are going higher.” While independent mortgage banks continue to compete with the intermediate ARM offerings from depositories in the 3 percent range, and originators shift their sales techniques, on a larger scale the Federal Reserve acted yesterday confirming its desire to slow inflation down by raising the target overnight Fed Funds rate by 75 basis points (.75 percent). (For a primer, MCT had a post, “How Does the Federal Reserve Affect Mortgage Rates”?) Forget worrying about lack of growth, or its market guidance credibility (Fed officials were talking about 50 basis points for weeks), the 75 “bps” helps the Fed’s inflation-fighting credibility. And remember that the Fed hasn’t even started the selling pr

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