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Non-QM, Marketing, Processing, Verification Tools; Warehouse Primer; Fed Day

Non-QM, Marketing, Processing, Verification Tools; Warehouse Primer; Fed Day
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Appraisal Modernization, Cybersecurity, Non-QM, CRM Products; STRATMOR CU and Bank Forum

“When I was young, I was poor. But after decades of hard work, I am no longer young.” The quip about “The greatest cause of death is birth” aside, we’re all going to die. The question is, “How?” It takes a while for statistics to catch up, but in 2019 the biggest killers of Americans were heart disease, cancer, and being poor. “There were at least 180,000 poverty-related deaths in 2019, new research estimates, surpassing deaths from causes like homicide and drug overdoses.” Unclean air, water, lack of access to good health care are listed. But we, in the residential lending industry, are in a good place to help better people’s housing situation… every day! Loan officers are in a very good position to do so, and today is the last day for them to comment on NMLS Modernization. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized

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Marketing, Sales, Property Data, Cybersecurity, Home Insurance Products; Training and Webinars

While here in Denver I received an email. “Rob, does what’s going on in Florida impact lenders?” I had to figure out if the author was asking about Disney/DeSantis, new Florida Man news, climate change, or insurance issues. Florida has a lot of cool things: manatees, Dry Tortugas National Park, Epcot Center, and cigar rollers in Tampa who do parties. Unfortunately it now has an additional insurance fee, as Florida has imposed a 1 percent “emergency” fee to property insurance premiums due to property-insurer insolvencies. Lenders in Florida often mention the Agencies, including HUD, and loan amounts. More specifically, many people living in Florida (“locals”) couldn’t buy their own homes due to wages versus values. Many of the Florida home loans that LOs have crossing their desks are now true jumbos. Buyers don’t get much in Tampa for $700k, and eastern Florida is worse. The loan limits are out of adjustment for the locals.

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Non-QM, CD Automation, Marketing, Fulfillment AllRegs Products; FHA News and Trends

“Last week I told a joke over a Zoom meeting. It wasn’t even remotely funny.” Working remotely from home, or at least adopting a hybrid model, is something I hear about from lenders and vendors everywhere in my travels. There probably aren’t too many bankers at First Republic working from their sofas these days. Recall that First Republic, which announces earnings next Monday and continues to be mentioned by analysts despite things quieting down in the overall banking sector, received $30 billion in deposits from a group of big banks, but there was no equity. If that $30 billion is converted to equity, for example, then First Republic’s troubles are over but as it is the stock is trading at less than 20 percent of tangible book value. Those “in the know” will suggest that either a sale or a seizure is likely, probably at a discount or some set of provisions. Originating loans with 3.5% weighted average coupon in this market when you have

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Sales, QC, Verification, Benchmarking Tools; FEMA and Disaster Updates Continue

I just looked at the balance of my checking account: $LMAO.00. Here’s a tip of the day to keep your bank account from going to $0 with this non-mortgage information from the FBI: Don't use free public phone charging stations in airports, hotels, and shopping centers. And be careful any time you receive a phone call from a supposed law enforcement official. For some mortgage information, Curinos calculated that March 2023 funded mortgage volume decreased 53 percent YoY and increased 46 percent MoM. The average 30-year conforming retail funded rate in March was 6.36 percent, 19bps higher than February and 238bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures, and the data is examined further here.) Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino company and award-winning developer of mobile-first technology for the modern mortgage lender.

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