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Hedging, Automation, HELOC, MERS Audit, LO Benchmarking Products; Training Opportunities

Whether it is an obscure band or an eatery in San Diego, a well-known palindrome is “tacocat.” Huh? Yes, it’s the same spelled backward or forward. You hadn’t heard that one? How about this one: “Rob, have you heard that when Lender XYZ funds a loan, it is sold to an investor, and usually the servicing is sold to someone else, but then Lender XYZ and its LO quickly offer to refinance the loan when rates drop. At that point Lender XYZ makes its origination fee again, and the investor and servicer lose out.” Yes, it’s everywhere as originators and lenders scramble for business. Current and previous clients are good sources, as other sources are tough to find: With the NAR verdict in Missouri being a sign of the times, where are LOs supposed to go for referral sources if not the buyer’s agent in the future? (Today’s podcast can be found here, sponsored by LoanCare, the mortgage subservicer known for delivering superior custome

Client Database, Relationship, Hedge Cost Tools; Events, Training, and Webinars

Mark Weber sends, “Can I take my 2.5 percent loan to another property? Remember the portable loan idea? When will we see real estate agents advertising, ‘This home for sale has an assumable FHA/VA loan!’?” Ask any LO (loan originator, or officer, depending on what you want the “O” to stand for) and they can tell you stories about lenders either fumbling the servicing handoff or a myriad of borrower woes. There is a good reason that it has become a lightning rod for CFPB examinations. J.D. Power released its U.S. Mortgage Servicer Satisfaction Study, which measures customer satisfaction with the mortgage servicing experience in six factors (in order of importance): level of trust, makes it easy to do business with, keeps me informed and educated, people, resolving problems or questions, and digital channels. “The latest results show an ugly situation for the industry. Overall satisfaction is down… there’s been an increased r

Reverse Point-of-Sale, Marketing and PR, TPO Products; Random TPO News; Ugly Insurance and Water News

While lenders are grappling with steadily increasing Agency repurchase requests, it’s National Donut Day! Someone had better offer those folks at State Farm Insurance a donut… maybe they’ll change their mind about cutting off insuring properties in California. Three thousand miles away, I wonder if Florida home owners should be happy of even having insurance despite it being four times cost of the national average. And good luck insuring anything built near the coast prior to 1992’s Hurricane Andrew. While we’re on the topic of Mother Nature and economics, it’s fine for the Biden Administration, or any politician, to call for more affordable housing, but what about where’s there’s no land or a community limiting development due to running out of water like in Phoenix!? (Today’s podcast can be found here and this week’s is sponsored by Lenders One, one of the largest mortgage co-ops in the country with a diverse mix o

Compliance, Virtual Sales, QC Products; Compliance Snippets; STRATMOR Tech Survey

Lenders and vendors alike are emerging from Thanksgiving and looking ahead to which day they have off for Christmas in the U.S., the 23rd or the 26th. An informal Chrisman poll shows the 26th, but there is definitely a noticeable percentage who are taking both days off. It is good to keep things in perspective and appreciate what we have in the United States. Here in Mexico (yes, that Mexico; down here for a short visit) the daily minimum wage in pesos is $172.87 MXP (approximately $8.06 USD) for the countryside, slightly more in cities and tourist area. Yes, you read that correctly: 8 smackers. With a Gross Domestic Product of $1.4 billion, Mexico’s economy is about the same as Florida’s. Wages aside, in terms of interest rates, across the Atlantic, Ghana, which most people would be hard-pressed to identify on a map of Africa, the latest rate hike to combat inflation puts rates at a19-year high of 27 percent! Not a lot of rate and term refis there, that’s for sure

Bank Statement, BI, Marketing, MERS Review Tools; Fannie and Freddie on Credit and New Fees

Bank Statement, BI, Marketing, MERS Review Tools; Fannie and Freddie on Credit and New Fees
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