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U/W, LOS, Fair Servicing Products; New Loan and Servicing Products; Webinars and Training

I happen to be visiting Manhattan this week. Besides the news about the subway shooting, the overall “hum” of this place being unmistakable and I mention this for two specific reasons. First, the bartender trainee at the restaurant last night was from Turkey. It was her first night on the job, and she had graduated from law school in Turkey but this newly minted attorney had decided to come to the U.S. and earn money! Second, in speaking to the manager of Javelina (which I’d recommend, although the habanero queso has quite a bite), the lion’s share of its revenue comes from delivery service business, and she is thinking about shutting down the expensive actual brick & mortar restaurant and strictly doing takeout and delivery. I found both tidbits interesting from an economics perspective since a) The U.S. continues to be land of opportunity, and b) the changes brought on by the pandemic will continue to change the business landscape. Speaking of

Lead Gen , Database, Tax Service, Non-Agency Products; Housing Starts and Building Permits Attract Attention

I received this from a loan officer in Michigan. “Forget the Serenity Prayer! Grant me coffee to change the things I can, and wine to accept those that I cannot.” There are tens of thousands of loan originators around the United States, primarily changing things for the better for their clients but recently some of them were caught taking a fraudulent continuing education class. Unrelatedly, one (former) Ohio Mayor claimed that ice fishing can lead to prostitution. Attorney Brian Levy somehow brings it all together in his Mortgage Musings about the slippery slope and what might happen to those LOs when they return from their 90-day suspensions. Fraud, including kickbacks, unfortunately, is on its way higher according to off-the-record chats with LOs, sometimes making the headlines (for example, a Georgia real estate agent ran afoul of the Department of Justice in committing mortgage fraud). And a quick note before we jump into the commentary: yesterday I published news ab

Webinars Today; Training, Automation, Broker Tools; Write Up on MLO Purchase Focus

While there’s plenty of chatter out there about the return of Better.com’s CEO to its helm, and its interesting business model how LOs are supposedly not paid for closed loans but for how many they lock, I could tell that my cat Myrtle was miffed a few days ago. And I knew why: She figured out that I was not going to spend several hundred dollars to nominate her for some forgettable award. Now that a new year has begun, offers to nominate employees and producers are everywhere, and in some cases, lenders can nominate dozens of their employees at discounted bulk prices. I thought about explaining to Myrtle that she’d be better off with me spending those doubloons on line-caught salmon, or, in my opinion, that every lender would be better off spending their money on training, client retention software, or pricing concessions, rather than telling the world which producers their competitors should pick off. Of course, I was never big on giving a child a trophy just for

Homebuyer, Fee Collection, Loan Delivery Tools; Conv Conforming Changes; IMB Profits

Today, 20211202 (2nd December 2021), is a palindrome in the YYYYMMDD format. That aside, sorry the commentary is a little late this morning: I went out drinking after my yearly review with my cat Myrtle last night. It did not go well. By the way, she is the one that reviews my performance; I don’t review hers. Now I’m on some kind of quarterly evals going forward: my revenue barely covers her line-caught halibut expenses, and those expenses have been increasing. (Versus that information, of real use is SoFi’s 3-minute video by Hamaria Crockett with a few tips on how to take the guesswork out of reviews and negotiate with your employer.) Declining revenue and increasing expenses are also the norm for independent mortgage banks and mortgage subsidiaries of chartered banks. The

Homebuyer, Fee Collection, Loan Delivery Tools; Conv Conforming Changes; IMB Profits

Homebuyer, Fee Collection, Loan Delivery Tools; Conv Conforming Changes; IMB Profits
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