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Attention in the hallways in the early going at the IMB Conference in New Orleans is varied. LinkedIn traffic seems to have picked up for IMB companies like Draper and Kramer and Atlantic Bay, but that is hardly a scientific measure of companies being bought, buying, or exiting the business. (As always, direct questions to company representatives.) Credit costs and trigger leads are a big item; this Wednesday’s L1 Mortgage Matters session at 2PM ET features John Fleming, of John Fleming Law and the Texas MBA, discussing issues including a fine update on the trigger lead situation. Being pragmatic about handling branches that are losing money, even if the crew there has been with you for years and years, is a hot topic among owners. The last 18 months has not been the time to waffle or ignore information. Today’s podcast can be found here and this week’s is brought to you LoanCare. LoanCare has successfully navigated clients and homeowners through market change for
The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home. Restaurants and food companies react to higher prices either by reducing their portion sizes or passing the cost on to the consumer. In real estate, does the modern definition of an “affordable” house mean 350 square feet for $130,000? Lennar thinks so. Owning a home has long been considered the quintessential American dream, but even with 84 percent of Americans saying they’d like to own a home one day, 51 percent who don’t own today worry they’ll never get there. 94 percent of consumers say owning a home is part of the American dream, but 49 percent say they can’t afford a down payment and 40 percent say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19 percent citing it as a roadblock to homeownership. (Today’s podcast can be found here and this week’s is sponsored
As attendees from the MBA’s servicing conference headed home this week, they may have learned that some airport lounges are cutting back on free guests. Some of those attendees work for depository banks, and they are in flux when it comes to servicing portfolios: Certainly reports of the majority of them shedding servicing are erroneous. Reports have Mr. Cooper, Nationstar, Chase, PNC, 5 3, all increasing their servicing portfolios. Other trends being discussed in the hallways at the conference include an increased scrutiny of regulators and auditors of the fair value of servicing, and counterparty financial strength of servicing sellers declining. Certainly, one topic is Wells Fargo’s shift in residential mortgages: Will its servicing hit the market in one big chunk? The general consensus is “probably not” and that Wells will sell its Ginnie portfolio (FHA, VA) and delinquent loans to reduce servicing costs. $400 billion of whole loans. Wells is not in any