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Fee Processing, Sales, PA Tools; Blend Layoffs, Wholesaler Stops Locks; Rates Drop as Growth Falters

“I’d listen to their forecasts about as much as I’d listen to Aerosmith’s Steven Tyler dispense advice on monogamy.” Regardless of who this LO was talking about, predictions are dicey business. Thank you to Julie W. who sent, “Why So Many COVID Predictions Were Wrong.” We all knew rates would move higher, but not at this pace. And companies have reacted. Layoffs, reductions in force, cutbacks, whatever the politically correct term is these days, are not confined to lenders. Blend made headlines last week with its layoffs. (Resumes for those displaced can be posted here for free.) The drop in volume has allowed companies to focus on cutting costs and maximizing hedging performance and secondary marketing execution. Along those lines, today’s podcast, available here, features an interview Eric Connors, SVP of Product Strategy and Management at ICE Mortgage Technology, on the ICE futures contracts. This week’s is sponsored by

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Compliance, MLO, U/W jobs; processing, disclosure, broker tools; conventional conforming changes; fraud report; refi to purchase shift

The mortgage talk here in Cleveland is how, “Tough times never last but tough people do.” Many estimates have residential production hitting $4.8 trillion in 2021, so is there anyone left to refinance? Of course there is, and in many conversations with lenders, rate &amp; term refis have been replaced by cash out. Black Knight, a mortgage technology and data provider, says there are still 3.8 million people who would benefit from refinancing (30-year fixed-rate mortgage holder with a maximum 80% loan-to-value ratio, a credit score of 720 or more, and a likelihood of reducing their current first lien rate by at least 0.75%) and potentially save $1 billion per month. But many MLOs and lenders have turned their attention to the purchase biz, so what are they doing? The current STRATMOR blog is, “What’s Next” about how lenders and MLOs are shifting to a purchase-centric focus. And unfortunately, even “purchase business” has a solid p

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Community Lending, 1099, Compensation, NOO, Non-QM products; Government Loan Program Changes

Community Lending, 1099, Compensation, NOO, Non-QM products; Government Loan Program Changes
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