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When did “beauty parlors” become “beauty shops” become “salons” and “spas?” Our industry doesn’t have a monopoly on change, and in my recent travels around the nation visiting with residential lenders, things continue to evolve. Owners of servicing continue to release pools of mortgage servicing rights, raising cash to create profitable months and quarters. Banks, credit unions, and lenders mention ongoing efforts to “digitize” the lending process but some admitted to some level of “fake digitization”, defined as a borrower interface that appears to be digital but with lots of manual steps behind the scenes. And there is certainly a renewed focus on Consumer Direct (CD) build out as the market shifts. Meanwhile, large banks and lenders are doing their best to stay out of the headlines as news and public company releases tend to reverberate around to mortgage and bank executives. There was Better.
As packages of mortgage servicing rights continue to hit the market, and some wonder at the high multiples, know that the percentage of borrowers current on their mortgage payments increased to almost 95 percent, 350 basis points higher than one year ago. Other stats show that foreclosure starts jumped in February. The MBA’s monthly Loan Monitoring Survey also revealed that the total number of loans now in forbearance decreased by 12 basis points to 1.18 percent of servicers’ portfolio volume in the prior month as of February 28, leaving 590k homeowners in forbearance plans. That marks the 21st consecutive month that percentage of borrowers in forbearance has declined. Finally, the percentage of borrowers with existing loan workouts who were current on their mortgage payments improved for the first time since June 2021. Marina Walsh, MBA’s VP of Industry Analysis, said, “These three results (the lower forbearance rates and higher performance rates for bo
Let’s face it, women spend more time worrying about what men are actually thinking than men actually spend thinking. While capital markets staffs are checking out graphs of the Fed Funds Rate, and a steepening yield curve, MLOs of both sexes are thinking about bolstering their referral base: Realtors are for rookies. In the last several weeks, my travels around the country (currently in Tennessee for the TNBA educational luncheon… Did someone mention “Walking in Memphis?”) have resulted in mentions of tax advisors, wedding planners, dog sitters, vets, local gym owners, developers, plumbers, house cleaners, dentists & orthodontists, car dealers, and estate planners. Lenders and originators of every shape and size are aware of the demographics of their area, rents heading higher, so figured this might be of use: 61% of renters can’t afford to buy a home in their city. Put another way, the study showed that renters are now priced out of hom
“I don’t always go the extra mile, but when I do, it’s because I missed my exit.” And that extra mile costs more every week. Higher gasoline prices certainly hit service workers and commuters much harder than other segments of the population, namely higher wealth individuals. (Thank you to a reader in Utah who sent, “Breaking News: gas prices are now so high, it is actually cheaper to buy cocaine and run everywhere.” And there’s “Beer is cheaper than gas. Drink, don’t drive.”) Gas prices don’t show much inclination to slow down, unlike residential lending. U.S. lenders issued a record $4.4 trillion in mortgage originations in 2021, topping the previous mark of $4.3 trillion from 2020, so there is almost no place to go but down in 2022. So lenders are laser-focused on production. At the recent SimpleNexus user’s conference, someone told the assembled group that there is a 77 percent higher chance of fund