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Credit Reporting, Automation, BI, Marketing Tools; FHA, HUD, VA Changes; Bank Market Share

Happy Hanukkah (or Chanukah), which began yesterday. Others are looking ahead to Christmas, with some companies closed Friday the 23rd and some closed Monday the 26th. (The Federal Reserve and the stock market are closed Monday the 26th and then Monday the 2nd.) I am in Chicago where the weather could be termed as “brisk.” There’s a different term that the residents of Fairbanks, Alaska, and my Navy vet father, for that matter, would use to describe their weather, expected to have a high of -35 degrees F today! (To be blunt, which I can be since I’m not reporting to anyone, he’d probably say, “That would freeze the balls off a pool table!”) Weather like that does much more than cause goosebumps, although anyone who knows this song often has them at the 3:08 mark. Plenty of lenders are feeling trapped by current margins and volumes, which probably aren’t going to shoot up in the near future, and some have shifted a portion of their ....

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Tax, Fee Collection, Digital, TPO Products; FHFA, Freddie, Fannie Developments

This morning I Head East to Chicago for a handful of days. If you’ve wondered what a pilot sees when landing at O’Hare, here’s a mesmerizing video. (What is the tallest building in Chicago? The library, because it has so many stories.) From coast to coast lenders and vendors are eyeing the MBA’s volume predictions for 2023 and stay ahead by reducing overhead. In the furor over cutting costs, a cottage industry has sprung up helping lenders review their vendor arrangements. Given that product, price, and service are what vendors sell, products and service are usually, if not more, important than price, but companies like MTG Services review pricing schemes. (No, this isn’t a paid advertisement; contact James Zeldin with questions.) Today’s podcast, posted after 5:30AM PT, is sponsored by Appraisal Logistics, a full-service AMC licensed in all 50 states. AIM-Port’s robust integrations, custom automations, and granular reporting tools are d ....

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Market Research, Automation, Fee Collection, Non-Agency Tools; Conforming Loan Limit

In the secondary markets, lenders are trying to wring out every penny from loan sales. For example, in today’s podcast (available here) is an interview with Senior Director of MCT’s Investor Services team, Jennifer Kennelly, on MCT’s Bid Auction Manager (BAM) Marketplace, the nation’s first open mortgage loan exchange. In the primary markets, it’s rough, and I received this note from a senior executive. “In our branches, this is worse than the meltdown. In 2008-2010 we may have had problems finding lenders to loan money, but there were some, and we still had business. And rates were okay. Today we barely have any business and rates are so high borrowers become angry at us when we quote them!” And the cost of doing business is continuing to escalate. “NCRA understands that the end users of the tri-merge mortgage credit report (the mortgage lenders) have been grouped into three pricing tiers by Fair Isaac (FICO) with a wholesale pri ....

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Non-Agency, POS, Warehouse Products; STRATMOR on the Business Cycle; Production Costs

Sometimes it’s tough to find good news out there. For independent mortgage bank (IMB) and mortgage subsidiaries of chartered bank lenders, the MBA reports that production costs exceeded $11,000 per loan in the 3rd quarter leading to a net loss of $624 on each loan they originated. (More below.) And the cost of determining a borrower’s credit will be heading significantly higher, according to word on the street. The increases are not coming from credit resellers, such as credit reporting agencies, but rumored instead to be coming from the bureaus and Fair Isaac, customers are encouraged to speak with their credit source for the exact details on tiers, actual percentage increases, and timing to put speculation to rest. Want some good news? We’re a month away from the day with the least amount of sunlight (solstice). Want a free Denny’s breakfast for a year just by wearing this $5.99 T-shirt? In a fantastic marketing feat, there are only 150 of them and they go ....

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Real estate lending pushes farm debt higher

Strong growth in farm real estate debt pushed agricultural loan balances higher at commercial banks in the second quarter. Outstanding farm debt increased about 5% from the previous year, the fastest pace in nearly six… ....

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