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POS, Lead Conversion Tools; Important FHFA, Freddie, Fannie ARM and LLPA Changes Coming Soon

What does someone look like when they started working in our business at age 15? Well, there’s always this interview last week with Robbie Chrisman (yes, RCIII) about how he started his mortgage podcast and the potential influx of youth versus the 60- to 70-somethings. Yes, the industry continues to evolve, and not always in good ways. Every lender out there is coming to grips with the upcoming conventional conforming loan-level pricing adjustments hitting cash out refis. (Fannie Mae, Freddie Mac.) Those who take the time to compare have noticed that the cost of a cash out refi is increasing, except for credit scores of 640 and below with an 80% LTV and any LTV with a score of 620&lt;. Put another way, the FHFA is rewarding low credit score borrowers that need cash out. Cash out LLPAs are worsening depending on the LTV/FICO but there are some categories that are improving, but those are generally lower FICO and higher LTV and represent a small percentage of cash out busi ....

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Asset Depletion, Appraisal Form Products; Union Home/Amerifirst (MI); loanDepot/CrossCountry; Investor News

When I see lover’s names carved into the wood on a tree, I don’t think it’s sweet. I just think how surprising it is how many people bring a knife on a date. Time passes, life goes by fast, first dates turn into long-term relationships, a hot summer has been forgotten, turned into a beautiful autumn, and turned into an arctic winter. Time has passed, and it is nearly Christmas Eve. Ya’ll sick of Christmas carols (again)? The Winter Solstice has occurred, meaning that the minutes of daylight will only increase for the next six months in the northern hemisphere. People are planning for 2023, as if the calendar changing from December to January will have an impact on rates, volumes, margins, or revenue. Augie Del Rio with Gallus Insights did a video interview with Tammy Richards and me about how lenders and vendors are reacting to the end of 2022 and the beginning of 2023. (Gallus Insights helps lenders make data-driven decisions.) And before we know it, Wi-Fi ....

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DPA, Correspondent, Fulfillment, Marketing Products; STRATMOR and Customer Experience; IMB Merger

The big news in the Chrisman household is my cat Myrtle being offered a big signing bonus by the family next door. Apparently, word of her mousing prowess has spread. Myrtle’s tight-lipped on the details, but I assume it involves line-caught halibut and wild salmon tidbits. When I brought it up, she glared at me as if to say, “Hey, it’s a free market.” At 10, Myrtle’s no spring chicken, and I told her that she’d better think long and hard about it since there seem to be fewer mice around to catch. (Stay tuned!) Lenders are seeing fewer loans to originate, and thus fewer loans for the secondary markets so every opportunity to pick up a few pennies or set up a new product is scrutinized. Besides spending their time setting pricing and margins, capital markets staff are usually looking for new investors (there are plenty on Mortgage Elements; just select the state and then the program) and there’s a new jumbo loan identifier for The Rule To ....

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Thrive Mortgage to acquire American Mortgage Service Company

The acquisition will strengthen Thrive’s retail channel and bring with it new territories amidst arguably the most challenging mortgage market since the early 1980s. ....

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Non-QM, Disclosure, Hedging, HELOC and 2nd Products; FHA News

U.S. travelers to Hong Kong have had better days, with Hong Kong banning travel from the U.S. Chicago schools (with over 300,000 students) have had better days as classes were canceled due to a union dispute with the mayor. In nearby Michigan, United Wholesale Mortgage (with 9,000 employees) has had better days as well, and, per this story, is under investigation for health protocol reasons. Good health (and a good work environment) is something everyone wants. Money too. Let’s face it: if you have money, other people want it. Here’s the latest scam out of Texas: parking meters with fake codes on them. Be careful out there! Some think that the IRS “wants” your money, but the Internal Revenue Service is acting on the U.S. Government’s directives and laws. Like yesterday’s tax tip about reporting stolen property as income… Many years ago I had my ‘79 Datsun 210 Hatchback stolen in a bad neighborhood in San Francisco… that is ....

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