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TPO, BI, Social Media, POS Products; Conv. Conforming Changes; Blend CEO Interview

If I tried to carry my cat Myrtle around like in this short video, there would be conflict. We all continue to hear conflicting information about home sales and prices in different parts of the nation and at different price points. One thing remains constant: there are over 50 million people aged 28-38. Millions do not own homes yet; sure, some of them don’t want to own them, but millions do. There are currently only 562,000 active listings of houses for sale in the U.S. The supply/demand imbalance that helps home prices. Zonda did a survey of why people decide to buy a home. The top reasons, which every LO should use in conversations, are: building my own equity rather than someone else’s, marriage or having kids, stability, participating in home price appreciation, and it was cheaper to own than to rent. Recent reports have New Home Sales rising 9.6 percent MOM in March but were down 3.4 percent compared to a year ago. The median new home price was $449,800 which was up ....

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Subservicer, Processing, Non-QM, Culture Building Tools; USDA, FHA Changes; Freddie's Cash Flow Product

Do you think putting together a loan is tough? How ‘bout a giant skeleton in your front yard? This dedicated individual has documented the process of his spooky creations on Instructables. This will be super helpful for when you create a giant skeleton of your own next year or pass this along to a new homeowner that recently bought a home with your company’s help. Owners and managers of lenders and vendors wish their jobs were as easy. As their companies, small and large, do their best to contain the damage from blowing through cash reserves heading into the autumn and winter, changes are afoot. Curious about the FHA MIP? I was too, and asked Commission Gordon about it Friday; you can skip ahead to the 19:00 mark. Recall that the MBA’s Performance Report showed that the fully loaded cost to originate a loan was $10,937 in the second quarter… Did yours drop last quarter? Equifax announced that it is “the first to provide certain telecommunications (te ....

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Warehouse, Processing, Homeowner Insurance Products; Jumbo and Non-QM News; Credit Suisse MBS Settlement

There’s a splendid joke about the definition of an economist being someone who “will know tomorrow why the things they predicted yesterday didn't happen today.” Everyone’s warning everyone about everything these days: Recessions, plagues, housing collapses, overnight rates near 5 percent. The bigger the prediction, the bigger the headlines. No one has a crystal ball, but one thing for sure is that with the increase in both short and long-term rates, independent mortgage banks are seeing even less revenue. For example, their warehouse line costs have gone up. Optifunder’s Mike McFadden noted, “Rob, although every contract is different, with different covenants, with the migration from LIBOR, most warehouse lenders have resorted to some sort of SOFR as the reference rate. Each warehouse lender, however, has resorted to different terms or sources of SOFR (which is something Optfunder helps sort through). In general, many warehouse lines ar ....

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DSCR, Marketing, Compliance, Asset Mgt. Tools; Non-Agency News; STRATMOR on Lenders Staying vs Exiting

Nothing is simple or easy in this world. Take pine nuts. Simple, easy, right? Nope. A staple of pesto, and some salads and desserts, those in the United States don’t come from the United States. They come from China, Russia, and Afghanistan! Our allies? Lenders handling volumes expected to drop more than 40 percent in 2022 isn’t easy. Our housing market isn’t simple. Plenty of attention-grabbing headlines have appeared, saying the U.S. housing market is in bad shape, even plummeting. Like this “U.S. Housing in Much Worse Shape Than Fed Admits.” Remember that millions of households have solid balance sheets, lots of equity, decent credit, and jobs, and there are plenty of millennials that want to own their own place. But the current housing market prompted one West Coast broker to write saying, “Nothing is easy anymore. The Federal Reserve will destroy housing. For some reason, the FOMC will not change the ancient method of containing inflation, ....

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Title, Lead Conversion, MSR, POS, QC Products; STRATMOR piece on Tech; Wholesalers and TPO Investors

Crypto and blockchain technologies have some valid applications but when it’s just for investment, there are tons of scams. (And what would we do for passwords if it weren’t for our pets?) Since the dawn of history people have been trying to take things of value from others. The industry is discussing the latest breach, especially as it seems, once again, that “it is not a matter of if but of when.” “Flagstar Bank recently became aware of a privacy breach that occurred during December 2021 involving unauthorized access to Flagstar Bank’s network. Flagstar Bank is in the process of providing their impacted customers with written notice of this privacy breach. The written notice includes an offer of free credit monitoring by Kroll, subject to the customer’s enrollment in the monitoring offer. Impacted customers can call Flagstar Bank at (855) 503-3384, or impacted customers may also obtain additional information online.” (Today ....

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