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Wholesale, HELOC, Marketing Products; STRATMOR on Customer Experience; More Strong Data Driving Rates

It was a sad day earlier this week for anyone who likes food out of a toaster as the inventor of Pop-Tarts passed away at age 96. (Yes, Pop-Tarts were invented… they don’t grow naturally in the wild.) Something else that isn’t found naturally is airline seat pricing. We’re in mid-February, and conference activity will increase, and families will start thinking about summer vacations. That often means flights. Prices do go up significantly 21, 14, and seven days before a flight, so keep that in mind. (For anyone who is genuinely interested, here’s an easy to read scholarly article on the awkward way in which airlines set seat prices.) And while we’re talking about dollars, recent Commentaries have mentioned the shift in regional manager’s pay to more profit-based rather than strictly volume, as well as how it is illegal to pay LOs on profits under TILA’s LO Comp Rule. Addressing management pay, attorney Steve Lovejoy with Shumaker ....

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Hedging, Renovation, Home Equity, Accounting Products; U.S. Population Stats; Fannie Earnings of $3.9 Billion

In my travels I’ve eaten some unusual foods, although maybe not this unusual, but here in Boise the talk is about how unusual it is that applications and locks have suddenly shot up in the last several business days. It is nice to hear and see the hustle and perseverance from originators pay off some. Taking a look at the big picture, per the U.S. Census Bureau, nearly 40 percent of all homeowners own their homes free and clear, or 33.4 million mortgage-free, single-family homes and condos. And some percentage of those have credit card debt that is 25 or 30 percent, so a tax-deductible loan at 7 percent can be pretty attractive. Sure enough, refis are hitting the numbers: as reported last month, 89 percent of people with mortgages have an interest rate below 6 percent, down from a record 93 percent in 2022. (Today’s Commentary podcast can be found here and this week’s is sponsored by Lender Toolkit and its AI-powered AI Underwriter and Prism borrower income automat ....

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Home Equity, Pre-Qual, Correspondent, Verification Tools; Training and Webinars; STRATMOR on LO Habits

Attention in the hallways in the early going at the IMB Conference in New Orleans is varied. LinkedIn traffic seems to have picked up for IMB companies like Draper and Kramer and Atlantic Bay, but that is hardly a scientific measure of companies being bought, buying, or exiting the business. (As always, direct questions to company representatives.) Credit costs and trigger leads are a big item; this Wednesday’s L1 Mortgage Matters session at 2PM ET features John Fleming, of John Fleming Law and the Texas MBA, discussing issues including a fine update on the trigger lead situation. Being pragmatic about handling branches that are losing money, even if the crew there has been with you for years and years, is a hot topic among owners. The last 18 months has not been the time to waffle or ignore information. Today’s podcast can be found here and this week’s is brought to you LoanCare. LoanCare has successfully navigated clients and homeowners through market change for ....

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Data Mining, Fair Lending, Tech Stack Products; Ginnie Stats; STRATMOR Ops Workshop; LO Comp and Profitability

I received this call yesterday from an LO friend. “Rob, I was talking to my ‘hair-apist’ last night, and I was telling her about how our industry has been a real roller coaster in terms of income for people and companies. People need their hair cut regularly, but certainly people don’t need home loans regularly. We’re all keeping our fingers crossed that 2024 is an okay year.” First off, hats off on the “hair-apist” line. (Is there also “hair-apy”?) Second, lenders are doing what they can to at least stay profitable. In fact, STRATMOR’s current blog is titled, “Adjusting Loan Officer Compensation to Improve Profitability.” Many lenders tend to move in a pack, based on rates, regulatory environment, or volumes, and despite an uptick in locks in November which resulted in decent December fundings for many, lenders find themselves back looking at overhead, tech and investor mix, and lead source. Reg ....

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Broker and Correspondent Products, Tax, Lead-Gen, Fee Collection, Pre-Qual Tools; Economist Interview; Early Payoff Fears

Yesterday I was driving across Northern California to the coast (Gualala), and in Sacramento I asked the McDonald’s drive-through clerk (hey, only the best for me!) why the medium French fries were 30 cents more than the double cheeseburger ($4.29 versus $3.99). She immediately launched into an explanation of farming inequalities and Keynesian economics, and how aggregate demand does not necessarily equal the productive capacity of the economy. I shot back with, “Whoa, sister, where’s my extra catsup packet?” Okay, that exact exchange didn’t take place, but it did remind me of supply and demand, and mortgage rates, and there is an explanation of the current forces is in the capital markets section. There are a myriad of other things that CEO and owners are watching, many of which will be discussed today at 11AM PT during the Mortgage Matters podcast (register here) when Mark Jones, President of Union Home Mortgage and Chairman of the MBA, is the guest ....

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