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Top News In Correspondent Lending Today - Breaking & Trending Today

TPO, Correspondent, Compliance, UW, Accounting Products; Conventional News; Employment Drives Rates Higher

National MI turned heads yesterday by announcing its temporary increase to AUS conforming loan amounts, despite the official FHFA word not coming until the end of November. (More below on the amounts.) Our biz is filled with “numbers people,” good or bad. According to Curinos, September 2023 funded mortgage volume decreased 30 percent YoY and 14 percent MoM. The average 30-year conforming retail funded rate in September was 7.01 percent, 18bps higher than August and 146bps higher than the same month last year. (Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures.) Inventory and sales aren’t helping. Economist Dr. Elliot Eisenberg summed things up. “August data showed MoM housing starts down 11.3 percent to their lowest level since 6/20, the NAHB housing index down sharply M-o-M for the second month in a row, and new home sales weakening 8.7 percent MoM, the biggest decline since 9/22. Existing housing ....

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Credit Verification, MSR Acquisition, Non-QM, Tax, Outsourcing Products; STRATMOR and CX; Timeline for Credit Score Changes

Today is 092023 and I head to Savannah, GA for the SECUREN (credit union) conference. Did you know that the last day of 2023 is 123123? In other “fun with numbers,” as a stockholder in a lender, how’d you like $5 million because your company couldn’t keep its costs down? The median sale price per square foot in Savannah is $197, up 13 percent since last year, if you believe Redfin. Want to build wealth? The median sale price per square foot for new single-family homes in the U.S. has increased a whopping 368 percent since 1980. Additionally, the median square footage for homes in the U.S. has increased 52 percent since 1980, while the median sale price has increased 609 percent. Compared to 2008, the peak financial crisis, home buyers today face an 85% higher median sale price per square foot of homes. California is the most expensive state when looking at price per square foot. Highest and lowest cities? San Jose at $845 per square foot, Cleveland at $133 p ....

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LO Jobs; Jumbo and Non-Agency News; Bond Market Digests Higher Unemployment Rate

Some things in life are fleeting, like a frosty glass of rose, enemy troops singing Christmas carols in the trenches during WWI, or the time when lenders couldn’t hire people fast enough because rates were at 3 percent. I mention this because Krispy Kreme’s Strawberry Glazed Donuts, a flavor not seen in two years, is back today but only through Monday, in participating Krispy Kreme shops nationwide. Fleeting for donut aficionados. (Who says this commentary never has anything newsworthy?) Also fleeting are some astronomical events. Some will tell you that NASA doesn’t have much else going on besides coming up with the names of moons every month or two. Along those lines, thank you to Eric D. who pointed out that the common definition of a “blue moon” (the second full moon in any month) is wrong. It is the third full moon in a season that has four full moons per NASA. (Today’s podcast can be found here and this week’s is sponsored by Black ....

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TPO Geocoding, Warehouse, Fee Collection Products; CoreLogic Wildfire Report; STRATMOR Compensation Survey

Time flies, and we’re more than halfway through the 3rd quarter. Few lenders and vendors look forward to heading into the autumn or winter of any year, and with the U.S. 10-year up to 4.30 percent, millions of borrowers content with low rates thanks to us, and with four consecutive negative prints in MBA mortgage applications, the demand for mortgages is now roughly 9 percent lower compared to the last positive print on July 14th. With mortgage rates hovering around 7.5 percent, we can all expect rate sensitive borrowers to continue to sit out. Lenders everywhere are grinding away at lowering their cost per loan. Of course, part of that is beating up on vendors when ordering, putting together bundling packages, looking at employee cost (more on that below) and manufacturing cost. Pricing exceptions are looked at dollar by dollar, which is often why Lender A doesn’t care much when a branch goes to Lender B when examining Lender A’s book of business showed unprofitab ....

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ITIN, AOT, Warehouse, Servicing Products; Rocket Changes, Conventional Conforming News; Fannie's $5 billion Net Income

Overheard last night at a bar here in Austin, Texas: “It’s hotter than the hinges to the gates of hell.” Not so hot, as residential lenders know, are volume and mortgage rates (which some believe may drift down during the final five months of 2023). No one can predict interest rates with any degree of accuracy or confidence, so originators should optimize the current situation with the cards they have been dealt, which aren’t always good. Speaking of which, an owner of a non-bank lender who was doing $40 million a month a few years ago and who is now doing $10 million a month wrote, “Rob, are you hearing that, in the acquisition of a lender, that all the premium is gone, and that deals are comprised of just an earn out over 2-3 years?” Yes, I am hearing that, for lenders doing $10 million a month. But every deal is different, and for companies that were doing $80 million a month and are now doing $30 million, then there might still be a premium ....

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