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Broker Products; Credit, AI Chatbot, Hedging Tools; CFPB Verdict: LO Jobs

Broker Products; Credit, AI Chatbot, Hedging Tools; CFPB Verdict: LO Jobs
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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn't mean you're wealthy; some homeowners live in poverty. A LendingTree analysis shows that more than 3 million families who live in owner-occupied homes in the U.S. earn incomes below the poverty threshold for their family. 7.4 million families across the nation earn incomes below their poverty threshold… nearly 9 percent living in poverty! Of the families in poverty, 41 percent live in owner-occupied housing units and 59 percent live in renter-occupied housing units. Montana, Vermont, and Idaho have the largest share of impoverished families living in owner-occupied homes, 55 percent on average. New York, Connecticut, and New Jersey have the smallest share of impoverished families living in owner-o

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Non-QM, VOI/VOE, Marketing, Ledger Tools; Housing Market Outlook; Non-Agency News

There’s an old LO joke, telling their client, “When you’re buying a house, be sure to do it with a significant other, and make sure that one of you has good credit. That’s why it’s called ‘significant’ other: sign-if-i-can’t.” Everyone in our biz knows that owning property is a great way to build wealth, although between elevated inflation, stubborn mortgage rates, and general economic uncertainty (one can argue that the future is always uncertain, right?), it may not feel like the right time to plunge into the housing market. But every LO should know that if past patterns hold true, inflation can actually boost homeownership and people who are living through this time may be more inclined to buy a house in the future! A fine selling point when an originator is speaking with a potential client. (Found here, this week’s podcast is sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, an

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Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

Time flies (see joke at bottom), and here we are at Pearl Harbor Day already. “I'm a multitasker. I can listen, ignore, and forget all at the same time!” Occasionally someone will accuse me of having a sense of humor. If true, it can be traced back to my parents, but a portion of it came from watching Norman Lear’s shows like All in the Family, Sanford and Son, Maude, The Jeffersons, and movies like The Princess Bride (“as you wish”). Mr. Lear died yesterday, but his impact will be long felt. Audiences loved his shows. Does your customer love you, no matter the price? That’s the case with Coke. The average price of a 12-ounce can of Diet Coke in a package of 12 was 34 cents in 2018 but hit 56 cents per can in October 2023, a 65 percent increase. In general, Diet or regular, prices have shot up: The average price of a Diet Coke at a restaurant hopped up from $2.05 to $2.77. Inflation at many levels is impacting rates, including Treasury

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Best Ex, Workflow, Subservicer Audit, Fulfillment Products ; FHA, VA, USDA News; Mr Cooper s Cyberattack

Do you use make up? Charles Revson of Revlon observed, back in the days when you could observe these things, "In the factory, we make cosmetics; in the store, we sell hope.” Informed mortgage people know that hope is not a strategy, and companies can’t hope that they’re never the victim of a hack. Here in the Dallas, Texas, area, headquarters of Mr. Cooper, the company was hit with a cyberattack forcing it to lock down its systems and impacting thousands and thousands of clients of hundreds of lenders whose clients rely on them. I don’t know if live-time cyber-attack maps are for real, but they are mesmerizing. Be careful out there! As of 2023, the average cost of a data breach in the United States amounted to $9.48 million dollars, up from 9.44 million U.S. dollars in the previous year. The global average cost per data breach was 4.45 million U.S. dollars in 2023. (Today’s podcast can be found here, and this week is sponsored by nCino makers

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