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Warehouse, Credit Measuring Tools; Non-QM Products; Disaster News; Securitization Court Ruling

I travel a fair amount via commercial airplane. (Greetings today from Ft. Lauderdale; this afternoon it’ll be Chicago.) But forget traveling in heavier-than-air-craft: there are people who live in airplanes! Meet Jo Ann, a beautician. Let’s see this baby appraise out for a refi! But the price is right for anyone willing to make the effort, as airplane carcasses are very affordable. One big topic at the Bank of England Mortgage event going on here is how interest rates impact affordability. Last week the Commentary included a link to a “handy-dandy chart for LOs to help borrowers to see how rates impact affordability.” I received several emails pointing something out, succinctly summed up by Fairway’s Mike S. “A quick glance shows that only 20% of the population’s affordability is determined by interest rates. At 3%, 65% of the country is already priced out. At 9%, that number is 85%. That means for 80% of the population, the interest rat

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Underwriting, Compliance, eMortgage, Loss Mitigation Products; Training and Events; Apps Drop Further

Here in Orange County, the mortgage talk runs the gamut. Sure, a recession would cause rates to drop, but before that happens, are residential lenders looking at a long autumn and winter? Our biz is dealing with broad topics such as affordable housing, housing inventory being impacted by potential sellers taking properties off the market, and the general trend in mortgage rates, all the way down to the cost of credit reports potentially approaching $100 per report and making sure you talk to your warehouse lender weekly (not weakly). Lenders are looking at cross-training skillsets: Prioritizing coverage and making sure to cross-train so people can play to their strengths. Analyzing what tasks they're doing, and the best people to do it. Workflow? Lenders are minimizing file touches, using a cheaper resource for parts of the file, and moving more duties from underwriting to cheaper personnel. Using checklists: Once a file hits intake, if there is enough information to make a cre

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Home Affordability, Vendor Services; Capital Markets; Latest CPI

With the Fed set to end its MBS purchases tomorrow, removing free money from the MBS market, where do you think home affordability will go from here? Mortgage rates are already at their highest levels since 2008 and in theory, a large buyer exiting the space should push MBS prices down and thus mortgage rates up. As one California mortgage executive wrote to me, “Home prices ran up 20 to 30 percent for two years, as Fed Chair Powell could not figure how to get his foot off the accelerator. There are good borrowers and good LTVs out there, but most have been priced out of the market with home values rising 20 percent per year. Take the free money away, and none of this is sustainable.” There is debate about if the Fed’s actions have created some sort of housing bubble. It remains to be seen whether home prices work their way lower, we see no price increases for a couple of years, or the pace of appreciation merely moderates. Helping affordability, more lenders are r

New yorkUnited statesFreddie macJason kwasnyLas vegasJeff schaeferShelley leonardCitizens correspondent national bulletinJoseph hotelFamily housing guaranteed loan programNorthpointe bankBank statement programNorthpointe bank correspondent lendingMortgage bankers associationFannie maeIt back to school time

PPE, Sales Performance, Bank Statement, Non-QM Products; Upcoming Training, Webinars, and Events

“Common sense is not a gift. It's a punishment because you have to deal with everyone who doesn't have it.” This is a tough market, and common sense usually isn’t enough to get through it. Lenders have expressed the need for advice on how to stop the bleeding by employing effective revenue tactics and optimizing efficiencies in their back-office operations. Identifying key areas in which to focus via informed benchmark data is a critical component to designing and deploying impactful tactics. STRATMOR can help. Contact CEO Lisa Springer to learn more. Did someone say revenue? Bicycles, which saw an unprecedented surge in demand over the course of the pandemic, are seeing sales come back down to earth. In the first six months of the year, revenue at bicycle shops in the U.S. was down 7 percent compared to the same six months of 2021. That’s a slight miss, but the business overall is still up substantially off the pre-pandemic levels. (Availabl

New yorkUnited statesBryan mecseyDave stevensMichael fanningJerry konterDanh nguyenShashank shekharDave rotellDon mannMatt grahamMatt graham mbsliveDavid lunaLas vegasJulas hollieLisa springer

Sales, MLO Jobs; Education, Tax, Sales, Pre-Qual, Licensing Products; Lender Stock Prices; Events; Forbearance Improvement

Sales, MLO Jobs; Education, Tax, Sales, Pre-Qual, Licensing Products; Lender Stock Prices; Events; Forbearance Improvement
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