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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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Efficiency, Fulfillment, Correspondent Products; Offices Into Housing; Capital Markets

I am often asked about the jumbo segment of our business. Frankly, aside from the coasts and a couple cities in-between, much of the nation is not overly concerned with it. Paying $1 million or more for a house may seem excessive to most Americans, although that doesn’t mean million-dollar homes aren’t prevalent in some parts of the U.S. Per LendingTree, only an average of 6.68 percent of owner-occupied homes in the nation’s 50 largest metros in 2021 were valued at $1 million or more. The share of million-dollar homes has grown: That’s up from an average of just 4.71 percent of owner-occupied homes in the nation’s 50 largest metros in 2020. San Jose (66.3 percent) and San Francisco, CA (52.9 percent) have the largest share of million-dollar homes, the only two cities where most homes are worth at least $1 million. Including San Jose and San Francisco, the four metros with the highest percentage of million-dollar homes are in California. Only four metr ....

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Non-QM, Correspondent, Outsourcing, Income Verification Tools; Third Party Updates; $31 million Warehouse Settlement

“My landlord told me that she would like to have a chat with me about the house's sky-high heating bills this winter. I told her, ‘Sure thing, whenever you want. My door is always open.’” A key selling point for originators, in talking to potential clients on the fence about buying a home, is rent. Rents have been increasing, and there’s no sense of permanency, but if you can’t pay your rent, qualifying for a home loan is going to tough. LendingTree found that more than 8 million U.S. adults live in a household not caught up on rent payments. About 3.6 million adults are also living in households that are not being charged rent, primarily in Mississippi, West Virginia, Alaska, Arkansas, and Alabama. There are plenty of rent disputes in the courts, just as there are disputes and cases involving mortgage bankers. I bring this up because convicted former MBA Chairman Ron McCord and his Oklahoma-based company settled CapLoc's allega ....

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