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Database-Mining, Credit, Marketing, Servicing Products; Non-QM, DSCR News; FHA MIP Cut

The MBA’s servicing conference is taking place, and it is an important subject, along with the impact of the 30bp cut in MIP for FHA borrowers. Owning servicing rights certainly helped the bottom lines for many lenders last year, some would say it “saved their bacon.” There are always those warning us of impending doom and gloom scenarios regarding the trillions of mortgages outstanding. But really, come on. We may see an uptick in delinquencies and foreclosures, possibly because the numbers are so low now there’s nowhere to go but up. Borrowers have outstanding credit quality, and huge amounts of equity. And investors and the government offer many loss mitigation options. The industry has other things to worry about. Meanwhile, owners of mortgage servicing rights continue to sell packages, large and small, for various reasons, not the least of which is to raise cash. For the uninitiated who’d like to know exactly what a “servicing package ....

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Credit Reporting's "Massive" Cost Increase; Non-Agency/Non-QM News; Current Management Concerns

Putting out this daily commentary is like being in the army: I usually do more by 6AM than many people do during much of the day. The commentary is a little early this morning since I received an email on Thanksgiving from [email protected] that my U.S. Government social security account password had expired and for me to send her my social security number and a new password. I wanted to take care of sending Isabelle the information first thing this morning, and am sure that everything will be just fine. It’s not fine in the credit world any more than the tale above is. The industry was given an early Christmas “present” by Fair Isaac and the three credit bureaus, although this is not “official”: the vast majority of the mortgage lending industry will most likely incur a massive mortgage credit report price increase for 2023. With per-loan costs over $11,000 already, this sure won’t help. For better news, today’s podcast is ....

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Co-Issue, Cyber Security, Market Research, Broker Products; Jumbo and Non-Agency News

The release yesterday of FHFA’s report on Agency Guarantee Fees prompted some of the discussion here in Kansas City among mortgage folks about how challenging things have become, especially with rates and pricing. Sure, there are opportunities, but things are tough. Do you think your job is tough? How about this reporter’s? Do you think you’re good at your job, finding borrowers, processing loans, drawing docs, selling the loans, whatever? Really good? This video speaks volumes about someone who is really, really good at their job. Despite millions of millennials still needing affordable housing, many builders think things are tough. The NAHB Housing Market Index hit 33 in November. What does that mean? Builder confidence in the market for newly built single-family homes posted its 11th straight monthly decline in November, dropping five points to 33, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released yeste ....

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Co-Issue, Cyber Security, Market Research, Broker Products; Jumbo and Non-Agency News

Co-Issue, Cyber Security, Market Research, Broker Products; Jumbo and Non-Agency News
mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.

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Reverse, Non-QM, Credit Union, Title Products; Investors and Lenders on the Brink?

As Brian B. reminds me, “In the New England you can tell the changing of the seasons by the changing color of the leaves. In Florida you can tell the changing of the seasons by the changing colors of the license plates.” Speaking of moves, geography, and distance, if you’re a lender or a vendor, how’s your 2023 travel and entertainment budget shaping up? I figured. The Mortgage Bankers Association believes (some say optimistically) that total mortgage origination volume will decline to $2.05 trillion in 2023 from the $2.26 trillion expected in 2022. The “pie” will shrink, and every lender is striving to increase customer service. Under the category of “Know your clients,” buyers who bought homes in the year from June 2021 to June 2022 moved a median of 50 miles away from their previous residences, a huge increase. Over the preceding five years it was pretty much flat at a median of 15 miles, which was the highest going back to 200 ....

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