Yearly Archives - Lender News

2022 • 2021 • 2020 • 2019 • 2018 • 2017 • 2016

2022 (117)

2021 (307)

2020 (303)

Thursday, December 31 Dec. 31: MLO, Ops jobs; lender wanted; Small business grant; ignore the CFPB at your own peril
I still don’t know what I’m wearing to the living room on New Year’s Eve. Heck, I may not even go. Wouldn’t it be nice to be on a cruise? Ever heard of the SS Warrimoo? Me neither until a few trivia-loving readers sent me emails saying that the ship reportedly once navigated to a […]
Wednesday, December 30 Dec. 30: Credit/risk, MLO, Ops jobs; Agency-approved lender wanted; sales, rental products; primer on secondary marketing for MLOs
Loan originators in our business see potential borrowers whose monthly mortgage payments would be less than their rent payments but don’t qualify for credit or income reasons. The U.S. Census Bureau published some findings on workers being hardest hit by the COVID-19 pandemic. Self-employed workers are more likely to face economic hardships in the states […]
Tuesday, December 29 Dec. 29: Recruiter job; HELOC, compensation, TPO products; New York did what? Agency news; URLA best practices paper
With the passing of Pierre Cardin this morning, does it mean that bottle of cologne (circa 1978) I have in the attic became a collector’s item? The phallic shape of that bottle is certainly not boring. And while residential lenders continue to help millions of clients, politics has been anything but boring in recent months. […]
Monday, December 28 Dec. 28: Non-QM, LOS Admin, Ops, MLO, IT jobs; broker, sales tools; QC & compliance still front & center
Congress and the press have been talking about a second stimulus plan since the summer. The bill signed by President Trump last night keeps the U.S. Government running through next September, including USDA housing programs. For ordinary citizens we hope that it is not too little, too late. Did you know that, driven by stock […]
Saturday, December 26 Dec. 26: Residential lending vendors not sitting still: recent M&A, strategic partnerships, new products
Computer security at home can be tricky. As an example, for security reasons, change your dog’s name every three months to match your new password. Security for vendors supplying services is critical, as is the ability for one vendor to “talk” to other vendors being used by the lender. Vendors are also concerned with mortgage […]
Thursday, December 24 Christmas Eve: Bus. Dev., MLO, AE jobs; Verification tool; disaster news; what is “Build for Rent”?
New Homes Sales tumbled over 11 percent in November. Does that mean no one wants new homes, they’re over-priced, or there aren’t any to buy? One has to look at statistics critically. Housing stats tell us that bigger isn’t always better. Per the Census Bureau, the average square footage of new homes sold in the […]
Wednesday, December 23 Dec. 23: Ops, MLO, bank sales management jobs; QC report, retention, cap. markets tools; jumbo & non-QM tidbits
My cat Myrtle (Myrtlus Domesticus) doesn’t have much in the way of material possessions. Need to get rid of unwanted junk during the holidays? Put it in Amazon boxes and leave them on your front porch. The holidays are a time of a lot of awkward meetings, especially your girlfriend’s parents. Here is an entertaining 3-minute […]
Tuesday, December 22 Dec. 22: Correspondent, MLO jobs; digital, trailing doc, social media tools; FHA’s foreclosure & eviction moratorium extension
I hope that everyone had a happy solstice yesterday, with a few folks writing to suggest that “It is the shortest day, of the longest year, of our lives.” Given my background in capital markets I am regularly asked how some lenders offer lower rates than others. Freddie Mac’s survey has continues to point to […]
Monday, December 21 Dec. 21: VP of non-QM, credit/diligence, Ops, MLO, AE jobs; National MI integration; shifting borrower profile
As we watch the second largest stimulus bill in history move toward passage, greetings from the Winter Solstice, the official start of winter and the day with the fewest hours of sunlight in the year in the Northern Hemisphere. More sunlight going forward! On a smaller scale, I love it when your alarm goes off […]
Saturday, December 19 Dec. 19: Non-QM and Agency trends in the secondary market; letter on borrower communication
Numbers are amazing things. What would we do without them? On the small scale, there are people who will swear that they’ve never touched the 4, 5, 6, 7, 8, or 9 keys on the microwave oven control panel. On a large scale, out of the trillions in mortgage loans outstanding, a very large share […]
Friday, December 18 Dec. 18: Sec. Marketing, Ops, branch manager, LO jobs; CFO role wanted; First American rebrand; Rural, FHA, VA program changes
I don’t know what’s longer, a “regular” minute, “microwave” minute, or a “treadmill” minute. Speaking of time, if someone sends you an email saying, “The noon meeting has been moved forward two hours,” how do you read that, 10AM to 2PM? The answer shows which of these two ways you perceive time. Time perception really […]
Thursday, December 17 Dec. 17: MLO, Ops jobs; origination shell wanted; CRM, POS, retention, jumbo loan, capital markets products; how news moves rates
Who would’ve thought that one day we’d be smoking weed at a family gathering, but the illegal part would be the family gathering? For most of us, family matters are critical. The year 2030, 10 years from now, marks an important demographic turning point in U.S. history according to the U.S. Census Bureau’s National Population […]
Wednesday, December 16 Dec. 16: Cap. mkts., Ops, MLO jobs; shell wanted; broker, payroll, ECOA tools; investors’ Agency changes
While virtual learning students bemoan the elimination of snow days, the U.S. Census Bureau recently came out with dozens of holiday-related facts and figures from its collection of statistics. For example, the U.S. imported $484.9 million of Christmas tree lights in 2019, with Cambodia leading the way at 47.3% of those total U.S. imports. That […]
Tuesday, December 15 Dec. 15: AE, MLO jobs; shell wanted; fulfillment, doc, servicing products; training this week; few reasons for rates to move
“We were so poor when I was a kid that we couldn’t afford tinsel. We had to wait for Grandpa to sneeze.” At the opposite end of the economic spectrum, these NBA players had some fun with Jingle Bells. Athletes like NBA players file taxes not only in their home state, but they are also […]
Monday, December 14 Dec. 14: Sales jobs; Lending shell wanted; Non-QM, VA IRRRL products; Investor’s Agency changes
With the snow expected in the Northeast this week, countless households washed loads of pajamas yesterday so that they could have clean work clothes this week. Y’all think 2020 is bad? Just wait until it turns 21 and starts drinking. Yet 2020 has been good for rates. The Fed has tamped down Treasury yields since […]
Saturday, December 12 12-12-20-20: LIBOR exit continues; snapshot of resi lending & borrowers; books for the holidays for staff & family
Did you know that 87 percent of gym members don’t even know their gym is closed? Lou Friedmann from Illinois’ Interfirst Mortgage reminded me that today is National Gingerbread House Day. It could be the last thing that Congress agreed upon. Some in the industry fear the income being earned by LOs and by lenders […]
Friday, December 11 Dec. 11: Management jobs in credit, sales; MI, post-closing, MBS pooling tools; Freddie, Fannie, and the Supreme Court
While here in Hawai’i, if anyone receives a message from me about canned meat, don’t open it. It’s Spam! With many sticking close to home, holiday traditions have renewed importance. Putting up the Christmas tree results in sap on your hands? Well, here’s how you get it off. Shelter in place like a boss! The […]
Thursday, December 10 Dec. 10: Sec. Mktg., MLO, Ops jobs; broker, retention products; borrower satisfaction; primer on how news impacts rates
“My ability to remember song lyrics from the 80s far exceeds my ability to remember why I walked into the kitchen.” The Baby Boomers are certainly riding the appreciation wave in housing across the nation. (Speaking of waves, did you know that Hawai’i is last among the states in boat registrations?) And given the rising […]
Wednesday, December 9 Dec. 9: AE, MLO, Ops jobs; VA IRRRL, non-Agency, doc products; FHA temporary waiver, Ginnie eligibility, VA forbearance news
I’m gonna ask my Mom if that offer to “slap me into next year” is still on the table. It’s great to be a lender in 2020, and should be into 2021, but I received this note. “Rob, industry vets keep comparing 2020 to 2003 in terms of volume. Do you remember what happened in […]
Tuesday, December 8 Dec. 8: Tech, MLO jobs; Pooling, retention, VOA, comp products; training this week; small lenders, broker dealers, and Rule 19b
Huh? Talk of a government shut down? Again? Are you the typical lender off to a record December, after setting records in November, October, September…? As attorney Brian Levy points out, “Mortgage bankers would be wise to skip the private jets and courtside seats and put a bunch of those fat profits away for a […]
Monday, December 7 Dec. 7: Accounting, MLO, AE, Ops jobs; private lending, retention, referral tools; why rates have crept higher
Large-scale mortgage in-person conference activity, and official mortgage business travel, appears to be shut down until at least the summer of 2021. A well-known vendor’s head of sales wrote to me, saying, “I miss the little sandwiches, cut into triangles, held together with toothpicks with brightly colored cellophane.” On a more serious note, in response […]
Saturday, December 5 Dec. 5: Letters regarding appraisal transfers, artificial intelligence, and efficiency; Saturday Spotlight: Maxwell
In late breaking news, yesterday morning I’d found that the garbage man had left an Alcoholics Anonymous (AA) flyer on my recycling can. Come on vaccine! The mortgage industry is well versed in the alphabet and acronyms, too numerous to list here, including HUD, the CFPB, and the DOJ, and lenders and servicers are keenly […]
Friday, December 4 Dec. 4: Servicing, MLO, Ops jobs; cybersecurity, VA IRRRL, non-QM tools; events & training; odds & ends around the biz
Have you ever wondered why so many lottery winners go broke? If they had any financial sense, they wouldn’t have bought a lottery ticket in the first place. (By the way, aloha from Hawai’i! I’ve been saving my vacation pennies for nearly nine months, and this commentary comes to you from Maui. Yes, the alphabet […]
Thursday, December 3 Dec. 3: AE, MLO, Solution Engineer jobs; capital markets best ex, sales tools; Non-QM biz update; economic rebound losing steam?
With the COVID pandemic, it doesn’t quite seem like we’re in the middle of pro football season, although apparently the folks in Jacksonville will do anything for their team. Speaking of which, I decided to finally get a COVID test, thinking it was a nasal swab. Imagine my surprise when I pulled into the building’s […]
Wednesday, December 2 Dec. 2: MLO jobs; docs, accounting, jumbo, appraisal, customer service products; rates moving with stimulus rumors
Fun with numbers for Hump Day! Numbers were behind HP’s decision to leave California for Houston. Thank you to Len T. who sent along a great chart of the names of big numbers, suitable for the kids and anyone watching U.S. debt. Thank you to Brian B. for sending along the news that New York […]
Tuesday, December 1 Dec. 1: AE, LO, broker jobs; bank statement, retention, subservicer review products; upcoming webinars, many this week
In equity news, despite some predictions to the contrary, the market had its best month since 1987. This, in the face of renewed layoffs and economic scaring in the service sector for many lower paying jobs and small businesses. Fixed income… Do you like rates where they are? (The average 10-year yield during the month […]
Monday, November 30 Nov. 30: Production, Ops jobs; VA, VA IRRRL, non-QM products; USDA, FHA, VA stats worth a skim: programs evolving
Thank you to Tracy C. sent, “An unemployed court jester is nobody’s fool.” There are millions of unemployed U.S. citizens, and the CFPB, HUD, and other federal agencies have partnered to encourage homeowners who are struggling financially, unemployed or not, as a result of the COVID-19 National Emergency to take control of their mortgage loans […]
Saturday, November 28 Nov. 28: Letters about improving processing and AMCs transferring appraisals; SOFR, LIBOR, and ARM news
2020 isn’t over yet… we still have December. Tiger King, global pandemic, a U.S. president who says that the election isn’t over, fires and floods, and now minks rising from graves in Denmark. Fortunately talk of a fast release for the GSEs seems to be diminishing. No one saw the combination of all of this […]
Friday, November 27 Nov. 27: High level Ops, Implementation jobs; demographics for MLOs on who is locking and who isn’t, and why
Left over pumpkin pie for breakfast today? Have you begun your company’s Holiday Cookbook yet? (Help corporate culture by sending an email, ad a recipe, send it on to someone else working from home, keep it going.) Remember when “flexible” working arrangements made the news? For example, flexible work arrangements (think gig employment, independent contractors, […]
Wednesday, November 25 Nov. 25: AE, MLO, Ops jobs; doc, sales, broker tools; disaster updates; investors react to Freddie & Fannie changes
Second only to the excitement of the new phone book coming, the new conforming loan limit is $548,250 for 2021, up from $510,400 in 2020, and some investors reacted. (More below.) The limit will impact home buyers in a positive way. The spread of COVID-19 (based on 2 things, how dense the population is, and […]
Tuesday, November 24 Nov. 24: CTO, MLO, Ops jobs across the country; customer service, eSignature tools; MLO yield curve primer
Remember when you drove to work every day? For non-mortgage kicks, here’s a site where you can take a virtual drive through dozens of cities around the world, setting the speed of the vehicle, street noise, and local radio station. (Just click on the city in the list on the right to see what that city […]
Monday, November 23 Nov. 23: Ops Manager, AE, MLO jobs; appraisal, sales, relationship products; debating Freddie & Fannie’s future
Sunday morning I was trying to explain to my cat Myrtle how the total cost of rescuing a stranded Matt Damon in all of his films (think Saving Private Ryan, Interstellar, The Martian) was an estimated $900 billion. She was not impressed, seeing as a) the scent of turkey in the refrigerator that is more […]
Saturday, November 21 Nov. 21: Vendors rolling out new technology, engaged in M&A and partnering, increasing customer service
Earlier this week I wrote about technology, and that a few old wooden crank telephones were circulating in the family. The note prompted all kinds of stories about the first time anyone saw a fax machine, their framed HP-12C on the wall, and the development of the internet. The machines keep improving and the programming […]
Friday, November 20 Nov. 20: Product Mgt., MLO, Ops jobs across the country; VA IRRRL, training events; mortgage servicing news
Many years ago I was hanging out with George Clooney and made the mistake of telling him, “Look, you’ll never amount to much as an actor. You’d be much better off sending out a free daily commentary.” He thought differently and it led to a rift between us, and we haven’t spoken since. Looking back, […]
Thursday, November 19 Nov. 19: Sales, Ops, QC jobs; retention, VOI, broker products; Ops & processing changes
“Life is like a helicopter. I don’t know how to operate a helicopter.” Remember how exciting it was when the technology of spellcheck came along? (People handwrite “congrats” on cards because they can’t spell “congratjulashons.”) Lenders alternate between being too busy or too poor to roll out new technology, but somehow they do. They have […]
Wednesday, November 18 Nov. 18: AE, Ops, LO jobs; VOE, cash flow, remote work tools; companies performance mimicking industry’s
If you had 20 million close friends, and each one owed $500k on their house, the total would be $10 trillion of mortgage debt. Coincidentally, that is how much mortgage debt is out there in the United States. (Doesn’t every MLO wish all that debt was at 4 percent!) I love headlines like, “National Association […]
Tuesday, November 17 Nov. 17: AE, MLO jobs; income, workflow, customer service tools; Agency personnel changes regardless of salaries
Predictions? Show me one person, a year ago, who forecast what has happened (so far) this year! (I went to see a psychic the other day. I knocked on the door and she yelled, “Who’s there?” so I left.) Lenders do their thing, regardless of what the “experts” predict. And there is certainly good news […]
Monday, November 16 Nov. 16: CFO, MLO jobs; customer service, QC, marketing, servicing products; events & training from your living room
Here’s a good one. “I’m giving up drinking until Christmas. Sorry, wrong punctuation. I’m giving up. Drinking until Christmas.” Did you know that 1/20/2021 (Inauguration Day) is a palindrome!? Or do you know why millions of borrowers haven’t refinanced? How about, “They have no idea what their rate is.”? Renters, which still make up a […]
Saturday, November 14 Nov. 14: Appraisal fee changes; Credit Risk Transfers help rate sheet pricing: current thinking & examples of secondary deals
We have twelve days until Thanksgiving, first celebrated in the fall of 1621 when the Pilgrims gathered, back when we were allowed to gather, to hold a three-day feast celebrating a bountiful harvest. But it did not become a national holiday until 1863 when President Abraham Lincoln proclaimed the last Thursday of November as a […]
Friday, November 13 Nov. 13: CFO position wanted, MLO, cap. mkts. jobs; private money, marketing products; private MI company updates
Welcome to the first Friday the 13th of 2020 since March. What an eight months! Cindy E. writes, “The longer I stay at home, the more homeless I look.” I start fielding emails every year around this time about the following year’s conforming loan limits and the impact on home ownership. It was a bigger […]
Thursday, November 12 Nov. 12: MLO, Ops jobs; Marketing, non-QM, jumbo products; company news re: lenders, investors, & originators
Are the election results under control? Thank you to Hawai’i’s Joe G. who sent along this site where the odds of who the next president will be are posted; you can buy shares in your favorite! Is COVID under control? In some parts of the nation, it is as if there is no pandemic at […]
Wednesday, November 11 Veteran’s Day: Correspondent, MLO jobs; transitions rampant; broker, AMC, marketing products; Freddie & Fannie in the news
The 11th hour of the 11th day of the 11th month… Do the veterans in your life a favor by forwarding them this list of discounts around the nation. Speaking of the military, for those of you who say that you never learn anything from this daily commentary, did you know that George Washington is […]
Tuesday, November 10 Nov. 10: Sales mgt., MLO jobs; digital, marketing, correspondent, ROI tools; disaster updates; collateral valuation trends
The headlines continue to blare and attract attention. HUD Secretary Ben Carson tested positive for coronavirus? True. Some foreign leaders not congratulating Joe Biden? Correct. President Trump fired the Secretary of Defense Mark Esper? Yup. In the builder and demographic world, replacing the term “Baby Boomer” with “Baby Chaser” is attracting attention. Labeling generations has […]
Monday, November 9 Nov. 9: MLO, Correspondent, Ops jobs; recruiting, non-QM, sales, servicing tools; credit & income shifts; vaccine news pushing rates
First Sean Connery, and now Alex Trebek! Their time together on Jeopardy is legendary. (“Please refrain from using ethnic slurs!”) The last time I checked, “ethnic” is not a bad word, and in fact is often celebrated. How many of you are checking out Hispanic, Black, or Asian American clubs at local colleges and universities […]
Saturday, November 7 Nov. 7: Vendor news; letter about IMBs and M&A; support your state organization; Saturday Spotlight: DocProbe
Jokes and memes are flying. Here’s one for you. “I grew up in Russia. We had the results long before the polls even opened.” Or “Did you hear that the NFL announced a team name change? The Pittsburgh Stealers!” On a serious note, what happens if an incumbent president doesn’t concede? It is being discussed, […]
Friday, November 6 Nov. 6: MLO & Ops jobs; rental, warranty, processing tools; USDA, FHA, VA, Ginnie developments while votes are counted
Eyes are focused on U.S. vote counting, but winter is coming in the Northern Hemisphere, and what impact will that have on outdoor dining, and in turn, restaurants and their employees? For many, working in a restaurant is a starter job and a way to make some money. For loan officers who are making plenty […]
Tuesday, November 3 Nov. 3: Marketing, head of production jobs; training, automation, LOS products; company specific industry snapshots
What are companies doing with the 2020 money they were going to spend on travel and entertainment? Saving it for the second half of 2021? Last week I paid a visit to Southern California. (The airports were uncrowded, masks universal.) I guess that I look pretty sketchy because I’ve lost track of the number of […]
Monday, November 2 Nov. 2: Ops & sales jobs; database, servicing, non-QM, income analysis products; upcoming training & events
Some would say that the year is either flying by, others would suggest it is slowly bumping along the bottom. Either way, here we are in November, and turkey farmers and butchers are wondering how to adapt their products to proposed smaller family gatherings where 25-pound turkeys aren’t needed. Turkey thighs or breasts only? In […]
Saturday, October 31 Halloween: Now is the time to help your national, state, & local organization; Housing policy primer
Neighbors upset at pole dancing skeletons in Houston? Yup. And now for something completely different, overseas! Plenty of mortgage brokers read this commentary, but the self-proclaimed “world’s leading high-net-worth mortgage broker” Enness Global, has pulled together 13 Halloween homes for those looking to buy at the top-end of the global housing market. Good luck pronouncing […]
Friday, October 30 Oct. 30: Tech, Ops, MLO jobs; VOE, broker, non-QM, social media tools; 1.5 percent security takes off
Happy X/XXX/XX if you are a Roman. Rome certainly had its share of slaves, and the existence of slavery in one’s family has certainly caused consternation in the present day as buildings are renamed and statues are torn down. Companies that made their fortunes on slavery, like New York Life Insurance, are raising eyebrows. You […]
Thursday, October 29 Oct. 29: Sales & Ops jobs; Cap. mkts., LO comp survey, fulfillment, retention tools; M&A advice; Agency-related changes
This weekend we receive an extra hour of 2020. If there was ever a reason to end the time change, this certainly is it! Markets don’t like uncertainty, and nothing about 2020 has been certain (although this morning we learned two certainties: Fannie Mae’s net income was $4.2 billion for the third quarter of 2020, […]
Wednesday, October 28 Oct. 28: Credit manager, sales, Ops jobs; marketing, broker, contactless closing products; investors & adverse mkt. price moves
Surely not everyone was kung fu fighting, right? I hope that we don’t see any fighting after November 3. I love to ask people, who think we’re going to see volatility next week, a) why, and b) what kind? We could very well see no huge jumps of any sort. From a capital markets perspective, […]
Tuesday, October 27 Oct. 27: Encompass, correspondent, MLO jobs; pricing, subservicing, marketing tools; California investor disaster news
Etch A Sketch is buying Rubik’s Cube? Who can keep up? What does a lender do when they’ve hit operational capacity, and don’t want to disappoint LOs with 60-day purchase turn times and refis taking 90? Increase the margin and make the price less attractive. Nearly every business does the same thing, including home builders. […]
Monday, October 26 Oct. 26: Mgt., AE, Ops jobs; Retention, AI, non-QM, accounting products; Southeast disaster updates
The most reliable way to forecast the future is to try to understand the present. Vendor M&A is rampant (the latest being First American acquiring ServiceMac). Although there is no way that the “experts” could have predicted the combination of the economy, the election, the pandemic, and all of their iterations, loan originators and real […]
Saturday, October 24 Oct. 24: LO comp & MSAs; LIBOR to SOFR investor changes; vendor news; Saturday Spotlight: Orion Lending
Busker: a person who performs music or other entertainment in public places for monetary donations. There was the Scottish busker who lost his guitar, only to have Jack White pay for a replacement. U2 busking in disguise with Jimmy Fallon. They take cash & coins. This year’s World Series does not accept either! The Texas […]
Friday, October 23 Oct. 23: Cap. mkts., MLO, sales jobs; marketing, rep & warrant, hedging products; deep dive on rates & MBA forecast
Let me state for the record that I am not a robot, although I often seem to be asked to check a box on certain websites by… robots. This article, however, sure grabbed my attention, as it was supposedly written by a robot that learned to read from the internet. Does anyone see the madness […]
Thursday, October 22 Oct. 22: Bank, construction, Ops jobs: 203(k), credit, doc tools; IPOs, debt offerings, lenders & investors making moves
40 million people have already cast their vote in the election is unprecedented. I can hardly wait to return to “precedented times,” “unprecedented” favored to win “Word of the Year” in 2020. Even the colors are unprecedented. When I was a kid, people would paint their room or house white. Maybe green, or a bold […]
Wednesday, October 21 Oct. 21: Sales mgt., MLO jobs; shell available; servicing, marketing, automation tools; temporary relief from the CFPB
Want some guidance? “If you get a loan at a bank, you’ll be paying it back for 30 years. If you rob a bank, you’ll be out in 10 years. Follow me for more financial advice!” Plenty of MLOs will need financial advice, given their continued record production months and quarters. Ask anyone who had […]
Tuesday, October 20 Oct. 20: Ops, MLO jobs; training, servicing, tech, broker tools; events & training; Freddie & Fannie: changes keep flowing
For all you Romans out there, happy X/XX/XX. As we sail through October, are these the best quarters to be an originator, or a lender, ever? Yes. If you believe Fannie Mae, annual mortgage originations are likely to top $4.1 trillion for the first time ever, as there will be more refinancings this year ($2.6 […]
Monday, October 19 Oct. 19: Compliance, AE, MLO jobs; marketing, broker, servicing products; online disclosure survey & chatter
Fifteen days until the election! How many days would it take you, or the company that employs you, to save up $11 million? In my discussions with CEOs, they are more concerned about how the election may impact the future regulatory environment than interest rates. I mention that because Florida’s Ocwen Financial Corp. (“New Co.” […]
Saturday, October 17 Oct. 17: Vendors partnering, raising money, introducing new products; Saturday Spotlight: Service 1st
Remember last Halloween when the Accounting Department, decked out like a M*A*S*H unit, trounced the Shipping Department, done up like The Sopranos, to claim the company Halloween prize? That won’t be happening this year but you should know that Halloween dates back 2,000 years to the Celtic festival of Samhain, though what was an ancient […]
Friday, October 16 Oct. 16: JV, MLO, Ops jobs; MSR valuation, training, non-QM, retention, tax tools; new jumbo wholesaler; 2006 vs. 2019: nothing is forever
What’s more important, spending money on the latest iPhone, or taking care of your body? Every Thursday we receive Initial Jobless Claims statistics, and usually on the first Friday of the month we receive a set of employment data. But who makes up these numbers? Per the most recent U.S. Census Bureau “County Business Patterns,” […]
Thursday, October 15 Oct. 15: MLO, Ops jobs; shell wanted; broker, retention, doc products; investors react to USDA, FHA, VA changes
When I grow up, I want to live in… Estonia? If you need a break, and are thinking about leaving the U.S., take a gander at some highly-ranked work from home places to live besides the United States. Election Night? Forget it. It could be “Election Month” or “Election Months” if runoffs are involved or […]
Wednesday, October 14 Oct. 14: Controller, Ops, MLO jobs; CFO for hire; appraisal, broker tools; Treasury auction primer: why lenders should care
I really wanted to mix things up today so decided to send this commentary out from the other side of the dining room table this morning. Yippee! Speaking of mixing things up, usually I maintain a train of thought through my opening paragraph, putting similar topics together. Not today, so fasten your seatbelts for truth […]
Tuesday, October 13 Oct. 13: MLO, two capital markets jobs; credit, sales, subservicing, fulfillment products; webinars & training of all sorts
If I were going to open up a store for eyeglasses, I’d make the sign in front of the building blurry. Lenders now don’t have to be so clever, as we’re in the midst of about the eighth “once-in-a-lifetime” mortgage market in the last thirty years. Remember when the industry feared that strategic partnerships, MSAs, […]
Monday, October 12 Oct. 12: Sales, Ops jobs; ECOA, recruiting, onboarding tools; non-QM, servicing webinars; Ginnie & FHA wide-sweeping changes
After I sent the commentary out on Saturday, 10/10/20, a few folks reminded me that Saturday’s date, in Roman Numerals, was X/X/XX. Ancient curiosities aside, we were doing some home renovations, and, incredibly, when we knocked down a wall, we found a secret, fully furnished room!! And then I remembered, we live in a duplex. […]
Saturday, October 10 Oct. 10: Agency CRT primer and news; Fed President & economic conditions; Saturday Spotlight: Evergreen Home Loans
I sent my commentary out a little early this morning. I was up before my usual time dealing with someone who had pulled into my driveway instead of the 24-Hour Check Cashing place next door. It’ll make for a long day. Plenty of originators are working long hours, too. Individual mortgage loan originators (MLOs), whether […]
Friday, October 9 Oct. 9: QC, Ops, non-QM AE jobs; real estate agent, pooling, CRM, processing tools; Galton Funding sold; CFPB, RESPA, MSA news
Eddie Van Halen advised, “You only have twelve notes. Do what you want with them.” Twelve is probably the number of undecided voters in the U.S. at this point. Political analysts and rumor mongers, besides wondering why Ivanka Trump, Jared Kushner, and Bill Barr have slid out of the public eye, suggest that President Trump […]
Thursday, October 8 Oct. 8: Ops Mgr., MLO, Ops jobs; Capital markets products; retention, direct mail, VOE tools
Illinois, Alaska, and California. This morning’s drama revolves around the next presidential debate (virtual or not) but folklore tells us that it was on this date in 1871 Mrs. O’Leary’s cow knocked over a lantern and thus started The Great Chicago Fire (3 square miles destroyed, 100,000 homeless, 200 died; for comparison, California, home of […]
Wednesday, October 7 Oct. 7: CU jobs; VOE, valuation, accounting CRA eligibility products; training & events from your telephone
You have a couple workdays under your belt this week, so let’s take a one paragraph break from mortgage stuff. Pumpkin patches are here, and every parent worth their salt tells kids that unpurchased pumpkins grow into Christmas trees in two months. In between, Thanksgiving will be here before you know it, and with it, […]
Tuesday, October 6 Oct. 6: IT & sales management, Ops jobs; operations, forbearance products; training webinars; women leaving workforce
Yes, here we are at the 10th month of the year. You know, “Dec” ember. Oh, this is “Oct” ober. There’s a reason. The numerical names of months date back to the time when in the Ancient Rome the year began in March, so September was really the 7th month, October the 8th, and so […]
Monday, October 5 Oct. 5: CD, sales, innovation jobs; CEO role wanted; webinars; compliance, database tools; disaster updates
Are you sure that the underwriter or processor working from home isn’t working simultaneously, on a different laptop, for another company besides yours? My guess is that it would be exhausting, unethical, and would never happen. Except an owner of a small mortgage bank in Wisconsin wrote to me Saturday saying they’d just fired someone […]
Saturday, October 3 Oct. 3: Rocket, UWM, Guild, AmeriHome, Caliber… don’t be the last on your block to go public; Saturday Spotlight: Planet Home Lending
Remember Jack and Rose running through the engine room of the Titanic? Nearly every residential lender is going balls to the wall (or balls out) and continuing to set production records, as are MLOs, but it’s a good idea to reward the workers under the water line. I received this note from a successful loan […]
Friday, October 2 Oct. 2: Controller, Ops, MLO jobs; training, SPOC, non-QM, MERS products; Bonds little changed despite uncertainty
We’re finally in October, which means one thing is certain: that all the cobwebs and dust in my house just became Halloween decorations. Markets don’t like uncertainty, but something else is certain: we’re in the month before the election that the press has been talking about for nearly four years. With the positive COVID-19 test, […]
Thursday, October 1 Oct. 1: Correspondent, wholesale, retail jobs; processing, marketing anti-fraud tools; NextGen homebuyer report; eClose usage stats
Fourth quarter already!? Was the third quarter of 2020 the best quarter ever to be in residential lending? Will the fourth quarter beat it? While much of our economy unfortunately languishes, “record breaking” has surpassed “unprecedented” on mortgage Zoom calls. LOs are “tonning it,” pipelines are full, margins plump. If you’re not making money in […]
Wednesday, September 30 Sep. 30: Servicing, MLO, Ops jobs; compliance, jumbo products; webinars & training; a look at housing & jobs & stable rates
Welcome to the start of Fat Bear Week in Alaska. (There’s even a Park Service bracket with the favorites… expect upsets!) It’s probably easier to forecast the fattest bear than it is to predict forbearance trends, although MCT’s “MSR Forbearance in 2020: Challenges and Recommendations addresses the “here and now” about how market volatility, forbearance, […]
Tuesday, September 29 Sep. 29: AE, MLO, Ops jobs coast to coast; re-branding, finance, digital tools; STRATMOR industry observations
Here’s a brief video refresher of our tax code if anyone needs it. If eight months ago someone had told you to pick a country where there is a mudslinging election for the highest office in the land, the reliability of the post office would be called into question by the leader of the nation […]
Monday, September 28 Sep. 28: Sales, ops jobs; hiring process analysis; sales, marketing, fee collection, margin tools; flood insurance questions
Thank you to those who wrote commenting about the Yelp study showing that 164,000 businesses across our nation have closed since March. “Bouncing back” quickly from that is not likely, and at some level it impacts past and future borrowers, and meeting ATR requirements to fund loans. I was telling my cat Myrtle, “Teamwork makes […]
Saturday, September 26 Sep. 26: Vendors partnering, merging, being acquired, offering new products; Saturday Spotlight: Assurance Financial
I try not to repeat information, but I felt that this study, which I had yesterday in the Capital Markets section of the Commentary, warranted it given that it relates to possible changes in the credit quality of potential, and existing, borrowers. Yelp tells us that as of August 31, 163,735 businesses in the United […]
Friday, September 25 Sep. 25: Sales & ops jobs; marketing & credit products; cybercrime update; why MLOs should watch stimulus quagmire
TGIF! Do Fridays mean as much as they did up until mid-March? Yes! Well, maybe. How about some non-mortgage stuff? There is, after all, life outside of RESPA. It’s crazy at the nursery via webcam at the Warrior Canine Puppy Live (although sometimes they let them roam outside). How about the oldest recording of a […]
Thursday, September 24 Sep. 24: Ops, LO, AE jobs; CFO roll wanted; broker, construction, MSR management products; using digital for customer service
I need to make a dart board for the wall behind me for Zoom calls that has “rates up” and “rates down” and “rates the same” on it. Until we see actual year-over-year inflation above 2 percent, the Federal Reserve will hold short-term rates near 0 percent. Any questions? The Fed believes it will take […]
Wednesday, September 23 Sep. 23: Ops, sales jobs; marketing, AMC, subservicer products; company webinars; GSE changes & thoughts on them
I know that plenty of folks at United Wholesale read this commentary, and the company is in the news about a merger that will take UWM public valuing it at $16 billion. Perhaps Bruce Springsteen reads this commentary, perhaps not, but he turns 71 today so Happy Birthday Boss! Out of curiosity, what does $500,000 […]
Tuesday, September 22 Sep. 22: VP of CD, Ops, LO jobs; ROI, workflow, underwriting tools; training & events; improving forbearance stats
Today (Tuesday), while Washington DC “sucks the air out of the room,” welcome to the Autumn Solstice (Equinox) in the U.S., the day when the Sun appears to cross the celestial equator, heading southward. Others know it as halfway between the day with the most sunlight in June and the day with the least (December […]
Monday, September 21 Sep. 21: MLO, Ops jobs; retention, co-op products; events & training; USDA rural conditional commitments
If you watch the news long enough, you see all kinds of interesting things. Cracker Barrel is adding alcohol to its menu? Yup! And you must watch this clip with Stephen Colbert working out with, and interviewing, the Notorious RBG (“Is a hot dog a sandwich?”) a few years back. We watched Lee Farkas be […]
Saturday, September 19 Sep. 19: Out-of-the-ordinary secondary market deals; primer on help for borrowers from HFAs; Saturday Spotlight: Truework
This week the lack of volatility in the bond market, and thus Agency mortgage rates, was made up for in other news. Lee Farkas was released from prison. As a reminder for anyone who has been in the business less than nine years, Farkas was sentenced to 30 years in prison in 2011 and ordered […]
Friday, September 18 Sep. 18: Ops & MLO jobs; eClosing, compliance, IRRRL products; plethora of disaster policy news; rates hardly budging
Before the pandemic I used to spin that toilet paper roll like I was on Wheel of Fortune. In March and April I turned it like I was cracking a safe. Now things are back to normal, and the toilet paper area at Costco isn’t the Mecca it became six months ago. Economies have a […]
Thursday, September 17 Sep. 17: Ops jobs; credit score, lead source, QC products; free Western Secondary & other events; Agencies react to disasters
Why is it that every time I call some place, I hear the recording, “Wait times to speak to a representative are longer than normal.”? Why can’t I ever figure out a “normal” time to call? I bet that the Federal Emergency Management Agency (FEMA) always has operators who pick up the phone. And the […]
Wednesday, September 16 Sep. 16: Ops, production, VP Consumer Direct jobs; jumbo, CRM, anti-fraud, CD products; Ginnie hits $2.1 trillion
The Fed Funds futures market sees the Fed holding pat on rates well into 2022. What could cause rates to go up? A vaccine. Until definitive news like that comes along, the financial markets and our home lives steadily move through the calendar. GM is having/allowing most of its salaried employees to work from home […]
Tuesday, September 15 Sep. 15: TPO, MLO jobs; pricing, trigger products; comp survey & retaining employees; webinar/training via phone & computer
I’ve spent time in Colorado and Utah in the last few days, and what I’ve seen and heard reminds me that a lot of the financial decisions families make are not based on interest rates. At this point it should surprise no one that rates will be low well into the foreseeable future, so shouldn’t […]
Monday, September 14 Sep. 14: Ops jobs; recruiting, sales, valuation, rehab products; non-QM moves in the primary & secondary markets
People can accomplish a lot in a day. And lenders are continuing to hire like mad dogs (if mad dogs had HR departments), especially non-bank lenders. The Mortgage Bankers Association reports that nonbank mortgage bankers and brokers’ collective payrolls expanded by nearly 2% on a consecutive-month basis and were up 9% from a year ago […]
Saturday, September 12 Sep. 12: CFPB’s VA lender settlements & other compliance notes; Saturday Spotlight: Academy Mortgage
Political news isn’t confined to the presidential candidates, of course, or even Washington DC. Out in California, Gavin Newsome’s (D) real estate and mortgage moves are attracting scrutiny. Three thousand miles, and one political party, away, Maryland’s Larry Hogan (R) has raised some eyebrows with certain dealings. Even decades ago, my Mom would wonder, “Who […]
Friday, September 11 Sep. 11: Promotions & transitions; jumbo, 2nd lien, MERS QC audit products; U.S, economy motoring onward
Plenty of people tell me that I should “head down to Clown Town.” I never know quite how to take that. But now we have “Zoom Towns,” and thank you to Carol K. for sending this along. And I am planning on living in one since… it’s my lucky day! I just received an email […]
Thursday, September 10 Sep. 10: Ops jobs; branches, mgt. position wanted; QC, marketing, VOE tools; primer on credit availability
I don’t know exactly when it happened, but somewhere along the line my dog learned the noise the cheese grater makes when I pull it out of the drawer. (Taking out the vegetable peeler doesn’t elicit quite the same response.) It appears that anyone working in their company’s portfolio retention department for refinancing their servicing […]
Wednesday, September 9 09/09/2020: Ops & sales jobs, coast to coast; S&D, CRM, marketing, fraud products; mortgage apps move higher
Tom Petty sang, “There’s somethin’ good comin,’ just over the hill, somethin’ good comin’, I know it will. And I’m in for the long run, wherever it goes, ridin’ the river, wherever it goes.” Lenders always walk a knife-edge between wanting good economic times for their customers, and having them qualify, but at the same […]
Tuesday, September 8 Sep. 8: CFO, processor, Ops, LO jobs; non-QM, servicer, sales, training tools; time required to hack a password
On one hand we have the old adage, “No tree grows to the moon.” On the other hand, MLOs and real estate agents are licking their chops given that 52 percent of young adults live with their parents. What does that tell you about the demand for housing and loans in the coming years? And […]
Saturday, September 5 Sep. 5: Vendors are busy beavers; LIBOR phase out and transition: why should MLOs care?
Two months until the election, and soundbites are heating up. Compare Dan Rather’s, “The Donald Trump reelection strategy appears to be that only Donald Trump can save us from Donald Trump’s America” versus President Trump’s, “Joe Biden is not the savior of America’s soul, he is the destroyer of America’s jobs, and if given the […]
Friday, September 4 Sep. 4: LO, CD jobs; database, HELOC, digital tools; vendor & lender products continue to shift
As we head toward the Autumnal Equinox on 9/22, places like Seattle and Minneapolis are losing four minutes of sunlight a day. Something else that is losing ground almost as quickly are monthly rents in expensive, crowded cities like San Francisco and urban New York. Six months ago I don’t recall anyone predicting a flight […]
Thursday, September 3 Sep. 3: Ops, LO, AE jobs; workflow, lead, processing, renegotiation products; coming events; who owns 1/3 of Agency MBS?
“It was the third of September, that day I’ll always remember, yes I will… Wherever he laid his hat was his home… And when he died, all he left us was a loan.” Oh, sorry, “alone.” (And yes, I dance like that, at the 2-minute mark, when I finish sending this commentary out every day.) […]
Wednesday, September 2 Sep. 2: Marketing, income, onboarding, HECM tools; jumbo, non-QM, misc. product updates; do-it-yourself appraisals
I don’t know whether my Nolan Ryan rookie card, fortuitously spared from my bike spokes decades ago, is worth $500 or the 10 cents I spent for the pack (with gum!). Values (and worth) can be tricky things. Look at the value of rentals with the 4-month prohibition on evictions declared yesterday. We were reminded […]
Tuesday, September 1 Sep. 1: AE, Ops jobs; shell wanted; jumbo, servicing products; webinars; after 12 years of conservatorship, Agencies very much in the news
There’s a fine joke about bowling balls and tennis balls and golf balls which I won’t repeat here, but let’s go down the scale of “numerical magnitude.” Today, the NY Federal Reserve Trade Desk is set to surpass $1 trillion (with a “T”) in MBS purchases since the restart of QE on March 16. (By […]
Monday, August 31 Aug. 31: Ops, TPO Sales jobs; forbearance, correspondent, title, broker products; lots of training & virtual events
No one owns a crystal ball. It seems that the best LOs and CEOs keep up on the news and trends but focus on helping borrowers one at a time, regardless of predictions. If anyone predicted six months ago that a) the world would still find itself grappling with a pandemic, and b) urban home […]
Saturday, August 29 Aug. 29: Vendor M&A & other news; disaster updates; private money; CFPB & HMDA; Saturday Spotlight: CBC Mortgage Agency
Do you lend, or have clients that lend, in Texas, Louisiana, or Mississippi? Prior to Laura not being quite the “stormzilla” that the experts had predicted, ClosingCorp estimated that more than 28,000 pending mortgage transactions currently in progress in those states are in jeopardy, as a result of Hurricane Laura. The loans, which are being […]
Friday, August 28 Aug. 28: Ops jobs; broker extension, secondary revenue, compliance tools; deep look into new Fed policy
I remember when I would travel to exotic places like London, England, Lima, Peru, or Biloxi, Mississippi. From Southern California, thank you to Carey A. sent along this interesting site in which you can take a drive in most of the cities in the world, listening to that city’s local radio station! Listening is an […]
Thursday, August 27 Aug. 27: Virtual job fair, MLO, CD, AE, Ops jobs; VOE, VOI, pricing tools; industry’s conventional price shifts
While Louisiana is focused on Hurricane Laura, 2,200 miles away California is focused on its wildfires… and regulations. Remember that about 25 percent of the United States’ residential loan production comes out of California, so plenty of lenders pay attention to what happens out there. At the start of 2020, the California Governor’s office made […]
Wednesday, August 26 Aug. 26: Servicing, MLO, Ops jobs; marketing, automation, tech mgt. tools; .5 Agency refi hit delayed – now what?
Are you busy but bored? I am. (For variety and excitement I used a big spoon instead of the usual small spoon for my Cocoa Krispies while writing this.) And I am tired of looking at the same window for nearly six months. Apparently others are too, so some clever software person created a website […]
Tuesday, August 25 Aug. 25: Ops, LO jobs; AI, forbearance, comp tools; training & events through your computer & telephone
2019: Stay away from negative people. 2020: Stay away from positive people. Like it or not, depending on how “old school” you are, companies in recent years have wrestled with how to relate to younger employees, positive or negative. Can you imagine caring about stuff like work-life balance, transparency, and accountability from the top down? […]
Monday, August 24 Aug. 24: Finance, AE, Ops, LO jobs; customer service, income tools; Agency jungle drums are beating
Winter is coming. I don’t need a new coat to walk from my bedroom through the kitchen and into the dining room to work on this commentary. Who is buying neckties or new dress shoes, or spending money renting cars, going to a theater, or having something dry cleaned? The sales volume of many things […]
Saturday, August 22 Aug. 22: M&A observations; vendor news; notes on the housing market; Saturday Spotlight: Constant
The political jokes are flying out there. “You’d think a guy with a mail order bride would have a little more respect for the post office!” “My name is Joe Biden and… I forgot this message.” We’re between the Democratic and Republican “conventions,” and things just keep becoming more interesting. Meanwhile, regardless of politics, lenders […]
Friday, August 21 Aug. 21: Training, Ops, LO jobs; MSR, conversion, EPO products; public company snapshots worth a skim
RCIII writes, “I don’t know about you, but I’m ready for some precedented times.” But Tom Petty wrote, “Well, the good old days, may not return… And the rocks might melt, and the sea may burn.” Let’s hope that doesn’t happen, aside from the occasional volcano, as there are plenty of other volatile, unpredictable human-related […]
Thursday, August 20 Aug. 20: Sales mgt., LO, Ops jobs; leads, tech tools; CFPB, LO Comp, G-Rate legal ruling in the news
In these times that lenders describe as busy, profitable, and overheated, capital markets personnel are focused on margin & capacity management, staff burnout, servicing values, and warehouse capacity. With lenders upping their first lien forecasts for 2020, warehouse lines are being increased as are broker/dealer trading limits. Overtime is an issue, and companies are adjusting […]
Wednesday, August 19 Aug. 19: Ops, MLO jobs; production shell wanted; CRM, productivity, marketing products; FHA’s new appraisal delivery product
Three weeks ago the Commentary included a webcam shot of Warrior Canine Connection’s Puppy Cam. (They’ve grown. Rated PG, depending on what they’re up to when you tune in.) What hasn’t grown is Blockbuster Video (remember it?), and thank you to Faith M. for sending in a notice of Blockbuster’s last store in Bend, Oregon, […]
Tuesday, August 18 Aug. 18: Ops, MLO, AE jobs; training, marketing, compliance tools; MI industry snapshot; strong housing numbers
“Last night I was a hero! I rescued some beer that was trapped in a bottle.” All of our lives are changing, and thank you to Lydia O. for sending along, “Six Key Takeaways From Pandemic Data on American Households.” (“From mortgages to mental health…”) People are out “protesting in person against voting in person.” […]
Monday, August 17 Aug. 17: Sales mgt., FHA, LO jobs; retention, non-QM products; training & events; investors react to FHFA’s price shift
Out in California and parts of the West it’s “hotter than Satan’s house cat.” California is once again having rolling power outages, and an opinion piece by the ex-CEO of Wells Fargo doesn’t paint an improving picture on the financial side of things. (Susan Milazzo, the CEO of the California MBA, is also following a […]
Saturday, August 15 Aug. 15: FHFA’s refi price change – TILA implications, impact on risk, not everyone is complaining; Saturday Spotlight: Usherpa
For some reason the expression, “Balls to the wall” causes giggling and sidelong glances. Any student of idioms, however, can tell you that the expression came from pilots. In older aircraft, when accelerating quickly, the throttle is pushed all the way to the panel and the throttle lever (ball) actually touches the panel (wall). Plenty […]
Friday, August 14 Aug. 14: Controller, MLO jobs; ROI, broker, AI, jumbo products; compliance and state-level legal news
Hundreds of thousands of people in the lending industry, their borrowers, and vendors are grappling with the refi price hit announced Wednesday evening by FHFA Director Calabria. From the Carolinas I received this from Rhonda M. “We are into the J’s now for Atlantic named storms. Wonder if Hurricane Jalabria might work?” In one sense […]
Thursday, August 13 Aug. 13: Special Edition – The GSE price move, it’s impact on borrowers, and how to write to your Senators & Representative
“The reason grandparents and grandchildren get along so well is that they have a common foe.” One doesn’t like to think about parents as a foe, any more than one would want to think of the institution overseeing Freddie Mac and Fannie Mae being a foe. But the FHFA and Director Calabria are the reason […]
Wednesday, August 12 Aug. 12: Risk management job; VOE, loan delivery, lead source products; misc. investor & lender changes
Dating in college is a matter of many things. I mention this because I wondered what colleges were recommending about COVID, and the University of Georgia answered that with a student guide to “romance,” at least for a few days. Go Dawgs! Dating is also impacted by supply and demand, and lenders know that mortgage […]
Tuesday, August 11 Aug. 11: MLO jobs; marketing, servicing, comp tools; FHA & Ginnie changes roll on; economic gyrations: rates creep higher
Me: “I want to travel.” Bank account: “Where? To work?” Think of people in their 20s and 30s. They’ve grown up with 9/11, the Financial Crisis, and now this coronavirus. (If all you cared about was the stock market, in 1990 the Dow Jones was around 5,000. It is now nearly 28,000, give or take.) […]
Monday, August 10 Aug. 10: Ops, LO, FHA jobs; marketing, cap. mkts. products; webinars in the comfort of your home
“Paranoia is out of control: This morning, while reviewing this commentary, I sneezed in front of my laptop and the anti-virus software started a scan of its own!” The nation continues to brabble about health care, coin shortages, opening up and closing down, and politics… it makes my head spin. The political ads are increasing […]
Saturday, August 8 Aug. 8: Is the Agency CRT program endangered? Economic tidbits; Saturday Spotlight: LBA Ware
Does running from my responsibilities count as cardio? There are a lot of groups responsible for running the production of economic statistics of varying quality. The United States now finds itself grouped with China in terms of questionable government statistics: how can we rely on them when people are distressed or don’t answer the phone? […]
Friday, August 7 Aug. 7: Accounting, sales, Ops jobs; reverse, training, VA tools & products; Ellie’s $11 billion sale & other vendor news
Let me get this straight. It’ll take a year or two for a cure for a virus that can be killed with hand sanitizer, soap, and hot water? COVID is driving our economy, driving headlines, driving working from home and managing employees working from home, and driving the behavior of residential lenders. Speaking of headlines, […]
Thursday, August 6 Aug. 6: Cap. mkts., U/W, AE, LO jobs; risk tool; webinars & training; servicing & MSR update; rates continue lower
Originators and lenders are having a great summer from income and profitability perspectives. The thick margins are making managers look like champs, arguably covering up other issues that would normally be corrected. Rocket, the parent company of largest US mortgage provider, trimmed the amount of stock it is selling from $3.3 billion to $2 billion […]
Wednesday, August 5 Aug. 5: Ops, AE jobs; Analytic, business practice, income, compliance products; renewing the non-QM segment
Since eating inside a restaurant is problematic, now’s the perfect time to eat better at home, get fit, and stay healthy. Never mind: Who are we trying to impress? We have snacks, we have sweatpants, let’s use them! Would you be impressed if the entire U.S. yield curve dropped below 1 percent? It could happen. […]
Tuesday, August 4 Aug. 4: Senior management, AE, LO, Ops jobs; marketing, database tools; disaster updates; cap. markets & root canals
Sure, you’re making bank now, but are you planning for next year? Is your company doing anything to “team up”? Many lenders, vendors, and real estate companies have strategic partnerships with other companies. There’s strength in numbers, and they are not “against the law”. Here’s a new one. Online real estate company Zillow and D.R. […]
Monday, August 3 Aug. 3: CU, Ops, LO jobs; fraud, retention, legal products; August training without leaving your La-Z-Boy
Remember a month ago, heading into the July 4th weekend, a resurgence of Covid-19 cases (which many officials attributed to large Memorial Day gatherings) resulted in mask-wearing mandates as well as rollbacks and delays in phased reopening plans. (Speaking of the virus, we wish loanDepot’s Anthony Hsieh a continued welcomed recovery from its impact.) Economic […]
Saturday, August 1 Aug. 1: Letters on iffy government data, forbearance, the Fed; LIBOR transition update; Saturday Spotlight: Capacity
In Scotland, many owners paint their front door red when they pay off their loan or own the house debt-free. Is an all-cash buyer the biggest competitor for a broker or loan officer? A report from Construction Coverage, a building industry information service, shows over 20 percent of California owners don’t have a mortgage. Nationally, […]
Friday, July 31 July 31: Servicing, appraisal, Ops, sales jobs; broker, valuation products; FHA, & Ginnie changes; HUD addresses the self-employed
Whether it is Northern Virginia or Lake Tahoe, we’re running out of houses. The pandemic has caused a buyer feeding frenzy away from apartments and city cores. Heck, I can hardly wait to sell my house! The problem is… where would I live? So I’ll pass. Like it or not, we are living in an […]
Thursday, July 30 July 30: U/W, LO, AE jobs; loss mit, retention, valuation tools; LOS survey; deep dive into economic news & cap markets
Lenders are “tonning it,” as indicated by Fannie Mae’s net income of $2.5 billion for the second quarter of 2020, compared with net income of $461 million for the first quarter of 2020. But with most of us hunkered down, the economy continues to hunker down as well, as shown by GDP down nearly 33 […]
Wednesday, July 29 July 29: Underwriting, subservicing, AVM, pricing tools; Conforming conventional updates; bonds quiet
You’ve made it to Hump Day yet again, and as a reward, how about this webcam shot of Warrior Canine Connection’s Puppy Cam?! (Hey, it’s my commentary; I can put in anything I want, right?) I hope those pups have a long healthy life. Regardless of political party, millions of Americans who get health coverage from […]
Tuesday, July 28 July 28: Ops, LO jobs; sales, workflow, customer service tools; Black Knight to add $1.8 OB to $62 million Compass asset
I could see that my cat Myrtle was miffed last night. I doubt if it had anything to do with the supply chain issues impacting appliances and new home construction, although her mini-frig has been on back-order for two months. My guess is that it had something to do with the latest “Arctic Char Quarterly’s […]
Monday, July 27 July 27: Sales, consulting, Ops, LO jobs; sales webinar; world news driving rates, primer on the belly of the yield curve
In these days when you can’t even get 100% of Americans to agree that water is wet, we have hurricanes, gold prices skyrocketing, COVID relief debates, and ninety-nine days more of “fun” until the election. Yes, it appears that another COVID aid package is grinding its way slowly ahead of Congress’ summer recess, but let’s […]
Saturday, July 25 July 25: Credit Risk Transfers helping mortgage rates; SOFR transition status; Saturday Spotlight: Thrive Mortgage
All the smart folks are predicting these low rates and high residential volumes to continue through the year. (I remind people that no one was predicting all of this precisely only five months ago. Who can really predict where we’ll be five months from now, Christmas Day?) But with low rates, and low inventory, and […]
Friday, July 24 July 24: Regional manager, AE, LO jobs; automation, credit, AI tools; up to speed on tax transcripts
I don’t know if there is going to be a pro football season or not, with lines of scrimmage & heavy breathing 11 inches apart for hundreds of linemen every week, but here’s The Onion’s take on “The Best Cities To Live In For Fans Of Rock And Roll Museums and The Cleveland Browns.” Regardless […]
Thursday, July 23 July 23: Ops, LO jobs; underwriting, forbearance, one-time close, marketing tools; loan processing changes
Loan officers are known for “holding the hand” of their borrowers. Now Google would like to hold the other. With the help of the CFPB, and launched yesterday, searching “mortgage” in Google on one’s phone will lead to Google explaining what a mortgage is, terms to know, recent rates, what one can expect to pay, […]
Wednesday, July 22 July 22: Ops jobs; digital, servicing, ECOA products; webinars to wrap up July; Agency changes continue
The names “Google” and “Alphabet” are the answers to many trivia questions involving search engines, market value, and advertising. If you think Google doesn’t know (and record) exactly what you’re searching for, you’re wrong. Thank you to Jeremy P. who sent along an interesting video showing, by month, what the majority of people searched for […]
Tuesday, July 21 July 21: AE, LO jobs; training, eClosing, broker, servicing products; USDA rural tidbits; forbearance stats improving
Originators, as Deb from Virginia reminded me, are currently like ducks: cool and calm on the surface, paddling frantically underneath. Originators like low rates, but not if their clients can’t qualify for a loan. Furloughs are becoming permanent for many companies. U.S. equity indexes might be trading substantially up on recent low points, mostly due […]
Monday, July 20 July 20: AE, Ops, LO jobs; marketing, risk, data retrieval tools; wholesaler news; rates: steady as she goes
After the shaman finished my taxes last week over the phone, we struck up a conversation about working from home, pros and cons, since it appears that most will be doing this for the remainder of 2020, if not beyond. (But work from home Monday through Friday, then get together with your twenty closest pals […]
Saturday, July 18 July 18: National Broker Day; letter about current lender concerns; vendor updates; Saturday Spotlight: Sales Boomerang
On a side note, a lot of people ask how I can write six commentaries a week. At first, I thought they were impressed by my industry, but lately the question has taken on a different inflection, along the lines of, “WHY do you put out six commentaries a week, each one about 2,300-2,500 words […]
Wednesday, July 15 July 15: Ops, AE, LO jobs; non-QM, QC, construction loan products; events & training; big bank mortgage stats
I woke up this morning trying to remember if I was working where I am living, or living where I am working. “Personal” and “professional” often overlap. Caliber, and other wholesalers, are taking the high road in this week’s awful mix of personal and professional lives. Flagstar Bank summed up this week’s controversy in the […]
Tuesday, July 14 July 14: LO, U/W jobs; data, loss mit, disclosure, comp products; flood & disaster changes
Here’s your life graphically under COVID. Many in our business will argue that homes should not be used as piggy banks, COVID or no COVID. For others it is their lifeblood of business. Others say that good moms let you lick the beaters, but great moms turn them off first. (Okay, I just threw that […]
Monday, July 13 July 13: QC, Ops, LO, reverse, AE, correspondent jobs; marketing, TPO products; wholesale updates & mudslinging
While in captivity it is important to remember good grooming is important. Good communication is important also. Are salespeople all on the way to having two cell phones, and two phone numbers? If you haven’t heard of Gong, your boss probably has. Gong is a “revenue intelligence platform for B2B sales teams. It helps you […]
Saturday, July 11 July 11: Supply & demand on bananas, hard seltzer, and… wood prices!? Saturday Spotlight: PrimeLending
“History is not there for you to like or dislike. It is there for you to learn from it. And if it offends you, even better. Because then you are less likely to repeat it. It is not yours to erase. It belongs to all of us.” Contrast that versus, “We should not teach history. […]
Friday, July 10 July 10: Ops, LO, AE jobs; servicing, lead, marketing products; flood of conventional conforming changes
Bubonic plague in China? What’s next, frogs falling from the sky? Water turning into blood, darkness for three days? A big bank requiring $1 million in your account for some retail jumbo refis? Oh wait… that happened. (That’s one way to manage capacity.) Ivy League football has been yanked, and hurricane season is approaching in […]
Thursday, July 9 July 9: QC, LO, reverse opportunities; sec. mktg., marketing products; compliance news: is a “like” a “thing of value”?
United Airlines may lay off 36,000? Bed, Bath, and Beyond closing 200 stores? Walgreen’s cutting 4,000? Yup. Lower rates won’t save those jobs, but we’ll have low rates for a long time. Things are different for residential lenders. When we began 2020, who thought things would be where they are now in our biz to […]
Wednesday, July 8 July 8: U/W, LO, processor jobs; lead, broker, AMC products; upcoming training; a peak at Rocket Companies
Crazy times. Brooks Brothers filed for Chapter 11 bankruptcy. Rocket Companies filing for an IPO. Genworth Mortgage Insurance completing an excess of loss reinsurance transaction. It is easy to argue that it is the fear of the virus that is impacting economies around the world, not the virus itself, slowing economies and keeping rates low. […]
Tuesday, July 7 July 7: AE, Ops, LO jobs; marketing, processing, training tools; industry & lender forbearance trends
This morning analysts are talking about the 5 million people of Melbourne, Australia now under a new 6-week lockdown. Lockdown! In this country, we have four long months until the election, with plenty of mudslinging ahead. But here is a short piece on how to think about politics and mortgage origination: “Mortgage Outlook: What if […]
Monday, July 6 July 6: U/W, production jobs; DPA, leads, PMI products; investors ruminate on employment data: shrug?
Here’s a blunt reminder of what can go dramatically wrong in a fireworks stand. And here’s a blunt email that I received over the weekend. “Rob, what don’t people understand? If someone is threatened with a potentially fatal illness, the last thing on their mind is buying the latest Apple phone, a new car, a […]
Friday, July 3 July 3: Recent depository mortgage jobs; vendor news; primer on yield curve control: price vs. quantity
Yes, I know that today is a holiday for many companies, and well-deserved. But I wanted to put three topics out there, including vendor news, to play some catch up. If you think technology is racing along in mortgage-land, how about in language and communication? Remember newscasts for the hard-of-hearing? Now scientists have created a […]
Thursday, July 2 July 2: Fulfillment, AE, LO jobs; anti-fraud, DPA, HMDA products; non-QM news in primary & secondary markets
Lenders continue to count the piles of doubloons they booked during another record-breaking month; will July be another? M&A deals are still simmering out there, but when profits are “en fuego” and July is looking strong with full pipelines, it can be tough for a fortunate owner to sell. Think of all of those unfortunate […]
Wednesday, July 1 July 1: COO, Ops, AE, LO jobs coast to coast; broker, marketing products; mortgage rates: “steady as she goes”
Thank God for the Rolling Stones: They’re older than we are! Halfway through 2020 already? Welcome to Q3! Social D. sang, “Life goes by so fast; you only want to do what you think is right. Close your eyes and then it’s past; story of my life.” Yes, we’re aging. The U.S. Census Bureau announced […]
Tuesday, June 30 June 30: Ops, LO jobs; servicing, inspection, loss-mit products; CFPB’s structure to change; Ginnie adjusts pooling requirements
Some days you don’t learn much, other days you learn a lot (skip the ad). We’ve learned that COVID is driving our economy, not fundamental economic news, and at this point virologists have better forecasts than economists. Appearing with Treasury Secretary Mnuchin today before Congress, it is believed that Fed Chairman Powell will state that […]
Monday, June 29 June 29: LO & Sales jobs; MSR, marketing, leads products; training & webinars from home
Does this mean we can no longer say, “Hindsight is always 2020”?! It’s too bad that the Tiger King is the most normal thing about 2020. For the people who still think it is a hoax, and pushing for your right to not wear a mask around others, well, you can read the tales of […]
Saturday, June 27 June 27: Morale & innovation in WFH environment; Fannie’s recent secondary deals; Company spotlight: Mortgage Sentinel
With the dramatic increase of COVID-19 cases in the United States and the world, and returning to captivity at home, it is never too early to start working on that bathing suit body for… 2021. Sure you’ve proved you can work from home. Productivity has gone way up, arguably because there isn’t much else to […]
Friday, June 26 June 26: LO, Ops jobs; DPA, forbearance, broker products; FHA, USDA tweaks; Treasury/MBS spread update
There are plenty of tricks in any trade. Just-opened cellulose sponges are already damp because many are premoistened with sterile water. (Without H20, the material shrivels and hardens and looks unattractive in the store.) Watch a car commercial on TV: many have the street watered down to make the asphalt dark and the car reflect. […]
Thursday, June 25 June 25: Management, Ops, LO jobs; marketing, processing, default products; primer on high bal pricing
Some things are uncertain, like whether colleges, driven by ticket & TV income, bring back their football players when the rest of the student body “remains virtual” this autumn. (Harvard law school is online for the fall semester, for example, leading to a tuition lawsuit, of course.) Or if your company is giving you July […]
Wednesday, June 24 June 24: Ops, AE jobs; marketing, broker, tax products; VA, construction webinars; tech partnerships
Companies worldwide are grappling with continued travel bans, and how to bring back employees in waves, if at all. Others are re-designing office layouts, thinking about renting more space, and looking at the cost of footprint changes. Some employees can’t wait to return to office life, others are doing fine without commuting, and still others […]
Tuesday, June 23 June 23: QC, sales, LO jobs; outsourcing, DPA, marketing products; thoughts on the CFPB’s non-QM proposal
There are all kinds of things that I don’t, or didn’t, know. For example, the other day I learned that when dogs lap water, they’re actually scooping up water with the back of their tongue, which is curled like an elephant’s trunk. Now I’ve learned that the term “master bedroom” is being abolished and changed […]
Monday, June 22 June 22: AE, LO, Ops job; marketing, TPO, cost analysis products; June’s remaining training & events
After nearly 100 years, Eskimo Pie ice cream will get a new name. (The name “Eskimo” is commonly used in Alaska to refer to Inuit and Yupik people, according to the Alaska Native Language Center at the University of Alaska. This name is considered derogatory in many other places because it was given by non-Inuit […]
Saturday, June 20 June 20: The non-mortgage issue on voter expectations, news bias, showing homes, and entrepreneurship
Greetings on the Summer Solstice, made possible by the earth tilting as we circle the sun. (We in the Northern Hemisphere are currently tilted toward the sun, by the way.) This has been the case for billions of years, even before I got into this business, and will be the case long after things like […]
Friday, June 19 June 19: Credit, QC, Ops, LO jobs coast to coast; broker, DPA products; residential credit changes
Lots in the news. Congratulations to the California MBA (and the MBA and lenders everywhere, since nearly 25% of residential loans come from California) which made news by being victorious in defeating AB 2501. Kansas has added Alabama to its quarantine list (Alabama’s hospitals are at maximum capacity). These days, there are hundreds of news […]
Thursday, June 18 June 18: Ops, LO jobs; digital, QC, cap. mkts. products; Ginnie & FHA changes & trends
Capital markets folks focus on risk management every day. The public is getting a taste of another kind of risk management when they go to a bar, tattoo parlor, or hair salon. What happens when the government doesn’t specify what masks are acceptable? Should COVID just be part of our health landscape, as many have […]
Wednesday, June 17 June 17: Sales, Ops, marketing jobs; CRM, processing, buyback insurance products; COVID, the CFPB, credit reports, and rates
Yesterday afternoon I was doing my quarterly ten minutes of YouTube yoga (“Align those internal organs! “The journey is the reward!”) and my mind wandered to how economists are great at predicting the past. (No, I didn’t make that up.) Companies post their results, and any talk of the future often comes with a warning, […]
Tuesday, June 16 June 16: Marketing, bank statement, processing, servicing products; webinars & events; Freddie & Fannie in the news
What? You aren’t offering a 30-year rate below 3% yet? Better catch up, because that is where the mainstream press is telling borrowers rates are. Of course, us capital markets folks hate it when newspapers talk about rates, and LOs don’t like explaining how “trivial” items such as risk and credit score can influence someone’s […]
Monday, June 15 June 15: Production jobs; marketing, cap mkts, servicing products; correspondent tidbits; webinars & training this week
With the increase in COVID cases, plenty are heading back into captivity, and it is important to keep a level head. (What is so hard to understand about “stay away from each other”?) Also increasing are the forbearance percentages. We’ve seen the MBA’s surveys on forbearance in the residential sector, but what about commercial loans? […]
Saturday, June 13 June 13: MISMO moves; Housing news; thoughts on BLM; current topics in the compliance world addressed
It has been nearly three months since we began sheltering in place. Fortunately for lenders, things have quieted down from March’s wild ride, both with rate volatility and in program fluctuations. (And hey, don’t forget that it’s Flag Day tomorrow.) Our industry continues to deal with unintended consequences. For example, I received this note from […]
Friday, June 12 June 12: AE, LO, Ops jobs; DPA, pricing, doc products; USDA, FHA, VA notes
How the heck could anyone value a mortgage company these days? The value is pretty much comprised of its servicing, cash, receivables, and assets (loans held for sale). I guess we’ll all find out if, and when, Quicken Loans does an IPO, and Dan Gilbert winds up reporting to shareholders. Are you kidding me? Responding […]
Thursday, June 11 June 11: Mgt., LO, training jobs; construction, VA IRRRL, loss mit programs; no “V-shaped” recovery
Despite the early stages of quarantine and captivity seeming to drag, the year is rushing along. They always do. The Chairman of the Federal Reserve tells us not to expect a “V-shaped” recovery, details in Capital Markets section below. We have only ten days until the Summer Solstice, not technically the “longest” day of the […]
Wednesday, June 10 June 10: LO, sales, Ops jobs; marketing, AMC, forbearance products; Freddie & Fannie direction
Not only are origination staffs asking for refreshed marketing efforts as volumes show a tinge of falling off, but how about this note that I received from a CEO of a large lender in the Northeast? “Rob, what are you hearing about signing bonuses out there? Is it just my staff that is receiving unsolicited […]
Tuesday, June 9 June 9: AE, AMC, LO jobs; marketing, DPA, underwriting, pricing products; wholesaler changes
Big picture, in case you haven’t been paying attention, the National Bureau of Economic Research confirmed that the U.S. economy has slowed: The economy hit its peak in February and has since fallen into a downturn as the unforeseen pandemic caused shutdowns and brought an end to the 128 month record-long expansion. In the weeds, […]
Monday, June 8 June 8: LO, FHA jobs; marketing, servicing products; training on servicing, VA IRRRL, and other events
Who doesn’t like being kept informed at absolutely no cost? There is no reason for anyone not to join the Mortgage Action Alliance as the Mortgage Bankers Association is knee-deep in political issues that lenders should know about. Like forbearance, part of the CARES Act. Recall that the Great Recession (Financial Crisis, whatever you want […]
Saturday, June 6 June 6: Random vendor news; letters on housing economics & pent up demand
In response to my real estate agent quote, “No family wants to push an elevator button to go home,” when talking about families looking to move out of the city, thank you to Ken S. who sent this article about nationwide relocations during the pandemic. And the upswing in activity isn’t confined to lower price […]
Friday, June 5 June 5: Risk, appraisal, LO, AE jobs; broker, DPA, LOS, products; FHA COVID forbearance guidance; payrolls push rates higher!
Change is certainly constant. “And just like that, every reporter has gone from infectious disease expert to civil rights attorney.” In our biz, if you didn’t make money in the first quarter, you should have made some changes. The MBA tells us that independent mortgage banks and mortgage subsidiaries of chartered banks reported a net […]
Thursday, June 4 June 4: Management, Ops, LO, AE, DTC jobs; broker, doc products; customer experience study; correspondent changes
Yesterday afternoon my cat Myrtle was watching me mop the kitchen floor. (Hey, it’s not going to mop itself, right? And it is mildly amusing to use certain products – insert slogan contest here for 4th grade humor.) While toiling, besides thinking about how much of a raise I am going to give the housecleaner, […]
Wednesday, June 3 June 3: AE, Ops, LO jobs; subservicing, VA IRRRL, workflow products; wholesalers shifting product gears
From the Bay Area Marcus L. writes, “I miss the days when Tiger King was the most controversial thing going on.” Everything is a controversy these days, including where the real estate market is heading. Supply is limited, demand is decent, case closed. Things are re-opening, but can people qualify for a loan? It is […]
Tuesday, June 2 June 2: Sales mgt., Ops, LO jobs; CRM, broker, eClosing products; events for LOs; servicing tactics continue to impact market
Curfews and civil unrest have replaced COVID in the news. Meanwhile, investors are watching record low debt issuance yields from companies like Amazon and Costco (1.50-1.62 percent 10-year notes, lowering their cost of capital dramatically). Low rates for a mortgage these days are certainly more common than finding a jumbo investor offering a 20 percent […]
Monday, June 1 June 1: Processor, LO jobs; referral, accounting products; webinars & training through your computer
I was speaking to a successful long-time real estate agent this weekend who is as busy as she’s ever been. Couples are weary of working from home in a one-bedroom apartment. In talking about families leaving the city, she observed, “No family wants to push an elevator button to go home.” Redfin is in the […]
Saturday, May 30 May 30: Credit risk transfer primer; LIBOR transition in the news; thoughts on property value direction
Gosh, there is a lot of news out there. Is it accurate? When I was a kid there was a half hour, or an hour, of news each night on NBC, CBS, and ABC. Pick one. Now there are hundreds of news channels all clamoring for something to yap about. Or yap about the whatever […]
Friday, May 29 May 29: LO, AE, tech, Ops jobs; portfolio monitoring, non-QM, corresp., broker products; customer satisfaction survey
Here’s something you can do for your friends, relatives, and borrowers, especially older ones: Remind them that the current batch of coronavirus relief payments are coming as VISA debit cards. Texas’ Larry C. reminded me that we’ve all unexpectedly received cards in the mail that we didn’t order and cut them up before throwing them […]
Thursday, May 28 May 28: Ops, technical, LO jobs; doc, MSR, broker products; private MI companies motor on; continuing jobless claims drop
With two business days left in May, one can feel the anticipation of the start of the “National Standing Desk League” opener coming up soon. I’m excited about that, and I’m excited that it’s garbage day here at the house. Taking out the garbage… What to wear, what to wear? What isn’t exciting for investors […]
Wednesday, May 27 May 27: Ops, AE, mgt., LO jobs; servicing, DPA, CRM products; warehouse deal news; more investor changes
Making the rounds is, “The spread of Covid-19 is based on two factors. #1: How dense the population is. #2: How dense the population is.” As a nation, we remain divided on virtually everything about COVID. There is well-written article on how half the calls on social media for reopening the nation are from bots. […]
Tuesday, May 26 May 26: Appraisal, LO jobs; broker, eSign, marketing products; USDA, FHA, Freddie, Fannie news & trends
I doubt if I have ever pressed “7” or “8” on my microwave oven keypad. Speaking of 7 & 8 (I know, a weak segue), originators are keenly aware of what builders are seeing & doing, economy-wise, and 78 percent of them did not lower their prices in April. Not only that, but 41% of […]
Saturday, May 23 May 23: Vendors on the move; warnings about repurchase claims and the impact of forbearance on credit
Besides the use of the word “unprecedented” having become unprecedented, competition between lenders and vendors is just as strong as ever. “Please keep thinking about me while I’m thinking about my business.” What a great line when it comes to competitors complaining about your pricing, your programs, your ops team, your work ethic. A lot […]
Friday, May 22 May 22: Marketing, Ops, LO jobs; CRM, marketing, LO products; tools to help borrowers; rates: a global snapshot
The Friday before a three-day weekend (honoring the men and women who died while serving in the U.S. military)! Can’t you just feel that anxiousness to go and hike, to have a meal out, to see people, to sit in a restaurant? No one can argue that social distancing has increased the rate of infection, […]
Thursday, May 21 May 21: Ops, recruiting, Sec. Mktg., LO jobs; appraisal, QC products; loan processing is changing: Beeline & SnapFi
Some lenders and vendors are easing back into offices, or at least planning voluntary phases. (Hmmm… wear a mask and have 2 per elevator, or work from home with no commute and wear sweats. Let me think.) Instead of thermal scanners in every office lobby, can’t we just have our mothers kiss our foreheads to […]
Wednesday, May 20 May 20: LO jobs, servicing wanted; broker,correspondent, LOS, CRM products; Agency shifts; remember non-QM?
Jury trial by Zoom? Leave it to Texas to give it a shot. Michigan and Indiana are now offering the bar exam online for aspiring attorneys. Out of Pennsylvania comes news that Gov. Tom Wolf issued an executive order that allows real estate to open on a statewide basis effective yesterday, subject to certain guidelines. […]
Monday, May 18 May 18: LO jobs; broker, CRM, texting, VA IRRRL products; premium pricing blues; forbearance & Agency news
“All of our dogs think we quit our jobs to spend more time with them while all of our cats think we got fired for being the loser they always knew we were.” And when you combine dogs and Zoom meetings, here is what you get. I’m just glad that I didn’t waste my money […]
Saturday, May 16 May 16: IMBs, retained servicing, & taxes; CRM advice; co-issue & bifurcation: orange alert? “joke” about perspective
Now that we have everyone washing their hands correctly: Next week-turn signals!!! Speaking of turn signals, it always amazes me how interconnected things are. (How’s that for an understatement?) I know that this is a commentary on the residential lending biz, but for a moment let’s take the ripple effect in the car market. (Forget […]
Friday, May 15 May 15: LO, Ops jobs; business opportunities; due diligence, AMC products; yesterday’s noteworthy Agency changes
I messed up yesterday, not knowing “Bike to Work” Day was postponed until September. Getting out of the bedroom was okay on my Schwinn Varsity, but coming down the stairs was rough on “the boys.” What is also rough are margin calls. Margin calls were, and still may be, a big deal for lenders’ cash […]
Thursday, May 14 May 14: Mgt., LO jobs; reverse, valuation products; Agency/investor changes; mortgage-COVID-video; Powell: prolonged tough times
As we race toward the Memorial Day holiday on the 25th, for the first time in history we can save the human race by laying in front of the TV and doing nothing. Let’s not screw it up! Zillow laid out its work from home (WFH) plan: the rest of 2020. Microsoft? October at the […]
Wednesday, May 13 May 13: CRM, marketing, broker, appraisal products; shifts in credit reporting & underwriting
Remember the old days at a birthday party when someone would blow on the cake before everyone ate it? Things are certainly changing, including processing residential loans. In our biz, as we all wait for Ginnie to come out with its electronic promissory note policy, Informa Financial Intelligence released its April 2020 Mortgage Originations Data. […]
Tuesday, May 12 May 12: Ops, LO jobs, business opportunity; marketing, docs, LO products; lender changes continue
I have a confession to make. I grew up drinking whole milk. In fact, I’m so old, when we were thirsty playing sports on the street, we drank out of whatever garden hose was convenient. (Audible gasp from readers.) I could go on, but the point is, I’m not ancient, we’ve made it through a […]
Monday, May 11 May 11: Ops, LO jobs; Recruiting tool; lots of webinars & training this week; deep dive on jobs number; California may do what?
In the last two months everyone figured out the difference between “WFH” and “WTF,” and many in captivity are looking forward to being released, if only temporarily. My cat Myrtle, who wants to maintain my “work from home” (WFH) productivity, had employee monitoring software installed on my laptop! Plenty of LOs & AEs are accustomed […]
Saturday, May 9 May 9: Economic trends LOs should be aware of; primer on servicing values: what is the cash return?
It will be interesting to see if the coronavirus pandemic convinces people to move back out of cities. (Speaking of cities, and living in captivity, thank you to Jennifer W. who sent along this collection of fun/clever videos: “The 4 Weeks of Quarantine” – there are sure some creative people out there.) The U.S. Census […]
Friday, May 8 May 8: Ops, LO, AE jobs; marketing, broker products; capital markets barely budge after headline unemployment number
Huh? Your company has 20,000 square feet of office space along 635 in Dallas, or 15 in Salt Lake City, or 405 in Orange County, that’s been empty for two months? And you’re paying how much for it every month? And your workforce is more productive than ever, closing a record amount in April? I […]
Thursday, May 7 May 7: LO, AE, Ops jobs; CRM, API, broker, marketing products; disaster updates; investor changes continue
Plenty of people are clamoring to be released from captivity, and changes in staying sequestered or opening up has become political. The lending climate certainly continues to change. Reverse mortgage origination has plummeted, for example. “You never want a serious crisis to go to waste,” said Rahm Emanuel after 2008, and officials aren’t. It was […]
Wednesday, May 6 May 6: LO jobs; QC, warehouse, pricing products; Agency & investor changes don’t stop; fortunately rates quiet
May 6th, of course, is the anniversary of the first tequila hangover. Alcohol consumption has increased as people continue to adapt to the working from home “Groundhog Day.” Yes, adapting. How about this doctor who adapted by handing out clear masks for free to help her hearing-impaired patients? There is training for adapting to remote […]
Tuesday, May 5 Cinco de Mayo: AE, LO jobs; digital, marketing products; tech & training webinars; relentless Agency & investor changes
As California prepares to open some retail stores, the racoon has been named the official mascot of 2020: washes hands insanely, always wears a mask, and when you rearrange the letters of its name… Leave it to Cinco de Mayo to fall on Taco Tuesday, which is now messed up due to a virus with […]
Monday, May 4 May 4: Ops, reverse, LO jobs; CRM, audit, doc, subservicer products; tech survey; upcoming events & training
May the 4th be with you as the use of the word “unprecedented” continues to be… unprecedented. While in captivity it is important to get out outside once in a while and see the countryside. Of course hairdressers around the nation are saying that, thanks to COVID-19, everyone now knows everyone’s true hair color on […]
Saturday, May 2 May 2: What are warehouse banks seeing? A primer on servicing & MSRs (yes, they can wallop borrower’s pricing)
Mark W. writes, “Patrick Henry exclaimed, ‘Give me liberty or give me death.’ Are you going to the beach this weekend?” American Airlines announced that face masks will be required beginning May 11. Drinking isn’t restricted, and anyone can have some “furlough merlot,” wine consumed in an attempt to relieve the frustration of not working […]
Friday, May 1 May 1: LO, Ops jobs; correspondent programs; large & small investors continue program shifts (with an “f”)
May Day! A third of the way through with 2020 already? Seven weeks ago it was, “Use us! We have the best rates and products!” Now it’s, “During these challenging times, use us! We have the best rates and products! Stay healthy!” Lenders seem to be healthy as April is another month for lender’s record […]
Thursday, April 30 Apr. 30: LO, AE jobs, business opportunities; broker, digital products; G-Rate’s penalty; sweeping investor changes
As analysts pour through Freddie Mac’s earnings announcement this morning, when in captivity it is important to settle in quickly and efficiently. It is also important not to fall for any phone scams! Here’s your tip du jour: “When in Doubt: Hang Up, Look Up, & Call Back.” Focusing on the general population, industry pundits […]
Wednesday, April 29 Apr. 29: AE, Ops, LO jobs; digital, customer service products; FHA COVID news; 1st quarter GDP: ouch
While in captivity it is important to observe the impact of your words during meal times. (Warning: Rated R for language.) Measuring the financial impact of the government-instituted changes is now a focus. Credit-card payments are one of the first places where the effects will show up, and are often the first loans people stop […]
Tuesday, April 28 Apr. 28: Sales jobs; underwriting, rural products; WFH, anti-fraud, digital webinars; guideline shifts continue
Folks will sometimes ask me, “It’s a mystery: What kind of preparation do you do before writing your daily commentary?” Although no one has ever filmed me, this is a close approximation. Another mystery is how much vodka goes into scrambled eggs. What isn’t a mystery is that some companies, especially in the non-QM or […]
Monday, April 27 Apr. 27: Servicing, Ops, LO jobs; CRM, broker products; training & webinars from your couch; top lender numbers
My Saturday was going pretty well until I realized it was Sunday. Remember when Zillow was going to take over the mortgage business? Or Amazon was going to undercut everyone’s comp structure? Or TRID was going to spell the end of every lender? Mike D. sent, “I miss the good ‘ol days when we were […]
Saturday, April 25 Apr. 25: LIBOR to SOFR transition update; Deep dive on U.S. debt; What do bored stunt performers do?
Big day today! Laundry day! Growing up, especially in college, and being a guy, one learns that socks and underwear are washed after wearing once, maybe twice if you’re not doing much, t-shirts after 2-3 times, regular shirts after 3-4 wearings. Gym shorts or pants? They never get dirty, and can go weeks. All of […]
Friday, April 24 Apr. 24: Servicing, AE, Ops jobs; broker, construction, doc products; cash-out product hit; Federal Reserve deep dive
While in captivity, it is important that your home have the right ambiance, and emanate a welcoming feeling. Real estate agents are good at helping sellers establish the right ambiance, and while giving blood yesterday I coincidentally sat near an agent and we chatted. In her opinion, yes, listings are way down, but prices are […]
Thursday, April 23 Apr. 23: LO jobs; QC, sales, marketing, cap. mkts. products; Agencies & forbearance loan purchases
While in captivity it is important to know economics, and the price of things like cigarettes in prison. (Warning: Rated a serious “R.” Perhaps “X.” Click at your own risk; no complaints.) Other than things like a mother’s love, most things have prices, and Fannie and Freddie set theirs for buying loans in forbearance in […]
Wednesday, April 22 Apr. 22: Ops, LO jobs; digital products; GSE & large investor adjustments; bond market quiet: a good thing
While in captivity it is important to amuse oneself. And here’s a tender song – the video is only 30 seconds. By the way, the residential industry is not the only one that is seeing forbearance requests. In the commercial sector, in 30 days over 5,000 borrowers reached out to master servicers, requesting $100.7 billion, […]
Tuesday, April 21 Apr. 21: AE jobs; LOS, comp., correspondent products; approaching webinars; Federal Reserve’s recent actions
Another stimulus package is in the headlines but no one is talking about inflation being a concern with near-term oil futures prices actually below zero. Oil producers are in a tight spot. And when in a tight spot it is important to panic. Uh, I mean, not panic. It is nice to talk about exit […]
Monday, April 20 4/20: LO, AE jobs; automation, non-QM products; forbearance primer: loans must be repaid
As oil prices plummet this morning, while in captivity, uninterrupted sleep is a good thing. I know for a fact that the staff of the Mortgage Bankers Association, including President Bob Broeksmit, is not getting much of it. It is important to be united in the industry’s discussions with politicians and regulators. The MBA has […]
Saturday, April 18 Apr. 18: Shifts in thinking & current trends: why pay rent? Advice for every LO; economic stimulus riddle
Things are sure changing fast, and I am not talking about forbearance or underwriting guidelines. Financial service companies of all types are re-evaluating paying rent on large commercial spaces, and paying for the depreciating furniture that goes into them, and thinking about scaling down into workspaces that allow employees to visit once a week rather […]
Friday, April 17 Apr. 17: AE, LO jobs; efficiency product; webinars & events; CFPB HMDA news; Agency, investor, & vendor changes continue
While in captivity, watching the time, and waiting for release, can seem like forever. We’re always waiting for something, whether it is the CFPB rolling out its proposal for new non-QM guidelines near the end of May, or Ginnie rolling out eNote and eSignature capabilities, hopefully before then. Lenders are waiting for the legal teams […]
Thursday, April 16 Apr. 16: AE jobs; appraisal, sales, processing products; training & webinars from home; vendor tidbits
Unlike 2008, when, arguably, the lenders, banks, and investment banks, via lending & underwriting policies and lax securitization procedures, were the villains and scapegoats, this time around banks and lenders can help save people. We are not the villains. And while I’m at it, health care workers and those in the food service, regardless of […]
Wednesday, April 15 Apr. 15: Appraisal jobs; construction, broker, appraisal products; partial & temporary appraisal delay for banks
While in captivity sometimes it is difficult social distancing. Working from home, and having video meetings, takes some getting used to. I was telling my cat Myrtle about a service that inserts a goat or llama into your Zoom call for $100. As I was placing her line-caught halibut cheeks into her bowl, I thought, […]
Tuesday, April 14 Apr. 14: LO jobs; broker, benchmarking, doc products; jumbo & specialty products continue to crumble; 3.74% loans in forbearance
Bill M. sent, “It’s not at all boring to stay in the house. But how come one bag of rice has 22,373 grains and the other bag 24,201?” Yes, things have changed. A pal wrote to me yesterday saying, “My sex life is like a Ferrari.” I reminded him that he doesn’t have a Ferrari. […]
Monday, April 13 Apr. 13: LO jobs; SBA PPP, processing products; Ginnie’s Issuer assistance; banks’ stress test changes; Agencies consider forbearance policies?
It was a rough weekend. The still in our basement blew up, throwing potatoes everywhere and setting us back weeks. That happened just as I was sending someone an email how bank balance sheets can hold only so much jumbo residential production, and if there isn’t a lot of non-Agency MBS demand, and if the […]
Saturday, April 11 Apr. 11: Refunds from auto insurance companies? Trends in eating & drinking & travel; One mortgage explanation
The coronavirus has turned us all into dogs. We roam the house all day looking for food. We’re told “no” if we get too close to strangers. And we get really excited about car rides. Interestingly, mortgage worker productivity not only has not suffered, but many are reporting that their staffs are actually being more […]
Friday, April 10 Apr. 10: U/W jobs; broker, eTitle, productivity, digital products; upcoming events from home (you’ve got the time, right?)
While rumors swirl of the JPMorgan warehouse line requiring a minimum credit score of 700, and any loan on the line longer than 3 weeks being hit with a 15% haircut, obviously hitting non-bank lenders, in captivity it is important to keep your temper in check. One good thing about everyone staying home is that […]
Thursday, April 9 Apr. 9: AE, Ops, LO jobs; servicing, appraisal, eClose products; Agency, USDA, investor, lender changes aren’t stopping
As the market looks at this morning’s Federal Reserve huge aid package announcement, while in captivity/quarantivity, testing yourself is important. Someone told me this week, “Hey, we’re trying to stay alive, not sober and skinny! I’m well on my way to putting on my ‘quarantine 15’ or my ‘Covid 19.’” I never realized how much […]
Wednesday, April 8 Apr. 8: Appraisal, broker, SBA PPP, correspondent products; lender eligibility for SBA PPP loans; Dir. Calabria said what?
While in captivity it is important to keep calm. “Many parents are discovering that the teacher was not the problem.” One of the kids next door phoned in a bomb threat to his own mother! Speaking of home life, when I’m in a rascally mood, after my dog eats and wanders off, I will put […]
Tuesday, April 7 Apr. 7: Training, warehouse, broker products; webinars everywhere on everything; Mr. Cooper’s early forbearance figures
Is there good news out there? You bet! Ying Ying and Le Le mated. That aside, Day 98 of captivity. We’ve all found out that really hot water and sudsy soap break down the protective outer layer of the virus. And I found out I have the most loving wife: Last night I woke up […]
Monday, April 6 Apr. 6: Ops, broker jobs; originator, CRM, AI, recruiting products; product & processing changes continue
Twas a rough night since today it’s garbage day. I was worrying all night, “What should I wear to take it out?” Jeannette M writes, “On January 1st I thought, ‘This is my year!’ By April 1st I’m wiping my a– with a coffee filter. No clue that this was coming.” Aside from science fiction […]
Saturday, April 4 Apr. 4: Letters & updates on working from home, our industry, the economy; alcohol & trucking skyrocketing; lock policy shifts
Whoever said that one person can’t change the world never ate an undercooked bat. If you want to make the gods laugh, tell them your plans. What kind of plans did you have for your company or business as 2020 began, seemingly four years ago? It’s been a long year during the last month, even […]
Friday, April 3 Apr. 3: LO jobs; appraisal, credit, doc, broker products; major jumbo changes; delay in servicer rescue?
While in captivity it is important to focus on the friends you’ll see when you’re released. Your borrower doesn’t want the fuss and muss of typing up their own forbearance letter so they don’t have to make payments on their federally backed mortgage? Don’t worry: someone has created a form letter. The press focuses on […]
Thursday, April 2 Apr. 2: LO, call center jobs; appraisal, broker, QC products; industry shifting programs, underwriting, pricing, & execution
Yesterday I decided to put thoughts of SRP values plummeting, and EPO & EPD penalties being enforced, out of my mind and get some exercise. My cat Myrtle had a mix of curiosity and disdain while watching me do my the 90-second yoga class on YouTube, which is about all my body can handle. “Come […]
Wednesday, April 1 Apr. 1: AE, LO, Ops, FHA jobs; cap. mkts., broker, marketing, training products; servicing trends; processing & u/w changes continue
“I hadn’t planned on giving up quite this much for lent.” So true. It is a different world than only a month ago. Of course rates are going to stay at these levels for a long time. But rate sheet prices are disconnected from MBS prices, which are disconnected from Treasury prices. Those of you […]
Tuesday, March 31 Mar. 31: Business opportunity; marketing, cybersecurity, eClosing products; shifts in LTVs, credit, pricing, appraisal policies rampant
Remember when all we had to worry about was Amazon taking over mortgage banking? The sun hits different here in March – see joke at bottom. (Thirty days hath September, April, June, and November. All the rest have thirty-one except March which has 8,000.) Unintended consequences: It’s a fascinating case study, among millions of others, […]
Monday, March 30 Mar. 30: AE, reno, LO jobs; sales, broker products; California MBA weighs in; deep capital markets dive: Ginnie acts
After a long time in captivity with the same people, one may become, uh, less than enamored with their pals. “12th day of self-isolation and it’s like Vegas in my house. We’re losing money by the minute, cocktails are acceptable at any hour, and nobody knows that time it is.” How’d you like to have […]
Saturday, March 28 Mar. 28: Letters on staying safe & sane while working from home, appraisals, and being bullish on IMBs
What a long year this week has been from talk of Federal prisoners being released to home confinement to sports fans morning the loss of the Globetrotter’s Curly Neal at age 77. “Work from home” edicts in India and the Philippines have raised cybersecurity concerns with lenders who have off-shored vital lending functions. Servicers are […]
Friday, March 27 Mar. 27: LO, Ops jobs; broker, credit products; IRS/tax transcript, jumbo, MISMO, RON changes across the biz
While in captivity it is important to have good communication. (Early anecdotal chatter indicates that the remote workforce has signs of improved productivity!) In the Northwest, Banner Bank’s mortgage group celebrated working from home with a short YouTube video of everyone’s home office (one is in the garage – bumper to bumper every day!) Thank […]
Thursday, March 26 Mar. 26: LO & Ops jobs; digital, compliance, servicing, cap. mkts. products; commercial & state bond products next to be impacted?
While in captivity it is important to keep busy. Every day people ask me where I think rates will be next week. Here you go: my forecast! After you check out that graph, it brought to mind that Kris W. sent, “For the third time this week I’m buying enough booze for the next two […]
Wednesday, March 25 Mar. 25: LO, CFO jobs; doc, broker, eClosing products; locking, documentation, product changes roll on; PennyMac yanks bulk AOT
While in captivity it is important to have a hobby. “Dad, why is my sister named Paris?” “Well, uh, that’s because we were in Paris when she was conceived.” “Okay, that makes sense. Thanks!” “No problem, Quarantine.” Prince Charles, Jackson Browne test positive? Yup. People are adapting. Local strip club shuts down? Time for the […]
Tuesday, March 24 Mar. 24: Sales job; sales, digital, processing products; FAM, QLMS, Mr. Cooper changes; appraisal & VVOE clarity; servicing smacked
While in captivity it is important to have discipline. Independent mortgage banks exercised discipline and had a great 4th quarter, profit-wise, but that was so… “then.” (Costs were $7,500 per loan.) Looking at the present, many are beginning to ask an ugly question: “Does the worldwide economic harm, spiraling out of control, outweigh the potential […]
Monday, March 23 Mar. 23: COO, AE jobs; anti-fraud, servicing products; borrower satisfaction survey; corona-driven product shifts
While in captivity it is important to have a goal. And remember, “It’s only quarantine if it comes from the quarantine region of France; otherwise, it’s just sparkling isolation.” YouTube views of yoga classes have skyrocketed. Families are arguing over the dog, the hat, the canon, the shoe, or the iron. As millions of women […]
Saturday, March 21 Mar. 21: Sample of vendor & tech updates; changes in home buying; Finastra & ransomware?
I receive many thoughtful notes throughout the week. For example, “Rob, you mentioned Tom Hanks in your Friday commentary. He survived four years on an island alone as a castaway, a whole year inside an airport without being able to leave, caught AIDS in Philadelphia, fought in WW II and saved Private Ryan, fought in […]
Friday, March 20 Mar. 20: LO, remote Ops, AE jobs; CRM, , bid tape, warehouse products; non-QM sector walloped – why?
Today, with the official start of Spring, and while the industry waits for the FHFA to answer concerns about appraisals, VVOEs, and other issues, there are other pressing questions. “Rob, does my wife quarantining on the 1st floor and me staying on the 2nd floor count as ‘social distancing’? Or ‘conscious uncoupling’?” You’ll have to […]
Thursday, March 19 Mar. 19: LO jobs; digital, notary, QC, broker products; developments in warehouse, Agency, eClosing, & cap mkts
“I’ve started investing in stocks: beef, chicken, and vegetable. One day I hope to be a bouillonaire.” There might be a few less “bouilonaires” owning PennyMac stock after yesterday. If you want to know what the market thinks of lenders/investors/servicers, public companies like PennyMac are a bellwether. And its price was down yesterday over 40 […]
Wednesday, March 18 Mar. 18: AE jobs, exec searching; broker, appraisal, eClosing products; coronavirus-driven operations changes everywhere
Thank you to Susan M. for, “Your Grandparents were called to war. You’re being called to sit on a couch. You can do this!” I was speaking with an acquaintance yesterday, and I asked him if he was doing “self-quarantine.” He replied, “Of course! ‘Shelter in place,’ ‘self-quarantine,’ why wouldn’t I? Like yesterday, after I […]
Tuesday, March 17 Mar. 17: Sales job; Construction, non-QM products; sales webinars; Info on VVOEs, e-Notes, e-recordings
“I’ve washed my hands so many times now I can see the answers to a math test I took in 1978!” We’re going through a test of the financial system. I love it when politicians, or anyone, whine about the government being involved in the financial services sector, or housing finance. You’re telling me “private […]
Monday, March 16 Mar. 16: Compliance, LO jobs; LOS, VA, non-Agency products; Early Payoff trends; deep dive on recent mortgage rate movement
Gosh, what should we talk about today? If there’s a “winner” with the coronavirus, it is dogs. They are experiencing unprecedented levels of people being home with them! Temporary state & county government shutdowns wreaking havoc on recording deeds for funded loans (can you say, “gap insurance”?)? Companies doing what they can to have employees […]
Saturday, March 14 Mar. 14: Notes on handling capacity, TRID violations, FHA & FHFA on coronavirus; state lending law changes coast to coast
The production and operations staffs of every lender across the nation are “going bonkers.” Responsible senior managers and owners are doing things they never thought they’d have to do like raising margins to limit volume, and asking personnel to “play nice” with each other. Of course it is not in a loan officer’s DNA to […]
Friday, March 13 Mar. 13: Ops, management jobs; broker, DPA, tech products; coronavirus tips: NAR’s report & employer webinar
Here’s an economic tidbit for you. The Port of Los Angeles is reporting a 22.9% decrease in cargo volumes for February compared to 2019, with expectations for continued softness in March. And plenty are intrigued with the news that a Brazilian official who met with both Donald Trump and Mike Pence has tested positive for […]
Thursday, March 12 Mar. 12: Ops, sales management, production jobs; broker, cap. mkts. products; corresp. & wholesale news
Here’s a sign of the times. “Rob, I would think many lenders are for sale; they just don’t know it yet. EPOs, servicing write-downs, renegotiations, margin calls… If early pay off penalties are assessed for any loan that pays off in less than six months, and the industry was doing about $2 trillion a year, […]
Wednesday, March 11 Mar. 11: Ops, LO (incl. SBA) jobs; marketing, broker, non-QM products; training & events, many over the phone
First, a note of clarification. Yesterday’s commentary mentioned that there was talk of “warehouse banks temporarily suspending funding refi biz.” I received several notes stating that while one warehouse bank has done this, others are totally open for business and eager to continue to support their clients, and emphasizing the need for a trusted partner. […]
Tuesday, March 10 Mar. 10: Sr. sales job; processing, marketing, tech products; disaster updates; rate volatility continues
There sure is a lot going on out there! There is talk of warehouse banks temporarily suspending funding refi biz, lenders charging lock fees, lenders & vendors restricting visits from outside personnel, avoiding RESPA violations but “pushing off” difficult loans or borrowers that are shopping rates, and lenders making their pricing more aggressive for purchases […]
Monday, March 9 Mar. 9: Tech, appraisal, cap. mkts jobs; broker, title, recruiting products; EPOs, margin calls, appraisal delays, sticky mortgage rates…
As everyone grapples with changing the clock in their car… The world’s shortest horror movie? At 14 seconds, here you go. (Thanks to Kevin K. for that one.) I was surprised by a question I received in Chicago last week. “Are you hearing of home sellers holding off on open houses not wanting to have […]
Saturday, March 7 Mar. 7: February lock data; LIBOR transition update, and primer on SOFR & LIBOR differences
The Federal Financial Institutions Examination Council (FFIEC) updated guidance identifying actions that financial institutions should take to minimize the potential adverse effects of a pandemic. Pandemic? That is normally associated with science fiction movies or the Spanish flu in 1918. Amazing to pause and think about what is happening out there. Whether it is from […]
Friday, March 6 Mar. 6: Sales, AE, LO jobs; marketing, doc products; lender & real estate vendor tidbits
Yesterday, as I was working on my commentary, I looked down. There I was, wearing my WAMU sweatshirt over my Lehman Brother t-shirt, sipping cocoa out of my Countrywide mug, with my World Savings shorts and IndyMac bike socks. And I thought to myself, “Dang this industry sure put out a lot of wearable swag!” […]
Thursday, March 5 Mar. 5: U/W, LO, accounting jobs; tax transcript product; remote staff study; primer on coronavirus & Fed cuts
“Spring Forward” really needs to be a Friday at 4PM thing. At this point most lenders would like another hour instead since most have their hands full with servicing write-downs, EPOs, managing their pipelines without losing customers, and being pleased with any efficiencies put into place in the last year. They’re focused on their employees, […]
Wednesday, March 4 Mar. 4: Corresp., LO, new wholesaler AE jobs; warehouse, research products; primer on rate movements
March 4th: the only day that’s also a command. Lenders across the nation will be seeing plenty of “commands” in their in-boxes asking them for money in the form of Early Pay Off notices seeking money. EPO penalties are fees that originating lenders must pay whenever a loan pays off based on the contract that […]
Tuesday, March 3 Mar. 3: LO jobs; processing, broker, correspondent products; lenders springing up; world central banks “ready to act”
Overhead on the phone line. “Uh, hello Morgan Stanley? Remember that $20 million MBS we sold you last month? Can we just forget that ever happened? Or renegotiate it?” Some LOs wish they could do that with locks. Lenders across the nation are swamped; slicing profit margins to the bones is the last thing on […]
Monday, March 2 March 2: Credit, controller, LO jobs; broker, HELOC products; coast to coast events & training; 1.07% 10-year!
Huh? You don’t know what a “Gig Line” is? Someone’s buttons, belt buckle and zipper should all line up in the Gig Line. (See? And you say you never learn anything from this commentary!) Something else that is lining up is the manpower of lenders, especially if a lender has the ability to do it. […]
Saturday, February 29 Feb. 29: Notes on debt/savings, FHLB membership, and U.S. demographics: who has the highest property tax?
For me the last few weeks have included travel in Louisiana, California, Arizona, North Carolina, Florida, and Nevada. (With all that time in a flying metal tube, I’ve finally advanced to doing the “medium” difficulty Sudoku puzzles!) The mood is good, 2020 is off to a fine start, and behind the scenes the industry is […]
Friday, February 28 Feb. 28: Encompass, Ops, LO jobs; broker, credit, compliance products; M&A; coronavirus continues to drive markets
We’re almost at the end of February already. Mortgage bankers are funding loans, throwing axes, working overtime, learning about skydiving, all kinds of things! In a little over a week (March 8) many states will change their clocks, “springing forward” and once again people will wonder, after “losing” an hour, why the United States keeps […]
Thursday, February 27 Feb. 27: Comptroller, Ops, LO jobs; pooling, non-QM, appraisal products; CFPB, audit, exams, & compliance news
I was telling my cat Myrtle that U.S. lenders are continuing to bask in the glow of a great 2019 and a start to 2020 (with March and April now looking very good, given rates), but that one of the big worries is about branches and referral partners being picked off, either through acquisitions or […]
Wednesday, February 26 Feb. 26: LO, AE jobs; ops, sales, language, broker tools; the GSE reform march continues; two 2020 Fed cuts?
Remember the concerns of chaos prior to the UK leaving the European Union? Despite Brexit, the average London house prices increased 2.3% in 2019, the highest since 2017. In the rest of England, home prices were up 2.2% y/y. In this country, lenders’ pipelines are swamped as a surge in coronavirus cases outside China (highly […]
Tuesday, February 25 Feb. 25: CFO, AE jobs; relationship, broker, correspondent products; credit shifts; Moody’s weighs in on non-QM
People have a choice in financing their home: debt or equity. (Debt, of course, is what supports our industry. Equity, however, has been experimented with for many years, with varying degrees of success. Here’s the latest on that. Skeptics say, “It’s all fun until the market heads south.) People don’t have a choice about eventually […]
Monday, February 24 Feb. 24: Attorney, controller, LO jobs; TPO team available; compliance & servicing events; coronavirus dominating markets
With the coronavirus driving worldwide markets and politics dominating the headlines, who doesn’t like “easy?” Easy: Krispy Kreme is launching donut delivery. Thank you to Ken S. who passed along this report, brought to us by our friends at the NAR (or is it just “NAR”?), on the easiest places to buy a house this […]
Saturday, February 22 Feb. 22: Letters on pair offs, automatic valuation; LIBOR/SOFR and Freddie news; something for animal lovers
Although Congress never actually voted on it, today is viewed as National Margarita Day. Because one fellow promoted it. It would be nice to have someone out there promote a law that Uber and Lyft cars are required to have front license plates. But I’ll save that rant for another day. On to mortgage stuff! […]
Friday, February 21 Feb. 21: LO, servicing jobs; underwriting, appraisal products; lenders & vendors’ focus on borrowers
Yesterday’s commentary mentioned that there were “rumors” of Citi re-entering the correspondent channel. I apologize for any confusion. Readers should understand that Citi has never exited the correspondent channel, and the rumors revolve around Citi beefing up its presence in that area. In addition, the comment about pair off fees was hearsay and certainly not […]
Thursday, February 20 Feb. 20: HELOC, construction, compensation, & title products; lender’s digital borrower products
Morgan Stanley buying E-Trade is causing some chatter this morning, and last night’s Democratic debate had plenty of chatter. (Some would use a stronger term than “chatter.” By the way, here’s a quick, easy quiz about which candidate agrees with your views.) Our industry is filled with “chatter,” the latest example being rumors of PHH […]
Wednesday, February 19 Feb. 19: Compliance, servicing, renovation, broker products; shifts in Freddie & Fannie; coronavirus/economy
Everyone is looking to increase production and cut expenses. MI companies, for example, are re-focusing on their highlighting their value proposition while evaluating their cost structure: what good does it do to have personnel calling on branches when many loan officers work from home and rarely go into the office? For lenders, the MBA’s calculations […]
Tuesday, February 18 Feb. 18: LO jobs; broker, sales, processing products; coast-to-coast training & events for Feb. & March
Odd times that we’re living in. Here in New Orleans (“Anything worth doing is worth overdoing!”) some of the talk is about the Boy Scouts of America declaring bankruptcy due to sex abuse lawsuits, some of the talk is about the coronavirus (“How Epidemics Impact Lending”), but the primary conversation topic is about how most […]
Monday, February 17 President’s Day: Vendor mania
Did you hear about the population in Ireland? It’s Dublin! In the United States over a quarter of the nation’s population lived in just three states in 2019: California, Texas and Florida. And half of the nation’s population is concentrated in the 10 largest states: California, Texas, Florida, New York, Pennsylvania, Illinois, Ohio, Georgia, North […]
Saturday, February 15 Feb. 15: Letters on warehouse lending, non-bank lenders; Fannie’s results & capital markets activities
It is important to keep things in perspective. A loan officer will grouse about a price of a non-QM loan being .250 worse than a competitor’s. But Australia’s bush fires burned an estimated 72,000 square miles, the size of South Dakota, killing at least 34 people and an estimated one billion animals. (The photos of […]
Friday, February 14 Feb. 14: AE & LO jobs; servicing, 203(k) products; conventional conforming underwriting shifts
Does anyone out there care that credit-card debt rose to a record $930 billion in Q4 2019? (Total mortgage debt hit $9.56 trillion.) How about that the origination cost of over $8,000 per loan hits low balance loan borrowers more than high balance borrowers? Do you break out your “tech spend” per loan? Has it […]
Thursday, February 13 Feb. 13: Sales, LO jobs; subservicing, broker, originator products; vendor alliances increasing
Do we really have nine more months until the actual election? While you’re answering questions, does someone in your office speak Spanish? Tagalog? Mandarin? Canine? The minority homeownership rate rose to 48.6% year over year in the fourth quarter of 2019, up slightly from the fourth quarter of 2018, according to new data from the […]
Wednesday, February 12 Feb. 12: AE, vendor mgt., LO jobs; sales, marketing, broker products; team sponsor wanted; American borrowing stat
Clients want LOs to be subject matter experts on products and current events. But what do lenders know about their LOs, their originator turnover rate, or what the age bracket is of the highest producing originators? More originators change jobs in the fourth quarter than any other quarter, about 36 percent. Of that 36 percent, […]
Tuesday, February 11 Feb. 11: MLO jobs; non-QM, marketing, digital products; shifts in non-conforming and ATR, QM Patch thinking
In 1988, there was only one city in America where the average home price was over six times the annual median income. Today there are more than twenty. Experts think that hat number will only increase as home values continue upward in the nation’s largest 100 cities. Thirty years ago, you could buy a home […]
Monday, February 10 Feb. 10: Marketing, LO jobs; recruiting, VA, compliance products; credit study & underwriting shifts
The U.S. is divided up into regions. Have you ever noticed that we say, “Out West” or “Back East” – a holdover from centuries ago. It’s never, “Back West” or “Out East.” Historically, new housing nationwide led to more local shopping, and thus higher local sales tax revenues. But due to online shopping, that relationship […]
Saturday, February 8 Feb. 8: Letters on cybersecurity, increasing LO productivity; Fannie & Freddie weigh in on LIBOR move
The rumor that tomorrow is National Pizza Day is true. In our business there are always plenty of rumors to go around. The latest involves, giving rate engines and automation, one large private MI company buying another, like Radian purchasing Genworth. (I’m not saying those are the two, and picked two names at random.) Remember […]
Friday, February 7 Feb. 7: AMC, underwriting, attorney jobs; marketing, VA products; FHA, VA, USDA lending changes
I can’t predict the future, don’t even know what I’m doing for lunch today, but in October this commentary suggested that with the MOU inked in October between HUD and the Department of Justice centered on alleviating some of the uncertainty regarding the False Claims Act penalties, the big banks would take a good look […]
Thursday, February 6 Feb. 6: Ops, LO jobs; non-QM, CRM products; from processing to MI shopping: vendor news
For years there has been name confusion between Fannie Mae and Fannie May. Name overlap isn’t limited to those two; MERS, familiar to mortgage bankers everywhere, is not the same as MERS (Middle East Respiratory Syndrome). And trying to find great employees isn’t limited to mortgage banking. Lawyer recruiting has come a long way from […]
Wednesday, February 5 Feb. 5: MLO jobs; training, digital, subservicing products; events & training coast to coast
Let’s take any brokerage or small mortgage banker, 10 loan officers doing an average of 3 loans per month for 30 loans/month. The company has the operations staff to handle the current amount, probably more. Does it make more financial sense to go out and hire a recruiter and/or pay a signing bonus for another […]
Tuesday, February 4 Feb. 4: MLO jobs; real estate, non-QM, vendor products; conventional conforming product shifts
Fitness instructor: “Have you ever done a marathon?” Me: “You mean like on Netflix?” Both take stamina (of some sort), as does merely looking at the U.S. Debt Clock website that Kim G. reminded me continues to click along. Originators and branch managers will tell you that recruiting MLOs and retaining customers are both marathons, […]
Monday, February 3 Feb. 3: SVP, AE, LO jobs; subservicer white paper; originator census; FHFA, Freddie, Fannie on the move
“I boarded a Southwest flight over the weekend, sat down, sneezed, and muttered something in Mandarin. I had the whole row to myself for entire flight. It was great!” Sometimes things aren’t what they seem. When you “borrow” a trillion dollars a year, regardless of administration, it gives every American over $3,000 extra per year […]
Saturday, February 1 Feb. 1: From lender behavior to underwriting to processing to securities to weed, regulators touch it
“I don’t know if the news made it to you today, but they found another disease piggybacking on the reported disease. It seems that Corona-virus goes better with Lyme disease.” “Ahead of the Super Bowl, it is rumored that Corona offered $15 million to change the coronavirus name to budlightvirus.” There’s a lot of wit […]
Friday, January 31 Jan. 31: MLO jobs; marketing, broker, pricing products; rates, the Fed & the coronavirus
Interesting times. Our CFPB has a new Chief Experience Officer. United Wholesale has an ad in the Super Bowl, recommending brokers to consumers. Experian also has an ad, and Quicken Loans is a sponsor. Early estimates have $2.4 trillion in home loans funding last year, the most since 2006, pre-CFPB, pre-ATR. In other statistical news, […]
Thursday, January 30 Jan. 30: MLO, management jobs; audit, AMC, underwriting, DPA tools; primer on prepayments and EPOs
What if you bought into an investment thinking you were going to earn a decent return for 30 years and instead it paid off in four months? Not only that, but you paid 103 for it, only received 100 in four months, and now had to invest the money and earn a lower return? You […]
Wednesday, January 29 Jan. 29: LO jobs, business opportunity; LOS, broker products; capital mkts.: the Fed, coronavirus, and trade
My cat Myrtle never paid much attention to Brexit, up until recently a hopeless parliamentary quagmire. (“Brexistential fear”: An irrational fear that Brexit will lead to the end of the world as we know it.) Brexit no longer moves bond markets, nor Myrtle, and it now looks as if Britain will withdraw quite uneventfully from […]
Tuesday, January 28 Jan. 28: LO jobs; CRM, subservicer, cost-cutting products; customer satisfaction awards
Loan officers and lenders know that the population in the United States continues to shift, and this creates some continued great opportunities to increase business. Put another way, it doesn’t matter what rates are when a half a million people are moving into your state every year and many need financing. The Texas Board of […]
Monday, January 27 Jan. 27: AE, LO jobs; DPA, underwriting products; credit trends; coronavirus & world events moving rates
Remember when there actually was an “average,” and you weren’t afraid to say that someone was average? Now everyone is “above average.” (Did my sarcasm font come across?) I remember when they weren’t, and also remember when underwriters learned “the five Cs of credit”: capacity, capital, conditions, character, and collateral. In the “capacity” category the […]
Saturday, January 25 Jan. 25: Snapshot of state lending laws changing & evolving; Cordray & California: 50 mini CFPBs?
It is important for people in our biz to remember the ultimate goal: to help finance home ownership by guiding the client through the process. Many lenders have slogans to that affect. Fairway Independent Mortgage’s, for example, is, “We make the home loan process as simple as possible by guiding you through every step.” With […]
Friday, January 24 Jan. 24: Ops, client engagement, sales, LO, AE jobs; sales, API products; LO resignation letter
Yes, the change in FICO scores garnered some attention, but much of the focus is on Wells Fargo which just can’t stay out of the spotlight… for all the wrong reasons. Ten days ago we learned that the Bank had $2.9 billion of income in the fourth quarter in 2019 (and $60 billion of residential […]
Thursday, January 23 Jan. 23: MLO jobs; call mgt., non-QM, trading products; comp survey; moderate U.S. economic expansion continues
Did you know that you can vote by smart phone (smartphone? Smartphone?) in Seattle? Did you know that less than 20 percent of the world’s population has ever taken a single flight? (U.S. citizens? About 50%.) Did you know that many economists have forecast that this year will bring neither a recession nor outstanding growth? […]
Wednesday, January 22 Jan. 22: MLO jobs; sales, warehouse, broker products; M&A with lenders & vendors; coronavirus & bonds
What does $4.6 billion dollars buy you these days? A couple casinos: a Blackstone-sponsored JV is paying that for MGM Grand and Mandalay Bay in Las Vegas. For that you’ll receive the income from 9,743 rooms, approximately three million square feet of meeting space, and approximately 300,000 square feet of casino space across 226 acres […]
Tuesday, January 21 Jan. 21: Sales jobs; 2nd mortgage, non-QM, comp, digital tools; population shifts worth LOs noting
Everyone is aging, right? “I finally did it! I bought a new pair of shoes with memory foam insoles. No more forgetting why I walked into the kitchen!” People change, populations change, and loan officers must adapt. economists have revised 2020 growth prospects higher and revised down recession probabilities, many economic indicators are positive: consumer […]
Monday, January 20 Jan. 20: What MLOs made in 2019; primer on mortgage rates & pricing: why is my rate sheet pricing different?
The job interview. Job Interviewer: “Where do you see yourself in 5 years?” Me: “I would say my biggest weakness is listening.” People in our biz continue to interview, and plenty of loan officers, branches, and companies are making moves out there as a remarkable 2019 wrapped up and 2020 dawned. Are you keeping LOs […]
Saturday, January 18 Jan. 18: Letters on W-2 and the S.A.F.E. Act; current cybersecurity tips – my car’s collecting what data on me?
This week the commentary discussed the compensation of mortgage loan originators via W-2 due (versus 1099) to various rules and regulations. The piece prompted Brad Hargrave with Hargrave Rosenthal to send, “I wanted to offer a few additional comments to round out Melissa’s insightful analysis of the W-2/1099 debate currently raging in the State of […]
Friday, January 17 Jan. 17: AE, DTC jobs; 2nd, renovation products; after DFSNY letter, CEOs can’t ignore LIBOR transition
I’ve gotta hand it to those writers who put out listings for real estate agents. Maybe if I had a bunch of money I could live in a “secluded retreat” or an “enchanted villa.” I have never lived in a place described as a “retreat,” having stunning or remarkable views or panoramic vistas in a […]
Thursday, January 16 Jan. 16: MLO, AE, HUD jobs; borrower satisfaction report; misc. vendor updates
For folks who like numbers and trends, according to the U.S. Census Bureau’s national and state population estimates released in December, 42 states and the District of Columbia had fewer births in 2019 than 2018. Natural increase, or when the number of births is greater than the number of deaths, dropped below 1 million in […]
Wednesday, January 15 Jan. 15: AE, LO, sales jobs; retention, fraud prevention tools; events coast to coast and on your phone
We find ourselves at Wednesday already. How about some numbers for Hump Day? Years ago Arnold Schwarzenegger famously said, “Having more money doesn’t make you happier. I have $50 million dollars, but I’m just as happy as when I had $48 million.” JPMorgan Chase’s profit surged 21% in the fourth quarter, reaching $8.52 billion, while […]
Tuesday, January 14 Jan. 14: Marketing, referral, pricing, sales tools; FHA, VA, Ginnie changes around the biz
There are some clever people out there creating abbreviations and acronyms. Megxit? Yes: Prince Harry and Meghan Markle exiting from certain royal duties. Remember when talking about the economic woes of PIGS (Portugal, Italy, Greece, and Spain) was all the rage? Here’s a new acronym to tuck away that has nothing to do with mortgages: […]
Monday, January 13 Jan. 13: AE jobs; compliance, LO, BI tools; deep dive into W-2 vs. 1099 and the SAFE Act
Lenders, and all financial sector firms, continue to ruminate on the privacy law in California that now gives people the right to access and delete personal data companies have collected. LOs are ready and willing to delete all client information from their database, right? The law applies to any firm that has clients in the […]
Saturday, January 11 Jan. 11: The importance of training in culture & retention; how a merger or acquisition works
What seems to be on the minds of readers around the nation? M&A and retaining/training personnel are among the topics. Who’s saying what? In a previous commentary, STRATMOR’s Jeff Babcock discussed the strategic benefits of two Independents merging into a single entity. Below is the second installment that describes the challenges of making such a […]
Friday, January 10 Jan. 10: MLO jobs; LOS, pricing, VA products; Agency direction & future back in the news
Markets have taken the view that brief military conflicts have little long-term impact on economic trends. Gold, oil and the Japanese yen jumped after Iranian missiles hit US bases in Iraq, but capital left “safe haven” assets (like bonds) and returned to equities when it appeared the conflict would not escalate. It didn’t take long […]
Thursday, January 9 Jan. 9: Marketing, Ops, sales jobs; broker, marketing, secondary mkt. products; misc. vendor news
Nobody, that I recall, predicted that 2019 would be a banner year for mortgage originators. And how about that stock market! My 401k’s balance certainly improved in 2019, yet a new report from the National Bureau of Economic Research says the cost of the trade war has been paid almost entirely by American businesses and […]
Wednesday, January 8 Jan. 8: Call center jobs; people moving; pricing, broker, sales products; missiles/oil/tariffs/Brexit and mortgage rates
Hey, I want to buy my own house without the “nuisances” of a large down payment, difficult credit standards, massive debt, or long-term commitments. Out of California comes Fleq, which tells me that I can do exactly that. All I have to do is lease the property and buy/share my equity through an “Alliance.” Shared […]
Tuesday, January 7 Jan. 7: MLO jobs; marketing, pricing, strategy tools; upcoming events & training run the gamut
Money attracts criminal activity. I know that isn’t late-breaking news, but here’s a scam I hadn’t heard of involving, once again, real estate and appraisers. The good news is that when a landowner permanently protects pristine land from development, they’re eligible for a charitable deduction for the “conservation easement.” The bad news is that someone […]
Monday, January 6 Jan. 6: AE, LO jobs; profitability, non-QM, subservicer review products; wholesale & correspondent changes
“Rob, I know that it costs less to retain an existing employee than to train a new one. Last year companies were reportedly paying big signing bonuses, but are you hearing about outlandish retention bonuses for production staff?” Yes, I am hearing about those. And anyone offered anything unusual will often ask management, “Why aren’t […]
Saturday, January 4 Jan. 4: Changes in capital markets, Agency risk transfer helping borrowers, Credit Linked Note primer
The general environment? I received this tough note from a capital markets veteran. “Mortgages have been moving toward becoming a commodity business for years. Look at TBA securities and TradeWeb. Highly compensated MBS salespeople are exiting the business; they aren’t making a tick on every bond. As more technology enters the market, the trend should […]
Friday, January 3 Jan. 3: MLO jobs; pricing, broker products; M&A across the biz; credit & underwriting changes; Middle East driving rates
In state news, happy belated CCPA Day! The California Consumer Privacy Act officially went into effect 1/1, and it’s a big deal. Full compliance expected by July 1. Here’s what attorneys and “technologists” think about the potential impact of the new law this year and beyond. In other state news, house prices in 20 major […]
Thursday, January 2 Jan. 2: Marketing, LO jobs; upcoming coast-to-coast training & events; who is buying MBS?
Florida, also known as “God’s waiting room,” is the nation’s third most populous state, behind California and Texas, with a population of 21.3 million. (California has about 40 million, New York, a popular trivia contest guess, has 19.5 million.) In the last nine years Florida grew 13 percent, third fastest of all states and behind […]

2019 (300)

2018 (305)

2017 (298)