A friend of mine who lives in her own unit in a mobile home park was telling me that her rent is about to go up by a huge amount, and said that, “That Fannie Mae and Freddie Mac are behind it.” Correct or not, Freddie Mac and Fannie Mae don’t need this kind of publicity and the public to have that impression, but sure enough, a quick news search turns up: “'Trapped': How Federally Backed Financing is Making Mobile Homes Less Affordable.” The world has always had its population broken down in different classes. The average income for middle-class Americans has risen from $74,000 in 2010 to $90,000 today. But to have the same effective income as $74,000 in 2010, you’d need to make roughly $101,000 in 2022. Going back in our nation’s history, privates who were paid in the Continental army earned about $6.70 a month. I mention this because today, in New England, is Patriot’s Day. The Boston Red Sox play a home game at Fenway Park every Patriots' Day at 11AM. Today’s is the only morning game on the Major League Baseball calendar each year. (Thank you to Kris W. for sending this along, as her Dad, Robert Edmond Smith, tracked his mom’s ancestry back to John Parker!) Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech™, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with Argyle’s Shmulik Fishman on consumer-permissioned payroll connectivity that helps lenders with employment and income verification.
Lender and Broker Services, Products, and Software
Are you heading to NYC for the MBA Secondary & Capital Markets Conference & Expo? Don’t spend the entire event cooped up at the hotel. Step outside, enjoy some fresh air, and take a short walk to Carmine’s Italian Restaurant to visit with Optimal Blue on May 22 or 23. Why will it be worth your time? There are too many reasons to list, but we’ve narrowed it down to the top three. First, you can learn how secondary marketing automation can boost your profitability in today’s market. Second, you can discuss your unique business needs surrounded by the energy and spirit of Times Square. And third, you might see a hot dog cart on your way. Simply request a meeting, and one of our secondary marketing experts will be in touch to discuss scheduling.
High tech and high touch… ICE Mortgage Technology™ says borrowers want both this spring homebuying season. According to the 2023 Borrower Insights Survey, 66 percent of homebuyers want some mixture of traditional outreach and digital tools. If you still require borrowers to call you for updated pre-qual and pre-approval letters while out looking at homes, check out QuickQual by LenderLogix. It allows borrowers to run payment and closing cost scenarios on the fly and generate letters as needed, so long as they stay within the parameters you set. Instant answers for them, full visibility and control for you. Create confident homebuyers by meeting them where they are.
Delinquencies have remained statistically low but recent market data indicates an uptick in early-stage delinquencies, and with an expected rise in unemployment, that rate may continue to rise. Computershare Loan Services (CLS) is a highly rated subservicer that can take the heavy lifting of managing high risk loans off your shoulders. But that’s not all. Their originations fulfillment, co-issue MSR acquisition, & mortgage cooperative services are all designed to keep lenders one step ahead. In this industry, you deserve a partner that has it all. Contact CLS to find out how they can help you reach your goals… in any market.
“In this market, you can’t afford to fly blind. If you don’t have access to reporting that tells you how you’re doing in real time compared to your peers, you risk not being able react quickly enough to changing market conditions. Richey May's RM Analyze gives you the insights you need to react quickly to create operational efficiencies and protect your profitability as the market changes. Developed by mortgage industry experts and boasting powerful features like cross-functional data integration, easy to use dashboards for reporting from the C-suite to branch managers and operations team leads, and real time comparison against peers, it really is an invaluable asset for any organization looking to be successful this year. And Richey May’s RM Analyze is the only place you can get this type of data in real time. Don't wait, contact us now if you're ready to maximize efficiency through valuable data insights.”
Webinars, Training, and Events
This is the last chance to sign up for The StorySeller Virtual Summit that takes place this Wednesday, April 19. Momentifi CEO Gibran Nicholas will be hosting a virtual Summit based on concepts from his newly published book, The StorySeller Adventures: How to Grow an Epic Business and Find More Meaning in Your Work. You’ll learn how to use StorySelling and the nine human archetypes to grow your epic business and find more meaning in your work. The event includes exclusive interviews with seven guest speakers and business-building sessions such as: How to Overcome Objections About Today's Housing Market, How to Uncover Hidden Opportunities in Today’s Market to Gain a Competitive Advantage, and Top 3 Habits of Top Producers and How to Implement Them. You’ll walk away with a step-by-step guide for how to use StorySelling to grow your business. Click here to reserve your spot.
“Learn how you and your originators can build a pipeline of future home buyers at the NMP Webinar Meet the Homeseeker, 2023’s Most Important Borrower. Lenders and potential homebuyers have never seen a housing market quite like this. The best way to build a plan for 2023: start by asking this year’s potential homebuyers who they are and how they will choose their lender. In the webinar, Mike Darne, VP of Marketing at CreditXpert, will cover four key areas related to Homeseekers (consumers who plan on buying in the next 12 months). These areas include gaining up-to-date information on the housing market, meeting Homeseekers and understanding why they are the most important potential borrowers, gaining valuable insight into Homeseeker demographics, and learning how they choose their mortgage lender, including what is important to them both rationally and emotionally. Join us on Thursday, Apr 20, 2023 at 2:00 pm ET / 11:00 am PT by registering here.”
Register for today’s Insellerate’s Webinar, Staying Ahead of the Game: Current Market Insights and Trends for Mortgage Lenders, at 2:00 PM EST. In today's rapidly changing market, staying ahead of the game can make all the difference. Listen to Josh Friend, CEO of Insellerate, and Rob Chrisman, Capital Markets Consultant, discuss the latest industry updates to help you navigate the current landscape. Join us to learn about the most recent market trends, innovative strategies, and insights to stay ahead of the competition. Understand the current economic conditions and how they may impact the housing market and mortgage lending. Get practical advice and tips for adapting to changes in the market and growing your business.
October Research, LLC is hosting the latest edition of the Economic Forecast Series featuring Stewart Title Guaranty Co.’s Chief Economist and Senior Vice President Dr. Ted Jones. An international real estate expert, he will be sharing his latest insights on the housing and mortgage market at 2 p.m. ET, Wednesday, April 19th. Register today to learn more about the direction of interest rates, projections for home sales, mortgage lending volume, affordable housing and more.
FHA free virtual event: FHA Servicing Quality Assurance, April 19, 2-4PM (Eastern). This training will provide FHA quality assurance results focused on servicing reviews, as well as information about top servicing findings, self-reporting, and quality control requirements for servicers. The webinar will conclude with a live question and answer session.
Being a Successful HR Department of One, Live Webinar on Thursday, April 20, 12:00 PM PDT | 03:00 PM EDT. This session is delivered by Brenda Neckvatal, an award-winning HR professional of Best Practices. She will provide tangible action steps for HR leaders and business leaders to manage the use of instant messaging technology across the enterprise, including helpful tips and tricks you can use to support productivity and employee satisfaction both in office and in the ‘at home’ work environment.
Register for TMBA's webinar 'The MSR Market: What's happening in 2023?', Thursday, April 20, 2023, 3:00 - 4:00 pm (CST). Panel discussion with Seth Sprague, Director, Consulting Services at Richey May, and Nolan Turner, CMB, Managing Director at Carrington Mortgage, will discuss the current state of the MSR market. The panelists will cover a variety of topics, including trends, fair value vs market value, MSR liquidity, delinquencies, and an overall picture of the MSR market so far in 2023.
This Friday at 3PM ET is the next edition of The Mortgage Collaborative’s Rundown with Tom Gallucci and me, co-hosted with VIP’s Mike Metz! We’ll be covering current events in the mortgage market including the 2022 HMDA data for 30 minutes starting at noon PT in “The Rundown”!
Join California MBA’s upcoming DE&I Committee webinar on April 25th, at 9:30 AM PST. Top industry experts will engage in a candid discussion about the impact of workplace wellness on DEI Initiatives. Learn more about California MBA's Diversity, Equity, and Inclusion Committee.
Whether you are considering a transition to mandatory or if you are already hedging, you will not want to miss this highly informative and directional webinar, NYMBA Hedging 101: The Benefits of Mandatory Delivery April 26, 2023 12-1pm ET. Join industry experts Steve Baslice and Mark Teteris to discover how to manage your loan pipeline, mitigate risk, and optimize profitability that is essential in today's competitive mortgage landscape.
The AIME on Tour (AOT) events are off to a terrific start. See the upcoming AOT events, and if you are attending one in your region, folks at Plaza Home Lending would love to grab a drink with you! Contact email@example.com and let us know which AOT event you will be attending, and we’ll connect you with your region’s Account Executive.
And the Mortgage Bankers Association has several events planned for 2023, too many to list here.
Capital Markets: Strong Data From NY
Economic data over the last week indicated that the current expansionary momentum of the U.S. economy is nearing its end, and with it, inflation pressure? Consumer prices increased a mere 0.1 percent in March and grocery prices fell for the first time in a little over two years. Core services continued to rise as rebound travel pushed lodging away from home and airfares higher. Given the significant weighting towards services in overall CPI, this upwards pressure will likely prevent inflation from falling more rapidly.
Meanwhile, in additional news, manufacturing and mining both fell 0.5 percent in March with durable goods experiencing the most weakness. Many of those items are large purchases such as vehicles and furniture that require financing and are more impacted by higher interest rates. Despite the softness, consumer sentiment remained strong. The University of Michigan index increased from 62.0 to 63.5 in March and consumer expectations for long term inflation remained at 2.9 percent. While the lagged effects of monetary policy are starting to make their way into the data, markets still expect the FOMC to raise interest rates one more time at their meeting in May.
Unlike last week, this week sees more second tier data, including regional Fed surveys, housing-related data, leading indicators as well as flash-April S&P Global PMIs on Friday. Several Fed presidents are scheduled to speak (how many times can we hear the same message?) while the latest Beige Book will be released Wednesday afternoon. Bank earnings also continue with more regional banks reporting in addition to Goldman Sachs, Bank of America, and Morgan Stanley. Today’s calendar is under way with Empire manufacturing for April (+35 points to 10.8, a huge jump), which will be followed by the NAHB Housing Market Index for April, and remarks from Richmond Fed President Barkin. We begin the week with Agency MBS prices down a few ticks and the 10-year yielding 3.56 after closing last week at 3.52 percent; the 2-year is up at 4.16 after the very strong manufacturing data out of NY.
Jobs and Transitions
“At Guaranteed Rate Affinity, we have the largest platform of products to cultivate custom solutions for all of your clients. We have the most advanced tools at your fingertips 24/7 to get any buyer home quickly and seamlessly so you can keep doing what you do best. In the midst of the spring market, you want the best of the best tech backing you every step of the way. Join a winning team with tech and tools that you won’t find at any other lender. We’re bringing on more top-notch talent every day, ready to get started? Contact me, Tim McGraw or call (972) 236-9632 to get started today.”
“Are you seeking a career with a stable and financially secure Non-QM Wholesale and Non-Delegated Correspondent company? Take a look at Logan Finance. With a complete suite of Non-QM products, including DSCR, Bank Statement, Mixed-Use, 1099, P&L, Non-Warrantable Condo, Foreign National Loans, and more, we specialize in helping broker and banker partners find loan solutions for borrowers who do not meet traditional lending requirements. We pride ourselves on our stability and financial security and provide our employees with the resources they need to thrive in their careers. With our comprehensive training programs, ongoing support, and competitive compensation packages, you can be confident that you are joining a company that values its employees and is committed to their success. Call Todd Lautzenheiser at 317-721-9941 or visit Logan Wholesale and Logan Correspondent today and find out why we've grown over 3,000 percent YoY.”
FHA is seeking a Housing Program Policy Specialist, job opportunity 23-HUD-1401-P. The chosen individual will initiate and advise on complex responses to Single Family housing program inquiries. (Click on the link for full details.) And the FHA is hiring one supervisory single family housing specialist in Santa Ana, CA. Responsibilities include directing and supervising a staff of remote SFH Specialists, who are responsible for on-site monitoring of the performance of Title II mortgagees and Title I lenders. Review and evaluate the work of subordinates. View full job description 23-HUD-1266-P for details.
CBC Mortgage Agency (CBCMA), a nationally chartered housing finance agency and a leading source of down payment assistance for first-time homebuyers, has hired seasoned servicing executive Alicia Wood for the newly created position of director of servicing and asset management.