Have you ever heard the term “scuddle”? It’s an English term from the 1500’s meaning “to wash dishes,” something many of us did plenty of over Christmas. I bring this up because on this date in 1886 Josephine Garis Cochrane patented the world’s first dishwasher! Where would we be without women in schools or the workplace or being educated… Or thinking? (Let’s ask the Taliban in Afghanistan: hopefully you’re following this nightmare.) The United States is nowhere near that, but we have a gender pay gap that has remained relatively stable over the past 15 years or so. In 2020, women earned 84 percent of what men earned, according to a Pew Research Center analysis of median hourly earnings of both full- and part-time workers. Common explanations of this disparity, present across most industries and professions, include the perception that women are less likely than men to negotiate raises and promotions, women’s disproportionate childcare responsibilities, and stereotypes about women’s and men’s respective talents. A new paper highlights an underexplored way in which stereotyping can impact the livelihoods of women, particularly those working in high-skilled, client-based professions, long after they’ve committed to their industry of choice. The researchers reveal that gender stereotyping can weaken clients’ perceived trust in female professionals’ core offering: their expertise. (Today’s podcast is coming from Candor Technology. Home of the One Touch Underwrite, supporting lenders from Point of Sale to Post Close QC, to reduce repurchase risk, increase underwriter productivity by 400 percent, and decrease turn-times by 10 days.

Lender and Broker Software, Services, and Products

Dale Vermillion said “2022 was a year of conversion and 2023 is going to be more of the same.” If your team isn’t trained to convert in 23’ you might as well expect the same terrible outcome as this year. Give your team the best conversion and ROI platform in the industry- the combination of Sales Boomerang and Mortgage Coach. Why do you think 74 lenders signed up with both of these leading tech stack partners in 2022? What do these lenders know that you don’t? 74 lenders put their trust into Sales Boomerang and Mortgage Coach to get them through this storm and beyond. These 74 lenders join hundreds of other lenders who are way more confident going into 2023 than those without these tools. Calculate your additional conversions!

“As 2022 comes to a close, Citi’s Correspondent Lending team would like to take this opportunity to extend our sincere gratitude to our current clients for their partnership and business throughout this year. The mortgage industry is continually changing and 2022 has been no exception. Even during these turbulent times Citi Correspondent Lending continues to grow, offering strength and stability with a focus on loan manufacturing quality and the resources to help you continue to grow your business. To put it quite simply, your success is our success. We extend our best wishes to all for a happy, healthy and prosperous 2023 and look forward to serving our existing customers as well as forming new Correspondent relationships in the new year.”

NEW EBOOK: Launching Home Loans: How to Build a Profitable & Scalable Mortgage Operation. As pent-up mortgage market demand grows, the question becomes: Who will cater to the needs of up-and-coming borrowers? Now is an ideal time to capture market share in anticipation of the next inevitable upswing. By setting the infrastructure for mortgage operations now, entrants can successfully grab a piece of the pie as strong demand drives industry growth in coming years. If you’re considering taking a first step into mortgages, or introducing new loan options, your research has likely unearthed the substantial opportunities, as well as challenges, inherent to launching home loans. In this eBook, mortgage solutions provider Maxwell dives into the benefits mortgage operations offer and outlines the logistics, costs, and requirements you’ll want to consider. Click here to download Launching Home Loans: How to Build a Profitable & Scalable Mortgage Operation.

Do you know your 1004 from your 1073, 1025, or even your 2075 or 2090? Even seasoned mortgage lenders may need a reminder course on Appraisal Forms from time to time. There are major forms, add-on forms, and multi-purpose forms. Here’s a quick reference guide: Know Your Forms. Brought to you by Triserv, a 50-state AMC that has client-specific, dedicated teams on both coasts offering high-touch, personalized service. To find out more, contact Triserv Appraisal Management Solutions.

Hey you. Yes you! How would you like to pull in more loans by doing nothing? “Nothing?” We hear you ask. Yes, nothing. Automated marketing is the key. Velma Connector automates your LOs marketing process by automatically sending out targeted and branded emails, post cards, and text messages tailored to where your prospects are in the home buying process. It does all this with a little help from your LOS. That’s a match made in marketing heaven. With Connector your LOs can be marketing from the office, at home, the golf course, even at Christmas dinner. And hey since it’s the holiday season, we’ve got a gift for you. Book a demo by December 30th and you’ll get your first 3 months free, plus we’ll give you a nice discount on implementation.

FHA, Ginnie, and VA News: FHA Loan Comp Switch

I’ve been getting a few questions about the recently announced change to the HUD Handbook allowing folks who are not in the approval process to get paid compensation from multiple sources on FHA loans. Previously, HUD prohibited dual compensation for all lender employees on FHA loans. While I wonder why HUD thinks engineers play a key role in the mortgage approval process, attorney Brian Levy’s most recent Mortgage Musings are more interested in conflicts of interest and how “double dipping” is bad both at cocktail parties and for mortgage compensation for realtors.

Ginnie Mae’s press release announced 2023 Single-Family Loan Limits for Mortgages in its MBS Programs, effective January 1, 2023. Additional details regarding the new loan limits can be found in Ginnie Mae APM 22-14.

Ginnie Mae Mortgage-Backed Securities Portfolio in November indicates the continuation of strong growth with $2.325 trillion in November to include $36 billion of total MBS issuance for the month of November, leading to $23 billion of net growth. View Ginnie Mae's Monthly Issuance Reports for details.

CBC Mortgage issued an update to Agency's FHA correspondent clients. CBC is streamlining its correspondent lending Chenoa Fund guide clarifying the requirements and guidelines for loan submissions for Chenoa Fund down payment assistance. Chenoa Fund Program Announcement for December 12-15-2022.

Citizens Correspondent National Bulletin 2022-24 includes information on FHA Private Flood Insurance & Florida Property Insurance Reminder. See the bulletin for additional information and all lock, delivery, and purchase by dates, if required.

LoanStream Mortgage offers 2/1 and 1/0 buydown options for Conventional & FHA.

PRMG Product Update 22-75 includes information regarding Agency Fannie Mae and Agency Freddie Mac restriction removal for delayed financing on manufactured homes, FHA Streamline GNMA title seasoning clarification, Investor Solution Standard DSCR now has 4 Tiers, new product options for Standard DSCR Products and Expanded Access.

A&D Mortgage is launching new temporary rate buydown programs to provide borrowers with more flexibility when it comes to their home financing options. The rate buydowns are available for owner-occupied Conventional, FHA, and Non-QM loans, with third-party or seller-paid options as well.

Newrez Wholesale posted an easy-to-read Table providing details for FHA, VA and USDA 2023 Loan Limits.

Capital Markets

This holiday week won’t have many headlines, though rates did rise to open the trading week as the recent selloff in Treasuries continued. House prices were flat in October, according to the FHFA House Price Index, increasing 9.8 percent on a year-over-year basis. After two consecutive months of near-zero appreciation, the index finally posted the first 12-month growth rate below 10 percent after 24 straight months of double-digit appreciation rates. Higher mortgage rates continue to put downward pressure on demand, weakening U.S. house price growth. Corroborating that narrative, the Case-Shiller Home Price Index fell 0.3 percent in October, the index’s fourth consecutive monthly decline. Though 9.2 percent appreciation on a year-over-year basis is historically in the highest quintile, signs point to prices in the housing market having peaked in June 2022.

With the Mortgage Bankers Association taking a break from its weekly mortgage application release (returning next week with two weeks’ worth), that leaves the non-market moving Redbook store sales as today’s first release, followed by the Pending Homes Sales Index for November, Richmond Fed surveys for December, Dallas Fed Texas services for December, and a Treasury auction of $43 billion 5-year notes. We begin the day with Agency MBS prices better by a solid .125 and the 10-year yielding 3.80 after closing yesterday at 3.86 percent.

Employment

The New Year might be the right time for a new opportunity. Sovereign Lending Group has been in business for over 17 years and ranked by INC. Magazine 5000 as one of the fastest growing companies 10 years in a row. SLG is consistently introducing new products like Solar and establishing partnerships with some of the biggest Credit Unions to ensure you have the competitive advantage. To learn more about SLG we invite you for a discreet conversation with Ed Vaccaro, Head of Retail (925-997-1846).

“Hey, mortgage sales professionals DO NOT join radius financial group for our amazing culture, president club trips, best workplace accolades, 100 percent 401K match or because of our shared success program which grants phantom stock to ALL employees. Join radius to grow your business, mortgage team, and wealth. Over the past 23 years, radius has become the best at what we do by caring intensely about the career growth of our team members and investing in technology that simplifies and automates our process. We are a world-class customer obsessed team focused on our loan officers’ growth and success. So, if you want real opportunities to grow, the ability to make a positive impact starting on day one and the freedom to chart the career you’ve always wanted, at radius, you can! For confidential inquires please contact Craig Williamson.”