inventories Archives - Page 2 of 13

Apache is functioning normally

December 29, 2023 by Brett Tams

Broker, Fulfillment, Servicing Software Products; Housing for the Aging Population

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Broker, Fulfillment, Servicing Software Products; Housing for the Aging Population

By:
Rob Chrisman

Thu, Dec 28 2023, 10:54 AM

If someone reports their company for tax evasion in the U.S., he or she will receive 30 percent of the amount collected. Have you ever loaned someone money and had them not pay you back? Here’s one thing that you can do to them (IRS’ 1099-C). While we’re on the general topic, despite strong retirement savings, Fidelity Investments’ Q3 2023 analysis reveals a surge in hardship withdrawals and 401(k) loans, addressing short-term financial challenges. By the numbers: 3 percent took hardship withdrawals (up from 1.8 percent in 2022). 8 percent tapped into 401(k) loans (compared to 2.4 percent last year). The silver lining? Retirement balances are on the rise, and savings rates remain steadfast. For those planning retirement, consider suggesting reverse mortgages as a game-changer. They offer an alternative, allowing access to funds without swiftly depleting hard-earned savings. If you haven’t set up reverse division at your shop, well, 10,000 people a day turn 62. Today’s podcast can be found here, and this week’s is sponsored by Gallus Insights. Mortgage KPIs, automated at your fingertips. Gallus allows you to go from data to actionable insights. If you can use Google, you can use Gallus. Hear an Interview with attorney Brian Levy on the NAR lawsuits and the implications for housing finance moving forward.

Broker and Lender Software, Products, and Programs

Are you a compliance nerd? A group of mortgage industry veterans has launched a software company for loan servicing that is getting a lot of attention. Keep your eyes and ears open for MESH software (Mortgage Enterprise Servicing Hub), which is their brand name for a series of software products aimed at loan servicers. The first product runs hundreds of compliance rules on loan portfolios daily, so servicers have a daily review of all loans against everything the CFPB, Agencies and States can throw at them. Look up “MESH Auditor”.

It’s time to start planning for the year ahead! Join the Computershare Loan Services (CLS) team from January 22 – 24 in The Big Easy for MBA’s Independent Mortgage Bankers Conference. With CLS’ originations fulfillment, co-issue MSR acquisition, subservicing, and mortgage cooperative, IMBs can streamline their operations, minimize expenses, and maximize profits. Contact the CLS team today to schedule a meeting in New Orleans.

Ring in the new year with a kinder outlook by joining us for the highly anticipated “Kind Mindset” event presented by Kind Lending. Taking place on January 16th, 2024, at The Buckhead Club in Atlanta, GA, this immersive event is designed to empower attendees with valuable insights on growth, success, and mindset. With an impressive lineup of speakers, including Kind Lending’s CEO/Founder, Glenn Stearns, and special guest Captain Charlie Plumb, 6-year Prisoner of War and former Fighter Pilot, this event promises to be a transformative and inspirational experience. Get ready to cultivate a “Kind Mindset” and embark on a journey of transformation and success. Register today.

Aging, Down Payments, and Housing Demographics

Do you think getting old is hard? The U.S. Census Bureau released a report showing that about 4 million U.S. households with an adult age 65 or older had difficulty living in or using some features of their home. About 50 million, or 40 percent, of U.S. homes had what were considered to be the most basic, aging-ready features: a step-free entryway into the home and a bedroom and full bathroom on the first floor. About 4 million or 11 percent of older households reported difficulty living in or using their home. The share increased to nearly 25 percent among households with a resident age 85 or older. Over half (about 57 percent) of older households reported their home met their accessibility needs very well, but only 6 percent of older households had plans to renovate their home in the near future to improve accessibility.

In general, Zillow expects home prices to remain roughly flat in 2024, with only a 0.2% increase in its housing market index. Existing home sales are expected to fall further to 3.74 million. Zillow does mention that this forecast does not take into account the latest forecast from the Fed, and the expectation for big rate cuts in 2024.

Falling mortgage rates have put some spring in the step of the homebuilders, according to the latest NAHB / Wells Fargo Housing Market Index. As one would expect, with mortgage rates down roughly 50 basis points over the past month or two, builders are reporting an uptick in traffic as some prospective buyers who previously felt priced out of the market are taking a second look. With the nation facing a considerable housing shortage, boosting new home production is the best way to ease the affordability crisis, expand housing inventory and lower inflation. But builders have lagged production for so many years…

Non-builder loan officers find the builder world a tough nut to crack. Many, if not most, big builders are dealing with the mortgage rate issue by subsidizing buy-downs. Builders generally build free upgrades into their models, and these funds are being used to buy down the rate. The builder gets full price for the house, loses a few points on the mortgage, which might have instead gone to upgraded countertops or something else.

Even if one can get approved for a loan, buying can still be prohibitively expensive. Receiving help from family and friends for that crucial down payment can be a major turning point for many consumers. In fact, nearly 2 in 5 homeowners (39 percent) have received down payment assistance, according to LendingTree’s Mortgage Down Payment Help Survey, of nearly 2,000 U.S. consumers. 78 percent of Gen Z homeowners reported some financial support for a down payment, mostly from their parents. 54 percent of millennials have received down payment help, followed by 33 percent of Gen Xers.

Almost a third (31 percent) of Americans think putting down 20 percent for a down payment is obligatory. However, 59 percent of current homeowners say their down payments were less than 20 percent of the home’s purchase price, and just 29 percent put down 20 percent or more. One in 10 Americans never took out a mortgage, while 15 percent had a mortgage but have since paid it off. Baby boomers are the most likely to have paid off their mortgages, at 29 percent.

As anyone shopping for a home can tell you, it’s slim pickings out there. For many years we have been seeing the biggest squeeze in the starter home category. It appears that for years part of the problem is a lack of confidence to move up to the next category. People in starter homes are staying put, which is keeping homes off the market.

Capital Markets

It was another slow news day yesterday without any meaningful economic data or news to move sentiment. However, investors are laden with optimism as a soft-landing for the economy comes into view and seem to be throwing caution to the wind with over 150 basis points of Fed Funds easing fully priced in for next year. In accordance with that, benchmark bonds rallied to fresh highs yesterday after the U.S. Treasury sold $58 billion in 5-year notes to excellent demand. The strong auction exposed some short positioning, and it invited additional late buying. That followed Tuesday’s $57 billion 2-year Treasury auction that attracted a record number of indirect buyers to snap up high yields before the Fed’s anticipated rate cuts, which are fully priced in to begin at the March meeting in just over 80 days. Yields on benchmark treasuries have dropped to levels not seen since the summer.

Today has a fuller calendar than the past two sessions in regard to economic news. We are under way with initial jobless claims (+12k to 218k, a little higher than expected), continuing claims, advanced economic indicators for November (goods trade balance, retail inventories, and wholesale inventories), none of which moved rates. Later today brings the NAR’s Pending Home Sales Index for November, Freddie Mac’s Primary Mortgage Market Survey, and another large amount of supply from the Treasury, headlined by $40 billion 7-year notes. We begin the day with Agency MBS prices worse a few ticks (32nds), the 10-year yielding 3.81 after closing yesterday at 3.79 percent, and the 2-year is down to 4.25.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

December 28, 2023 by Brett Tams

CAAS, TPO, Tech, LOS Products; Fitch on First American’s Hack; Freddie and Fannie Forecasts

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CAAS, TPO, Tech, LOS Products; Fitch on First American’s Hack; Freddie and Fannie Forecasts

By:
Rob Chrisman

Wed, Dec 27 2023, 10:54 AM

Susan Toste writes to Ira Selwin who sends me (see how these things work?), “Can you believe it is 364 days until Christmas and people already have their lights up?” Goldman Sachs asks interviewees, “How many square feet of pizza are eaten in the U.S. each year?” (The trick is to work through the logic, not necessarily come up with the right answer.) Learning math is something that everyone does, to one degree or another, and doesn’t typically go onto a resume. (I learned math a whole different way than they do now in China or Japan.) What’s on your resume? How about Scapulothoracic Hypermobility? The Financial Times reports that “Banks (worldwide) shed 60,000 jobs in one of worst years for cuts since financial crisis.” I regularly receive questions about the number of LOs who have left our business. “Plenty” doesn’t ever satisfy the person asking the question, but I don’t know the exact number. Many LOs gradually scale back the number of states in which they’re licensed but continue originating: how do you count them? But a decent source is the NMLS site: knock yourself out. Anyone searching for a new company home can post their resume for free at www.lendernews.com where employers can view them for a nominal charge of $75. Today’s podcast can be found here, and this week’s is sponsored by Gallus Insights. Mortgage KPIs, automated at your fingertips. Gallus allows you to go from data to actionable insights. If you can use Google, you can use Gallus. Hear an interview with Gallus Insights’ Augie Del Rio on how lenders are benchmarking and leveraging data to make more informed analytical decisions.

Broker and Lender Programs, Software, and Products

Amazon was able to fulfill the one billion purchases made during its cyber deals event thanks to automated decision systems developed by its Supply Chain Optimization Technologies team. Much like Amazon, Dark Matter Technologies’ Empower LOS uses process automation to drive down costs and make loan production faster and more efficient. With solutions for retail, wholesale and correspondent lenders, Empower’s all-in-one functionality provides users with lights-out automation, unrivaled efficiency and exceptional borrower and user experiences in a new era of mortgage lending. Explore how Empower can transform your business.

“Did you know yesterday was National Thank You Note Day? At Optimal Blue, we couldn’t think of a better opportunity to express our sincere gratitude for our clients and partners across the industry. This includes 3,500+ originators, 1,200 lender companies (including 64 percent of the top 500 lenders), 2,400 broker companies, 260 investors, and 70+ industry vendors. While we didn’t drop handwritten cards in the mail, we are packaging up plenty of product innovations to send to you in 2024. In fact, we plan to bring you even more innovation in the coming year. And as a company that already averages 300+ product enhancement releases annually, this is not a commitment we make lightly. On behalf of the entire Optimal Blue team, we wish you a happy New Year. We can’t wait to tackle the year ahead as your trusted partner.”

“AFR Wholesale® is excited to present a unique opportunity that benefits you and your clients: the Jingle Bell Float Down. From now until 12/29/2023, lock your loans with us and enjoy the security of our special offer. With the Jingle Bell Float Down, you can lock your loan for up to 30 days. When the loan goes for final review, we’ll adjust to the current day’s rate, ensuring you get the best deal without falling below your locked price. This offer applies to all AFR’s loan programs and is available through the Correspondent Non-Delegated, Correspondent Table Funded, and Brokered Channels. *Please note, some exclusions do apply. Ready to lock in your loans? Visit the AFR Loan Center now! To learn more about this exciting opportunity, connect with AFR: visit here, email us, or call: 1-800-375-6071. Don’t miss out on this special offer: Contact AFR today!”

Tired of high fixed costs and low retail volume? Thinking of adding a correspondent channel but not sure how to do it efficiently? Blue Water (“Blue Water Financial Technologies Services, LLC”) has a comprehensive Correspondent-as-a-Service (CAAS) solution that allows firms of any size to quickly go from 0-60… fast. NonQM, Seconds, Whole Loans and/or regular way agency loans and MSRs are ALL supported. Ingest multi-seller tapes, price different product types, access agency pricing + LLPAs and price them quickly and automatically! Manage AOT, manage investors, optimize for pools, and analyze commitments all within the same system. We’ll help you integrate with your LOS for point and click onboarding, and with integrated transfer and exceptions remediation tools operations have never been easier or more reliable. From pricing, valuations, transactions, transfer, QC, to boarding, Blue Water makes it easy to scale up your origination business. Connect with our expert Sales Team.

First American: Fitch Weighs In

As reported last week in this Commentary and continuing yesterday, on Dec. 22, FAF announced via an 8K SEC filing that on Dec. 20 it had experienced a cybersecurity incident and decided to isolate certain systems. The company is actively working to restore operations and has retained outside third parties and notified law enforcement and regulatory authorities.

Last week’s cyber incident is supposedly unrelated to the May 2019 cyber incident where FAF reached a $1 million settlement with the New York Department of Financial Services in late November 2023. Four years!? Title insurance companies routinely work with sensitive personal information including bank records, and therefore data protection is critical to their operational success. The same, of course, can be said for mortgage banks, credit unions, and banks.

Gerry Glombicki, CPA, CISSP, CCSP, CISA, ARM, and a Senior Director at Fitch Ratings, writes, “First American Financial Corporation’s (FAF) recently disclosed cybersecurity incident is unlikely to affect the company’s ratings in the near term due to the significant headroom in the ratings, according to Fitch Ratings. However, the ratings could be impacted the longer business operations remain constrained, if the investigation shows weak corporate governance or risk management, or material adverse information is disclosed.

“Fitch does not believe that the recent cyber incident will materially affect FAF’s capital position or financial performance because the company is the second largest U.S. residential title insurer and a leader in the commercial title market. However, future rating actions cannot be completely ruled out until the incident is resolved and all relevant information is disclosed.

“Fitch affirmed the ratings of FAF’s senior debt ratings at ‘BBB’ and the company’s title insurance operating subsidiaries Insurer Financial Strength (IFS) ratings at ‘A’, all with a Stable Rating Outlook, on Aug. 24, 2023.”

Fannie and Freddie’s Thoughts on 2024

Many will say that economic forecasting is like driving a car blindfolded and getting instruction from a person looking out the rear window. But that doesn’t stop people and companies from taking periodic stabs at it.

If you’re hoping that lower borrowing costs will boost activity, Fannie Mae’s right there with you. But home sales will only marginally rise higher. Mortgage rates will average 6.7 percent next year, close to levels seen this summer. The housing market will see some upside in the coming years, but persistent challenges will limit a bigger shift, according to Fannie Mae’s latest forecast. “Total home sales in 2024 will come in at about 4.8 million, largely flat compared to this year’s expected level, followed by a jump to 5.4 million in 2025.

“The drivers of slow sales are well known at this point: unaffordability, lock-in effects, and a lack of existing inventories freezing much of the housing market. While we believe these dynamics will slowly dissipate over time, they will remain obstacles in 2024. Still, existing home sales will undergo a slow recovery starting next year, after they hit a likely low point in October, at a seasonally adjusted annualized rate of 3.79 million. Meanwhile, sales of new homes have also continued benefiting from the housing shortage, as well as builders’ willingness to provide mortgage buydowns.

“This trend continues into our 2024 forecast, in which we expect new home sales to decline from current levels only slightly due to a modest economic contraction,” according to the report.

While the shift in monetary policy has spurred a sharp drop mortgage rates this quarter, Fannie Mae noted a limit to how far these rates will fall: it projects that the 30-year fixed rate will average 6.7 percent in 2024, before falling to 6.2 percent in 2025. That’s down from the current level of just below 7 percent, after they soared close to 8 percent earlier this year.”

Fannie’s somewhat friendly competitor also sent out its outlook. If you don’t want to take the time to click on the link: economic growth lower than 2023, unemployment higher (stop me if you’ve heard this before), mortgage rates are expected to be in the 6-7 percent range during the year, and Freddie thinks that home prices will rise more than 6 percent. For the tens of millions of Millennials who don’t own a home yet, for-sale inventory is expected to remain depressed, and Freddie sees a slight increase in dollar volume for purchase originations while refinancing is stagnant. Lastly, Freddie believes that the U.S. Federal Reserve will start cutting rates. All pretty safe bets.

According to the ICE First Look at November mortgage performance data report, mortgage delinquencies remained historically low in November, despite a seasonal rise. While default rates remain low overall, past-due FHA loans hit a 9-year high in November (excluding a surge at the start of the pandemic) and early-stage VA delinquencies reached their highest non-pandemic level since 2009; both segments bear close watching in the months ahead. Fewer serious delinquencies, combined with low foreclosure referral rates, contributed to Foreclosure starts and active foreclosures running 23 percent and 24 percent below 2019 levels, respectively. Prepayments fell again amid the usual seasonal pullback in home purchases, combined with the residual effects of elevated interest rates.

Capital Markets

As expected, this week began with a quiet start in the bond markets. There isn’t a whole lot to report, aside from the U.S. Treasury completing a solid $57 billion 2-year note sale in the early afternoon yesterday. Additionally, the FHFA Housing Price Index was up 0.3 percent month-over-month in October after increasing a revised 0.7 percent in September. The S&P Case-Shiller Home Price Index was up 4.9 percent year-over-year in October after increasing 3.9 percent in September.

Forecasts by “the smartest guys in the room” about a housing price collapse have proven to be entirely wrong. The S&P 10-city composite rose 5.7 percent, up from a 4.8 percent increase in the previous month, and as noted above the 20-city composite rose 4.9 percent. Sure, some over-inflated markets, like San Francisco, saw a small decline, but the strength in home prices came despite a sharp rise in mortgage interest rates in October. We all know that the average rate on the 30-year fixed loan crossed 8 percent before Halloween, the highest level in more than two decades. Rates, however, dropped steadily through November and more sharply in December, with the 30-year fixed rate now hovering around 6.7. That should help prices.

Much like yesterday, the domestic highlight of today’s calendar once again will be Treasury supply, headlined by $26 billion reopened 2-year FRNs and $58 billion 5-year notes. As for economic news, it consists of just Richmond Fed’s manufacturing and services indexes and Dallas Fed Texas services, both for December, and both due out later this morning. The MBA’s mortgage application survey won’t be published but will be back next Wednesday morning and will consist of two weeks’ worth of stats. We begin the day with Agency MBS prices a touch better/higher than Tuesday’s close and the 10-year yielding 3.86 after closing yesterday at 3.89 percent.

Employment for AEs

Logan Finance Bucks Mortgage Industry Trends with Strong Q4 Growth! As the year-end fast approaches, Logan Finance finds itself in a thriving environment sparking growth that has more than doubled over the last two years. “There’s a great need for Non-QM lending and we are positioned well to handle the influx of new business,” says Aaron Samples, Logan’s Chief Revenue Officer. TPO partners, if you missed the year-end pricing special announcement, see our LinkedIn profile at Logan Finance Corporation. Mortgage broker clients can get rate discounts of up to .375 on select loan products through the end of December, so bring your deals to Logan! Logan’s growth is also fueling several new hires including Wholesale and Correspondent industry veterans Nick Pabarcus and Dave Weatherford, who will focus on recruiting and growing our network. And speaking of hiring, Logan Finance is looking for Non-QM superstar AEs, so contact Aaron Samples for hiring information. Learn more about Logan’s growth at Loganwholesale.com and Logancorrespondent.com.

“Spring EQ’s TPO division continues to experience rapid growth as demand for home equity solutions accelerates. To meet this demand, Spring EQ is excited to announce a new second lien program designed for Correspondent partners. Eligible delegated and non-delegated sellers will now have the opportunity to take advantage of Spring EQ’s competitive suite of products, including fixed-rate second mortgages and adjustable-rate HELOCs. Explore Spring EQ job postings and come join our growing team of fun and experienced mortgage professionals! At Spring EQ our primary focus is second mortgages. So, think of us first for all your seconds. Want to become a Spring EQ Correspondent partner? Click here to get started.”

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

December 20, 2023 by Brett Tams

PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

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PPE, Audit and Tax, LO Sales, Subservicing Tools; Fannie and Attorney Opinion Letters

By:
Rob Chrisman

Tue, Dec 19 2023, 10:56 AM

Change is constant: How ‘bout U.S. Steel, the Pittsburgh steel producer that played a key role in the nation’s industrialization, being acquired by Nippon Steel in an all-cash deal valued at approximately $14.1 billion? (Let’s not forget that GM and Ford have been dwarfed by Tesla, Mercedes, Toyota, and even Volvo.) I had my share of “hard hat” jobs growing up, so I noticed OSHA announcing a switch from traditional hard hats to safety helmets. Is that the politically correct term now? Speaking of terms, “smishing” is a term that combines “SMS” and “phishing” where hackers try to get your personal and banking information through unsolicited text messages on mobile devices by pretending to be government agencies, companies that you might have done business with, or a package delivery service. They’ll say something to get your urgent attention like a text about a free gift that you have to pay a small “shipping fee” to receive or they will send a warning about suspicious activity on your account. Be careful out there! Today’s podcast can be found here, and this week’s is sponsored by Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools. Get loans approved in under two minutes. By providing lightning-fast underwriting decisions, your market reputation with borrowers and Realtors will soar. Listen to an interview with Arch MI’s Carl Tyree on mortgage insurance (MI) misconceptions and various product offerings that separate MI companies from one another.

Lender and Broker Products, Programs, and Services

Some things are just better together. The cast of Gilligan’s Island. John, Paul, Ringo, and George. And, of course, Myrtle’s favorite Tom and Jerry. Putting several good pieces together to create a better whole sums up what we think of nCino’s Mortgage Suite (formerly SimpleNexus). With a combination of great ideas and great technology, nCino’s Mortgage Suite automates loan processing and closing, delivers a modern customer experience, surfaces data insights and simplifies incentive compensation management, thus increasing an FI’s mortgage profitability (something we could all use about now). See how all the parts work together in this short video.

Assessing key performance indicators and operations during current industry headwinds is a great way for mortgage lenders to set themselves up for success for 2024 and beyond. In particular, looking at how your loan origination system (LOS) is maximizing efficiency, providing returns on investments and ultimately, helping you win business over competitors is a great place to start. Why? Because your LOS should serve as the central hub of the overall tech stack, allowing you to orchestrate your entire business from a single system of record. Read this recent article, to learn how Encompass® by ICE Mortgage Technology® is enabling lenders to manage their entire lending workflow in one place, from the customer’s initial point of thought through investor delivery.

Did you know that your LOS is the most powerful source for new leads? Every loan application, past or present, not only represents a marketable borrower, but any realtors on loan files can lead to even more opportunities. OptifiNow’s Contact Harvesting is a feature that automatically imports any realtors listed on an LOS loan file, creating a vast source of referral partners that can be easily marketed to. Contact Harvesting dynamically updates your database and creates links between borrowers and realtor records, allowing you to accurately track the amount of volume that a realtor is generating and calculate the pull-through rate of their referrals. As the mortgage market heats up, the OptifiNow CRM platform provides you with innovative tools that help you leverage the data you already have to increase loan volume. Contact OptifiNow to learn more about our flexible and cost-effective CRM solutions.

Is it a challenge getting what was promised out of your current subservicer? New regulations are always moving the compliance goal posts and your customers are craving the newest technology and high-quality customer experience to meet their needs. After all, aren’t those the reasons you contracted with them? Perhaps it’s time for a change. Let Servbank show you how its cutting-edge, fully transparent and award-winning servicing platform (SIME), combined with their family of caring Customer Care reps, will protect your company from regulatory misses and keep your customers loyal by delivering a superior experience every time. If your current subservicer promised to make life easier for you, but continues to miss the mark, now is the time to partner with Servbank, the nation’s only fintech bank subservicer, who can meet your unique needs.

Feeling motivated and ready to conquer your 2024 sales goals? TrustEngine is here to help with Dave Savage’s three top sales coaching videos of the year. Featuring some of the industry’s top producers, tune in for invaluable sessions from the best in the business and share them with your LOs. First, explore Dave’s most popular 10x interview of the year, How Daniel Sa Is Closing Over 300 Loans This Year. Then, dive into Separation Season with Jeremy Forcier for essential strategies and explore the world of Moneyball Mortgage with Jim Deitch, and so much more. Don’t miss this opportunity to gain essential insights and strategies for the upcoming year. Your path to sales excellence starts here.

“With nearly 40 years of experience in mortgage banking, Richey May knows the industry from every angle. Many of our team members are credentialed industry experts who dedicate much time to building up other industry experts. From this expertise, we’ve created a wealth of services and products to help lenders stay ahead: audit and tax services, cybersecurity solutions designed to protect company assets and sensitive borrower information, intelligent automation tools for streamlined operations… you name it! Whether you’re leveraging our innovative platforms or having us work as your extended team for outsourced internal audit or accounting services, get ready to tackle challenges faster with some serious firepower on your side. Everything you need to prepare for 2024: contact our experts today!”

“There are many reasons the Optimal Blue PPE has been the market-leading product, pricing, and eligibility engine for years, one being that we ensure our customers have the functionality and support they need through changing regulatory and market environments. Built as an open API platform, the Optimal Blue PPE allows customers to access critical product and pricing information on-demand. With an average of 300+ releases per year, users receive the latest innovations they need to operate in any market conditions. This year’s releases included: a mobile app, an updated user interface, and advanced loan officer compensation support. And with 50+ developers dedicated to the PPE, our commitment to innovation is continuous. This means Optimal Blue customers have the tools to tackle whatever the market throws their way. Reach out to us today to ensure you have the tools and support you need to win in this market.”

“Our 2023 accomplishments set the stage for what is to come. As we move into 2024 and beyond, Polly will continue to revolutionize mortgage capital markets and democratize revenue optimization, automation to reduce costs, efficiency gains, and more, all while providing a differentiated and completely unmatched loan officer and lender experience.” What else can you expect to see from Polly in 2024? The company’s Founder and CEO, Adam Carmel, reflects on a record-breaking 2023 and shares his excitement for 2024 in this open letter.

Conventional Conforming News

The lion’s share of loans are processed and/or underwritten and/or sold to Freddie Mac and Fannie Mae. Who’s doing what out there?

Fannie Mae turned some heads recently with more thoughts on Attorney Opinion Letters in the title industry. Stacy Mestayer observed, “Fannie’s announcement will expand the use of AOLs to hundreds of thousands of more properties. This is an interesting update to many as ALTA has led many in the industry (and on Capitol Hill) to believe that title waivers and title alternatives are the same. While Fannie has opted not to pursue a pilot for title waivers at this time, it never wavered in its support for the AOL alternative.”

Two new underwriting solutions are now available from Fannie Mae to help lenders better serve borrowers. DU early assessment, which provides a DU risk assessment during a lender’s pre-qualification process with a single bureau soft credit report, and Income Calculator, which helps easily calculate income for self-employed borrowers. Discover how these innovations and other updates help simplify the lending process and work toward removing barriers and improving equitable access to credit.

Fannie Mae Announcement SEL-2023-11: December Selling Guide Updates includes information on permitting lenders to use alternative options to meet verbal verification of employment requirements, allowing optional use of Income Calculator to determine the monthly qualifying income for self-employed borrowers, allowing lenders to gross-up certain nontaxable income without providing additional documentation. Incorporate a list of programs into policy to assist lenders with their review of shared equity providers and transactions, and other miscellaneous updates.

Fannie Mae updated the Partner Playbook for the Credit Score and Credit Reports Initiative to include information on FHFA’s Nov. 21 Enterprise Regulatory Capital Framework (ERCF) final rule, share ways the public can participate in the stakeholder forums, and highlight the timeline to reflect the delay of milestones related to the bi-merge credit reporting option initially proposed for 4Q 2023 and 1Q 2024.

During the weekend of Feb. 10, 2024, Fannie Mae will implement an update to DU version 11.1. This will include updates to improve DU’s ability to identify rent payment history within asset verification reports and other changes to align with the Selling Guide. For additional information, view Fannie Mae DU Version 11.1 Feb. Update Release Notes.

In the December 2023 Appraiser Update, Fannie’s Mae’s 25th edition, timely appraisal topics from a 2015 Lender Letter is revisited, recent changes to requirements for manufactured housing appraisals, explain how to get answers when you need them, and offer a reminder for how to treat seller concessions.

Per Pennymac Announcement 23-85, Conventional LLPAs effective for all Best Efforts Commitments taken on or after Thursday, December 14, 2023 will be updated as follows:

Improving values for the ‘2nd Home Additional’ LLPA on the ‘LLPAs by Product Feature for All Eligible Loans’ LLPA Grid. Updating footnote for the “2nd Home Additional’ & ‘Investment Additional’ LLPAs.

Citizens Correspondent National Bulletin 2023-21 includes information on product updates on Conventional Conforming Products, Employment Offers or Contracts – DU, Income eligibility and calculations, timeshares, and updated appraisal practices, VA Products, Medical and non-medical collection and charge-off accounts. Citizens Correspondent National Bulletin 2023-22 provides information on Conventional Conforming, FHA and VA Product Loan Limits and Disaster Tax Filing Relief.

Kind Lending announced the adoption of Freddie Mac guidance as pertains to ADUs (Accessory Dwelling Units) and the allowance of income from the ADU used in qualifying.

Capital Markets

Global financial conditions are loosening as investors expect central banks to begin lowering interest rates next year. A Goldman Sachs index that tracks corporate borrowing costs and capital markets conditions showed on Friday global financial conditions at their most accommodating level since early August. The end of the belief that central banks will keep interest rates “higher for longer” has fueled optimism in the corporate bond market, with yields on riskier corporate debt falling below 8 percent for the first time since February. Even though we haven’t seen one rate cut yet…There has been a significant easing in financial conditions that is giving companies breathing room.

Let me repeat something from last week that came from Dr. Elliot Eisenberg! “While the Fed kept rates unchanged, something entirely expected, it was the shift from a hawkish pause, one with a rate hike bias, as was the case after the last two meetings, to a dovish pause, a pause with a future rate reduction bias due to the declining inflation rate, that led to a record Dow Jones close. Discussion will now focus on the date of the first cut.” Sure enough, that is what we are seeing.

After Fed Chair Powell and his colleagues indicated that they are likely to cut rates three times next year, traders have largely ignored efforts by Fed officials to temper expectations and market rates have fallen sharply in anticipation of the central bank’s policy pivot becoming a reality. There has been a lot of Fed-speak after the FOMC meeting attempting to pour cold water on the narrative that rate cuts are coming quickly and aggressively, the latest being Chicago Fed President Goolsbee saying that he was a bit confused by the market’s reaction to the latest FOMC meeting/comments and Cleveland Fed President Mester saying that the market is a little bit ahead of the Fed’s rate-cut view. The Fed claims that markets are over their skis with respect to rate cuts, but markets are maintaining pricing for six rate cuts by the Fed before the end of 2024, with the first cut coming in March.

Putting aside the Fed momentarily, this week will have a lot of housing data. We received the NAHB Housing market index for November yesterday, which increased from the last reading, but not quite to market expectations. Today brings housing starts/building permits and existing home sales are tomorrow. We will also get another revision to Q3 GDP, personal incomes and outlays, and leading indicators. Real GDP is expected to be revised down slightly in the third estimate due to downward revisions to September retail sales, business inventories, and industrial production. Personal income is expected to have accelerated in November due to strong gains in wages and salaries pushing household spending higher.

Also on tap this week is the Fed’s favored inflation measure, PCE, where core inflation is expected to come in at a 3.3 percent annualized pace, down 0.2 percent from the previous month.

Today’s economic calendar is under way with housing starts and building permits for November: 1.56 million (higher than expected) and 1.46 million, respectively. Expectations were for starts slipping 17k versus the prior month to 1.355 million with permits 48k lower at 1.450 million. Later today brings Redbook same store sales and remarks from Atlanta Fed President Bostic. Today is also Class D 48-hours. We begin the day with current coupon Agency MBS prices a few ticks (32nds) better than Monday night and the 10-year yielding 3.90 after closing yesterday at 3.96 percent.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

December 15, 2023 by Brett Tams

CRM, MSR Valuation, QC Trends Products; STRATMOR Strategy Report; Lower/Thrive M&A Deal; Renegotiations

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CRM, MSR Valuation, QC Trends Products; STRATMOR Strategy Report; Lower/Thrive M&A Deal; Renegotiations

By:
Rob Chrisman

Thu, Dec 14 2023, 11:21 AM

Everyone’s above average, right? This morning I head to Chicago where residents have the dubious honor of being the worst when it comes to estimating home values. Homes are expensive… Who knew? Apparently not the vast majority of Americans, which reminds me of the saying, “Never underestimate the intelligence of the average person.” All Star Home surveyed Americans in the most populous U.S. cities, prompting them to guess home prices in their communities to determine where people have the best and worst home value intuition, and 86 percent of people were surprised at how high home prices are in their area. Boomers (91 percent) are most surprised by high home prices, followed by millennials (87 percent), Gen X (85 percent), and Gen Z (84 percent). San Francisco locals excel in home price intuition, but Chicago residents fare the worst. (Today’s podcast can be found here, and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Today’s has an Interview with Xactus’ Greg Holmes and Shelley Leonard on advancing the modern mortgage through data-driven insights.)

Lender and Broker Products, Programs, and Services

Are you curious about the strategic insights that could shape a successful 2024 in the mortgage industry? As the holiday season unfolds, consider whether optimizing your tech stack could be the key to operational excellence in the coming year. Read the latest blog by DarkMatter Technologies for an in-depth look at addressing common tech stack pain points, identifying success indicators, and exploring solutions like the Empower® LOS. Take a moment amidst the holiday warmth to reflect on how a well-optimized tech stack may be the missing piece for a prosperous 2024. Ready to unlock these strategic secrets? Check out Empower and all Dark Matter Technologies has to offer.

Holiday fun fact: Santa’s sleigh is actually led by female reindeer because they’re the only ones with antlers this time of year. Seemingly minor details like this can make a big difference, just like lender production trends revealed in MMI’s Benchmark Reports. The latest edition shows that lenders in the Prime (>$5B in production volume) and Capital tiers ($500M-$5B) experienced a nearly 9% decrease in production in October compared to September. However, lenders in the Select tier ($50-500M) only saw a 4.4% decline and gained an edge over the Capital tier regarding average deal size ($354.1K v. $352K). Sign up for the MMI Benchmark Report today to receive valuable industry insights like these in your inbox each month.

As we approach the final weeks of 2023, AmeriHome Correspondent would like thank clients and partners for supporting AmeriHome through its first 10 years and making it the #2 Correspondent Lender in the country! Looking ahead to 2024, AmeriHome, backed by the strength of Western Alliance Bank, wants to speak to you about how a relationship with AmeriHome will help you navigate the coming year. Combining Western Alliance’s Warehouse Lending, MSR Financing, and Treasury Management services with AmeriHome’s industry leading loan purchase platform, makes this is a “must-have” relationship for mortgage bankers of all sizes. Financial institutions, IMBs, and Emerging Bankers alike benefit from AmeriHome’s Delegated and Non-Delegated options, full suite of conventional and government products, and Bulk, Bulk/AOT, and Best-Efforts delivery options. Check out Upcoming Events for details on where they’ll be in 2024, find your sales rep here, or send them an email to learn more about partnering with AmeriHome! They wish a happy and healthy holiday season to all!

Tis’ the season of giving! Click n’ Close has been helping lenders and brokers deliver the gift of homeownership to borrowers through its down payment assistance (DPA) program faster than you can say ‘Happy Holidays’ all year long. With more than 1.5 billion dollars in DPA-related financing to over 6,000 borrowers through its SmartBuy suite of products, with an average of nearly $12,500 in assistance per transaction, Click n’ Close is feeling pretty good about being on the nice list this year. Unlike state or municipal DPA programs, SmartBuy isn’t subject to budgetary shortfalls and offers tremendous flexibility to accommodate a wider range of borrower scenarios, making it ready to help your borrowers achieve homeownership. Reach out to our wholesale (Adam Rieke, Kerry Webb and Soliman Martinez) or correspondent team (Julas Hollie) to learn more.

What if your fee collection process wasn’t a “process” at all? Click button. Borrower gets text. Borrower pays fee. LOS updated. Easy Fee-sy with Fee Chaser!

“One Year. One Tool. $10B in Additional Loan Applications. We’ve spent the past year trying to explain everything Total Expert Customer Intelligence can do and all the ways it’s changing the game for modern financial institutions. But there’s one thing that doesn’t need an explanation: results. Lenders, banks, and credit unions across the country are generating incredible ROI for their businesses while building deeper, lifelong relationships with borrowers by using Customer Intelligence to enrich their contact profiles and engage them at the moments that matter. Let us show you how to stop playing hide and seek with high-quality loan opportunities and start driving exponential growth. Explore Customer Intelligence.“

ACES Q2 2023 Mortgage QC Trends Report finds Critical Defect Rate declines for the third consecutive quarter! Summary of findings include the overall critical defect rate declined 3.37% ending the quarter at 1.72 percent, defects in Credit & Liabilities categories increased for the 2nd straight quarter, FHA defect increased significantly, and the majority of defect categories experienced improvement this quarter. “Q2 2023 proved to be better than expected, as the critical defect rate continued to decline in the face of a surge in origination volume over the previous quarter. However, deteriorating quality in the core underwriting categories remains of concern and should be an area in which lenders increase their focus in the coming months. We implore all lenders to keep quality at the center of their operations to ensure a safe, sound, and prosperous new year.” – Nick Volpe, EVP of ACES Quality Management. Read the report.

Do you have a servicing portfolio? Do you understand how it is being valued? With the decline in overall production in 2023, the MSR asset has become more critical than ever and effectively managing that asset demands ongoing oversight. MCT offers portfolio valuations that are accurate and easy to understand, with built-in safeguards focused on client and borrower data security. MCT’s fair value analysis and reports are customized to support servicer’s internal requirements and objectives. Their extensive number of clients and MSR market knowledge keep your valuations timely, accurate, and reliable. Schedule a phone call with the MCT MSR experts to discuss a customized approach for valuing your MSR portfolio.

‘Twas the holiday season, just two weeks to go, loan officers in town faced a challenging low. But behold, in the distance, a solution did gleam, Velma CRM appeared like a holiday dream. Tailor-made for small lenders, banks, and credit unions, no more complexity, no more costly intrusions. Automated drip emails are sent in a flash, customized flyers for your next open house bash! Plug-n-play convenience, a breeze to employ, with all tools in one place, your business primed to deploy! Loan officers can thrive, their work takes flight, with Velma’s assistance, everything’s right. So, join the Velma revolution, don’t delay, transform your lending business this holiday!

STRATMOR on Strategies for 2024

What’s the moral of the story for the mortgage industry in 2023? In STRATMOR Group’s December Insights Report, STRATMOR reviews the plot and moral of each InFocus article from the year and summarizes them to provide key takeaways that will help lenders think outside the box, evaluate new strategies, take risks and survive the downturn that is likely to continue into the first quarter of 2024. Lenders, and vendors who serve the mortgage industry, if you need guidance in developing your business strategies for 2024, contact STRATMOR, and don’t miss “The Moral of the 2023 Mortgage Industry Story” in the December Insights Report.

Mergers and Acquisitions

Out of Texas and Ohio comes news that Thrive Mortgage, LLC and Lower, LLC have plans to merge the two brands, Thrive Mortgage and Lower.com. Thrive CEO Selene Kellam and production head for Thrive Mortgage, Randell Gillespie, will join the combined executive team with Lower under the leadership of Lower CEO and Co-Founder Dan Snyder, expected in the first quarter of 2024. The STRATMOR Group acted as transaction advisor to Lower.

Lower CEO Dan Snyder stated “we’re building a better approach to mortgage with Lower’s streamlined tech powering multiple channels. Thrive is an award-winning, national lender with the same belief and we’re excited to bring them onto our platform.”

“The commitment of Thrive to our team and our customers has always been to deliver the best mortgage experience with the highest quality resources” said Thrive Mortgage Chairman Roy Jones. “This has driven us to focus on having the best people with the most forward-thinking technology in the industry, all of which is propelled forward with this partnership with Lower.”

Thrive CEO Selene Kellam added, “last year, we acquired AMSCo, a storied Midwest company that added incredible talent to our model. We are now excited to share another amazing opportunity that has presented itself to join Lower.com.” Thrive, licensed in 42 states, was the first company in Texas to close a fully electronic note with a remote notary.

Leadership at Thrive were specifically attracted to Lower’s future-forward path, including five key pillars of differentiation: progressive leadership and vision, cutting-edge marketing strategy, a standout private-label platform, unified technology stack, and the venture capital funding to pioneer new paths.

Lower, LLC is a multi-channel, digital lender ranking as the 30th largest home lender in the country. Backed by top VC firm Accel, Lower operates an online consumer-direct channel, offline retail channel, and third-party origination platform servicing both brokers and other fintechs like Opendoor.

M&A is not confined to lenders. Out of Arlington, VA, news came out that Titleworks, Inc., founded in 1995 and led by industry veteran Becky Taylor, and Cobalt Settlements, LLC founded in 2014 and led by Jeff Nowak, Esq., have announced a strategic merger. “This union will carry the name of Cobalt Settlements, LLC and marks a pivotal moment, combining Cobalt’s innovative resources and attorney-backed capabilities with the deep-rooted client relationships and industry expertise of Titleworks.”

Capital Markets

Renegotiations and early pay off penalties will now occupy capital markets staffs as those hoping for a holiday gift from the Fed in the form of projected rate cuts in 2024 finally found something in their stocking. In a unanimous decision, the FOMC agreed to leave the target range for benchmark federal funds rate at 5.25 percent to 5.5 percent yesterday, and while the door was left for additional tightening beyond what is currently the highest federal funds rate since 2001, the updated forecast projects at least three rate cuts over the next 12 months. After a period of nearly two years of rapid monetary policy tightening, and pauses at the most recent three FOMC meetings, a pivot to cuts next year filled investors with joy and caused a massive rally in the bond markets. Fed Chair Powell also acknowledged that the FOMC discussed when it will become appropriate to begin dialing back its policy restraint.

While the Fed kept rates unchanged, something entirely expected, it was the shift from a hawkish pause, one with a rate hike bias, as was the case after the last two meetings, to a dovish pause, a pause with a future rate reduction bias due to the declining inflation rate, that led to a record Dow Jones close. Discussion will now focus on the date of the first cut.

The Fed has spent recent months attempting to dampen expectations that it is about to reverse course and lower rates. Changes in the policy statement from this meeting, however, made clear that the pace of rate reductions in 2024 is now the focus as inflation concerns continue to fade. Fed Chair Powell had previously said that pain, traditionally in the form of millions of lost jobs, would be necessary to quell inflation. But at 3.7 percent, the unemployment rate is about where it was when the Fed began raising rates in March 2022. Meanwhile, the pace of inflation’s decline leaves it only one percentage point above the central bank’s 2 percent target. An updated Summary of Economic Projections also featured an improved growth outlook for 2023, and a lowered inflation outlook for 2023 and 2024.

In addition to any ongoing response to the FOMC today, markets will also be dealing with monetary policy decisions from the SNB, Norges Bank, the BoE (still fearing inflation), and the ECB with the post-meeting press conference from President Lagarde. No changes were expected nor delivered. Domestically, yesterday’s Fed news overshadowed this morning’s import and export prices for November, jobless claims, and retail sales for November. Later today brings Business inventories for October follows, Treasury announcing sizes for next week’s reopened 20-year bonds and 5-year TIPS auctions, and Freddie Mac’s latest Primary Mortgage Market Survey. We begin the day with Agency MBS prices better by a solid .250 than Wednesday’s close as prepayment fears continue to creep into the market. The 10-year is yielding 3.94 after closing yesterday at 4.02 percent; the 2-year is down to 4.30.

Employment

It’s clear that new construction homes will be a primary driver of originations in 2024. Picture yourself as a Planet Home Lending MLO with this product lineup: Purchase Edge, a game-changer with benefits for borrowers looking to move; One Time Close construction loans, the traditional powerhouse; and purchase and renovation loans for Accessory Dwelling Unit (ADUs). As you move into this niche, an experienced construction lending team supports you by unlocking the secrets of construction lending success. The path to your 2024 breakthrough begins when you contact Talent VP Peter Briggs or 435-709-6287; all inquiries will be held in strict confidence.

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

December 10, 2023 by Brett Tams

Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

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Bulk Sales, Best-Ex, Accounting Outsourcing, Verification Tools; FHA and Ginnie News; STRATMOR Tech Survey

By:
Rob Chrisman

Thu, Dec 7 2023, 10:58 AM

Time flies (see joke at bottom), and here we are at Pearl Harbor Day already. “I’m a multitasker. I can listen, ignore, and forget all at the same time!” Occasionally someone will accuse me of having a sense of humor. If true, it can be traced back to my parents, but a portion of it came from watching Norman Lear’s shows like All in the Family, Sanford and Son, Maude, The Jeffersons, and movies like The Princess Bride (“as you wish”). Mr. Lear died yesterday, but his impact will be long felt. Audiences loved his shows. Does your customer love you, no matter the price? That’s the case with Coke. The average price of a 12-ounce can of Diet Coke in a package of 12 was 34 cents in 2018 but hit 56 cents per can in October 2023, a 65 percent increase. In general, Diet or regular, prices have shot up: The average price of a Diet Coke at a restaurant hopped up from $2.05 to $2.77. Inflation at many levels is impacting rates, including Treasury and mortgage-backed securities: STRATMOR’s current blog is titled, “How Treasury Auctions Influence Mortgage Rates”. (Today’s podcast can be found here, and this week’s is sponsored by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics, unite the people, systems, and stages of the mortgage process. Hear an interview with United One’s Sean Higgins on the vendor status of full-service mortgage, credit reporting, fraud solutions, appraisals, title insurance, and loan closing support.)

Lender and Broker Products, and Services

Revolution Mortgage estimates that they can save up to $20,000 in cost on verifications with TRUV over competitors. Femi Ayi, EVP Operations shares how he estimates he is saving 80 percent on his verification costs with Truv in this recorded event. Let’s talk about our documentation costs and those giant monopolies that are out there laughing at customers and increasing prices because they have a particular monopoly. You want to lower your manufacturing costs. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.

“Are you struggling with declining production volumes and increasing costs per loan? Look no further. Outsourcing accounting is the elegant answer to this common challenge faced by independent mortgage banks. Whether you lack accounting expertise in-house or have a new team with no mortgage experience, the Richey May Client Accounting and Advisory Services (CAAS) team is here to provide the support you need. Our team consists of industry experts who can customize a solution to meet your specific needs in this volatile time, without requiring any additional training. Whether you need help transitioning to loan level accounting, a fully outsourced function, or industry training for your controller, we’ve got you covered. Contact Richey May today!”

Missed the chance to meet with Planet at IMN’s SFR Forum West? Connect with Planet’s commercial team to explore how our expertise enhances Single-Family Rental investments. Managing $100B+ in assets, we offer top-tier service, savings-focused strategies, and complimentary access to proprietary tools. Unlock the full potential of your investments: schedule your meeting now or call (585) 512-1030. Discover the Planet difference today!

Chief Sales Officer at Deephaven Tom Davis will join Rob Chrisman on a webinar you won’t want to miss. In today’s market, originators need Non-QM to fully serve borrowers and to stay competitive. Learning how to utilize and market Non-QM isn’t difficult when you partner with the right lender. Please find out how easy it is by attending the webinar on December 12th! Register now.

Nobody wants to be sold, they want to be served. Serve every homeowner in your database and get busy investing in relationships. Eric Spottswood, Regional Market Manager at Prosperity Home Mortgage did. Here’s what he had to say: “Recognizing that staying top of mind is crucial for securing repeat business, Milestones provides an excellent opportunity to consistently engage with our clients and reinforce those valuable connections with a one-stop home management platform. The bonus of having my team and our partners prominently featured in the portals is the icing on the cake. It’s not just a product I endorse – I actively use my own hub, and I’m thoroughly impressed with it! Milestones delivers the client engagement tools you need to retain every client you have. Book a demo today.

STRAMOR Tech Survey

Lenders, there’s still time to participate in the Digital Innovations Survey of STRATMOR Group’s Technology Insight® Study. Whether you are well on your way with your digital plans or are thinking through what to do in 2024, you’ll want the data that is only available from this study. This survey takes less than 10 minutes and participating lenders receive the survey report for free. Don’t miss your chance to have data on the key digital capabilities and the benefits and barriers to the digital technology available in the mortgage market today: take the Digital Innovations Survey now!

FHA and Ginnie Mae News

FHA announced new loan limits for calendar year 2024 its Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. FHA published Mortgagee Letter 2023-21, 2024 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured Title II forward mortgages. These new loan limits are effective for case numbers assigned on or after January 1, 2024. Mortgagees may view the list of areas at the “ceiling” and areas with limits between the “floor” and “ceiling” along with lists that can be sorted by state, county, or Metropolitan Statistical Area (MSA) or by calendar year on the Maximum Mortgage Limits web page.

Mortgagee Letter 2023-22, 2024 Nationwide Home Equity Conversion Mortgage (HECM) Limits, which provides the Calendar Year (CY) 2024 maximum claim amount for FHA-insured traditional HECM, HECM for purchase, and HECM-to-HECM refinances. The maximum claim amount for FHA-insured HECMs for all areas, including Alaska, Hawaii, Guam, and the U.S. Virgin Islands, in CY 2024 will be $1,149,825; 150 percent of the Federal Home Loan Mortgage Corporation’s (Freddie Mac) national conforming limit of $766,550. This new maximum claim amount applies to case numbers assigned on or after January 1, 2024.

FHA published Mortgage Letter (ML) 2023-23, Updates to the Home Equity Conversion Mortgage Program. This ML updates and streamlines Home Equity Conversion Mortgage (HECM) servicing policy to enhance the program’s financial stability and improve overall performance. These changes reinforce FHA’s commitment to serving seniors choosing to age in place in their own homes through the HECM program. Loan officers and down payment assistance program providers can visit the DPA One website for more information and to request a demo.

In Multiclass Participants Memorandum (MPM) 23-03, Ginnie Mae announced an optional early closing date for multiclass transactions beginning in December 2023. This option will allow sponsors to close transactions either on the Closing Date specified on the Ginnie Mae REMIC monthly calendar available on Ginnie Mae’s website or on the Business Day immediately preceding such specified Closing Date (an “early Closing Date”). Those sponsors choosing an early Closing Date must notify Ginnie Mae no later than the Final Structure Date and be aware that document delivery requirements outlined in the Ginnie Mae Multiclass Securities Guide (the “Guide”) will apply equally to the early Closing Date. All other transaction dates on the REMIC calendar will remain the same, regardless of the type of Closing Date chosen. For information on capitalized terms used herein, but not defined, refer to the Guide currently in effect, found on the Ginnie Mae website.

In All Participants Memorandum (APM) 23-13, Ginnie Mae announced revisions to its definition of High Balance Loans. These revisions align with the increased conforming loan limits recently announced by the Federal Housing Finance Agency (FHFA).

PRMG TPO Resource Center Updates 23-12 includes updates to Training/Instructional Material, VA Forms, Appraisal Forms, Second Mortgage Product Forms and Information, Non-QM Product Forms and Information, Updates on Bond/Housing Authority/DPA Products, Compliance and Quality Control Information.

Capital Markets

In any market scenario, it is crucial for lenders to analyze the best execution options to maximize profitability when selling loans in the secondary market. Determining what execution is most efficient and profitable will have a big impact on the bottom line. In MCT’s latest whitepaper, Optimizing your Best Execution Loan Sale Analysis, they provide insight into determining your company strategy, delivery options, retain release decisions, and more. Download the whitepaper or join MCT’s newsletter to stay up to date on the latest educational content.

MAXEX is now offering daily mandatory bids on bulk pools of Agency-eligible NOO and second home loans. Like our industry leading MAXEX Conforming flow program, get competitive pricing from five leading institutional buyers and avoid costly Agency LLPAs, all through a single contract and a single, standardized clearinghouse. MAXEX buys to agency guidelines via your existing bulk trading process. Visit here to learn more.

Taking a look at rates, which have improved, as the debate rages over when next year the U.S. Federal Reserve will begin cutting rates we learned yesterday that American employers unexpectedly cut back hiring in November, according to data from ADP. It’s yet another sign of the labor market softening, but don’t read too much into it before tomorrow’s payrolls number, history shows it’s a very bad guide. Despite pullbacks in hiring and spending, the service sector expanded at a faster pace last month on improved business activity.

Challenger, Gray & Christmas, Inc. tells us that U.S.-based employers announced 45,510 cuts in November, a 24 percent increase from the 36,836 cuts announced one month prior but 41 percent lower than the 76,835 cuts announced in the same month in 2022 and marks the first time cuts were lower than the corresponding month a year ago since July. So far this year, companies have announced plans to cut 687k jobs, a 115 percent increase from the 320k cuts announced in the same period last year. The job market is loosening, and employers are not as quick to hire. The labor market appears to be stabilizing with a more normal “churn.”

Today’s economic calendar also includes weekly jobless claims (220k; continuing claims 1.86 million), and wholesale inventories and sales for October. The U.S. Treasury will then announce the details of next week’s mini-Refunding package, estimated to be consisting of $50 billion 3-years, $37 billion reopened 10-years, and $21 billion reopened 30-years. And Freddie Mac will release its Primary Mortgage Market Survey. We begin the day with Agency MBS prices worse than Wednesday night by .125-.250 and the 10-year yielding 4.17 after closing yesterday at 4.12 percent; the 2-year is at 4.61.

Employment

Did you know that Houston, TX is the top area for TSAHC down payment assistance loans? Also, did you know that Mortgage Financial Services TPO (MFStpo) is the only wholesaler both TSAHC and TDHCA down payment and closing cost assistance programs to the mortgage broker community. MFStpo pioneered TSAHC for brokers and until recently, TDHCA was only available to retail LO’s. Brokers are growing with MFStpo by serving more families and referral partners and adding LO’s by recruiting with these programs. MFStpo is actively seeking to enhance support for brokers in the Houston market by hiring an experienced Account Executive. By making TSAHC and TDHCA DPA easy for brokers, MFStpo presents a compelling opportunity for AEs today. Notably, MFStpo also excels in non-DPA loans with great rates and a strong support team. Reach out to EVP John Hudson at 817.247.4766 for more info on this exciting opportunity in Houston!

“PrimeLending LOs have an exciting new mortgage solution to offer their customers looking to save money, increase home value and protect the planet: Green Home Loans from PrimeLending. It’s clear that energy efficiency is not just a trend; it’s a priority for the modern homeowner. According to a 2023 study by Thumbtack, 71 percent of homeowners consider sustainability a top priority, yet only one-third can afford the upgrades. Green Home Loans from PrimeLending is here to bridge the gap by helping borrowers finance green improvements immediately. With more than 400 mortgage solutions in our arsenal, including eco-friendly programs, we’re committed to helping our LOs not only beat the competition, but lead the way in offering the latest mortgage alternatives. If you’re looking for a sustainable career, your future may be at PrimeLending. Contact Nic Hartke for more information.”

“If you ask 50 people for their outlook on the Mortgage and Housing market in 2024, you’ll get 50 different responses (and we can attest to that!). Regardless of market conditions, our team at Pezian Search Group wants to make sure that YOUR organization is properly prepared for what’s next. Since 2010, we’ve spent much of December consulting and partnering with new and existing clients to discuss their outlook, upcoming needs, and to strategize ways to ensure ongoing success. We also take the time to uncover our candidates career goals and prepare them for growth, and we’d love to do the same for you. Reach out to us directly and let us show you how we can be a value add for your organization and in your career search. You can also connect with us on LinkedIn, and view all of our current openings here.”

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

November 30, 2023 by Brett Tams

Do you want to learn how to find data entry jobs from home? Here’s how you can make money doing data entry at home. If you’re looking for a data entry position, I have all the details for you here. Whether you want to be a full-time or part-time employee, work remotely, or become a freelancer,…

Do you want to learn how to find data entry jobs from home? Here’s how you can make money doing data entry at home.

If you’re looking for a data entry position, I have all the details for you here. Whether you want to be a full-time or part-time employee, work remotely, or become a freelancer, there are many different kinds of data entry jobs that you may be interested in.

In this article, you’ll learn:

What are data entry jobs
How much a data entry clerk makes
Where to find data entry jobs

And more!

Recommended reading: 21 Best Entry Level Work From Home Jobs

What Are Data Entry Jobs?

Data entry jobs are run by data entry clerks, who have many tasks including typing and data transcription. You can find these types of jobs in many different fields, including healthcare, finance, research, and administration.

Data entry is exactly what you’ll be doing – you will be entering data on a computer system.

Data entry jobs include work tasks such as:

Typing data into computer systems
Updating data into databases
Managing data

These jobs require accuracy and being able to handle all kinds of information involving text and numbers.

Other tasks for data entry freelance jobs may include:

Typing
Listening to audio files and transcribing them into written documents
Data transcription
Legal transcription
Data validation (for example, you may be comparing the data to what you have to make sure it was input correctly)
Data organization
Customer service

Your tasks will mainly depend on the job description, as they can vary from company to company.

Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly

Who is a good fit for this job?

Being a data entry clerk requires:

Attention to detail and data management
Fast typing speed
Communication skills
Ability to work efficiently
Accurate with data
Proficiency with certain data entry software (such as spreadsheets, Google Sheets, Google Docs, Microsoft Word, or Microsoft Office)
The ability to handle sensitive information

Basic computer skills are extremely helpful with data entry work, as everything will be done with a computer (or laptop).

Many people who work in online data entry jobs like how this field typically works alone from home and remote data entry jobs are a possibility as well.

Plus, you can typically get started in this career field not needing many years of experience, as there are many entry level data entry jobs that you can start with no experience. Data entry jobs usually require a high school diploma or equivalent.

How Much Money Can You Make From Data Entry?

The amount of money you make depends on many things including your location, experience, the industry you work in, and how hard the data entry tasks you are being paid to do. Your pay can also depend on your shift (are you working Monday through Friday at a company, or in your spare time at home?), your work location (companies in certain places tend to pay more), your typing speed (the faster you can type, the more you can get done!), and more.

The average data entry salary in the United States is between $25,000-$45,000 per year, with the average hourly rate being about $18 per hour. Some data entry positions pay less and some pay more, of course.

There are benefits of working this type of job as well, such as being able to find flexible jobs where you can work from home, or even while traveling.

15 Best Places To Find Data Entry Jobs From Home

Here are the 15 best places to find data entry jobs from home.

1. FlexJobs

FlexJobs is an online job search platform that lists remote and flexible job opportunities. Every job listed on FlexJobs has been found and checked to make sure it’s not junk, an ad, or a scam. This is why FlexJobs requires people to pay for a subscription to use their site too.

Listings on FlexJobs include positions for remote work, flexible schedules, part-time work, and even freelance opportunities.

To use FlexJobs, you need a paid account to apply for jobs. In the FlexJobs search bar, search for “data entry” and many positions will come up in this field showing you what qualifications are needed, if it’s 100% remote, and what the tasks include.

I did a quick search on FlexJobs, and I found remote data entry jobs, part-time data entry jobs, freelance data entry jobs, and entry-level data entry jobs. There were many companies that were looking to hire for this position within just the last few days, and from many different fields.

Note: Even though there is a cost to use FlexJobs, if you don’t successfully find a job on FlexJobs, you can ask for a refund.

2. Upwork

UpWork is one of the largest freelancing platforms that connects freelancers with clients who need various types of services, such as data entry. UpWork has thousands of jobs available at any time and makes it very easy to search for data entry jobs.

As a freelancer on UpWork, a 10% fee is taken out of any earnings made from UpWork jobs. This is an important thing to think about before finding jobs on UpWork as this fee can add up quickly.

When I searched on Upwork, I found 2,197 Data Entry Specialist jobs posted. Some of the companies hiring for data entry positions on Upwork included Microsoft, Airbnb, Nasdaq, and more.

3. Amazon MTurk

Amazon MTurk is a platform operated by Amazon that connects people and businesses who need help with tasks like data entry. It is a crowdsourcing marketplace where companies can outsource their jobs.

MTurk has jobs not only in data entry, but image or video tagging, content moderation, transcription, and more.

This is how MTurk works:

Search for jobs through Amazon Mturk and click on a job that interests you.
Accept the tasks and follow the instructions for the job.
Submit your work once the job is completed.
Once the company or individual approves your work, your earnings are available.

4. Microworkers

Microworkers is an online platform that connects people to businesses to do small and quick tasks, referred to as “micro-jobs”. These tasks can range from data entry, data validation, website testing, and more.

Freelancers using Microworkers to find jobs so that they can work as little or as much as they want. Your potential for earning is whatever you want it to be, because you can accept as many jobs as you’re able to complete.

To find jobs on Microworkers, click on the “jobs” tab and browse through hundreds of listed tasks. Each task will show different instructions and the time you have to complete the job. The job will also show how much you will earn for finishing the tasks.

5. Clickworker

Clickworker connects businesses with freelancers who are in charge of completing small, quick assignments.

Besides data entry, you can also earn money with Clickworker by answering surveys, doing research, translating, and more.

As a Clickworker, you will get a list of available assignments that you can choose from. The tasks available to you will depend on your skills, education, past work assignments, and any qualification tests you pass.

6. SigTrack

SigTrack is a site dedicated to data entry jobs. Jobs on SigTrack primarily focus on collecting and verifying voter signatures for political campaigns, initiatives, and petitions.

There is plenty of work available on SigTrack with the average hourly rate going from $11-$12 per hour.

You cannot reside in California or Massachusetts to work for SigTrack.

7. Fiverr

Fiverr is an online job marketplace that allows freelancers to list their digital services, including data entry, graphic design, writing, web development, and a lot more.

Companies or small businesses looking for freelancers search Fiverr for help on their projects.

It’s important to note that Fiverr does take a 20% cut of your earnings, so keep that in mind if you search for a job here.

I found 69,727 jobs related to data entry on this site, so competition can be pretty tough. You will have to find a way to stand out if you want to post a listing on Fiverr.

8. Axion Data Entry Services

Axion Data Entry Services is a company that does data entry and data processing for businesses, such as for managing and digitizing their data.

As an employee of the Axion Data Entry Services team, you’ll be evaluated for accuracy and your attention to detail, and you are paid at a flat rate per entry or for each document you enter.

The more skills and qualifications you have, the more you will earn at Axion Data Entry Services.

9. DionData Solutions

DionData Solutions connects data entry specialists to businesses and organizations. DionData Solutions works for clients who need help in managing and digitizing large volumes of data accurately and efficiently.

At DionDate Solutions, data entry specialists work on:

Medical claims
Mailing lists
Surveys
Subscription fulfillments
Enrollment forms
Warranty cards
Product registration cards
Inventories

And more.

10. Capital Typing

Capital Typing is a company that sells services such as data entry, transcription, virtual assistance services, and other admin support roles.

Capital Typing specializes in on-demand and long-term outsourcing solutions to help companies streamline their operations.

Due to the type of business they run, they are in need of data entry workers.

11. We Work Remotely

We Work Remotely is a job board that focuses primarily on remote jobs. This platform is home to the largest remote work opportunity in the world with over 4.5 million visitors.

Many companies hire workers from this site, such as Google, Amazon, and more. So, there are many big companies that list jobs here.

This online platform allows companies to hire remote workers for all kinds of jobs including data entry. Jobs posted include information such as what the company is looking for, what the ideal candidate has as far as qualifications go, salary and benefits, and the steps to apply.

12. Virtual Vocations

Virtual Vocations is a job platform that lists remote and telecommute job opportunities.

This platform is designed to help remote workers find legit online jobs, making it as easy as possible to get started working from home.

Jobs listed on Virtual Vocations list key responsibilities for the job, and required qualifications.

When I looked, Virtual Vocations currently has 7 jobs related to data entry listed.

13. Scribie

Scribie is a transcription and audio captioning service that provides services to businesses and individuals. Scribie specializes in converting audio and video files into written text.

To apply as a Scribie transcriptionist you need to:

Sign up as a Transcriber
Connect your PayPal account
Take a transcription test

Scribie pays $5-$20 per audio hour (Scribie claims that a person can make around $800 a month by working 8 hours each day.). The pay is a little on the lower end, but Scribie does give you automated transcripts, which can save you around 60% of the typing effort.

You’ll simply listen to the audio clips that they give you, compare them to the automated transcription (such as applying context, identifying mistakes, and correcting the automated transcript that they give you). Then, you can get paid.

14. GoTranscript

GoTranscript is a platform that connects businesses with professional data entry specialists. Data entry specialists on GoTranscript work on documents related to the medical, legal, and academic fields.

With a 98% customer satisfaction rate, GoTranscript relies on hiring the best data entry specialists.

They pay up to $0.60 per audio or video minute, with an average earnings of around $150 per month.

15. Working Solutions

Working Solutions is a site that works with independent contractors on jobs related to industries like health and insurance, senior living, fitness, hospitality, and education.

Working Solutions independent contractors’ tasks include things like handling customer care calls, emails, and video chats.

You can often find data entry jobs on this site.

Frequently Asked Questions About Data Entry Jobs

Below are answers to common questions about data entry jobs from home.

Is work-at-home data entry legitimate? Can you really make money doing data entry at home?

Work at home data-entry jobs are legit and can be found quite easily online.

Here are some tips to help you find a legit work at home data entry job.

Use FlexJobs – Since FlexJobs job listings are all curated and checked for accuracy, you’ll have more peace of mind. Companies listing jobs on FlexJobs include Apple, Salesforce, United Healthcare, Dell, Capital One, and many more.
Be cautious – If a job posting makes exaggerated claims about high earnings with little to no effort, it’s likely a red flag. Legit data entry jobs give fair compensation (above minimum wage) for the data entry tasks performed. But, a legitimate company won’t ever pay $10,000 a week or something high like that.
Research the company – You should look for an official website for the company, a physical address, any information you can find on the Better Business Bureau, and even a contact phone number. Scammers generally use generic email addresses and websites that lack information.
Don’t pay thousands to become a data entry clerk – Some companies may ask you to have a data entry certificate. If they ask for this, make sure they aren’t charging you an arm and a leg for it.

Unfortunately, with many work from home careers, there are a lot of scams. But, that doesn’t mean that data entry isn’t real.

There are many places to find the best data entry jobs. But, you still have to be smart!

Which site is best for data entry jobs?

The best sites for data entry freelance jobs include:

FlexJobs
UpWork
Fiverr
We Work Remotely

Job listing sites like the platforms above often are great places to start if you are looking for entry level data entry jobs from home.

Is data entry a hard job to do? Can a beginner do data entry?

Data entry is often an entry-level job and is relatively easy to get started with. If you don’t have trouble with typing accurately and inputting data, then you most likely won’t have a problem with finding work at home data entry jobs.

For most new jobs in data entry, you will want to make sure you include a relevant cover letter and resume. Even if you are brand new to work-from-home data entry jobs, you can still tailor these documents to the company and position so that you can get the job.

Can I do data entry with my phone?

Okay, so I hear this question all the time. And, I get it – being able to work from your phone would be great.

Depending on the job, you can possibly do data entry from your smartphone, but it won’t be nearly as efficient and easy as doing this kind of work on a computer.

The small screen size on your phone makes data entry more challenging, and your typing will be much slower compared to working on a laptop. Plus, some software may not be available on your phone.

If you want to make the most money with stay at home data entry jobs, then it’s probably best to get a laptop or a computer.

Data Entry Jobs From Home – Summary

I hope you enjoyed today’s article on how to find online data entry jobs from home.

Data entry jobs are great for people completely new to this field as you don’t need prior experience to become a data entry specialist.

Plus, with the average salary from $25,000-$45,000, finding a data entry position is a good career path to get started with if you want to work from home and possibly have a flexible schedule.

What’s your best place to find work from home data entry jobs?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

November 13, 2023 by Brett Tams

FEMA Disaster Recovery Center / SBA Disaster Assistance at UHMC in Kahului. PC: Wendy Osher (8.30.23)

FEMA works closely with the US Small Business Administration, which provides low-interest disaster loans for homeowners, renters, businesses and nonprofit organizations.

SBA disaster loans may cover losses that are not fully covered by insurance or other sources. The US Small Business Administration is the largest source of federal disaster recovery funds for survivors.

After applying for disaster assistance from FEMA, individuals may be referred to the administration. Those who receive an SBA disaster loan application are encouraged to fill it out and return it.

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Failure to return the SBA loan application may disqualify applicants from other possible financial assistance from FEMA or other financial resources.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations, the US Small Business Administration offers Economic Injury Disaster Loans to help meet working capital needs caused by the wildfires. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

The US Small Business Administration provides the following disaster loans for those impacted by the Maui wildfires:

Home Loans: Home loans up to $500,000 for the repair or replacement of real estate and up to $100,000 to repair or replace personal property such as clothing, furniture, appliances or cars for both homeowners and renters.

Business Loans: Up to $2 million for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses.

Economic Injury Disaster Loans: Up to $2 million for alleviating economic injury caused to businesses by the wildfires.

After a disaster is declared, an SBA disaster loan may be increased by up to 20% of verified disaster damage to cover improvements that will reduce risks from future damage.

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SBA Business Recovery Centers provide in-person support to wildfire survivors in Honolulu and Maui counties. Maui homeowners, renters and business owners who have been displaced and businesses with working capital needs caused by the wildfires can visit a Business Recovery Center. Small business owners from the Big Island, Kaua‘i or O‘ahu are also welcomed to visit the centers.

US Small Business Administration representatives will answer questions about SBA’s disaster loan program, explain the application process and help each business owner and resident complete their electronic loan application.

Maui County SBA Business Recovery Center:

Hawaiʻi Technology Development Corp.: Maui Research Technology Center Building A, Suite 119 (Conference Room), 590 Lipoa Parkway in Kīhei.

Regular Hours: 8 a.m. to 5 p.m. Monday to Friday; 10 a.m. to 2 p.m. Saturday (closed: Veterans’ Day, Nov. 10)

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Applicants may apply online, receive additional disaster assistance information and download applications at https://www.sba.gov/hawaii-wildfires.

Applicants may also call the SBA’s Customer Service Center at 800-659-2955, or email [email protected] for more information on the SBA’s disaster assistance.

Source: mauinow.com

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What Are Data Entry Jobs?

Who is a good fit for this job?

How Much Money Can You Make From Data Entry?

15 Best Places To Find Data Entry Jobs From Home

1. FlexJobs

2. Upwork

3. Amazon MTurk

4. Microworkers

5. Clickworker

6. SigTrack

7. Fiverr

8. Axion Data Entry Services

9. DionData Solutions

10. Capital Typing

11. We Work Remotely

12. Virtual Vocations

13. Scribie

14. GoTranscript

15. Working Solutions

Frequently Asked Questions About Data Entry Jobs

Is work-at-home data entry legitimate? Can you really make money doing data entry at home?

Which site is best for data entry jobs?

Is data entry a hard job to do? Can a beginner do data entry?

Can I do data entry with my phone?

Data Entry Jobs From Home – Summary

The US Small Business Administration provides the following disaster loans for those impacted by the Maui wildfires: