Optimal Blue

Apache is functioning normally

Apache is functioning normally

Mortgage rates remained well above 7% on Thursday as markets digested Wednesday’s Fed meeting. 

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.19% as of Sept. 21, up one basis point from last week’s 7.18%. By contrast, the 30-year fixed-rate mortgage was at 6.29% a year ago at this time.

“Mortgage rates continue to linger above 7% as the Federal Reserve paused their interest rate hikes,” Sam Khater, Freddie Mac’s chief economist said.

Elevated mortgage rates weigh negatively on the housing demand, and by extension on homebuilders, Kharter added.  

“Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply,” he noted.

Other indices showed different mortgage rates this week.

HousingWire’s Mortgage Rates Center showed Optimal Blue’s 30-year fixed rate for conventional loans at 7.22% on Wednesday, compared to 7.16% the previous week. At Mortgage News Daily on Wednesday, the 30-year fixed rate for conventional loans was 7.33%, up from 7.22% the previous week.

Members of the Federal Open Market Committee expect interest rates to remain elevated for longer than had been expected

The Fed paused its rate hikes yesterday as several economic indicators — including the improved core CPI figures, lower job openings, and higher unemployment rate — point towards a cooling economy. However, members remained cautious and the committee’s updated outlook implies a forthcoming monetary policy that is “tighter for longer,” Jiayi Xu, economist at Realtor.com said.

“With the year-end projection for 2023 remaining at 5.6%, we are drawing closer to another potential rate hike as the year approaches its end,” she said.

Furthermore, the expected policy rate for the conclusion of 2024 and 2025 is now half a percentage point higher than what was anticipated back in June, reinforcing the trend toward a more restrictive monetary policy in the path forward.

While higher interest rates indicate additional hurdles to come for the housing market, the fall typically ushers in more favorable buying conditions compared to the rest of the year, according to Xu.

“For those looking to purchase a home in this tough year, the first week of October will emerge as the best time to make a move,” Xu said.

Historical data suggests that during this particular week, home prices tend to dip below their peak levels, competition subsides, and the housing inventory expands compared to the busy summer months, she explained.

Meanwhile, homebuyers who can’t afford to buy a house in today’s market can rely on renting as rental prices are going down. 

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

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The U.S. looks to be headed for a “mild recession” in the first half of next year, but continued strength in the economy could keep mortgage rates from coming down as much as previously expected, economists at mortgage giant Fannie Mae said in a forecast released Monday.

While the Federal Reserve isn’t expected to raise rates when policymakers wrap up a two-day meeting Wednesday, persistent inflation could still prompt the Fed to hike rates later this year, or implement a “higher for longer” rate strategy.

The good news is that even though mortgage rates have settled in above 7 percent, the risk that rates will do even more damage to home sales is limited, as the share of cash purchases remains high and sales are now driven more by life events than discretionary move-up buys, Fannie Mae forecasters said.

Nevertheless, Fannie Mae economists forecast that home sales will drop by 14.7 percent this year, and stay at about the same level next year.

“We expect that total housing market activity will remain at a low level into 2024 as the Federal Reserve continues to hold the line on interest rates against inflation,” Fannie Mae Chief Economist Doug Duncan said, in a statement.

Last month, economists at Fannie Mae were expecting rates for 30-year fixed-rate conforming mortgages would peak at 6.8 percent during the third quarter of this year before retreating to an average of 6 percent during the final three months of 2024. Forecasters at the Mortgage Bankers Association (MBA) were even more optimistic, predicting mortgage rates would drop to an average of 5 percent by Q4 2024.

Mortgage rates projected to ease next year

Source: Fannie Mae, Mortgage Bankers Association forecasts.

That was before strong economic data sent rates on the popular 30-year fixed-rate conforming loans soaring to a 2023 high of 7.30 percent, according to rate lock data tracked by the Optimal Blue Mortgage Market Indices, which show rates have only pulled back slightly since then.

With the economy cooling more slowly than expected, Fannie Mae analysts now see mortgage rates peaking at 7.1 percent during the final three months of 2023, before easing to 6.3 percent by Q4 2024. In releasing their latest forecast Monday, MBA economists predicted mortgage rates will start coming down this year, but remain well above 5 percent next year.

Home sales projected to drop 17.4% this year

Source: Fannie Mae Housing Forecast, September 2023.

Fannie Mae is forecasting 4.8 million total home sales in 2023, which would be a 17.4 percent drop from last year and the slowest annual pace since 2011. Next year isn’t expected to be much different, with sales expected to bounce back by less than 1 percent.

“While the additional downside risk from rate movements to date is minimal, the prospects of a recovery in existing sales in the near future is unlikely given strong mortgage rate ‘lock-in’ effects and stressed affordability,” Fannie Mae economists said in commentary accompanying their September forecast.

New home sales are expected to grow by more than 6 percent this year, as builders race to complete homes in markets where the lock-in effect — reluctance on the part of homeowners to give up the low rate on their existing mortgage — has made listings scarce.

“New home sales were surprisingly strong in the first half of the year, due partly to homebuilder rate buydowns, which become more expensive when mortgage rates rise,” Duncan noted. But he said Fannie Mae forecasters expect new home sales to pull back slightly next year, “due to the higher mortgage rate environment and recent decline in homebuilder confidence.”

The National Association of Home Builders/Wells Fargo Housing Market Index, a gauge of builder confidence, dipped six points in August and another five points in September, to 45. It was the first time the index has been below 50 in five months, which indicates more builders view conditions as poor than good.

The recent rebound in mortgage rates “is making homebuilders nervous,” Pantheon Macroeconomics Chief Economist Ian Shepherdson said in a note to clients Monday.

“To be clear, the impact of mortgage rates returning to 7-1/4 percent from their recent 6-1/2 percent lows will be nothing like as bad as the initial surge from 3 percent to 7-1/4 percent in the year to September 2022,” Shepherdson said. “But it ought to be enough to quash the nonsensical media/Fed narrative that the housing market is starting to recover. It isn’t.”

Large pipeline of multifamily housing coming online

Source: Fannie Mae Housing Forecast, September 2023.

Fannie Mae economists expect single-family housing starts to plateau at 910,000 next year, and for multifamily construction to slow by 22 percent, to 389,000 units.

“With sluggish rent growth on a national level, more normalized vacancy rates, and tighter construction and development loan lending standards, we expect multifamily construction starts to continue to slow,” Fannie Mae forecasters said. “These dynamics may also play into softening demand for single-family housing: There is a large pipeline of multifamily housing coming online, and the rent-to-buy calculus for prospective homebuyers may tilt a little more in favor of renting for longer.”

Mortgage lending expected to grow by 20% next year

Source: Fannie Mae Housing Forecast, September 2023.

With home prices holding firm and mortgage rates expected to ease next year, Fannie Mae forecasters expect mortgage originations will grow by 20 percent next year. The slight uptick in home sales projected for next year would boost purchase loan originations by 9.4 percent, to $1.433 trillion, while lower mortgage rates are expected to boost refinancing by 76 percent, to $442 billion.

Mild recession seen as ‘likeliest outcome’ of Fed tightening

Fannie Mae economists have been predicting that the U.S. was headed for a recession since April 2022, after the Fed began raising interest rates and the impact of stimulus measures introduced during the pandemic faded.

While mixed economic data continues to “muddle the near-term outlook,” Fannie Mae economists say they continue to expect a “mild recession” in the first half of 2024, based on the belief that consumers will need to rein in spending in order to live within their means.

“Fundamentally, personal consumption remains at what we believe to be an unsustainable level relative to incomes, and the full effects of monetary policy tightening are still working through the economy,” Fannie Mae forecasters said.

In their weekly brief on the U.S. economy, Shepherdson and his Pantheon Macroeconomics colleague Kieran Clancy noted three potential wildcards on the economic horizon: A strike launched last week by the United Auto Workers targeting the big three automakers, next month’s resumption of federal student loan payments, and a “likely” government shutdown.

“An all-out strike lasting a month could be expected to depress quarterly GDP [gross domestic product] growth by about 1.7 percentage points, before taking account of the hit to the supply chain,” the Pantheon Macroeconomics team said. “The problem for the Fed is that it would be impossible to know in real time how much of any slowing in economic growth could confidently be pinned the strike, and how much could be due to other factors, notably the hit to consumption from the restart of student loan payments. The latter already is making itself felt in falling restaurant diner and airline passenger numbers.”

Fannie Mae economists agree that a sustained strike could “drive a negative payroll report in October, as well as dampen the GDP measure,” but that a short-lived strike “would likely be followed by a rebound in auto manufacturing output thereafter.”

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter

Source: inman.com

Apache is functioning normally

Apache is functioning normally

In the week leading up to the Federal Open Market Committee meeting, mortgage applications finally ticked up.

For the week that ended Sept. 15, mortgage applications rose 5.4% from the prior week, according to data from the Mortgage Bankers Association. 

Last week, purchase applications increased for both conventional and FHA loans but remained 26% lower than the same week a year ago. Meanwhile, refinance applications also increased but are still about 30% lower than the same week last year.

“Mortgage applications increased last week, despite the 30-year fixed rate edging back up to 7.31%, its highest level in four weeks,” Joel Kan, MBA’s vice president and deputy chief economist said.

Also noteworthy, the average loan size on a purchase application was $416,800, the highest level in six weeks. 

“Home prices in many markets have been supported by low inventory and resilient housing demand for available homes,” Kan added.

The refinance share of mortgage activity increased to 31.6% of total applications from 29.1% the previous week. Meanwhile, the adjustable-rate mortgage (ARM) share of activity decreased to 7.2% of total applications from 7.5% last week.

The 30-year fixed mortgage rate increased to 7.31% last week, according to Kan. At HousingWire’s Mortgage Rates Center, Optimal Blue had 30-year fixed-rate mortgage at 7.19% on Sunday. At Mortgage News Daily, 30-year fixed-rate mortgage rates were at 7.30% on Tuesday.

The Federal Housing Administration loans’ share remained unchanged at 14.2%. As homebuyers continue to face higher rates and limited for-sale inventory, purchase conditions are becoming more challenging for buyers. The U.S. Department of Veteran Affairs loans’ share decreased to 11% from 11.3% the week prior. Lastly, the U.S. Department of Agriculture loans’ share remained unchanged at 0.4%.

The average contract interest rate for 5/1 ARMs dropped to 6.42% from 6.59% a week prior.

The FOMC is expected to hold rates steady on Wednesday, though analysts believe one more rate hike remains in the cards this year.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

Dark Matter Technologies, formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders.

Executives from Dark Matter Technologies, under the Constellation Software umbrella, said that a down market is the best time to make investments in technology and prepare for the next cycle.

With lenders focused on bringing origination costs down in a tough origination environment, the firm saw up to a 300% year-over-year growth in new user numbers for the past couple of years.

“We actually do well in any kind of market,” Rich Gagliano, CEO of Dark Matter Technologies and former president of Black Knight, said in an interview with HousingWire on Friday.

“Now we’re in a down cycle, they need to do it with fewer people and they need to be more efficient to get the cost down. So it’s really the same story, just different markets,” Gagliano said.

Dark Matter Technologies, which completed the acquisition of Black Knight’s Empower and Optimal Blue last week, will be working towards a smooth transition over to Constellation Software with its 1,300-plus employees for the remainder of the year.

The company doesn’t plan to raise pricing for Empower and is focused on services and products that will drive down the cost of origination and employee borrower retention, executives said. 

Gagliano, Sean Dugan, CRO of Dark Matter Technologies and Tom George, co-president of Romulus, part of the Perseus Group of Constellation Software, participated in the interview.

Read on to learn more about Dark Matter Technologies’ plan for mortgage.

This interview has been condensed and lightly edited for clarity.

Connie Kim: Constellation’s Perseus Group has a pretty big real estate portfolio. What were the reasons for buying Black Knight’s Empower and Optimal Blue? What opportunities did the firm see?

Tom George: The way Constellation operates is that we focus on acquiring vertical market software companies and portfolios of vertical market software companies with the intent to stay in these industries forever. 

We started almost 20 years ago and Perseus in the homebuilding industry, we built a significant player in homebuilding software, that led us to an adjacency residential real estate where we bought over 20 companies. More recently, we started acquiring businesses in the mortgage tech space. 

We plan to be in the mortgage tech space forever. And we plan to continue to acquire there. 

Kim: What other mortgage tech companies has Constellation Software acquired?

George: We’ve acquired three other businesses in the mortgage space. We bought Mortgage Builder Software from Altisource Portfolio Solutions in 2019. There have been two additional acquisitions – ReverseVision, which is a leader in the reverse mortgage LOS space, and then a document storage product called Back Support.

Kim: Are you expecting any layoffs during the transition? Will the same management from Black Knight’s Empower and Optimal Blue be in place? 

Rich Gagliano: We’re not expecting any changes. [About] 1300 [employees] are going to move over with us and it’s business as usual.

Kim: It’s a tough mortgage origination market right now. How does the company expect to manage profit amid industry consolidation, bankruptcies and attrition?

Gagliano: We’ve seen a strong pipeline. Even though the markets are down, what we encourage and talk to clients about is when you’re slow, that’s the best time to make technology changes. Now is the time for that change, and get yourself ready for the next cycle.

We actually do well in any kind of market. But honestly, when the market is crazy, lenders are looking for efficiencies because they can’t find and hire enough staff. Now we’re in a down cycle, they need to do it with fewer people and they need to be more efficient to get the cost down. So it’s really the same story, just different markets.

Kim: I definitely hear a lot of mortgage tech companies saying ‘this is the time to invest, especially when the market is down.’ You mentioned a strong pipeline, are we talking about new clients? 

Sean Dugan: We’ve had 200% to 300% growth year-over-year for the last couple of years. And we don’t see that backing up. Those are not financial metrics, that was just on the number of clients acquired. When we took the Empower LOS platform to the down- to mid-market clients and really focused on that, we saw the number of acquisitions per year grow in a really significant fashion. 

Kim: Empower has an estimated market share of around 10-15% after ICE’s Encompass which takes up about 40 to 45% of market share. How does Dark Matter plan to compete against Encompass?

Gagliano: We believe strongly in technology. We’re generally in most of the deals when we know about them. We believe that the automation, and the technology and the solution that we bring, and the ecosystem that we have, is best in the industry and really helps these lenders drive cost out of the system.

We compete with multiple product providers out there, including Encompass. But we like where we are positioned and I think our clients like the innovations that we’ve brought over the past over years.

Kim: When I talk to lenders, they say when using a company’s LOS, using the same company’s add-on products makes it more cost-efficient and seamless. What are some of the add-on products the company has already developed or is seeking to develop to win over lenders?

Gagliano: Just over the past couple of years, we’ve added Ava, which is our artificial intelligence capability. Ava has added a couple of additional products over the past two years. We’ve added an underwriting efficiency product, we’ve added a post-close product that’s going into production – so fairly new products.

We’re going to continue to use the products that we have in our bundle today and sell those so no changes there. But we are incrementally adding new technology, new innovations, that are going to help drive that cost down.

Dugan: We’ve also delivered digital portals for each one of our business channels within Empower, which would include retail, wholesale, correspondent, home equity and assumptions. We also have business intelligence as a component, and then a vendor aggregation platform, which was by the name of Exchange. Those are some of the components that make up the Dark Matter-owned bundle of services within Empower.

Kim: I know Ava has some kind of AI aspect to it. Right now, a lot of mortgage tech companies are focusing on AI. How they’re going to utilize AI to be that middleman between the customer and the loan originator. I’m curious how Dark Matter is going to integrate AI and machine learning (ML) to the LOS and other products.

Dugan: Regardless of what the technology solution is, clients are looking for flexibility, configurability – things that they can configure to meet their particular requirements. They’re looking for a really significant return on their investment, and they’re looking to drive the cost of origination as well as employee and borrower retention.

Kim: One of the concerns about the ICE-Black Knight merger was the fear that ICE would raise prices on the LOS products. Will there be any pricing changes for Dark Matter Technologies?

Gagliano: We don’t have anything planned at this point. Our Constellation partners haven’t asked us to come in and raise prices. That’s not part of their strategy, their strategy is to acquire quality companies and run the businesses.

Kim: Who does Dark Matter Technologies consider as competitors right now?

Dugan: It’s any origination technology provider. There are a number of providers that are delivering services specific to underwriting capabilities, so we would compete with them. So I think it’s a host of providers and vendors across the ecosystem of this particular vertical that we compete with on a day-by-day basis.

Kim: What are your prospects for the remainder of the year for mortgage origination? What are some of the larger goals for Dark Matter Technologies?

Gagliano: Through the end of the year, we’re going to be transitioning to Constellation moving off Black Knight Technologies. We’ve added some corporate-level capabilities already. So we feel good about where we are and stay focused on that through the end of the year.

Source: housingwire.com

Apache is functioning normally

Apache is functioning normally

Mortgage rates remain anchored north of 7% as investors focus on the impact of rising headline inflation ahead of next week’s Fed rate decision. 

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% as of Sept. 14, up from last week’s 7.12%. By contrast, the 30-year fixed-rate mortgage was at 6.02% a year ago at this time.

“The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated,” Sam Khater, Freddie Mac’s chief economist said. “However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote.”

Indeed, Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.

Other indices showed different mortgage rates this week.

HousingWire’s Mortgage Rates Center showed Optimal Blue’s 30-year fixed rate for conventional loans at 7.16% on Tuesday, compared to 7.20% the previous week. At Mortgage News Daily on Wednesday, the 30-year fixed rate for conventional loans was 7.22%, down from 7.33% the previous week.

What to expect from the Federal Open Market Committee meeting next week ?

On Wall Street and in Washington, investors believe that the Federal Reserve is poised to steer the economy toward a soft landing. Even if August’s headline inflation was driven up by energy prices, the core CPI provided more evidence that core inflation is trending down toward pre-pandemic levels, Jiayi Xu, economist at Realtor.com said. Overall, she expects that inflation will continue to move in the right direction as shelter costs have moved down for five consecutive months on a year-over-year basis. Additionally, Realtor.com’s median asking-rents indicate rental prices have been gradually declining. 

“Overall, we expect the Fed will maintain its ‘wait-and-see’ approach in its next FOMC meeting and closely monitor future data,” Xu said.

However, some economists also say that the economy is veering toward a contraction, with 10-year yields holding below 3-month yields, Bloomberg reported. On Thursday, the market surpassed the 1980 record to hold that way for the longest consecutive daily stretch since Bloomberg’s records began in 1962.

How are mortgage rates affecting the housing market ?

As many existing homeowners are staying put in today’s elevated mortgage rates environment, the inventory problem persists and puts first-time homebuyers in a difficult position. Indeed, over one-third (34%) of prospective buyers have yet to purchase a home because there are not enough homes for sale in their budget, HousingWire reported on Thursday. 

On the buyers’ side, high mortgage rates continue to subdue demand, with mortgage applications in the first full week of September falling to lows last seen in 1996.

Even as housing demand cools this fall, inventory will remain low, Bright MLS Chief Economist Lisa Sturtevant said. 

In that context, prospective homebuyers are scrambling to find solutions, she added.

“Some families are buying homes together, with millennials teaming up with their Baby Boomer parents to buy a multigenerational home. Other buyers are looking for opportunities to purchase a home where they rent out part of it to generate additional income.”

Buyers are also pushed to making trade-offs, such as looking for smaller homes and expanding their neighborhood searches.

“MBA expects some of the recent volatility in rates to subside enough that the 30-year fixed rate will fall closer to 6% by the end of the year,” MBA President and CEO Bob Broeksmit said. 

Source: housingwire.com

Apache is functioning normally

Even though the Empower LOS was the second most-used origination platform in the mortgage business, it was commonly seen as taking a back seat to its former corporate parent’s servicing technology.

A rebranding to the name Dark Matter Technologies under its new ownership could change that. 

“We are now abundantly and solely focused on mortgage origination technology, and our clients specifically will see a difference there,” said Sean Dugan, chief revenue officer. “As a lighter organization under Constellation ownership, we’re going to be able to design and deliver in a more nimble way.”

This transaction closed on Sept. 15, 10 days after Intercontinental Exchange completed its acquisition of Black Knight.

Constellation’s purchase was contingent on the Federal Trade Commission dropping its opposition to the ICE deal, which it did in early August. 

ICE and Black Knight agreed to their deal in May 2022. The Empower sale was entered into in March in order to drive regulatory approval for the merger between two market giants.

But ICE, Black Knight and the Federal Trade Commission did not officially come together on their agreement until Aug. 25.

All along, “we’re very optimistic, we got assurances from our counsel to indicate that this was going to eventually close,” said Bonnie Wilhelm, chief operating officer of the Perseus Operating Group at Constellation. “We just weren’t sure when that was going to happen.”

Constellation first met with the Dark Matter team in February and is now excited they can officially work together, Wilhelm added.

The branding came about because management was looking for something that was more edgy. 

“Dark matter is the ubiquitous piece that helps the universe evolve, the constellations evolve [in a reference to the company’s new ownership], and it’s really the backbone of the universe,” said Rich Gagliano, CEO of Dark Matter. “We view ourselves as the backbone of our originators and our clients” to help them create efficiencies and drive down costs.

Before the transaction, Gagliano was president of Black Knight Origination Technologies.

Empower will remain the name of the LOS, Gagliano said, noting it is in its 25th year in the marketplace.

Management has had preliminary discussions with clients prior to closing but these were limited because of certain regulatory guidelines.

“Next week we’ll be reaching out to our clients and talking in a little more detail,” Gagliano said. “The Constellation team has been great with spending time with our clients and I think they’ve gotten really comfortable with them.”

Dark Matter will be reaching out via phone calls and emails in the coming days, Dugan added.

Most, if not all users will stay on the Empower system now that the deal is done.

“I think our clients really appreciate what we’ve done and all that we brought to the market,” said Gagliano. “We expect our clients to stick with us and all indications are they’re excited about Constellation and they’re excited that this leadership team is staying together.”

Constellation aims to have its businesses keep their customers forever as it is a long-term owner, said Scott Smith, the co-president of the Romulus Portfolio, Perseus Operating Group.

“We’ve worked with Rich and his team, understanding how they’re investing and what they’re doing so their customers stick around forever with Dark Matter,” said Smith. That is a core philosophy across the 800 acquisitions and over 100 verticals that Constellation is in.

Constellation also owns Mortgage Builder (acquired from Altisource Portfolio Solutions in April 2019) and ReverseVision, purchased in February 2022, and those will remain separate businesses run independently from Dark Matter, said Smith.

Among the other businesses included in the sale to Dark Matter is the artificial intelligence initiative, Aiva, that Black Knight acquired in 2018. The Exchange Service Network also is now a part of Dark Matter.

However, the Optimal Blue product and pricing engine, which was also acquired by Constellation as part of the divestitures that enabled the ICE-Black Knight deal to go through, will be a separate business.

Source: nationalmortgagenews.com

Apache is functioning normally

Hedging, PPE, Fee Collection, QC Products; Gov’t and Conforming News; Producer Inflation Alive and Well

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Hedging, PPE, Fee Collection, QC Products; Gov’t and Conforming News; Producer Inflation Alive and Well

By:
Rob Chrisman

Thu, Sep 14 2023, 11:15 AM

This morning I head from Chicago to Orlando along with 74 million others (yearly). More fun with numbers: Although the MBA thinks we’ll fund about $1.7 trillion in 2023, weekly applications continue to reflect a declining market so let’s use $1.5 trillion to make the numbers easier. That averages out to $6 billion per business day of production. The Fed is looking to offload $13 billion in MBS from bank seizures. To keep things in perspective, that is only two days’ worth of production, certainly not enough to “swamp the boat.” Perspective is good, and here’s another example. Higher and volatile interest rates, uncertainty about property values, and stresses in some property markets have increased pressure on some loans and properties. Accordingly, MBA reported that commercial and multifamily mortgage delinquencies increased in the second quarter of 2023. Even with the uptick in delinquency rates, they remain at the lower end of historical ranges. Loans backed by properties (and property types) with stable cash flows, are faring better than those that may have seen declines in incomes. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, an nCino Company, and award-winning developer of mortgage technology for modern lenders. Hear an interview with C2 Financial and Revest Homes’ Jim Black on how originators can win business in a tough rate environment.)

Lender and Broker Software, Products, and Services

Amidst changing QC requirements and increasing repurchase risk, lenders must invest in automation to drive efficiency and protect profits. The industry needs to shift its focus from crisis management to prevention with proactive QC. Not only does this approach set lenders up for success regardless of the origination environment, but it’s also a regulatory imperative now that Fannie Mae requires lenders to conduct pre-funding QC on a minimum of 10% of their production. ACES Quality Management empowers mortgage lenders and servicers to take control of their operations and embrace proactive QC. ACES seamlessly combines cutting-edge technology with comprehensive data analysis, giving mortgage professionals the tools they need to identify, anticipate and rectify potential issues in near real time. Learn why financial institutions and third-party providers rely on ACES.

“Looking for a full-service depository bank that will help you achieve your long-term growth plans? NexBank has been a dependable lender to our clients through all business cycles. We’ve been in the wholesale, correspondent, and warehouse lending business since 2008 and don’t compete with our clients for retail originations or refinancing business. Our long-tenured account executives, with an average of 24 years of industry experience, know our business well and are dedicated to helping you grow yours. This month, we celebrate the 15th anniversary of three professionals who have contributed to the success of our clients and NexBank. Lance Hackney with $4 billion closed volume; Brandi Horton with $4.5 billion closed volume; and Steve Smith with $5 billion closed volume. We support all channels: Wholesale, Non-Delegated & Delegated Correspondent with Portfolio, Conventional, FHA, and VA products, and offer Delegated & Emerging Banker Warehouse Lending and Escrow Deposit Management. Email Jon Hodge to reach an AE. Member FDIC. Equal Housing Lender. NMLS 672886.”

If you’re using Encompass® by ICE Mortgage Technology™ and you’re not using Fee Chaser to collect your upfront fees you it’s time to get your act together. Fee Chaser enables your borrowers to pay their upfront fees right from a text message. No more missed appraisal fees, no more paper checks, no more credit card numbers floating around on printed forms. Check out Fee Chaser here and they’ll text a demo right to your phone.

“Optimal Blue’s market-leading product, pricing and eligibility (PPE) engine has been the industry’s preferred choice for years because of our ability to serve our clients’ needs. With Optimal Blue’s open-API platform, our clients can access and use all of the functionality that exists in the Optimal Blue PPE via APIs, including creating customized rate quoting tools, fully automating lock events, and ensuring LOs have on-demand access to product and pricing where and when they need it. Reach out to Optimal Blue today to learn more about our open-API platform and how you can use it to unlock hidden efficiencies and improve your business!”

Government and Other Conforming Program News

Plaza Home Mortgage® reminded brokers of the ins and outs of getting government deals done. Here are five really great reasons to look to Plaza first for your government loans:

Manual underwriting may be an option for loans that do not get an approval through AUS-Total Scorecard (manual underwriting requirements apply). FHA and VA FICOs down to 550. USDA FICOs down to 600. Cash-out allowed on FHA and VA. Experienced Underwriting team that is willing to go the extra mile for your borrower.

Effective August 25th, the Attorney Authorization Approval (AAA) Matrix is available within Property 360™ on both the Claims and Excess Fees landing pages. The matrix remains accessible on the Excess Attorney Fee – Cost Guidelines webpage in the Single-Family portal.

Federal Housing Agencies issued a reminder for mortgage assistance for those impacted by the Maui Wildfires. In a joint statement, the Federal Housing pledged their offices’ ongoing support for Hawaiian residents affected by the devastating wildfires on the Hawaiian island of Maui.

Hurricane season has begun, MBAF provided a reminder of MBA’s Disaster Recovery Resource Guide. This guide outlines what to do before and after a natural disaster, along with how to start, and then, work through the recovery process. Additionally, another resource available is Hurricane Help FAQs.

Fifth Third Correspondent Lending Communiqué 2023-6-9.1.23 has the following topics:

Final Document Reminder, as a reminder, Fifth Third expects Final Title Policies and Recorded Mortgages to be delivered within 90 days of the loan purchase date. Excessively aged documents will be assessed a fee per section 1.07 of the Correspondent Seller Guide.

Maximize Cash Out with Loan Stream Mortgage Non-QM Closed End Seconds. Program highlights include clients can Access Equity with our Non-QM CES Cash Out Refi: 90% CLTV Full Doc, 85% CLTV Bank Statements, 80% CLTV Investment Properties and 75% CLTV DSCR. Also available on Purchase, Rate/Term Refinance & Cash Out.

Chaos has a way of bringing on unexpected opportunities. Plaza Home Mortgage®. Co-President and COO, Michael Fontaine, shares with National Mortgage News how Plaza navigates in the evolving wholesale landscape. From diverse strategies to tapping into improved technology plus Plaza’s training offerings to help amplify broker clients’ strengths, take a look.

Plaza Home Mortgage® Jumbo opportunities keep getting better, now offering 2-1 and 1-0 Temporary Buydowns on its new Jumbo Elite loan program. Get in touch with your Account Executive for the qualifying details. Explore the complete range of Jumbo solutions Plaza offers for your borrowers.

Capital Markets

Why do those in the mortgage space watch the 10-year U.S. Treasury note? Historically, the 10-year U.S. Treasury yield has been considered a key benchmark for mortgage rates. Mortgage rates, however, are not actually based on the 10-year U.S. Treasury note (as is commonly believed). MCT released a blog, “How the 10-Year U.S. Treasury Note Impacts Mortgage Rates” that serves as an excellent primer for how mortgage interest rates respond to moves of the benchmark U.S. Treasury note. The piece discusses why mortgage rates and Treasury yields move together and how bonds are influenced by Treasury yields. With a trusted capital markets partner like MCT, you can rest assured that you will be notified of how economic trends could have the potential to impact your business. Sign up for MCT’s newsletter to receive educational articles like this one and learn more about variables that impact mortgage rates.

In rate news, even though inflation in August showed a larger than expected increase in core CPI (actual 0.3 percent when it was expected at 0.2 percent), it showed ongoing improvement on a year-over-year basis, enough to prevent any significant change in Fed rate hike expectations. The implied likelihood of a rate hike in December sits around 46 percent.

Digging into the numbers, gasoline prices contributed to nearly half of the increase to the headline number, rising nearly 11 percent over the month, and that inevitably had some trickle-through impact on the core reading, as transportation services were driven higher by energy prices. The 3.7 percent year-over-year rate of CPI is still well above the Fed’s 2 percent target, reflecting stickiness that, while probably not compelling enough to the Fed to raise rates further at this point as the trend in inflation has downshifted since the spring, will certainly keep the Fed in a “higher for longer” mindset. Looking forward to the FOMC meeting next week, another pause in rate hikes is already baked in, so the importance is actually much more about rate decisions in November, December, and January.

Today’s economic calendar is under way with several releases. Events kicked off with the ECB releasing its latest monetary policy decision (+.25 percent, as expected, in an effort to continue to tame inflation) followed by ECB head Lagarde’s press conference. The U.S. calendar is also under way with retail sales (+.6 percent for August, much higher than expected), the Producer Price Index (+.7 percent, much stronger than expected, core +.3 percent), and weekly jobless claims (220k, 1.688 continuing). Later today brings July business inventories, Treasury announcing the sizes for next week’s reopened 20-year bonds and 10-year TIPS auctions, and Freddie Mac’s latest Primary Mortgage Markets Survey. We begin Thursday with Agency MBS prices worse a few 32nds from Wednesday evening, the 10-year yielding 4.27 after closing yesterday at 4.25 percent, and the 2-year at 5.02 after this slew of economic news.

Employment

“Foundation Mortgage is rapidly expanding after several record months and is looking for top tier experienced Non-QM account executives to join our team. We have a vast array of non-QM products to choose from and common-sense underwriting. We make exceptions that other lenders won’t. If you are looking to join an experienced team that knows how to get loans done contact Dean Ayres.”

On the heels of the successful acquisition of Platinum Home Mortgage Corp, Planet continues its appetite for retail acquisition by looking to consolidate several independent bankers into its organization. If your firm is seeking better economies of scale or a strategic exit, let’s talk. With our strong multichannel support, speedy turnarounds, dedicated recruitment, and customer retention, Planet will give you a remarkable edge. Please contact Lee Gross to find out what Planet could do for you. All inquiries will be held in strict confidence. Confidentiality will also be honored for single MLOs or smaller sales teams who contact VP of Talent Peter Briggs or 435-709-6287.

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Source: mortgagenewsdaily.com

Apache is functioning normally

The last time mortgage demand was this low, Toni Braxton’s “Un-break my heart” topped the Billboard charts.

For the week that ended Sept. 8, mortgage applications fell 0.8% from the prior week, according to data from the Mortgage Bankers Association. Mortgage applications decreased for the seventh time in eight weeks, down to the lowest levels since December 1996.

Last week, refinance applications recorded a 5% drop. It was the weakest reading for refinance applications since January 2023. Simultaneously, purchase applications increased over the week despite the increase in rates, buoyed by a 2% gain in conventional loans. The unadjusted purchase index decreased 11% compared with the previous week and was 27% lower than the same week one year ago.

“Given how high rates are right now, there continues to be minimal refinance activity and a reduced incentive for homeowners to sell and buy a new home at a higher rate,” said Joel Kan, MBA’s vice president and deputy chief economist.

The refinance share of mortgage activity decreased to 29.1% of total applications from 30% the previous week. Meanwhile, the adjustable-rate mortgage (ARM) share of activity increased to 7.5% of total applications from 6.7% last week.

The 30-year fixed mortgage rate increased to 7.27% last week, according to Kan. At HousingWire’s Mortgage Rates Center, Optimal Blue had 30-year fixed-rate mortgages at 7.17% on Sunday. At Mortgage News Daily, 30-year fixed-rate mortgage rates were at 7.30% on Monday.

The Federal Housing Administration loans’ share increased to 14.2% from 13.7% the week prior. The U.S. Department of Veteran Affairs loans’ share remained unchanged at 11.3%. Lastly, the U.S. Department of Agriculture loans’ share fell  to 0.4% from 0.6% a week prior.

The average contract interest rate for 5/1 ARMs ticked up to 6.59% from 6.33% a week prior.

Source: housingwire.com

Apache is functioning normally

Warehouse, HELOC, AMC, Rate Lock; Automation, POS Products; Insurance and Disaster News

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Warehouse, HELOC, AMC, Rate Lock; Automation, POS Products; Insurance and Disaster News

By:
Rob Chrisman

4 Hours, 46 Min ago

One of the topics here in Tennessee is how lenders can help real estate agents or clients. Wanna maybe help your client or favorite real estate agent grappling with inventory? HUD has a “Home store” of houses. Worth a shot at 3.5 percent down properties! For something to really start your synapses firing on a Monday morning ahead of a five day work week, the CEO of the California MBA, Susan Milazzo, sent, “The latest effort to pass legislation to address California’s insurance crisis has died. Assembly Democrats felt that the bill favored insurance companies over consumers, and they wanted to add a provision that would prohibit insurance companies from not renewing any business through the end of next year. With no real guarantee of when the commissioner would do the emergency regulations or the contents of those regulations, it amounted to a poison pill.” (More insurance news below in the “disaster” section.) (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, an nCino Company, and award-winning developer of mortgage technology for modern lenders. Hear an interview with J.D. Power’s Craig Martin on the U.S. Mortgage Servicer Satisfaction Study.

Lender and Broker Software and Services

Credit unions, it’s time to make your mark at the 2023 ACUMA Annual Conference from Oct. 1 – 4. Secondary marketing experts from Optimal Blue will be on-site and ready to discuss ways you can up your game and do even more to maximize success. Whether you’re working to get your members the best possible rates, trying to more effectively mitigate pipeline risk, or aiming to better understand the value of your MSR assets – we’re ready to help you reach your goals. Stop by our booth to learn more.

Your online loan application should win you business, not scare prospective borrowers away. Win borrowers here.

Attention TMC Members! Join Capacity CEO David Karandish and Mike Metz of VIP Mortgage for an exciting 3:15 p.m. session on Monday, September 11th. Learn how VIP Mortgage is springboarding their AI pursuits. Book one-on-one time with our team at TMC Fall, or join the session to learn about our personalized, in-depth AI Assessments. Whether you already use automation tools or you’re just starting to explore, Capacity’s AI Assessments offers a unique way to scale your tech initiatives. Over three meetings, our team will learn about your business needs, identify automation and AI tools opportunities, and provide in-depth resources to guide you through your AI roadmap. Want to jumpstart your AI journey? Meet Capacity at TMC Fall.

“OptiFunder Bringing the Primary and Secondary Markets Together. Nearly 15% of all warehoused loans now go through OptiFunder for warehouse selection and automated funding, shipping, and purchase advice. Since 2019, our mission has been to bring mortgage bankers and warehouse lenders together to optimize selection and streamline the historically manual process of funding mortgage loans. Nearing the top of Inc. 5000’s list of fastest-growing private companies, it’s safe to say we’ve been successful in that mission. As we continue to grow, we’re working on additional opportunities to bring the primary origination and secondary markets together. We’ve spent the last few years making the lives of originators easier; it’s time to put some focus on warehouses. Join the OptiFunder community on Linkedin to keep up with what we’re doing or visit our new website to learn more about OptiFunder.”

Does it feel like your current point-of-sale vendor has lost focus on mortgage? As a mortgage-specialized partner, Maxwell is committed to giving lenders a competitive advantage in a tough mortgage market. Compared to a top competitor, Maxwell Point of Sale averages a 5.9% higher pull-through rate from rate-lock to close. For the average lender using Maxwell POS, this equates to $42MM in additional loan volume. Maxwell also focuses on providing an excellent borrower experience, with a 17% faster turn-time from application submission to conditional approval. Schedule a call with the team to learn how Maxwell Point of Sale can start working for you and your borrowers quickly.

Are you tired of having to adjust head count every time the market changes? The Mortgage Automation Suite, brought to you by Richey May and Zoral, can help. With scalable automated solutions that improve accuracy while reducing repurchases and costs, your business will be well-equipped for any market cycle. Leveraging this powerful automation will allow your team to close loans more easily, helping to retain your best staff. Plus, it adds the extra layer of stability needed during difficult times; something we could all use a bit more of these days! Find out how the Mortgage Automation Suite from Richey May & Zoral can help you today. Email [email protected].

In this market, hustle is everything. You can’t afford to waste a single deal – or a single minute. That’s why ReadyPrice has launched Shop. Lock. Deliver.® It’s an innovative new platform designed to help independent mortgage brokers like you save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders – and all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in even the toughest market environments. Multiple lenders. One platform. Zero b.s. Check out ReadyPrice today.

Attention Lenders and Real Estate Appraisers: In a September 6th article found in Housing Wire, it was pointed out the 1/2 of all appraisers claimed “fee pressure” by AMCs was their biggest challenge this year. Also included were “technology fees” appraisers are forced to pay has become a major issue. AMCs are taking an increasing cut of the appraisal fees and at the same time selecting appraisers who are willing to work for relatively lower fees. The Private Asset & Management Group, LLC has launched its new platform allowing retail and wholesale lenders the ability to use they’re ‘own’ roster of approved appraisers, with realistic fees for their market areas, self-manage the process with 1 dashboard from a state-of-the-art software system with absolutely “NO” cost! And it reduces the appraisal fee to the borrower by 25%-35%. For further information contact David Cedar (631-319-6161).

TPO Programs for Correspondents and Brokers

In this most challenging of rate environments for the industry, Luxury Mortgage (“LMC”) continues to show steadfast commitment to all its business partners. LMC strives to offer competitive rates and products to assist brokers in closing more loans. Due to overwhelming popular demand, LMC is stepping up again and extending last month’s unprecedented purchase specials. Full and Alt Doc loans (including Bank Statement, 1099 Only, and Asset Qualifier) will receive up to a 100-bps price improvement (yes, you read that correctly!), and DSCR loans will receive a 50-bps price improvement! Click here for complete details of these special offers. If you are not yet an approved broker, now is the perfect time to become one. Click here to begin the process of becoming an approved wholesale broker.

Sometimes, your clients’ needs are as simple as a safety net. A HELOC is a perfect product to provide them with financial liquidity, stability, and support – especially in today’s market! Symmetry’s HELOC offers your borrowers the ability to purchase a home with less cash down, afford home renovations or repairs, purchase a 2nd home or investment property, consolidate and pay off debt, and many more benefits… Not sure how to best present Symmetry’s HELOC to your borrowers? Contact your area manager to build a plan that works for you!

Disaster Updates

Several top insurance companies (like Farmers, State Farm and Allstate) have reduced their footprint in California over the last several months. State Farm and Allstate say they’re not writing any new homeowner insurance policies in California moving forward due to it being too expense. And just ask a homeowner in a low-lying area of Florida, Louisiana, or the Carolinas how it’s going.

Last month the Biden administration urged a federal judge to reject a challenge by Florida and other states to an overhaul of the National Flood Insurance Program that has led to higher premiums for many property owners.

Meanwhile, the FDIC sent out, “The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

“The agencies encourage financial institutions to work constructively with borrowers in communities affected by Hurricane Idalia. Prudent efforts to adjust or alter terms on existing loans in affected areas are supported by the agencies and should not be subject to examiner criticism. In accordance with U.S. generally accepted accounting principles, institutions should individually evaluate modifications of existing loans to determine whether they represent troubled debt restructurings or modifications to borrowers experiencing financial difficulty, as applicable. In making this evaluation, institutions should consider the facts and circumstances of each borrower and modification. In supervising institutions affected by Hurricane Idalia, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.”

FEMA Disaster Declarations are in the news. Georgia Hurricane Idalia – DR-4738-GA. Florida Hurricane Idalia – 4734-DR-FL, Amendment 001, Amendment 002, Amendment 003.

AmeriHome spread the word that on August 31, 2023, with DR-4734, the Federal Emergency Management Agency (FEMA) declared that federal disaster aid with individual assistance has been made available to counties in Florida to supplement recovery efforts in the areas affected by Hurricane Idalia from August 27, 2023, to September 4, 2023. On September 1, 2023, with Amendment No. 1, FEMA granted Individual Assistance to 6 additional counties. On September 3, 2023, with Amendment No. 2, FEMA granted Individual Assistance to 1 additional county.

On September 4, 2023, with Amendment No. 3, FEMA announced an Incident Period End Date of September 4, 2023. On September 9, 2023, with Amendment No. 5, FEMA granted Individual Assitance to 2 additional counties.

On 9/3/2023, with Amendment No. 2 to DR-4734, FEMA declared federal disaster aid with individual assistance has been made available to an additional Florida county, Pinellas, affected by Hurricane Idalia from 8/27/2023 and continuing. See AmeriHome Mortgage Disaster Announcement 20230902-CL for inspection requirements.

On 9/4/2023, with Amendment No. 3 to DR-4734, FEMA provided an Incident Period End Date of 9/4/2023, for Florida counties affected by Hurricane Idalia from 8/27/2023 to 9/4/2023.

See AmeriHome Mortgage Disaster Announcement 20230903-CL for inspection requirements.

On 9/7/2023, with DR-4738, FEMA declared federal disaster aid with individual assistance has been made available to 3 Georgia counties Cook, Glynn, and Lowndes affected by Hurricane Idalia on 8/30/2023. See AmeriHome Mortgage Disaster Announcement 20230905-CL for inspection requirements.

Capital Markets

There’s anxiety (isn’t there always?) over the Federal Reserve turning more “hawkish” and impacting investor sentiment, and therefore bonds and stocks. While the Fed is largely considered to be nearing the end of its hiking cycle, the “terminal rate” is still unknown, of course. Federal Reserve speakers, typically the presidents of each district, are in a blackout period ahead of the FOMC meeting scheduled for September 19-20, which will give this week’s economic reports extra weight.

So, what is the financial press yammering about? Student loans having to be repaid, the latest jump in oil prices in the past few days driven by longer-than-expected production cuts by key oil nations Saudi Arabia and Russia, and data showing a tight labor market in the form of initial jobless claims falling for a fourth straight week.

Think about it. Despite the rapid rise in interest rates and restrictive monetary policy, the U.S. economy remains resilient. August’s employment report and last week’s ISM Services Index provided evidence that the post-pandemic economic expansion continues. The ISM Non-Manufacturing PMI Increased From 52.7 in August to 54.5 in September, its highest level since February, highlighting continued growth in sectors accounting for the majority of U.S. economic activity such as: services, mining, construction, and public administration. This series has been in expansion territory for all of 2023. There was a small increase in the prices paid index due to higher fuel costs, indicating that services inflation is far from returning to pre-pandemic levels.

The Fed’s Beige Book also reported an uptick in economic activity from July to August. However, unlike the ISM indices, the Beige Book showed inflation moderating in some parts of the country. A revision to unit labor costs – which gauges wage inflation – showed a 2.2 percent annualized increase compared to the initial estimate of 1.6 percent while productivity growth was revised down to 3.5 percent from the initial estimate of 3.7 percent. It is likely not the last revision for these data series from the Department of Labor as they are difficult to measure in real time. Elsewhere, the trade deficit has narrowed over the last few months but remains wider than pre-pandemic levels.

Even with a slight decrease last week, mortgage rates have ticked back up over the last couple weeks. The market has priced in “higher for longer” rate expectations from the Fed and are about one percent higher than the lows seen in February. Mortgage applications have declined six of the last seven weeks as higher rates erode affordability. Mortgage purchase applications reach a low not seen since April 1995. This week includes the $99 billion mini-Refunding as well as key inflation reports with CPI on Wednesday, PPI and retail sales on Thursday, and import / export prices as well as Michigan sentiment on Friday. No Fed speakers are currently scheduled with the FOMC in blackout period ahead of the September 19/20 FOMC meeting. Today’s economic calendar is limited to a Treasury auction of $44 billion 3-year notes. We begin the week with Agency MBS prices slightly worse, the 10-year yielding 4.29 after closing last week at 4.26 percent, and the 2-year at 4.98.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Black Knight, Inc. on Monday announced that Frontwave Credit Union will now implement Empower, Black Knight’s cloud-based loan origination system, and its integrated solutions, for the expansion of its mortgage lending operations.

The integration with Black Knight’s digital ecosystem will give Frontwave access to technology, data and analytics solutions.

These include its Optimal Blue PPE; its dashboard for LOs to help borrowers with the approval process; machine-learning tech for document classification and indexing; a eDelivery and eSigning solutions; a fee service; property tax data; compliance validation testing; a flood zone information tool; and an intelligence solution to collect information from multiple data sources to forecast and monitor pipeline, productivity, cycle time and pull-through.

“By leveraging our Empower LOS and advanced origination solutions, Frontwave will be able to deliver an unparalleled experience to its members and employees, while increasing member retention,” Black Knight Origination Technologies president Rich Gagliano said.

The not-for-profit credit union, which serves military and civilian communities in Southern California, will also leverage Black Knight’s CRM solution and mortgage marketing engine tool, Surefire, for Frontwave’s communications and outreach channels.

Through the new integration, Empower can support Frontwave’s workflows, and the LOS reduces the cost and time involved in deploying custom integrations. It will also cut down on recurring hosting costs by reducing technology-based work.

“The advanced functionality of Empower, along with its robust, automated communications capabilities, will enhance the member experience and increase the satisfaction of our loan officers,” said Frontwave Credit Union chief lending officer Paul Leonhardt in a prepared statement.

The Empower LOS’ “lights-out processing” can increase efficiency by streamlining operations, according to the statement. The LOS accounts for about 10-15% market share.

Meanwhile, the Surefire CRM will allow Frontwave to access business building tools to its mortgage professionals, along with tools to drive repeat and referral businesses.

Surefire also offers marketing and content creation tools, including text message, centralized and LO-led marketing, lead generation forms, videos, interactive calculators and flyers.

Its “set-it-and-forget-it” workflows and automated communications include content for mortgage professionals that can help with connecting to borrowers, recruits, members, brokers and real estate agents.

Source: housingwire.com