rumor

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Apache is functioning normally

Despite being in a quiet period, Indymac took the time to respond to a letter written by Senator Charles Schumer last week that stoked solvency concerns at the Pasadena, CA-based mortgage lender.

The letter, sent to the FDIC and the Office of Thrift Supervision, among other regulators, called for closer monitoring of the stressed lender, which Schumer felt could be a burden to both taxpayers and borrowers if it were to collapse.

Schumer noted that Indymac relied heavily upon advances from the Federal Home Loan Bank of San Francisco and brokered deposits to finance its “irresponsible growth” over the last couple years, stirring up bankruptcy rumors over the weekend.

But today, Indymac Communications Director Grove Nichols hit back on the company blog, claiming that the bank’s regulators were “actively involved” and “up-to-date” on the company’s position and working on a plan “to further improve the safety and soundness of Indymac.”

Additionally, he noted that the FHLB of San Francisco had positioned itself carefully in light of the ongoing mortgage crisis, increasing margin requirements on mortgage loans and related securities that it financed for all institutions, including Indymac.

And claimed that the brokered deposits in question actually helped Indymac improve liquidity, meet elevated margin requirements, pay off market funding sources, and bolster safety and soundness during the crisis.

Lastly, Nichols noted that as a result of Schumer’s letter, Indymac was hit with a high level of customer inquiries at its branches with regard to its stability, resulting in $100 million worth of withdrawals in just two days.

Later in the day, CEO Mike Perry told Bloomberg in a phone interview that Indymac was planning to scale back business activity, though no plans were fully developed or final as of yet.

He added that speculation involving the company’s plan to exit home lending was simply a rumor.

Shares of Indymac closed the day down 19 cents, or 23.46%, to 62 cents, falling as low as 56 cents during the trading session Monday.

(photo: zimpenfish)

Source: thetruthaboutmortgage.com

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An oasis of sandy beaches, nature preserves and restaurants with stunning views, Key Biscayne offers all the allure of South Florida on a tiny sliver of land.

Just minutes from downtown Miami, Key Biscayne feels a world away from the city’s bustle and South Beach’s party vibe. The tiny island is home to 2 state parks, as well as quiet, palm-tree-fringed beaches, bike paths, and high-end accommodations (including the sprawling Ritz-Carlton on Key Biscayne).

The homes that line Key Biscayne’s streets are just as impressive as the natural beauty that surrounds them.

And one in particular — which hit the market just a couple of weeks back — embodies the ‘Island Paradise’ vibe of Key Biscayne to perfection.

Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty

The $20 million Mariner Dr. property was custom-built built in 2013 by world renowned architect Cesar Molina of CMA Design Studio, known for his signature “tropical modern’ designs.

Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty

Molina combines the clean lines and muted color palette of contemporary design with the warm, natural materials of exotic woods and stones typically found in island environments, and incorporates wellness and resort-like amenities into his projects.

The Key Biscayne house on Mariner Dr. is no exception, featuring beautiful natural stone and wood throughout, and incorporating the perfect amenities to make residents feel like they’re living in their own private resort.

Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty

The waterfront home sits on a canal with ocean access, and offers resort-style living at its finest — including 9 covered balconies, 4 covered terraces, and infinity lap pool, and even a private yacht dock behind the house.

With a generous 5,760 square feet of elegant living space, including a two-story living room, 5 bedrooms, 6 full baths and 1 half bath, the Key Biscayne house was fully refreshed and rejuvenated in 2022 with many upgrades and luxury finishes.

Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty
Photo credit: Virtuals 1 courtesy of Coldwell Banker Realty

It’s now being offered for sale with a $20 million price tag. Carmen D’Ambrosio with Coldwell Banker Realty, Key Biscayne holds the listing.

And we wouldn’t be at all surprised if a celebrity moves in. The area is quite popular among A-listers, who’ve been flocking to South Florida in recent years.

Rapper Rick Ross recently splurged $37 million for a waterfront home in the nearby Star Island, and rumor has it that soccer superstar Lionel Messi is also looking at Key Biscayne as a place to settle down following his move to Miami.

Messi is no stranger to Key Biscayne. Just a couple of years back, he rented a 5-bedroom waterfront mansion here, the former Matheson estate, known as the Mashta House — the most expensive house in Key Biscayne, which last sold for $47 million. Let’s hope the $20 million Mariner Dr. house is on his radar!

More stories

A $22 Million penthouse unit lists at the famed Fontainebleau Resort in Miami Beach

This $59.9 million mansion is on track to become Boca Raton’s most expensive house — again

Larry Ellison’s house, the $173M Gemini Mansion in Florida

Source: fancypantshomes.com

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Credit Report, Buyer Research, Broker Processing Products; Guild and First Centennial Deal

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Credit Report, Buyer Research, Broker Processing Products; Guild and First Centennial Deal

By:
Rob Chrisman

Mon, Aug 28 2023, 10:31 AM

As the rumor spreads that millions of women are lined up to be weighed at the Fulton County Jail, we head into late summer and early autumn, rarely a time for increased home sale activity. The National Association of REALTORS®’ total membership in July 2023 is 1.56 million. There are about 547k active listings. That’s one listing per three NAR members, which doesn’t even include non-NAR real estate agents. Analysts continue to point to the nationwide housing market struggling with low inventory levels and decreased affordability. While active inventory through the first six months of 2023 was higher than the record lows set in 2022, new listings have been lagging below 2022 levels. Just simply not enough homes? But Hawai’i’s Marcelle Loren writes, “I don’t agree with the reports of a lack of inventory. There’s just a lack of agents digging up properties to sell. For example, the death of Baby Boomers is a source of inventory: Rising costs are prompting more adult children to sell the homes they inherit from their parents. (Today’s podcast can be found here and this week’s is sponsored by Black Knight. Black Knight is an award-winning software, data and analytics company that drives innovation in the mortgage and real-estate industries, and the capital and secondary markets. Listen to an interview with the company’s Conrad Ficca and Richard Lombardi on climate risk and how lenders can mitigate its impact through data.)

Lender and Broker Software and Services

“How will this solution improve the homebuyer or homeowner experience?” This simple question guides the way we develop and deliver products at Black Knight, a mindset we call “Think Customer.” By combining this mentality with a Scaled Agile Framework (SAFe), Black Knight aligns product development and delivery with end-consumer needs while staying ahead of the latest market and technology advancements. Learn more about the value this approach has brought Black Knight clients and their customers in the blog post “’Think Customer’ in an Agile World”.

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 the industry’s most powerful universal delivery portal, and 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.

Free report: These growing borrower segments present opportunities for new business in 2023’s market. Wondering how to fill your pipeline when loan volume is scarce? New data from Maxwell gives lenders an exclusive look into home buyer groups taking on higher rates head-on. Did you know, for instance, that the share of 18 to 24-year-old borrowers has increased by 18 percent year-over-year? Now is the time to cater to these rising home buyers. For exclusive data and actionable takeaways, click here to download Maxwell’s Q2 Mortgage Lending Report.

Credit Products for Brokers and Lenders

In today’s competitive landscape, every dollar and interaction matter more than ever. Blend’s first-of-its-kind soft credit pull delivers a simpler pre-qualification process, reducing top-of-funnel friction, cutting approximately $50 per credit file, and safeguarding borrowers from tri-merge solicitation and negative impacts on their credit scores. For lenders, Blend’s soft credit pre-qualification streamlines the application process, reducing drop-offs and increasing conversion rates. It provides lenders with valuable insights without an expensive hard credit inquiry, improving risk assessment and decision-making. Blend seamlessly integrates soft credit checks into the mobile loan officer experience and self-serve processes, with widespread adoption, ultimately leading to substantial cost savings for our customers. For borrowers, soft inquiries remove barriers to accessing early eligibility information, protect borrower credit scores, and promote financial empowerment, encouraging more borrowers to engage with lenders. Soft credit pre-qualification is a game-changer in the lending industry and a true win-win for borrowers and lenders.

Fraudulent employment data in mortgage loan applications cause risks for lenders and borrowers. For many years, it has been common practice for mortgage lenders or brokers to ask for paper pay stubs to help verify loan applicant’s income. But in 2022, out of all mortgage loans that had a fraud investigative finding, 43 percent were classified as income fraud. Technological advances allow lenders to instantly and securely obtain reliable income and employment verifications from a trusted third-party provider. Available for use by credentialed verifiers with a permissible purpose under the FCRA, The Work Number® database is the leading commercial repository of employer-contributed payroll data. Unlock the power of our expansive database, instant access to 161 million current employment records directly from 2.8 million employers and payroll providers. With buybacks on the rise, why use paper-based processes that potentially increase repurchase risk at a time when proven GSE-approved options exist?

The Big Getting Bigger

Guild Mortgage further expanded its market share with the announcement this morning of the company’s acquisition of First Centennial Mortgage, a privately held residential lender headquartered in Illinois. Founded by brothers Steven and David McCormick in 1995, First Centennial will bring 15 branches and nine satellite offices to Guild’s growing national retail network. This acquisition is Guild’s third this year, following its purchase of Cherry Creek in April and Legacy Mortgage in February. (Guild was represented by the STRATMOR Group’s M&A team.)

Lenders tired of the rate volatility, the cost cutting, rates possibly trending higher with the Fed fighting inflation (until the Silicon Valley bank failure drove them down) may be looking at selling their company or merging it. “Valuing a Lender” was recently posted on the STRATMOR website.

Sure enough, STRATMOR’s M&A practice is on fire as big lenders have become small lenders, or brokers, and culturally paired lenders are wondering, “Why have two accounting teams? Two capital markets groups? Two underwriting staffs?” And so on. (Anyone interested in learning more should talk to David Hrobon or Garth Graham.) Of course, as has been mentioned in this commentary, larger lenders are also adept at simply hiring production staff away from smaller, thinly capitalized lenders.

Many owners of lenders around the nation are earnestly interested in making a decision about what to do with their company before a decision is made for them. I have received this question from a number of owners of small lenders. ‘Rob, is it only the lenders who have servicing who have any value? Or can small lenders with decent market share like mine have interest from buyers?”

Garth Graham replied. “Great question, Rob, and one we field nearly every day. We are hearing from lenders who are inquiring about the M&A space, and often trying to find out what is going on and what they should do.

“The answer is that there continues to be good deals for potential sellers, and the reason is that there are a lot of buyers we work with who continue to want to grow market share in a down market. We closed three deals in the last 60 days, and all had upfront premiums with solid earn outs, with a good cultural fit for the parties. Often the premium being paid is driven by the ability for the seller to add the production without having to add all the corporate expense, so it can be painful decisions about the corporate depts (secondary, HR, Risk, technology etc.), but the end result is that the production is worth more to the buyer than it is to the seller due to the cost savings. And that shows up on premium offers. And the seller gets the balance sheet plus a share of that financial benefit. So, it can be a potential win-win. Of course, it has to be a deal that makes sense for the LOs, and production staff too, so that is why culture matters so much.” Thank you, Garth.

To wrap up, in valuing a company, a potential buyer will look at the audited net worth and the discounted cash flows, usually for the next three years of estimated earnings. (The devil’s in the details and assumptions!) The value to a potential buyer will depend on different factors, and three main variables often used in an analysis are loan volumes, margins, cost structure, & profitability, and the current policies, procedures, & business model.

Of course, repurchase obligations are included, as well as existing or potential liabilities. Are there outstanding lawsuits? Is the buyer buying the entire company, or a percentage of ownership… a minority ownership has very little value. It is not a simple process, and making assumptions about the future is problematic. A thorough examination of these factors is where the value of a competent advisor shows itself.

Capital Markets

Spoiler alert: our Federal Reserve doesn’t set mortgage rates, but the “hawkish” tone from Federal Reserve Chairman Jerome Powell was an indication that there won’t be much slack in the battle to bring down inflation. If they are any indication, futures trading is pricing in roughly a two-thirds probability that the central bank will boost its key interest rate by a quarter percentage point in November after a pause in September.

In an eagerly anticipated speech from Jackson Hole on Friday, Fed Chair Powell made no bones about the Fed’s unwavering pursuit of returning annualized inflation to 2 percent. As far as the Fed is concerned, the message is “stay the course” even if that means even higher interest rates. Powell reiterated that the Fed would not change its long-term inflation target of 2 percent as some market commentators may have hoped and reaffirmed the reliance on incoming economic data and the potential to further tighten monetary policy if the conditions warrant. His wholly expected remarks seem to have had a calming effect on markets. Other central bank chiefs echoed Powell in projecting a cautious stance, saying the inflation triggered by Covid-19 and its fallout has not been fully conquered.

While recent data has been trending in the Fed’s desired direction, Powell noted that the previous two months of data are not enough to instill confidence that inflation will continue to trend down towards the Fed’s goal. There are still supply and demand imbalances that put upwards pressure on inflation specifically as it pertains to shelter and non-housing services. Overall, goods prices have declined and residential lease rates are cooling, however home prices remain high due to lack of supply. Given the desire not to repeat the mistakes of the 1970s in declaring victory over inflation too soon, it is not surprising the tone of the Fed continues to be one of caution, which may continue even as more positive data is released.

The Federal Reserve is data-dependent, of course, and this week is packed with potential market moving events including front-loaded month-end supply, and economic data including several labor market indicators, culminating with monthly U.S. employment numbers that will be released on Friday, and Fed-favorite PCE on Thursday, which also happens to be month-end. Other economic data of interest include housing-related releases, consumer confidence, GDP, Chicago PMI, ISM, and construction spending. The start of the week is all about supply with the Treasury auctioning $45 billion 2-year notes and $46 billion 5-year notes. Today also brings Dallas Fed Texas manufacturing for August and comments from Fed Vice Chair for Supervision Barr. We begin the week with Agency MBS prices roughly unchanged from Friday’s close and the 10-year yielding 4.23 after closing Friday at 4.24 percent. The 2-year is at 5.10 after Fed Chair Powell’s Friday comments drove the yield higher.

Employment

“A seasoned executive is looking to explore the next growth and strategic opportunity. Over the course of a twenty-three-year career, I developed expertise in many aspects of the business, spanning retail, wholesale, and correspondent production. Background also includes a deep understanding of MSR and servicing operations. Proven ability to manage businesses at scale, with a strong focus on compliance, credit, and enterprise risk management. Passionate about process optimization and leveraging technology to drive efficiency, all while fostering a positive organizational culture. Track record includes driving maximized revenue through aggressive yet responsible growth strategies. Working for private equity-owned organizations, providing valuable experience in capital acquisition and broad investor relations. If you’re interested in learning more about my background and how I can contribute to your team’s success, please don’t hesitate to contact Anjelica Nixt to forward your note.”

The Maryland regional office of USA Mortgage has added leading Home Loan Officer Jamison Mullen to its team. Mullen, a 20-year industry veteran, joins a USA office headed by Bill Sohan who recently came on board as a regional vice president. “I wasn’t looking for a change. I was with a great company. But sometimes an opportunity arises that you can’t ignore,” said Mullen. “When Bill and Sam Rosenblatt approached me about joining forces, I had to listen. And as soon as I met the corporate leadership team at USA Mortgage, I knew they were the kind of people I wanted to work with for the remainder of my career.” Founded in St. Louis in 2001, 100 percent employee-owned USA Mortgage has offices in 34 states and is licensed in 49 states plus the District of Columbia. For a confidential conversation about joining USA, contact Bill Sohan at 410-963-2308.

Quality. Stability. Virtue. Traits that define a successful mortgage company, or any company, for that matter. But when we’re talking about mortgages, InterLinc Mortgage hits the mark on these three skills, and more. With an average of $32 million in annual production per Loan Originator, the mortgage team not only kept pace through a turbulent market, but they did also so with excellence. Scotsman Guide’s 2022 Top Overall Lender and Top Retail Lender awards prove the grit and sustainability displayed by the producers (which is an assembly of the elite) and its leaders. A company that proves fortitude and character…worth the look.

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

Source: mortgagenewsdaily.com

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Wells Fargo & Co. Chief Financial Officer Mike Santomassimo, during the bank’s first-quarter earnings call on Friday, confirmed the MSR sale but did not offer any specific details about the deal.

“During the first quarter, we successfully marketed mortgage servicing rights for approximately $50 billion of loans serviced for others that we expect to close later this year,” Santomassimo said. “We will continue to look for additional opportunities to simplify and reduce the size of our servicing business.”

Market speculation has been rife since January of this year that Wells Fargo was preparing to sell some sizable MSR packages, HousingWire reported previously. That rumor was given more credence when industry publication Inside Mortgage Finance reported in early February of this year that Wells Fargo was contemplating two bulk MSR offerings — one at $20 billion and the other at $40 billion. The report was based on unnamed sources and indicated the sales were being handled “inhouse.”

Wells Fargo’s has previously announced plans to reduce its MSR portfolio, valued on its books at $9.31 billion as of the end of 2022, U.S. Security and Exchange Commission (SEC) filings show. As of the end of the first quarter of 2023, the bank’s MSR portfolio was valued at $8.81 billion — down by some $500 million.

Wells Fargo’s total portfolio of loans serviced as of the end of the first quarter of 2023 totaled $666.8 billion based on the unpaid principal balance (UPB), down from $679.2 billion as of yearend 2022. That tally excludes loans subserviced for others — which, according to Santomassimo, is the type of MSRs Wells is selling in the $50 billion deal expected to close later this year.

The type or mix of MSRs sold — Fannie Mae, Freddie Mac or Ginnie Mae serviced loans — will determine the actual pricing for the deal, along with the volume of loans involved, the servicing-fee strip and the quality of the collateral, among other factors. As such, it’s hard to determine from the SEC filings the specific details of the $50 billion MSR portfolio marketed by Wells Fargo.

The price paid for an MSR package is expressed as a multiple of the average servicing fee of the portfolio. A 25 basis-point servicing strip at a 5 multiple, for example, would be 1.25%, which is then multiplied by the total outstanding principal balance of the servicing portfolio being sold to determine the sales price. 

Nick Smith, the founder and CEO of Rice Park Capital Management, which is very active in the MSR market, said MSR pools involving legacy loans from 2020 and 2021 — which was the era of 30-year fixed mortgages at 3% or less — are now selling for multiples of 4.75 to 5.25. The value is bolstered by the fact that those loans have very low prepayment (refinancing) speeds, which increases the value of the MSRs.

“It’s definitely the case that the bulk of the market is legacy loans,” Smith said. “We have $8 trillion [in mortgages] originated between 2020 and 2021, and in 2022, we had like roughly $2 trillion. 

“So, we had $8 trillion out of $10 trillion that is this low-coupon stuff, and 2023 is yet again, sort of higher rates, lower volumes. That [2020 and 2021 vintage] is the majority of what’s trading just because that’s the majority of what exists in the world at this point.”

Tom Piercy, managing director of Incenter Mortgage Advisors, said typically those conventional Fannie and Freddie legacy MSR portfolios are selling a full multiple above Ginnie Mae MSRs. Ginnie Mae guarantees mortgage-backed securities issued against loans originated through government agencies, such as the Federal Housing Administration (FHA).

“In the Ginnie space, we used to see a 4 multiple, and that market has now moved to a 3.5- to 3.8-type multiple,” Piercy said. “… When we have the cycle where things begin to slow, and when I say slow, meaning the economy as a whole, the FHA borrowers struggle.

“We’re seeing a lot of Ginnie Mae trades right now… with pools that are 18 to 24 months old that are running in a 10% to 15% delinquent category already [30 days past due or more].”

As to the mix of MSRs being sold in Wells Fargo’s just-confirmed $50 billion offering, Tom Goyda, a Wells Fargo spokesperson, said the bank has “not commented specifically on the details of any transactions.”

Source: housingwire.com

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Reddit user leakingtruth claims that American Express is making changes to Delta lounge access:

Prolly not exciting news, but there is a huge change coming to Amex delta cards and Plat cards in terms of lounge access.

Delta will be restricting access to Delta Plat cards, and Delta Reserve cards will still have access but greatly restricted starting on 2024-2025. Platinum card holders will also be restricted from Delta Skyclubs and will have only up to 6 complimentary access per year

Post history seems to indicate they work for American Express, but it’s always difficult to know how reliable this sort of information is. We’ve reached out to other contacts but have yet been able to confirm these details.

Source: doctorofcredit.com

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Efficiency, POS, Policy and Procedure Tools; Events and Webinars Entering August; More “Soft Landing” Talk?

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Efficiency, POS, Policy and Procedure Tools; Events and Webinars Entering August; More “Soft Landing” Talk?

By:
Rob Chrisman

1 Hour, 23 Min ago

“Yesterday I completed a chore I’ve been putting off for four months. It took me 20 minutes. I will learn nothing from this.” That sums up a lot of my tasks. But that was then, and today I head to Austin, the capital of Texas and where they just voted to approve a wide-ranging property tax reduction bill. Which is good, as Texas residents will need the money for air conditioning in the 106-degree heat forecast for today. What if you’re the owner of an office building with few tenants, absorbing that AC cost yourself? Say what you will about slow times in residential lending, commercial lenders are very anxious. Rumor has it there is 1 billion (with a “b”) square feet of empty space. That’s 4.44 million 15×15 square foot offices. Word has it that landlords are very concerned about when the leases are due in commercial real estate around the nation, and world, as some percentage of people have shifted from office to WFH (working from home), or at least are in some hybrid arrangement. “People need a place to live, they don’t necessarily need a place to work.” (Today’s podcast can be found here and is sponsored by Candor. Candor’s patented automated underwriting decision engine, CogniTech, is a state-of-the-art, 100 percent machine platform that can handle infinite loan scenarios. Listen to an interview with CHLA’s Scott Olsen on the seven consumer rights.)

Lender and Broker Software, Products, and Services

Have you ever experienced something so good you couldn’t wait to tell the world about it? Maybe it was a Michelin star restaurant, or a play under the glittering lights of Broadway. Or maybe it was your loan origination system. Mortgage professionals from across the industry are raving about Empower®, and they’re opening up on camera about how Black Knight’s automated, integrated LOS has created new efficiencies, saved time and money, and helped foster borrowers and members for life. Empower is a cloud-based LOS that puts you back in control of your lending business, and its credibility speaks for itself. Want to know why mortgage pros can’t stop talking about Empower? Click here to see, and then contact Black Knight when you’re ready to try it for yourself.

Did you know Symmetry has some the lowest rates in-market for our Piggyback and Post-Close HELOCs? Not only that, but with NO condo overlays and an ability to move files quickly, you’ll be speeding towards close… AND the simplicity and speed of our service is second-to-none. With the demand for HELOCs being higher than ever, now’s the time to present this solution to your borrowers. Don’t wait until it’s too late: Contact Symmetry today!

“The mortgage industry is constantly in flux. Many mortgage lenders and servicers need more bandwidth and comprehensive oversight challenges. Increased risk exposure comes with a high level of change and uncertainty, so when times slow down, it presents the opportunity for companies to redefine their processes and explore how to become more efficient. Consolidated Analytics’ experienced team of consultants can review your policies & procedures and help safeguard your business while ensuring it remains compliant.

Contact Stephen Faulkner to see how we help businesses remain compliant and keep pace with regulatory change.”

You don’t have to accept lower profitability when loan volume is down. Instead, find efficiencies in your mortgage process that add up to cost savings and bolster your bottom line. Loan officers using Maxwell Point of Sale achieve more with less work, closing 20% more loans and moving loans to clear to close 35% faster. Maxwell POS syncs with your LOS bi-directionally, keeping real-time data in one place for easy management and seamless updates and preapprovals. Managers have visibility into the team’s entire pipeline, allowing them to identify opportunities for quick adjustments and better results. If you’re ready to maximize your mortgage operations and take advantage of every basis point, schedule a call with the Maxwell team.

Is your focus to do more with less? A business intelligence solution should highlight where there are opportunities to incorporate efficiencies and reduce costs. The most forward-thinking industry leaders are turning to Richey May’s RM Analyze to learn what they need to know now more than ever: how to operate even leaner. It’s half the cost of a full-time employee, and you gain access to a strong bench of talent with a rich background in the mortgage industry and access to hundreds of reports, including real-time peer benchmarking data, in no time. With these insights you can make meaningful decisions for your business and do more than just survive. Learn how to operate leaner.

Conferences, Training, and Webinars

Register for Mortgages with Millennials with Kristin Messerli and Robbie Chrisman, a weekly video show designed to empower mortgage professionals to tap into the millennial market. Each episode will feature timely and relevant market updates by Robbie Chrisman, exclusive research by Kristin Messerli, and a guest conversation with an expert in millennial homebuying. This show demystifies the psychology of first-time homebuyers and offers strategies to win more market share with a key segment of the market. Sign up for a weekly reminder with the link to join and a sneak peek into the next episode. The first episode airs on Tuesday August 8 at 10AM PT.

FAMP! Florida Association of Mortgage Professionals 2023 Annual Convention & Trade show, “A Grand Affair”, is August 2-5, at Signia by Hilton Orlando Bonnet Creek. For Over 60 years, this is the annual event that attracts Florida’s top mortgage professionals, and this year is no different. Exhibitors from all over the country will be exhibiting current mortgage products and industry tools for all originators. Do not miss this opportunity to network with mortgage brokers and lenders from across Florida and the United States.

The National Association of Realtors® will host its virtual Real Estate Forecast Summit: Residential Update event, Wednesday, August 2, 1-2 p.m. Eastern. NAR Chief Economist Lawrence Yun and NAR Deputy Chief Economist and Vice President of Research Jessica Lautz will share critical data and an outlook for the economy in this mid-year market update. In addition to the focus on housing, attendees can expect an updated overview of the commercial markets.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup with Robbie and Rob Chrisman” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT starting August 9th, Robbie and Rob will dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Register for the first show on August 9th with Lenders One’s Justin Demola, CMB, as a featured guest discussing chatter from his hundreds of members.

Friday the 4th at noon PT is the next edition of The Mortgage Collaborative’s Rundown with Melissa Langdale and me. We’ll will be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown”.

Whether you communicate in-person or online, with spoken words or written words, delivering a clear and compelling message is more challenging than ever. Join Arch MI on Thursday, August 3, at 1 p.m. ET, as Blaine Rada, Certified Speaking Professional (CSP), and Arch MI’s Senior National Trainer & Instructional Designer, offers his perspective SMART Communicating.

FHA free on-site training in Atlanta, GA., August 7, 8:30 AM – 12:30 PM (Eastern). FHA Endorsement & Program Offices Overview will provide information on FHA endorsement/insuring policies, practices, procedures, and more. Additionally, there will be an introduction to Real Estate Owned (REO), Program Support Division (PSD), and Quality Assurance Division (QAD). Also that day at the same place is free on-site FHA Condominium Approval and Processing Training from 1:30 PM – 4:00 PM (Eastern) providing information on FHA policies for approving condominium project submissions and Single Unit Approval (SUA) guidance.

Free, in-person FHA Appraiser and Appraisal training, August 8, 8:30 AM – 4:00 PM (Eastern), in Atlanta addresses industry FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications, and updates on property acceptability criteria, underwriting the appraisal, minimum property requirements, property defective conditions, enhanced appraiser, underwriter responsibilities and requirements, programs, and products (i.e., 203(k)), and much more.

Free, on-site FHA Underwriting Training in Atlanta, GA., August 9, 8:30 AM – 4:00 PM (Eastern) will address industry-related FAQs on the Single Family Housing Policy Handbook 4000.1. Topics include changes, policy clarifications and updates on CIA (credit, income, and asset) documentation, manual underwriting, Automated Underwriting System (AUS), closing, and more.

Are you wondering what today’s Fed decision means for rates and the mortgage market? Register for a new webinar on August 9th at 11AM PT hosted by Agile Trading Technologies.

In this webinar, Phil Kukafka of Towne Mortgage, Ryan Ferderer of Multi-Bank Securities, and Andrew Rhodes of MCT will give an overview of MBS pooling, discuss the current market, share strategies for efficiently pooling and selling mortgage-backed securities, as well as the process for MBS pooling using Agile’s technology.

Join Optimal Blue for the next session in its Hedging 301 series on Wednesday, Aug. 9th, Noon ET, take a deeper dive into more advanced capital market strategies and how they naturally interplay with technological advances. This session will address the many ways Optimal Blue helps clients streamline daily processes to achieve success and optimal best execution – including mandatory price discovery and dissemination, saving basis points while delivering representative mix, solving for numerous execution iterations, and integrating to the MSR broker community for live, loan-level servicing valuations.

PRMG University TPO August Training Calendar. Walk through calculations to determine what income can be used to qualify a traveling health care professional. Join PRMG University and Essent training on Monday, Aug 14th 1:00 PM – 2:00 PM PDT, for On the Road Again… Traveling As a Traveling Nurse.

Don’t miss the MMA’s Triple Crown Event. Golf on beautiful grounds of The Wilds Golf Club, Tuesday, August 15th. Network with mortgage lenders and brokers while golfing with your friends and colleagues. Get ready to learn and interact with everyone in the industry, on Wednesday, August 16th. Enjoy a full day of speakers and breakouts, with keynote speaker Kristin Messerli. Stay for the after-party with LIVE horse racing just after the conference with the MMA.

FHA free, Live, on-site training in Ankeny, IA will provide an overview of FHA underwriting procedures and addresses a number of industry-related frequently asked questions (FAQs). August 24, 9:00 AM to 12:00 PM

August 17-20 will be Originator Connect, the nation’s largest LO conference. A huge exhibit floor and tons of sessions that will help loan originators bulk up their pipeline, it’s also got special events such as The Non-QM Summit and the Private Lender Forum. Looking to start your own brokerage? There’s an entire half day Build-A-Broker program. And attendees can also get their federal NMLS license renewal class done while you’re there. It’s all free to NMLS-licensees and their support staff. Just go here and register using the code CHRISMANFREE. And if you want to know what’s coming your way, don’t miss keynote speaker Lawrence Yun, the chief economist for the National Association of Realtors.

Join PRMG University to learn about using Symmetry HELOCs option for wholesale and non-delegated correspondent channels, Wednesday, August 23rd 12:00 PM PDT.

On Thursday, August 24th 1:00 PM PDT, learn about the FHA 203(h) product, the Mortgage Insurance for Disaster Victims program, which allows for up to 100% financing for the purchase of a new home for borrowers who owned or rented a home.

The 2023 Kentucky Affordable Housing Conference (KAHC), Rising to the Challenge: Building A Stronger Kentucky, will be held at Central Bank Center in Lexington on Thursday and Friday, August 24-25. Offering a wide range of training, panel discussions and networking opportunities, whether you’re interested in specialized housing, mortgage lending, single-family development, multifamily development, or HMIS. The general business development sessions will cover cyber security, diversity, language access and more. #KAHC23 is hosted by Kentucky Housing Corporation (KHC).

National MI University’s August Webinars: The Basics of Underwriting the Self-Employed Borrower ​​​​​with Marianne Collins – August 2nd at 1pm ET. Leading With Style ​​​​​​with Andrew Oxley – August 8th at 2pm ET. How to Build, Maintain, and Protect Your Database ​​​​​with Dr. Bruce Lund – August 9th at 1pm ET. Building Trust and Eliminating Virtual Credibility-Crushers with Julie Hansen – August 15th at 1pm ET. Power of Mindset in Today’s Market ​​​​​with Rebecca Lorenz – August 22nd at 1pm ET.

The California MBA’s Western Secondary will be August 21-23 at the Waldorf Astoria at Monarch Beach in Orange County. “Explore the possibilities of the 2023 Western Secondary Market Conference – a unique in-person event that brings together the most influential players in the secondary market.”

Capital Markets: “Soft Landing” Still on the Table?

Well, here we are: The Federal Reserve pushed its key policy rate (overnight Fed Funds) to a 22-year high last week, with another 25-bps hike to 5.25%-5.50%. It’s not enough for the central bank to declare victory on inflation just yet, but it sure looks like markets are charting their next steps, with the Consumer Price Index now down to 3%, and the Dow Jones Industrial Average notched its biggest winning streak since the 1980s. Furthering the case for a soft landing, U.S. GDP growth in Q2 was stronger than expected, while durable goods orders showed the fourth straight month of growth.

In its policy statement, the Fed’s committee observed “moderate” economic growth and “elevated” inflation due to a strong labor market. Additionally, the committee, as well as chairman Powell, reiterated the Fed’s reliance on further economic data and the perceived risk of declaring victory prematurely only to have inflation rebound. Following the Fed meeting, the “advance” estimate of GDP for the second quarter came in at 2.4 percent annualized growth, higher than market expectations for 1.8 percent. The Atlanta Fed GDPNow is already estimating 3.5 percent annualized growth in the third quarter. While higher than expected GDP soured markets, Friday’s lower than expected inflation data was a welcome surprise. The core Personal Consumption Expenditures price index for June slowed to 4.1 percent from 4.6 percent. Lower inflation with continued economic growth would support the soft-landing narrative.

This week brings July month-end which means July payrolls on Friday with other labor market indicators before including ADP employment and Challenger layoffs. Central bank decisions include the Royal Bank of Australia (tomorrow) and Bank of England (Thursday) where each is expected to hike rates by 25 basis points. Today’s month-end calendar gets under way later today with Chicago PMI and Dallas Fed manufacturing, both for July. We begin the week with Agency MBS prices roughly unchanged from Friday, the 10-year 3.97 after closing last week at 3.97 percent, and the 2-year up at 4.88.

Jobs and Promotions

A National IMB is looking to revamp its accounting structure and is seeking to hire a Chief Finance Officer and fill other, multiple Senior Staff Accounting Roles. These roles must possess strong business and leadership skills and excel in forecasting and communication. Both should also be proficient in Loan Vision or AMB. Confidential inquiries should be directed to Chrisman LLC’s Anjelica Nixt for forwarding; please specify the opportunity.

Homeowners Financial Group announces the promotion of Eric Zeier, who will assume the role of National Sales Manager in the Homeowners sales organization. Based in Atlanta, Eric began his mortgage career in 2002 after playing football in college and the NFL. He joined Homeowners in 2020 after years of proven success in senior leadership roles with other lenders throughout the Southeast. “Eric Zeier is one of the hardest-working, most coachable leaders I’ve ever met,” said Homeowners Financial Group CEO Bill Rogers. “It’s going to be very exciting to see what his accomplishments will be in the future.” “I’ve had the privilege and honor to be part of so many special teams and organizations,” Zeier said. “Few if any can rival what we’ve created here at Homeowners. I’m excited to continue to serve and support our entire organization as we write the next chapters of this amazing journey we’re on.”

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Marshall Loeb at MarketWatch recently shared some tips for online coupon clipping:

A recent study by comScore, an Internet information provider that tracks consumer behavior, found that 53% of consumers say they regularly visit brand Web sites to find promotions.

Visiting a manufacturer’s web site is a great way to find coupons (or other promotions) for products you plan to purchase. But, as Loeb notes, there are many web sites that amalgamate deals into one location so you don’t have to waste time looking for them yourself. He recommends these five:

  • Coupon Mountain offers “free coupon codes, bargains and sales from more than 2,000 online stores.” No registration required.
  • Coupons.com allows users to browse current grocery coupons and then print them at home. I don’t like that you have to download special software to print the coupons, though — that seems unnecessary.
  • DealCatcher “is updated daily and features coupons and deals for online merchants as well as printable coupons for local stores.”
  • Currentcodes.com “has a full-time staff of trained individuals whose only job is to find new coupon codes and discount codes and verify the accuracy of the existing database.”
  • And, of course, FatWallet is the mother of all money-saving sites. You can find online coupons and compare prices. But the heart of this site is the discussion forum. I’ve spent hours reading various threads here, learning great ways to save money. Highly recommended.

These aren’t the only money-saving sites on the web, however. In the past, we’ve discussed several others here at Get Rich Slowly:

  • The Absurdly Cool Freebie Finder, an automated free-stuff aggregator designed to collect offers from top freebie sites while filtering out scams.
  • RetailMeNot is another smart source for online coupon codes. The site offers discussion forums, a Firefox extension, and a Macintosh widget.
  • Explore online grocery flyers from mygrocerydeals.com. Want to learn what’s on sale this week at your local grocery store? This site has the lowdown. It also provides nutrition information for most products.
  • The Grocery Game is a for-pay site designed to maximize coupon savings through the use of an up-to-date price database. Many people love it.
  • We’ve also learned to check for coupons and rebates before having prescriptions filled. Discounts aren’t available for every product, but it’s worth your time to do some quick research because the savings can be enormous.

Over the past couple years, Get Rich Slowly readers have recommended a number of other sites for finding good deals. I haven’t had a chance to explore these myself, though I hope to in the future:

  • The Coupon Clippers is “the nation’s largest online grocery coupon clipping service, offering more than a million national-brand coupons at any given time in our warehouse and shipping center.”
  • Ben’s Bargains tracks deals, coupon codes, rebates, and freebies.
  • Coupon Cabin provides up-to-date online coupons. View the animated demo to see how the site works.
  • Flamingo World is yet another online coupon code aggregator, but this one offers a UK version, too!
  • Ultimate Coupons offers a treasure trove of online coupons. It also features a coupon blog that highlights tips and tricks for saving money while shopping online.
  •  
  • Slickdeals.net bills itself as “the most frequently updated and complete deal site on the web.” But rumor has it that the forums are where all the action is.
  • Dealio is “your source for the best deals on anything, anywhere. Search for deals directly from our Web site or use our arsenal of FREE deal hunting tools to find the best deals while you’re on the go.”
  • Hot-Deals is “a collection of websites and RSS feeds built by deal seekers. This website is updated continuously…We only post deals that we truly feel are hot deals, which is why our users call us the most trusted deals portal site on the Internet.”
  • Techbargains offers a human-generated collection of links to “the best deals in tech”. While exploring the site, I found two great deals on products I’ve been wanting.
  • My brother loves Woot, an online store that sells “cool stuff” for cheap. Woot sells one geeky item every day. The site can be addictive. You’ve been warned.

Finally, if you purchase products online, don’t forget to use PriceProtectr, the smart little web app that helps you take advantage of “price protection” guarantees.

A Word of Warning

If you visit these sites, you’ll see that many offer the same services: online coupon codes, deal aggregation, rebate tracking, etc. How do you decide which one to use? I think it ultimately comes down to which interface you prefer, which site makes it easiest to find deals on the items you regularly purchase.

That last point is key: A deal is only a deal if it’s a good price on something you would purchase anyhow. If a site induces you to buy something you hadn’t intended to buy in the first place, it’s not saving you any money. This is why I avoid sites like Woot. Yes, I know Woot offers great deals. But I’m worried that it would simply cause me to buy stuff I do not want or need.

Source: getrichslowly.org

Apache is functioning normally

Breaking a tradition since 1961, the Oscars theme was a champagne hue instead of the classic red. Critics may have been divided on the change, but the stars outdid themselves in high-fashion couture, from delightful rosette accents to ethereal white gowns. Lady Gaga turned heads in a jaw-dropping Versace creation, Rihanna made a statement with her Eagles t-shirt and a sultry Alaïa midriff-baring dress, while Nicole Kidman sizzled in an Armani ensemble adorned with sequined flowers and a daring thigh-high slit. Here are the most fashionable Celebrities at the Oscars.

1. Nichole Kidman

Photo Credit: Shutterstock.

Rosettes are a ubiquitous sight on the red carpet, including the Oscars champagne carpet, but Nicole Kidman managed to make them appear fresh and alluring rather than mundane. The Armani Privé gown adorned with rosettes seemed to blossom off her shoulder and at the top of her skirt. It seemed intimate and warm, like a fresh boquet. Kidman exuded a remarkable sense of confidence, evident in her poised demeanor. 

2. Lady Gaga

Photo Credit: Shutterstock.

Lady Gaga’s stunning Versace dress was recently showcased at Donatella Versace’s fall 2023 runway show in Los Angeles and was previously modeled by Gigi Hadid. Despite Gaga’s penchant for red-carpet theatrics, her stunning attire this time spoke for itself. Her natural beauty was on full display, and the dress perfectly complemented her vibrant personality without requiring any additional embellishments.

Personality and Drama

Photo Credit: Shutterstock.

As expected, Gaga’s signature flair was still evident with the surprise low-cut back, which playfully revealed a glimpse of skin and embodied her cheeky style. This playful detail added a touch of fun and glamour, without the need for a large entourage on the red carpet.

3. Michelle Yeoh 

Photo Credit: Shutterstock.

Michelle Yeoh is a true red-carpet chameleon, defying convention by experimenting with different styles and constantly reinventing herself. While many celebrities adopt a fixed aesthetic for their Oscars campaign, Yeoh fearlessly steps outside her comfort zone and tries something new every time. For the recent ceremony, she opted for an angelic look in a Dior Couture gown that resembled a wearable cloud, beautifully accessorized with a tiara-like headband.

Young and Playful

Photo Credit: Shutterstock.

This stunning outfit seems like the kind of dress we might have imagined ourselves wearing when we were young, daydreaming about being all “grown up.” It’s fitting that Yeoh made history in this dress, decades after what some in the industry would mistakenly view as her “prime.” Her Oscars moment, embodied by this dress, feels like a childhood dream come true.

4. Michelle Williams

Photo Credit: Shutterstock.

Michelle Williams stunned in an ethereal Chanel couture gown that evoked a heavenly presence, with a forward-falling cape that draped over her figure. The effect was a snowstorm of shimmering sequins, creating a dreamy and surreal visual experience. This particular look took her to another level of otherworldly charm. She gave the impression of a Degas painting, brought to life with a stunning couture gown that accentuated her delicate features.

5. Tems 

Photo Credit: Shutterstock.

Tems made a bold fashion statement in a Lever Couture hooded gown, featuring a design that resembled a swirling trail of smoke. The dress was a work of art, meant to be admired from all angles, with tulle around her cheeks, shoulders, and hair. While Williams and Yeoh channeled angelic vibes, Tems embodied the very essence of heaven itself with her cloudy, feathery landscape-inspired dress. She exuded a serene yet powerful energy that captivated everyone’s attention.

6. Rihanna

Photo Credit: Shutterstock.

Rihanna never fails to make a statement, even when it comes to the Oscars red carpet. Rumor had it that she arrived wearing an Eagles T-shirt and a sequined hat so large it could barely fit through the door. But instead of disappointing us with her absence, she made a grand entrance fashionably late in a stunning belly-baring Alaïa gown. The dress was a masterpiece in every way, with daring thigh-high slits and leather detailing wrapped around her neck and chest, framing her midriff. Rihanna looked absolutely breathtaking, radiating confidence and glamour with every step she took.

7. Cara Delevingne 

Photo Credit: Shutterstock.

While many guests played it safe with black or white ensembles, Delevingne stole the show in a deep, romantic red gown. The oversized rose detail on her shoulder was a bold choice but not overpowering. The gown draped at her hips in a theatrical manner. Delevingne is not just a fashion icon but a true supermodel with an undeniable presence. Her striking features and confident demeanor were impossible to ignore, making her a true force to be reckoned with. With this appearance, Cara Delevingne cemented her status as a fashion icon with a face card that never declines.

8. Malala Yousafzai 

Photo Credit: Shutterstock.

Malala Yousafzai, the educational activist, made a stunning Oscars debut as an executive producer of the short film “Stranger at the Gate”. She arrived on the Champagne carpet early, making a grand entrance in a silver sequined Ralph Lauren hooded gown that set an impossibly high standard. The dress was a perfect match for Yousafzai’s formidable presence, as she is a powerful force in her own right. The glistening sequins of the gown reflected her inner strength and resilience, making her shine even brighter on Hollywood’s biggest night.

9. Michael B Jordan 

Photo Credit: Shutterstock.

Michael B. Jordan, who was presenting at the Oscars ceremony, arrived on the Champagne carpet looking sharp and stylish in his custom-made Louis Vuitton double-breasted tuxedo with a satin lapel. He opted for a classic black bow tie and shoes to complement his ensemble. However, he didn’t shy away from adding a pop of color to his outfit through his jewelry choices. Jordan wore a pair of Tiffany & Co.’s Bird on a Rock Brooches on his lapel, one with a pink morganite stone and the other with a green tourmaline. Both brooches featured diamond birds perched on top, adding a touch of glamour to his already stunning outfit.

Sparkling like Champagne

Photo Credit: Shutterstock.

Not stopping there, the 35-year-old actor also wore diamond studs, a diamond tennis bracelet, and a diamond ring, all from Tiffany & Co. The subtle glimmer of his jewelry perfectly complemented his attire, making him stand out on the red carpet. To complete the look, he wore a stainless steel watch with a black strap, adding a touch of sophistication to his already elegant outfit. Overall, Michael B. Jordan’s stylish ensemble was a perfect blend of classic and modern fashion that showcased his impeccable taste.

The Oscars red carpet was a celebration of fashion, with stars dazzling in stunning couture. From Nicole Kidman’s alluring rosette-adorned Armani ensemble to Lady Gaga’s jaw-dropping Versace dress, the red carpet was a sight to behold.

Image Credit: Shutterstock – Denis Makarenko

Who is one actress you can never stand watching, no matter their role?  After polling the internet, these were the top-voted actresses that people couldn’t stand watching.

10 Actresses People Despise Watching Regardless of Their Role

These 7 Celebrities are Genuinely Good People

Photo Credit: Shutterstock.

We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble? 

These 7 Celebrities are Genuinely Good People

Photo Credit: Shutterstock

Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.

These 10 Activities Are an Immediate Red Flag

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Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.

10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth

Image Credit: Troma Entertainment

We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.

These 10 Terrible Movies Are Still People’s Favorites



About the Author



Dan Williams



Source: financequickfix.com

Apache is functioning normally

The slower housing market at the start of the year was not enough to prevent Fidelity National Financial from turning a profit. 

During the first quarter of 2023, the Big Four title insurer reported revenue of $2.474 billion, down from $3.167 billion in Q1 2022, and a net income of $59 million compared to $400 million a year prior. Fidelity’s title segment reported revenue of $1.6 billion for the quarter, down from $2.4 billion a year ago, and a net income of $128 million, a decline compared to $191 million in the first quarter of 2022. 

“We are pleased with our solid performance in the quarter as we continue to navigate a volatile and challenging environment,” Mike Nolan, the CEO of Fidelity, told investors and analysts on the firm’s first-quarter earnings call Thursday morning.  “Starting with our title business, the focus remains on providing our customers exceptional service, protecting our policyholders and building our business for the long term.”

However, as Nolan acknowledged, these strong financial results came at a cost. In 2022, Fidelity laid off 26% of its field staff net of acquisitions, one of the largest cuts in the company’s over 175 year history. The headcount reductions continued into 2023, as Nolan reported that Fidelity laid off an additional 2% of its staff in Q1. 

Thanks to these cuts, however, personnel costs for the quarter were down 23% year over year in the firm’s title segment alone. 

This was good news for a segment that recorded sizable annual decreases in the number of purchase orders opened per day (29%), the number of refinance orders opened per day (67%), and the number of commercial orders opened per day (27%).

In addition to the drop in order count, direct title premiums fell 44% from a year ago to $428 million, agency title premiums were down 50% year over year to $550 million, and commercial revenue posted a 36% annual decline to $241 million. 

Among all of these yearly decreases, however, there was some positive news. The number of purchase orders opened during the quarter was up 20% compared to the fourth quarter of 2022, and the average total fee per file was up 19% year over year to $3,446. 

Executives also noted that in April, despite being down 23% year over year, purchase order volume was the best Fidelity has seen since August 2022. 

“We expect the volatile market environment will continue to provide both headwinds and tailwinds for market participants,” Nolan said. “On the residential side, although there is not yet firm footing for rates in home affordability, there are solid fundamentals, such as pent-up demand, a growing working age and first time buyer population, that are expected to support a rebound once rates move downward and sellers and buyers more fully return to the market.” 

One interesting item of note during Fidelity’s call came in response to a question on executives’ thoughts on the rumored Fannie Mae pilot program and the attorney opinion letters. 

“We have talked with Fannie Mae and FHFA through ALTA [American Land Title Association] and even ourselves, and in regards to the rumor on the potential pilot with some kind of title waiver, we have not seen a proposal or anything that we could evaluate and respond to. But we have been really trying to impress upon the agencies that those kind of programs are untested and could lead to more uncertainty,” Nolan said. “At this time, we don’t know if there is a proposal that will come out or not. And then, with the acceptance of AOLs, there has been very little uptick on that, as they have indicated, and we don’t think that it is a lower cost alternative. It may even be more expensive — and we certainly think it is a lesser value product.” 

Source: housingwire.com