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BUFFALO, N.Y., May 15, 2024 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced OneTrust Home Loans as its newest Fee Chaser client. Using Fee Chaser, OneTrust Home Loans can streamline its operations and compliantly collect upfront fees from its borrowers.

Fee Chaser’s direct integration with OneTrust Home Loans’ loan origination system (LOS) enables loan officers and other support staff to send a unique payment link to the borrower with one click. Once borrowers pay using the link, Fee Chaser delivers a receipt to all parties and automatically updates the loan file within the LOS. The average turn time between sending the link and receiving payment is five minutes.

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Source: rockymounttelegram.com

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Thinking about spending your college years in North Carolina? Well, the college towns on this list have the potential to spice up your studies. These spots are more than just classrooms and lecture halls; they’re the backdrop to your entire college experience. 

From Chapel Hill to High Point, each college town below brings its own set of attributes to the table. Ready to check out some of North Carolina’s coolest college towns? Your tour starts now.

1. Chapel Hill – University of North Carolina

Population: 61,960 | Student population: 31,640 | Average 1-bedroom rent: $1,654

Chapel Hill is synonymous with the University of North Carolina, known for its law and medicine programs. The presence of UNC influences local businesses and social scenes, catering extensively to students and faculty.

In Chapel Hill, students often stick around after graduation to create their own paths and pursue their dreams. One shining example of this is Brandwein’s Bagels, a UNC grad-founded New York-style bagel shop that has taken Chapel Hill by storm in recent years.

Apartments near University of North Carolina | Houses for rent near University of North Carolina

2. Durham – Duke University

Population: 283,506 | Student population: 17,620 | Average 1-bedroom rent: $1,588

Durham is primarily known as the home of Duke University, a prestigious figure in research and academia, particularly in business and environmental sciences. The student population heavily influences the local economy, with numerous shops and services tailored for them. The university’s partnerships with local businesses foster a mutually beneficial relationship.

Duke’s involvement in Durham extends well beyond the campus walls. A great example of Duke’s impact on Durham is the Duke Clinical and Translational Science Institute. This institute fosters collaboration between Duke researchers and local healthcare providers to accelerate the translation of scientific discoveries into improved patient care. 

Apartments near Duke University | Houses for rent near Duke University

3. Boone – Appalachian State University

Population: 19,092 | Student population: 20,641 | Average 1-bedroom rent: $1,365

Appalachian State University in Boone is known for its sustainability and renewable energy programs. The university’s focus on environmental issues influences the local community, which actively engages in green initiatives. This academic direction steers local policies and business practices towards sustainability.

Students often fall in love with Boone during their four years and find themselves sticking around after graduation. This investment in the natural beauty of the area and focus on environmental stewardship ensures the longevity of the resources that make living in Boone so appealing.

Apartments near Appalachian State | Houses for rent near Appalachian State

4. Greensboro – UNC Greensboro

Population: 299,035 | Student population: 19,038 | Average 1-bedroom rent: $1,105

Greensboro is boosted by the presence of UNC Greensboro, which shines in visual and performing arts. The creativity stemming from the campus spills over into the city, fostering a creative community that supports galleries, theaters, and plenty of live music venues. 

Additionally, Greensboro’s economy is bolstered by the university’s business programs. Graduates often stay in town, applying their skills to local enterprises and start-ups. There’s no better example of this than UNC Greensboro graduate-founded company, Xtern Software.

Apartments near UNC Greensboro | Houses for rent near UNC Greensboro

5. Greenville – East Carolina University

Population: 87,521 | Student population: 28,021| Average 1-bedroom rent: $999

East Carolina University in Greenville is respected for its medical and fine arts programs. The university influences local health services and ensures a strong culture through its arts community. This partnership enhances the quality of life in Greenville, making it an attractive place for students and professionals to find their way.

ECU’s Brody School of Medicine and College of Nursing contribute significantly to healthcare in Greenville and the surrounding region. Through partnerships with local healthcare facilities and clinics, ECU students and faculty provide essential medical services to underserved communities.

Apartments near East Carolina University | Houses for rent near East Carolina University

6. Raleigh – NC State

Population: 467,665 | Student population: 36,831 | Average 1-bedroom rent: $1,388

North Carolina State University is a hotspot for engineering and textiles in Raleigh. The Wilson College of Textiles leads the charge by contributing to Raleigh’s well-known textile industry. This connection keeps talented people in town and ensures Raleigh maintains its status as a titan in the textile industry.

NC State’s presence in Raleigh also bolsters technological innovation and entrepreneurial ventures. The university’s entrepreneurship program has garnered praise from all over and has resulted in the development of unique programs like the Wolfpack Investor Network. This program brings together the brightest minds and biggest pockets NC State has to offer to maximize their impact on Raleigh and the country. 

Apartments near NC State | Houses for rent near NC State

7. Elon – Elon University

Population: 11,336 | Student population: 7,127 | Average 1-bedroom rent: $1,128

Elon University is a pivotal part of its namesake town. Elon University is particularly respected for its communications and business programs. The university’s influence is visible in the town’s infrastructure and culture thanks to the Kernodle Center for Civic Life.

In Elon, the university’s commitment to producing well-rounded graduates shapes local businesses and social initiatives. This close relationship promotes a seamless integration of student life and community growth, ensuring Elon’s small college town charm for years to come.

Apartments near Elon University | Houses for rent near Elon University

8. High Point – High Point University

Population: 114,059 | Student population: 5,860 | Average 1-bedroom rent: $1,006

High Point University is famous for its pharmacy and interior design programs. The university’s strongest programs reflect the priorities of the local economy, especially since High Point is known as the “Home Furnishings Capital of the World.” This alignment between educational programs and local industry creates clear career pathways for students to find success while living in the High Point area.

The influence of High Point University also extends into the local community through its top-tier pharmacy program. Graduates often find opportunities right in town, helping to staff and manage local medical facilities.

Apartments near High Point University | Houses for rent near High Point University

Methodology

College towns are qualified as towns or cities with at least one college or university and fewer than 500,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.

This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.

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As NAR implements changes in commission practices, mortgage professionals anticipate impacts on their roles. Mike Rankin from Clearpath Mortgage Solutions and Jennifer Gormer of Integrity Home Lending weighed in.https://t.co/s7Ln0YgVrr#mortgageindustry #mortgagebroker — Mortgage Professional America Magazine (@MPAMagazineUS) May 3, 2024 For scores of Americans, the shift to remote work has been a positive and seamless switch. … [Read more…]

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Hedging, Community Lending, Verification, CRM, Warehouse Products; NAR Reports on Q1; FHA and USDA Changes

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Wed, May 8 2024, 11:25 AM

After a very long travel day filled with odd, time-sucking delays, when I arrived in Birmingham I was happy to hear Alabama on the Uber car’s radio singing, “My Home’s in Alabama.” “That my home’s in Alabama, no matter where I lay my head. My home’s in Alabama, Southern born and Southern bred.” Home prices in Alabama have tended to mimic many parts of the United States: In March 2024, home prices in Alabama were up 1.1 percent compared to last year, selling for a median price of $273,500 with the number of homes sold being down 8.9 percent year over year, per Redfin. (This morning NAR reported that more than 90 percent of metro markets posted home price gains in the first quarter of 2024: latest quarterly report.) There’s ample inventory, with over 22,000 homes for sale in Alabama, up nearly 11 percent year over year. A chunk of those are in Huntsville, 100 miles to the north of Birmingham, Alabama’s most populous city and the home of NASA’s Marshall Space Flight Center. (Found here, this week’s podcasts are sponsored by Matic, the digital insurance marketplace built for the mortgage industry. Matic integrates home insurance shopping into the lending and servicing experience, allowing customers to shop carriers and find a policy in minutes. Create a new revenue stream that boosts customer happiness today! Hear an interview with Matic’s Ben Madick on the insurance landscape and trends impacting both potential homebuyers and existing homeowners.)

Lender and Broker Software and Services

Do you love your technology partner so much that you’d tattoo its name on your arm? A top producing team at VanDyk Mortgage resorted to “tattoo” tactics when management replaced Floify with a competing mobile-first POS. The new system’s shortcomings in functionality and vendor support impacted the productivity and satisfaction of VanDyk’s team, particularly affecting branch managers and loan officers who struggled with the platform’s limitations and the vendor’s responsiveness. The result? A “baring” of arms and quick return to Floify, which in addition to preventing an LO mutiny saves VanDyk $300,000 annually in operating costs compared to the interim system. Read the full case study and see pics of the team’s “tats.”

Compliance Review Roadmap for Financial Institutions! Regular compliance testing and monitoring helps you get out in front of potential issues, identifying areas that might not normally receive enough attention. When you embrace compliance reviews, your entire institution becomes involved in building a culture of compliance. This whitepaper offers a how-to guide for implementing a compliance review process at your financial institution. Included in this roadmap is: Step-by-step instructions for building a compliance testing program; A checklist of what to assess in compliance monitoring; A breakdown of the roles and responsibilities for each department and division; The importance of conducting a root cause analysis; Challenges encountered in implementing compliance reviews and how to overcome them; and Solutions for automating your compliance review process. Download the free whitepaper now.

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE: HTH), understands the importance of efficiency when it comes to meeting mortgage lenders funding requests. “Express Funding” is how we help our customers reduce the time needed to get loans funded quickly. Express Funding allows our customers to submit multiple loans for funding in one simple data upload, whether it is one loan or 100 loans. We have a growing list of 5,000+ approved closing agents, No Doc funding requirements and funding turn times averaging under 20 minutes! As a well-capitalized financially strong banking partner we give our customers confidence in an uncertain market. If you attending the MBA Secondary Conference in NY or the TMBA Annual Conference in Austin and interested in learning more about PlainsCapital Bank National Warehouse Lending please contact John White or Brent Amos.

Usherpa’s SmartCRM and Relationship Engagement Platform has been vetted by The Mortgage Collaborative (TMC), one of the largest mortgage cooperatives in the country, and is now a Preferred Partner to TMC’s growing network of mortgage lenders. According to TMC’s 2024 “Pulse of the Network” survey of 2,000 industry executives, finding new opportunities to grow volume and market share ranked first among the top critically important issues facing mortgage lenders. Having a CRM platform that is powerful but easy to use with guaranteed adoption is crucial. “TMC prides itself on having best in class preferred partners that help our lenders lower their cost of origination, improve their customer experience, and retain their best Loan Officers so that they can easily compete with even the largest lenders,” said Melissa Langdale, TMC’s President and COO. “We are thrilled to add Usherpa as a Preferred Partner.”

During the loan process, expedited turn times are crucial. Traditional methods of obtaining tax transcripts using a 4506-C form are slow and susceptible to rejections by the IRS due to minor discrepancies between the submitted form and what is on file at the IRS, thereby extending the verification process. Xactus, a leader in verification solutions, offers a streamlined alternative, Tax TranscriptX. Providing real-time IRS data feeds, this innovative tool enables fast and easy income verification, with the IRS rejecting less than 3 percent of the requests. Endorsed by the Government-Sponsored Enterprises (GSE), this solution empowers lenders to accelerate loan closures by furnishing tax transcripts within minutes rather than days. Lenders can use Xactus’ technology to streamline workflows, boost profits, and close loans right away. For more information, email Xactus. To stay up to date on its industry innovations, follow Xactus on LinkedIn.

Wholesale and Correspondent Products

Attention all TPO and wholesale lenders: Don’t miss out on “The Wholesale Lending Sales Machine” webinar hosted by OptifiNow and Lender Price on May 15th at 10 am PT. The webinar will discuss how wholesale lenders are finding success in today’s challenging market by equipping their account executives with technology tools that are proven to generate more submissions and fundings. Make sure to register for this webinar today!

“Visio Lending is breaking records with a relentless focus on improving our Broker Experience. We are the nation’s leader in Non-QM Investor DSCR loans for buy and hold SFR rentals with nearly a decade of experience and over $2.8 billion in originations. No-DTI, 30-year terms, rate buy downs, free 45-day rate locks; I/O and Sub-1 DSCR options available. Now choose your own title company (including on refinances). Through our top-notch Broker Program, brokers are able to earn up to 2 points YSP, and 5 points total. Visio Brokers can count on a designated Account Executive and in-house processing.”

“Citi Correspondent Lending remains committed to responsible and sustainable growth with a focus on expanding our Community Lending platform. We’ve continued to gain momentum in these areas as illustrated by the 126 percent increase year-over-year in non-delegated Agency production and April’s 22 percent month-over-month increase in our proprietary HomeRun program production. We’re excited to discuss all that Citi offers now and what’s on the horizon at the upcoming Secondary and Capital Markets Conference. Reach out to your Citi Account Executive or our National Client Services Team to schedule time to talk with us.”

Government Program Updates

The lion’s share of locks continues to be headed Freddie & Fannie’s way, but there is a sizeable chunk that are either non-Agency (non-QM, jumbo, bond programs spring to mind) or are FHA, VA, and USDA. Let’s see what’s happening in that latter category.

FHA’s Mortgagee Letter (ML) 2024-08 further extends its foreclosure moratorium for borrowers with FHA-insured mortgages in Maui County, Hawaii. This extension, which runs through August 4, 2024, is effective immediately.

Mortgagee Letter (ML) 2024-07 strengthens FHA’s existing ROV process as part of HUD’s commitment to strengthening safeguards against unlawful discrimination in residential property valuations as outlined in the Property Appraisal and Valuation Equity (PAVE) Interagency Task Force. This update is the result of FHA’s consideration of the feedback received on its January 2023 proposed policy posted to its Single Family Drafting Table, and subsequent engagement with stakeholders and other federal agencies, including the Federal Housing Finance Agency (FHFA), to identify policies that would support a consistent industry-wide framework of minimum standards for the ROV process.

Updated information on SFH Section 502 Direct Funding was posted in USDA Rural Development SFH Bulletin.

Revisions that impact the AmeriHome USDA Guaranteed Rural Housing Program Guide are available in AmeriHome Mortgage Announcement 20240403-CL.

Newrez is updating its Government and Conforming loan underwriting guidelines, details are available in announcement 2024-024 and announcement 2024-025.

Capital Markets

With little in the way of economic releases this week or next until April CPI a week from today, investors continue to focus on Fed Chair Powell’s post-FOMC comments, potential Fed rate cuts in the latter half of the year, and the softer than expected April payrolls print. The MBS market is also busy digesting April agency prepayments, which were released late Monday, where speeds increased much less than expected. In reaction to the reports, UMBS30 and GNII rolls were mixed in mostly small moves.

Yesterday brought bland remarks from Minneapolis Fed President Neel Kashkari and some supply hitting the front end of the curve with a $58 billion 3-year Treasury auction that was received with good demand. Internationally, there was a policy hold from the Reserve Bank of Australia and a better-than-expected March Retail Sales report from the Eurozone.

Today’s domestic economic calendar kicked off with mortgage applications increasing 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Sweden’s Riksbank was out with their latest monetary policy decision before the open. Later today brings wholesale inventories and sales, a Treasury auction of $42 billion 10-year notes, and remarks from three Fed speakers: Vice Chair Jefferson, Boston President Collins, and Governor Cook. We begin the day with Agency MBS prices little changed from Tuesday’s close and the 10-year yielding 4.48 after closing yesterday at 4.46 percent; the 2-year is at 4.83.

Employment

“Loan officers! Discover the radius advantage. Are you navigating a market that’s forgotten the value of loyalty? At radius financial group, we’re rewriting the script with our MLO Partnership-Proposition (MPP). We understand the industry’s pulse and the need for a genuine partnership—not just a platform to process loans. As lenders focus on consumers, we concentrate on you, the heartbeat of our business. You’re not just a number here; you’re the face of our brand, co-branded for success. We’re committed to investing in you, providing a stable home where your talents are nurtured and your book of business flourishes. For confidential inquires please contact Carla Herrera (781-742-6500).

Tired of having outdated news on your website or a stale newsletter? A skilled writer has some extra bandwidth and is available to produce weekly, monthly, or as-needed mortgage-related content for lenders on their website, email marketing or digital advertising. Reach out to Dustin Hobbs.

Carrington Mortgage Services has hired Steven Winokur to serve as VP, Marketing, Third-Party Origination using his “significant expertise in marketing strategy, brand development, marketing communications and digital marketing” to quickly build on existing marketplace momentum for Carrington’s diverse non-QM offerings. Congratulations!

Planet Home Lending has hired 20+ year vet Paul Walker to be Chief Financial Officer. “Paul will guide our financial strategy, leading Planet’s integrated platform to continuously deliver efficient, innovative solutions and services to consumers, business partners, and clients,” said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending.

Flagstar Bank has promoted Rich Hoffman to senior vice president and head of TPO lending. Congratulations!

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

Source: mortgagenewsdaily.com

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A 1099-c cancellation of debt form is issued when a lender forgives or cancels a debt. The 1099 c form helps the IRS account for canceled debts from the previous tax year.

The 1099-C cancellation of debt form deals with canceled or forgiven debt from the previous tax year. This form exists to ensure accuracy when reporting taxes and to help filers determine if they owe debt forgiveness taxes.

Cancellation of debt happens when a creditor discharges or forgives a debt you haven’t paid off. The IRS notes that cancellation can occur when the creditor gives up on collecting because it’s exhausted its resources and is unable to collect. In some cases, cancellation can come about as an agreement between you and the creditor. 

Here, we’ll answer several common questions about this form and explain how canceled debt relates to taxes. 

Key Takeaways: 

  • The IRS requires 1099-C forms because forgiven debt contributes to your gross income.
  • Receiving and filing a 1099-C form won’t affect your credit score positively or negatively.
  • Certain forgiven debts, such as mortgage forgiveness, are exempt from 1099-C requirements.

What Is a 1099-C Form?

Form 1099-C is a tax form required by the IRS in certain situations where your debts have been forgiven or canceled. Forgiven debt contributes to your gross income for the given tax year. The IRS requests 1099-C forms to account for those funds and debt forgiveness tax if need be.

If you received a 1099-C form in the mail, it’s because of a debt cancellation that occurred at some point during the previous tax year. Box 6 on the document contains a code to help you determine why you received the form.

Reasons why a cancellation might occur include:

  • A creditor stops trying to claim a debt.
  • Your mortgage is modified.
  • A property is foreclosed or repossessed. 

You can also learn more about the 1099-C cancellation of debt processes and why you might receive such a form if you’re unsure whether yours is accurate.

Is a 1099-C Form Good or Bad for Your Credit?

The 1099-C form shouldn’t have any impact on your credit. However, the activity that led to the 1099-C probably does impact your credit. Typically, by the time a creditor forgives a debt, you’ve engaged in at least one of the following activities:

  • Failed to make payments for an extended period of time
  • Negotiated a settlement on the debt
  • Entered into a program with the creditor because you can’t pay the debt, such as a home short sale or voluntary repossession
  • Been sent to collections
  • Had a foreclosure or repossession
  • Gone through bankruptcy

All those are negative items that can impact your credit report and score for years. So, while getting a 1099-C itself doesn’t change your credit at all, you’ve probably already experienced a negative hit to your score.

What Should You Do with a 1099-C Form?

First, find out whether the type of debt cancellation on the 1099-C form is excluded from taxable income. The IRS provides a list of exclusions; if your debt is included on this list, you won’t have to worry about the 1099-C form.

Some of the items on this list include:

  • Canceled amounts that were gifts or inheritances
  • Certain student loans and student loan discharges
  • Qualifying purchase price reductions

If you ultimately need to claim the income, you must incorporate the 1099-C into your federal tax filing and report the canceled debt as “other income”.  Forgiven debt can increase your gross income for that tax year, which might reduce your refund or increase the taxes you owe. 

In cases where the 1099-C canceled debt falls under an IRS exclusion—which means you don’t have to pay taxes on all or some of the income—you still may need to file a form. The creditor that sent you the 1099-C also sent a copy to the IRS. 

Some types of debt cancellation on the 1099-C form are excluded from taxable income. The IRS provides a list of exclusions, which include debts that were forgiven because you were insolvent or involved in certain types of bankruptcies. You may want to double-check with your bankruptcy lawyer about whether you need to claim 1099-C income relevant to your bankruptcy discharge.

Call out box “Pro Tip:” link

If you don’t acknowledge the form and income on your tax filing, it could result in a tax audit. Luckily, the IRS provides a form for this purpose. It’s Form 982, the Reduction of Tax Attributes Due to Discharge of Indebtedness.

Who Can File a 1099-C Form?

According to the IRS, you can file a 1099-C form if you’ve forgiven or canceled at least $600 in debt for an individual or entity in the previous tax year. You must also be an applicable financial entity, such as a bank or credit union. 

For example, you don’t need to file a 1099-C form if you loaned your brother $1,000 and then told him on his birthday you’ve decided he doesn’t have to pay you back.

How to File a 1099-C Form

How you include your 1099-C depends on how you already file your taxes. Online tax filing programs include options for adding the 1099-C form when you file. Typically, you do this when entering various types of income.

You may need to file form 982 if you have exclusions to ensure you don’t pay more than you need to. You can work with a tax professional or use software to file taxes yourself. Both options can help you minimize mistakes and maximize your refund.

How to Read a 1099-C Form

Knowing how to read your 1099-C may help you understand why you got one and what you have to do with it. Here’s a breakdown of what each box means:

Codepen Link for 1099-C instructions

Codes that might be included in Box 6 on the 1099-C:

  • A. Bankruptcy Title 11
  • B. Other judicial debt relief
  • C. Statute of limitations or expiration of deficiency period
  • D. Foreclosure election
  • E, Debt relief from probate or similar proceeding
  • F. By agreement
  • G. Decision or policy to discontinue collection
  • H. Other actual discharge before identifiable event

What Is the Mortgage Forgiveness Debt Relief Act?

The Mortgage Forgiveness Debt Relief Act of 2007 generally excludes all forgiven debt on the mortgage of your primary residence. That means you may not have to include canceled debt on your mortgage as part of your income on your taxes. 

For example, if your debt is reduced through a restructuring of your mortgage or in connection with a foreclosure, it may be excluded. This is one of the most common exclusions, but there are a few other situations where you don’t have to include canceled debt.

1099-C Cancellation of Debt FAQ

Receiving a 1099-C form is a rare occurrence, which is why people often have so many questions about it. Here are several frequently asked questions we’ve encountered about this rare tax document.

What If You Receive a 1099-C Form on an Old Debt?

There aren’t statutes of limitations on the cancellation of debt, though the IRS does have rules about when these forms should be filed. The creditor must file a 1099-C the year following the calendar year when a qualifying event occurs. That just means the creditor must file the next year if they discharge or forgive a debt.

If the creditor files a 1099-C with the IRS, it typically must provide you with a copy by January 31 so you have it for tax filing purposes that year. This is similar to the rule for W-2s from employers and other tax forms.

However, there’s no rule for how long a creditor can carry debt on its books before it decides it’s uncollectible. So, if your debt isn’t canceled via repossession, bankruptcy or other such processes, cancellation could happen at any time. The creditor doesn’t have to tell you about it other than sending the 1099-C.

What If You Don’t Get Your 1099-C?

You may not receive a 1099-C or might receive it after you already filed your taxes. If you receive the form after you file, you should file an amended return. That’s true even if the 1099-C doesn’t change your tax obligation, as you want to get a Form 982 detailing the reasons for exclusion on record for documentation purposes. If you don’t receive a form at all, it may mean the creditor didn’t send one and you don’t have to file.

What If You Have a Canceled Debt That Is Less Than $600?

Canceled debt less than $600 still needs to be reported as income on your taxes, though you may not receive a 1099-C for it. Working with tax professionals may be a good idea if it’s unclear which form you should use and what income you need to claim.

What If You Misplaced Your 1099-C?

You should be able to contact the associated creditor for a copy of your 1099-C form if you lose it. If you can’t reach them or retrieve a copy, you may have to call the IRS to resolve the issue. 

What If Your 1099-C Form Is Incorrect?  

If your form is incorrect, you should contact the creditor to send a corrected version. If the creditor doesn’t send it before the tax deadline so you can file with the correct information, you’ll need to file an amended return when you receive it.

Though receiving a 1099-C doesn’t hurt your credit, the canceled debt that led to it probably will. It’s best to find other solutions to debt than delinquency or cancellation. You may be able to negotiate, refinance, or restructure your debt to make it more manageable.

Can a Creditor Still Collect After Issuing a 1099-C?

Yes, a creditor can still try to collect the debt a person owes even after a 1099-C has been issued. Even if a lender issues a 1099-C form, they can still choose to pursue delinquent funds if they simply want to collect the money you owe.

If you find yourself in this situation, reach out to your creditor as soon as possible and try to negotiate a new agreement.

What to Do If You Received a 1099-C Form after Filing Your Taxes

If you don’t know a 1099-C form is coming, you could make a mistake on your tax return by filing too early. If you receive the form after you file, you should file an amended return. That’s true even if the 1099-C doesn’t change your tax obligation, as you’ll want to get the Form 982 on record for documentation purposes. 

The IRS also allows amended tax returns to be e-filed, making it even easier to quickly file an amendment. However, you can only amend 2020, 2021, and 2022 returns in this manner.

Enrich Your Personal Finance Knowledge with Credit.com

Learning more about taxes and financial matters is easier than ever. You can always consult Credit.com’s expansive personal finance guide to learn more about topics like unpaid taxes, credit reports, and debt-to-income ratios.

Receiving and filing a form 1099-C shouldn’t affect your credit, so you check your credit report if you notice any strange fluctuations in your score. Use Credit.com’s ExtraCredit® subscription for a full view of your credit profile—you can even get started with a free seven-day trial.

Your seven-day trial will begin after agreeing to these terms and submitting your ExtraCredit® sign-up. After your trial period, your subscription will automatically continue on the same day every month as the day you started your trial membership. The free trial is available for new ExtraCredit customers only. The credit card you provided will be charged $24.99 (plus any applicable tax) on the next business day and monthly; after your trial period unless you cancel. You may cancel at any time by downgrading your service level in your settings or by contacting us at [email protected]. Dishonored payments will result in an automatic downgrade to the free credit.com product.

Source: credit.com

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Borrower Outreach, Servicing Oversight Products; TPO News; Bank Merger Announced; Brokers and RESPA

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Mon, Apr 29 2024, 11:52 AM

“I accidentally rubbed ketchup in my eyes. Now I have Heinzsight.” In terms of foresight, looking ahead, there are some interesting things going on out there in Mortgage Land! How ‘bout the CapitalW Collective non-profit for women in mortgage capital markets? And Beeline’s Miguel Vega has been in the press lately with, “The Dream of Owning a Piece of America is a Dominant Theme in the Latino Community” and the company launching a Spanish-language version of its home loan experience this week. Something else that continues to be “interesting” is the question, “Are brokers violating RESPA every day?” This question is asked because brokering is a referral of a customer to a lender, right? HUD identified fourteen services normally performed in the origination of a loan (Section II, subsection C of the link above), and brokers usually do five out of the fourteen services, including taking the application, to get around RESPA. Mortgage attorney Brian Levy addresses the broker/RESPA issue in “RESPA, a whole(sale) lot of trouble.” Brokers, be careful that you’re the person actually originating the loan in terms of regulations! (Found here, this week’s podcasts are sponsored by Essex Mortgage. Essex specializes in providing exceptional mortgage subservicing solutions tailored to meet your specific needs. Looking to capitalize on your excess servicing strip? Check out Essex’s servicing offerings today!)

Lender and Broker Products, Software, and Services

In today’s regulatory environment, audits seem to be nonstop: Is your team ready? Clayton’s Servicing Oversight specialists can support your associates as they prepare for regulatory, GSE and investor audits, including customer contact evaluations, yearly validation of PRCI and RCSA and focuses on loss mitigation and foreclosure. Whether you need staff augmentation or help with audit responses, our experts are there for you. Clayton’s Servicing Oversight team provides audit support services across the entire mortgage servicing lifecycle. Contact Clayton’s Samantha Shanaberger to learn more about how Clayton Servicing Oversight can help your team tackle audits.

Winning Agent Business: The lender’s guide to building a strong referral network, updated for 2024! In the aftermath of the NAR ruling, agents are more incentivized than ever to show their clients value. That means they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don’ts, ways to become a go-to lender, and more.

In today’s competitive purchase market, the lenders who stand out are providing excellent, personalized, and consistent communication. This approach is key to attracting new business, keeping your current borrowers happy and retaining clients for life. In our new blog, we’re sharing how the Surefire℠ CRM and Mortgage Marketing Engine can help you streamline and improve your borrower outreach even further, so you’re prepared to thrive in today’s competitive purchase market. And by leveraging both Surefire and Encompass®, you’re able to deliver targeted content to the right contacts at the right moment. Read the full blog to gain all the insights.

Mergers and Acquisitions

UMB Financial Corporation (Nasdaq: UMBF) and Heartland Financial, USA Inc. (Nasdaq: HTLF) announced today that they have entered into a definitive merger agreement under which UMB Financial Corporation (UMB) will acquire Heartland Financial USA, Inc. (HTLF), in an all-stock transaction valued at approximately $2.0 billion.

HTLF is headquartered in Denver and has $19.4 billion in assets, $16.2 billion in total deposits and $12.1 billion in total loans, as of March 31, 2024. The combination of companies will create an entity spanning a 13-state branch footprint, adding California, Minnesota, New Mexico, Iowa and Wisconsin to UMB’s existing eight-state footprint, which includes Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.

Within its 11-state footprint, HTLF does business as: Minnesota Bank & Trust, Wisconsin Bank & Trust, Dubuque Bank & Trust, Illinois Bank & Trust, Bank of Blue Valley, Citywide Banks, Premier Valley Bank, Arizona Bank & Trust, New Mexico Bank & Trust and First Bank & Trust.

UMB will host a call for the investment community on Monday, April 29, at 7:30 a.m. (CT) / 8:30 a.m. (ET). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 397231. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link: UMB Financial Conference Call. A replay of the conference call may be heard through May 13, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 182605. The call replay may also be accessed at investorrelations.umb.com.

If Borrowers Opt Out of DU and LP…?

I ran this note on Friday, and it caused a bit of a stir given the implications so I thought it was worth mentioning again. If this bill passes, what will it do to your underwriter staffing and efficiency?

California, which accounts for 20-25 percent of residential lending in the U.S. is considering AB 2930, basically giving consumers the right to “opt out” of automated underwriting tools. It could massively disrupt lending because of the ubiquitous use of DU/LP. California MBA CEO Susan Milazzo writes, “California MBA has concerns with AB 2930 (Bauer-Kahan), a bill that would require lenders to perform impact assessments related to automated decision tools (ADT), provide borrowers disclosure notices on the use of ADTs, and provide alternative manual underwriting options to consumers upon request. The bill would disrupt the availability of credit for California residents by imposing potentially conflicting regulations upon lenders who are already highly regulated by existing federal and state consumer protection laws, and are subject to regulatory oversight for identifying, monitoring, and controlling the risk of discrimination or bias. (Reach out to Susan with questions or to lend support defeating it.)

TPO and Investor News with Planet Home Details

Pennymac updated Jumbo LLPAs, effective for all Best-Efforts Commitments taken on or after Monday, April 29, 2024. View Pennymac Announcement 24-38 for more information.

In conjunction with enhanced enforcement from the GSEs, Pennymac will begin the review and remediation of inaccurate or improperly executed 4506-Cs at loan delivery. In addition to the requirements and best practices that were provided in Announcement 23-37, new requirements are listed in Pennymac Announcement 24-39.

Plaza Home Mortgage® has made updates in BREEZE: Appraisal Reconsideration new link, VVOE Fee Disclosed Upfront and New Buttons added.

Carrington Mortgage Services (CMS) added to its diverse non-QM lending offerings introducing Individual Taxpayer Identification Loans (ITIN) for its retail, wholesale, and correspondent lending customers. Although historically, borrowers seeking ITIN loans have sometimes been vulnerable to excessive interest rate loans, the ITIN loans offered by Carrington provide access to homeownership at fair interest rates for mortgages and normal terms. The product demonstrates the unique benefits of The Carrington Companies’ position as an asset manager gives homeowners, brokers, and sellers access to the company’s respectable liquidity as well as Carrington’s dedication to continually innovate as market conditions evolve.

ITIN borrowers can buy, refinance or invest in real estate with Carrington Mortgage Services.

Non-U.S. citizens who do not have a Social Security Number, but live and pay taxes in the United States and have an Individual Taxpayer Identification Number (ITIN) can now qualify for Carrington’s full suite of non-QM loan products. ITIN borrowers are now eligible for all four of our non-QM loan programs: Carrington Prime Advantage, Carrington Flexible Advantage Plus, Carrington Flexible Advantage, and Carrington Investor Advantage.

In accordance with the recently announced temporary enhancements the GSEs made to the HomeReady and Home Possible programs, Citi Correspondent Lending is accepting loan submissions for these programs with VLIP credit. View the complete announcement addressing both Best Efforts and Mandatory Desk loans.

Introducing a unique opportunity from Angel Oak Mortgage Solutions, a First Lien Business Bank Statement Home Equity Line of Credit (HELOC) tailored specifically for homeowners who own their homes free and clear. Compelling benefits for these homeowners: Competitive rates and terms, Convenient access to funds for various needs, Streamlined application and approval process. If you have clients who own their homes outright and are interested in leveraging their equity with a First Lien HELOC, Angel Oak Mortgage Solutions can assist.

Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending, LLC and Planet Management Group, LLC, had quite a first quarter. In the first three months of the year, Planet earned Fannie Mae’s coveted Servicer Total Achievement and Rewards (STAR™) Program recognition, brought to market a suite of proprietary home loan programs targeting the unique challenges facing today’s homebuyers, was awarded Top Workplace USA for the fourth year in a row, and became the #4 Ginnie Mae correspondent lender and #8 Ginnie Mae servicer. The company saw volume grow by 255 percent for the retail retention division, which continues to hold an 89 percent recapture rate, and sub-servicing AUM increase by 33 percent, $11B of non-agency assets.

Planet’s total servicing portfolio ended the quarter at $106.44 billion, up 2 percent from $104.69 billion in the fourth quarter of 2023. At quarter end, Planet was the #8 Ginnie Mae servicer, and #14 servicer overall, according to Refinitiv. Since 2019, Planet’s Servicing division has posted a compound annual growth rate (CAGR) of 42 percent. Residential sub-servicing volume ended the quarter at $10.8 billion, up 33 percent from $7.2 billion at quarter end 2023. Planet manages and services a diverse range of residential and commercial asset classes, including non-QM, Debt Service Coverage Ratio loans, Residential Transition Loans, small-balance commercial properties, multifamily and Single-Family Rental. Planet moved into the Top 10 nonprime servicers and the Top 20 non-agency MBS issuers. Over the past year, Planet’s market share in nonprime has more than doubled from 1.1 percent to 2.4 percent, the latest available Inside Nonconforming Markets data shows.

Planet’s residential origination volume was $4.39 billion for Q1 2024, down 6 percent from the prior quarter, on par with the MBA’s projection for overall origination volume. Recapture originations increased to $323 million in Q1 2024, a rise of 255 percent compared to $91 million in Q4 2023. Planet’s verified recapture rate continued to outpace industry benchmarks, rising to 89 percent for loans originated by the company’s retail branches and 62 percent overall.

Correspondent volume was $3.94 billion, down 11 percent from the prior quarter volume of $4.41 billion. Planet’s correspondent market share rose from 4.2 percent at yearend 2022 to 6.0 percent at yearend 2023, according to the latest data available from Inside Mortgage Finance. Since 2019, the Correspondent division’s CAGR was 32 percent.

The correspondent customer base held steady despite continuing M&A activity and exits in the retail market. Nearly two-thirds of Planet’s correspondent partners lock loans on a monthly basis. Ending the quarter, Planet was the #5 correspondent lender overall and the #4 government correspondent lender, according to data from Refinitiv.

Capital Markets

Last week we learned that in the first quarter Gross Domestic Product growth fell short of expectations at a 1.6 percent annualized pace despite strong consumer spending. Personal consumption increased by 2.5 percent, driven by a 4 percent rise in spending on services. Personal incomes rose by 0.5 percent, while personal consumption increased by 0.8 percent, driven by healthcare and housing. The Personal Consumption Expenditure (PCE) deflator reading rose to a 3.7 percent annualized rate, but March’s personal income report suggested inflation peaked in January and didn’t steadily rise throughout the quarter.

Accordingly, this news, and the news for some months now, suggests that the Fed is expected to remain patient in shifting to a less restrictive monetary policy, with markets adjusting expectations to fewer rate cuts later in the year. Separately and fortunately, home builders are still delivering completed homes despite higher rates, evidenced by new home sales being up 8.8 percent in March.

It’s a big week this week for scheduled economic news, as all eyes will be on the Federal Reserve on Wednesday and the jobs report on Friday. Investors will look for more direction on whether the economy is heating or cooling as well as the Fed’s updated thoughts on inflation. Other highlights this week include the Quarterly Refunding announcement, house prices, consumer confidence, PMIs, ADP employment, construction spending, productivity / unit labor costs, and factory orders. The week gets off to a quiet start with one data point due out later today, the non-market moving Dallas Fed Texas manufacturing for April. We begin the last week of April with Agency MBS prices better .125-.250 from Friday’s close, the 10-year yielding 4.61 after closing Friday at 4.67 percent, and the 2-year at 4.97.

Brokers Wanted

“Mortgage Brokers! 2024 is the year to grow and we want you to join our movement, the #KindMovement! Hear from subject matter experts and leaders about market trends, broker technology, and what’s happening here at Kind and within the mortgage industry. Join us on Friday, May 10th at noon PST (2 CST/3 EST) and hear from our very own Kind Ambassadors, Mary Malloy, EVP of Capital Markets, Mark Russell, CTO and technology visionary, and Delfino Aguilar, Chief Production Officer of TPO. Visit our events page to register and reserve your seat or click here! We hope to see you there!”

Don’t forget that anyone can post a resume for free at www.lendernews.com. Employers can view resumes for several months for the nominal charge of $75.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Learn how scammers deceive victims by using AI for voice cloning and learn how you can protect yourself from other AI-related fraud.

How can you protect yourself from AI-driven scams that target your finances?

What new scams are happening as technology advances?

Hosts Sean Pyles and Sara Rathner discuss the alarming use of AI in scams and the future of fraud to help you understand how to safeguard your personal security. They begin with a discussion of AI-driven voice scams, with tips and tricks on recognizing potential fraud, staying informed about scam tactics, and the importance of open discussion to empower against scammer tactics.

Then, scam expert Bob Sullivan, author of “Stop Getting Ripped Off” and host of the podcast The Perfect Scam, joins Sean to discuss the broader implications of AI technology in scams. They discuss the potential for AI to personalize phishing attacks, the ease of creating convincing fake audio, and the importance of skepticism in the face of unexpected calls. Plus: the need for technology companies to embed safeguards, the role of societal learning in approaching unexpected calls, and the importance of verifying any financial requests you receive.

Check out this episode on your favorite podcast platform, including:

NerdWallet stories related to this episode:

Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

We already know that our robot overlords are coming, but in the meantime, while they plot, their artificial intelligence skills are being put to use by bad actors all over the world, utilizing technology to bilk people out of their money. That includes using AI to copy someone’s voice and demand ransom for a non-existent kidnapping.

Jennifer DeStefano:

I had a full conversation with my daughter. It was interactive. There was no pause. There was no break. There was nothing that would lead me to believe that it wasn’t her. So when the mom that stepped outside called 911, she came back in and she said, “Hey, 911 tipped me off that there’s a scam where they use AI and they can replicate anyone’s voice.” I didn’t believe it. It gave me hope, but I didn’t believe it.

Sean Pyles:

Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.

Sara Rathner:

And I’m Sara Rathner. And Sean, that clip is as creepy as it gets.

Sean Pyles:

It is, and the story we’re going to hear today is as creepy and as awful as it gets as we wrap up our Nerdy deep dive into scams and identity theft and how to protect yourself from all of it so you don’t lose your life savings. Today we’re going to examine the future of the scam industry and the expanding role of AI.

Sara Rathner:

Yeah, I have to say, and I know you’ve touched on this in several of your interviews already, this is exhausting. I mean, it’s hard to listen to this and not think, yeah, no matter what, I’m screwed. They’re going to get me unless I spend all this time and effort protecting myself. And who has the time for that?

Sean Pyles:

I hear you, Sara, and it’s easy to feel somewhat defeated by all these organized criminals whose sole job is to steal our identities, which technology seems to make easier and easier for them, and to scam us in ways that we can’t even conceive of until it happens.

Sara Rathner:

I mean, I’d rather spend more time taking naps, honestly. I don’t do that enough and I’m really sleep-deprived, which is probably making me more susceptible to scams, honestly.

Sean Pyles:

Yeah, I am totally there with you. But Sara, I think we’ve also provided listeners, you included, with some really practical ways to fully arm ourselves that don’t take an undue amount of effort. And as we’ve been saying, one of the most important takeaways from this series, I think, is for everyone to realize that there is no immunity here. This stuff can happen to anyone regardless of how old you are, how much schooling you’ve had, or how much money you make, where you live. It’s a universal risk, and the more we talk about it, the more power we take away from the bad actors.

Sara Rathner:

All right. Well, the idea that AI is getting in on the action is slightly terrifying. You mentioned our robot overlords at the top of the show, and I guess they’re coming for everybody’s bank account PINs.

Sean Pyles:

If only it were that simple, Sara. AI is being deployed in sophisticated ways to manipulate our emotions, find vulnerabilities in software that we rely on every day, and generally make our lives like something out of that show Black Mirror. So in this episode, we’re going to explore things like how is AI being used in scams, what’s the deal with these AI voice scams and what hellish development might we see next in the world of scams. To start, we hear from a woman named Jennifer DeStefano. She lives in Arizona and had an experience that no one should ever go through, but that provides a window into one of the ways that scammers can reach into your heart and try to pull money from your bank account.

Sara Rathner:

All right. We want to hear what you think too, listeners. So tell us your stories of identity theft or getting scammed or share how you’re working to fight it or recover from it. Leave us a voicemail or text the Nerd Hotline at 901-730-6373. That’s 901-730-NERD. Or email a voice memo to [email protected]. Here’s Sean with our first guest.

Sean Pyles:

Jennifer DeStefano. Welcome to Smart Money.

Jennifer DeStefano:

Thank you so much for having me.

Sean Pyles:

So Jennifer, you experienced an AI voice scam. Can you set the scene for us? What was that day like before you got this phone call?

Jennifer DeStefano:

It was just a normal day. I had two children that were up training for a ski race and I had my daughter, she was at dance, so I was going to go pick her up and then hopefully joining my other two kids later in the weekend. So I went to pull up to the studio and get out of my car to go get her, and I got a phone call and it came in from an unknown number. Originally I was going to ignore it, but knowing that I had two of them that were practicing for a ski race and unknown can be medical, you just never know, just in case I decided to answer it.

When I answered it, I said hello, and I was getting out of my vehicle, so I had all my stuff in my hands. I was walking through the parking lot, so I had the phone on speaker and it was my older daughter crying and sobbing saying, “Mom, Mom, I messed up.” And I said, didn’t think anything of it. She ski raced for a number of years. It was a very familiar phone call. And I said, “Okay. What happened?” And she goes, “Mom, I messed up.” And I said, “Okay. What’d you do?” And then all of a sudden a man came on and he said, “Put your head down, lay back.”

And at that point I thought she got really hurt just being toboggan. So then I started to get really concerned. I’m like, “Wait, wait, wait. What’s going on? What’s happening, Bri? What’s going on?” And then this man gets on the phone as she starts saying, “Mom, help me. These bad men have me. Help me, help me, help me.” The phone, her voice starts to fade off with her crying and sobbing and pleading for me. And this man gets on the phone. He goes, “Listen here, I have your daughter.”

“You call the police, you call anybody, I’m going to pop her stomach so full of drugs and have my way with her and then drop her for dead in Mexico.”And at that point was when I had my hand on the door handle of dance, and I walked inside the room and I just started screaming for help. So fortunately there happened to be three other moms there that know me well. I was asking my younger daughter to get her dad on the phone, call her brother, call anybody. So she actually jumped up and ran over to my younger daughter to say, “Let’s go find your dad. Let’s figure this out.”

Another mom said, “I’m going to go call 911.” She stepped outside to go call the police, and the third mom sat beside me so she could hear everything the man was saying as I was trying to figure out where my daughter was, what’s going on.

Sean Pyles:

And so it’s a perfectly normal day. You’re about to get your kids after a day of them doing their activities, you get a phone call and within 30 seconds your world is turned upside down.

Jennifer DeStefano:

Completely upside down. I had no idea what was going on. I had a full conversation with my daughter. It was interactive. There was no pause. There was no break. There was nothing that would lead me to believe that wasn’t her. So when the mom that stepped outside called 911, she came back in and she said, “Hey, 911 tipped me off that there’s a scam where they use AI and they can replicate anyone’s voice.” She’s like, “It could have been a voice recording.” I’m like, “It was definitely not a voice recording. It was interactive. I was asking her questions. She was responding to me. It was not a recording.” And she’s like, “Well, they can do anything.” I’m like, “But it was her crying. It was her sobbing. I know it’s my daughter. It wasn’t a recording.”

Sean Pyles:

And what thoughts are going through your head as you’re having this conversation with what sounds exactly like your daughter?

Jennifer DeStefano:

I didn’t for a second not believe it. It wasn’t until another mom actually got my daughter on the phone and I talked to her and she reassured me that she was who she really was, and I could finally wrap my head around it. And then I finally believed her and then I knew it was a scam.

Sean Pyles:

How much time elapsed from the time that you answered the phone to when your actual daughter was speaking to you and you were reassured the phone call that you got wasn’t legitimate?

Jennifer DeStefano:

So the whole phone call actually took four minutes, but that’s where time freezes in that panic and fear.

Sean Pyles:

Right. Oh God, that’s heartbreaking. So do you know how the scammers got your daughter’s voice and maybe why they targeted you specifically?

Jennifer DeStefano:

So I had a bunch of different thoughts on that. Okay. She’s done a few interviews related to school, sports, whatnot, but that still doesn’t explain the crying and sobbing. It doesn’t explain that conversation. Her voice recording for her phone is her prepubescent voice, so it’s not her current voice. So I honestly have no idea. That’s where a lot of this, what’s scary is at first it was are they following me? Is it targeted? Do they know something? But then hearing how it had happened to a number of other people in different capacities, and you realize it’s a lot more arm’s length.

They were demanding money to be hand delivered to them. So they were making arrangements to come pick me up in a white van with a bag over my head. I had to have all the cash. They were going to take me to my daughter, and if I didn’t have all the cash, then we were both dead.

Sean Pyles:

God, how much were they asking for?

Jennifer DeStefano:

It was originally a million dollars. And then he came up with a number of $50,000 when I pushed back that that wasn’t possible.

Sean Pyles:

And to this day, it’s unclear why you specifically got this call?

Jennifer DeStefano:

I have no idea.

Sean Pyles:

Okay. And so after the phone call ended, I assume you hung up on the scammer when you realized that your daughter was safe.

Jennifer DeStefano:

So once I realized my daughter was safe, I actually had them on mute and they were furious that I wasn’t making final arrangements for a pickup. And then I picked the phone back up and I called them out and said, you don’t have my daughter, this is a scam and I’m going to make sure that this is going to come to a stop and I’m going to do anything I can to stop you. And I hung up on him.

Sean Pyles:

God, what are you on an individual or maybe even a family level doing to safeguard yourselves? Have you guys established a safe phrase that you might use to confirm your identities?

Jennifer DeStefano:

So we did create a safe word, and then it’s a lot of communication. Where are you? Who are you with? Where are you going? So that way if I do get a phone call or anybody gets a phone call, you can easily put it through the test. Does this make sense? Is this where they’re supposed to be? Is this even possible? Do you know the code word? Do you have some identifiers? If I didn’t know where my daughter was supposed to be, I wouldn’t have been able to locate her as fast as I did. And I had her brother, I had all of her siblings coming together in response to help me as well. So everybody was in full communication. You have to communicate and you have to seek help.

Sean Pyles:

Well, Jennifer, is there anything that you would like to leave listeners with?

Jennifer DeStefano:

Just awareness, have these conversations, sometimes maybe tough conversations, especially with children. But you have to have the conversations, have safe words, know where your kids are at. You have to have these conversations and make sure you safeguard your family.

Sean Pyles:

Well, Jennifer DeStefano, thank you for sharing your story with us.

Jennifer DeStefano:

Thank you so much for having me. I really appreciate it.

Sean Pyles:

Sara. I found this story just heartbreaking. I mean, at least they found out it was a scam before handing over money or before Jennifer offered herself up to scammers. But not everyone is so fortunate. Imagine how hard it is to say no to something like this when a loved one seems to be in jeopardy.

Sara Rathner:

Yeah, there was a piece recently in The Cut written by a journalist who knew she would never, ever fall for something like this. Don’t we all think that? And ended up handing over $50,000 in a shoebox to a stranger in a large SUV. I don’t think anybody ever sees themselves doing that. I’m glad Jennifer DeStefano didn’t let it get that far with the help of friends.

Sean Pyles:

And there’s hope that help will come from more than friends. Earlier this year the Federal Trade Commission proposed new rules that would prohibit the impersonation of individuals. It recently enacted rules that prohibit impersonating government or businesses. This proposed rule would extend to, well, us. The proposal is currently in a comment period, so if you feel so moved, go to the FTC’s website, ftc.gov, and comment.

Well, next we’re going to talk with another journalist, Bob Sullivan, who’s been covering the scam world for years now. He hosts a podcast for the AARP called The Perfect Scam and is the author of Stop Getting Ripped Off, among other books. We’re going to talk about the future of the scam world and how to protect yourself as technology continues to make it easier for the bad guys. That’s coming up in a moment. Stay with us.

Bob Sullivan, I’m so glad you could join us on Smart Money.

Bob Sullivan:

Thanks so much for having me.

Sean Pyles:

So Bob, the first question I have for you is how do I know that you are the real Bob Sullivan and not an AI-generated Bob Sullivan?

Bob Sullivan:

This is an excellent question and I’m glad that you’ve started there. You can’t, really. In fact, I did an episode on my own podcast recently where I had someone clone my voice and rather persuasively introduce the podcast, although family members pointed out to me that there were just little things that didn’t quite sound right. So either I was AI or maybe I had a bad cold or something. But it’s hard to tell, a little nasally.

Sean Pyles:

So in this series we’ve talked about identity theft, identity fraud, and the scam world, and I’m hoping that today you can give us a warning about the future of all of this and the role that artificial intelligence or AI is going to play and in fact is playing. So to start, when did we first start seeing AI being put to use in this way? Do you remember a specific AI-generated fraud or scam where you said, oh wow, this is something new?

Bob Sullivan:

Well, I have to be honest with you and say that I sit here reading emails about scams and fraud all day long, and I have not seen evidence of these kinds of things that a lot of folks are talking about right now, which is voice cloning or deep fake videos being used to fool people. Here’s a couple of things that I am worried about, however. All the data collection that we have, the criminals now have access to it and it’s going to be very easy for criminals to use that data to just really carefully craft their phishing pitches so that they’ll know exactly when you are transactional, for example.

Then they’ll know precisely when you order something from Amazon or what your zip code says about your income, and they’ll know how to attack the right person at the right time with the right message. And that’s the kind of artificial intelligence that I’m worried about, criminals using big data to essentially perfectly hone their crimes. But there’s one other thing that I’d really like to mention that enough experts have told me about that I am quite concerned about it, and that’s this idea of generative AI, where a tool like ChatGPT can engage in conversations and learn.

We have told people forever that one of the ways that they might recognize that they’re talking to a criminal over email or in chat or in a game is bad grammar or sentences that don’t quite make sense, non sequiturs. Well ChatGPT is getting very good at holding intelligent sounding conversations. Let’s start by saying it’s going to probably eliminate the bad grammar problem, but even more than that, imagine a tool that learns along the way just the right things to say to romance someone using a formula that’s been tested in the real world or the right things to say to get someone to follow the instructions for an investment scam.

I think these tools are going to learn how to carry on these conversations in ways that we’ve never seen at large scale, and that’s the kind of artificial intelligence that I’m worried about being used in scams.

Sean Pyles:

Okay. And can you talk us through how these AI voice cloning scams do work, whether they’re pervasive or not?

Bob Sullivan:

Sure. Well, I mean there are services, the fellow who did it on me signed up for a website that lets you do this for $5 a month and the first month is 80% off. So for literally one US dollar, you can upload samples of my voice or anyone’s voice and then generate for a potential scam victim, something that sounds incredibly realistic. I think the one thing that’s important to understand about what’s different about voice cloning, I don’t know if you remember the movie Sneakers, it’s one of my favorite hacker movies.

But in that movie, they basically needed a voice passport in order to enter a highly secure building, and they needed the authority figure to say things so that they could piece together cut and paste style a certain sentence, for example. So one way you might be imagining this works is someone tricks me into saying, my mother is in distress and I need you to send money to this wire account, but that’s not it. Instead, what’s powerful about AI voice cloning is with just a few sentences from me, they can extrapolate my intonation, my pausing and make me say anything.

So you don’t need a whole lot of vocabulary in order to make a really, really effective, almost fully independent voice clone.

Sean Pyles:

Well, I’d like to walk our listeners through some of the ways that fraudsters and scammers are putting this technology to work right now in ways that are shocking even to you. Can you share one or two examples that you know of that will give us a sense of just how bonkers this new era is?

Bob Sullivan:

Well, let me go back to the big data example. Foreign governments and large hacker organizations do have what would look to most people like a credit reporting agency on all of us. They have thousands of bits of data about all of us that they can use against us, and it’s data that they’ve been compiling for years. So they know what your tendencies are, they know where you shop, they know where you are. We never talk nearly enough about the theft of location data. All our cell phones are tracking devices.

And so a criminal could know when you’re walking past a store and send you a precisely timed invitation to either buy something at a discount or even worse to send you a note saying, I was just in Ireland. Bob, there’s a bank in Ireland that suddenly tried to charge a $2,000 charge to your account, say yes or no. And I would believe that message right now because I was just there. Those kinds of highly sophisticated, highly targeted crimes enabled by massive amounts of data that again can be searched now instantaneously, that’s the kind of thing that really scares me.

Sean Pyles:

And those examples are highly specific and individualized, which makes them all the more believable. So it makes it hard to trust anything that’s inbound to us.

Bob Sullivan:

Absolutely. And this is a tragedy because technology enables so many wonderful things. It is a terrible thing that we have all of these dark stories as this gray cloud around tech that’s going to prevent a lot of people from even trying to use it, and it’s going to make all of us feel just a little bit insecure because we know these sorts of bad and dangerous things can happen to us. The best example of this is in the health arena. We’re so far behind in what electronic health records could be in America right now.

When you go to the hospital, you’re laying on a gurney and there’s someone asking you over and over again, are you allergic to penicillin and you just were in a car accident. And that’s ridiculous. But because we are, I mean there’s many reasons, but a big one is we are so concerned about criminals misusing this data or companies misusing this data that we are decades behind where we could be with things like electronic health records.

Sean Pyles:

Earlier this episode, I spoke with a woman who received an AI voice scam call from what sounded like her daughter, and it of course wasn’t her daughter. But after everything settled down, she still doesn’t really understand how these people got her daughter’s voice. Her daughter isn’t really on social media, and this woman is also very unclear as to why she was targeted. So do you know how scammers are capturing people’s voices and why they might choose to target one person over another?

Bob Sullivan:

So I don’t know. I think for the vast majority of young people, it would be fairly trivial to examine a couple of TikTok videos and get enough voice sample in order to fake their voices. There are people who are not on social media and whose recorded voices aren’t in any, say, school websites or anything like that. I think they are few and far between. So I think most people should assume that a criminal could absolutely get enough audio samples of your voice to do this to you. So I can’t speak to that specific instance or why that person was targeted or why that child was targeted.

The only thing that concerns me is I don’t think we should give anyone the impression that this is happening on a widespread basis. It’s not. 99% of these kinds of calls are still being done by just human beings in boiler rooms. Nevertheless, this absolutely can be done. It can be done really inexpensively. And as I just mentioned, all of us are vulnerable to this. You’d be shocked at how much, even if you don’t have any social media, that pieces of your life have been posted by other people.

So it’s out there, and again, it takes very little, we’re talking probably less than a minute of audio in order to generate a fake you.

Sean Pyles:

What do you think we’re supposed to try to do to combat this? I mean, using me as an example, I host this podcast, you host one too. Our voices are out there just waiting for scammers to take a clip and make us say whatever they want, call our loved ones and use that voice to try to get their money. How do we fight that?

Bob Sullivan:

Yeah, you and I are screwed.

Sean Pyles:

Bob Sullivan:

Sorry. But the best, I talked to some other expert about this, so I can’t claim this advice myself, but I think it’s very good advice. At the beginning of the Photoshop era, people saw pictures of pyramids moved and weren’t skeptical of that. We just thought photographs couldn’t lie. I think nowadays for the most part, and certainly not everybody, for the most part, if you saw a crazy picture of Joe Biden riding on a camel or something, that there would be a piece of you at least that would say wait a minute, this might be fake.

There’s now an impulse that things you see might very well be faked. I’m hoping that our level of 21st century digital sophistication gets there quick enough with audio that your parents and my parents will have a predisposition to think if this is a weird phone call from Bob or Sean, it could be fake. And I think that’s the sort of learning curve we all have to go through kind of as a society.

Sean Pyles:

Well, let’s turn to some tactical ways that people can try to protect themselves. Can you tell us about the importance of things like pass keys, biometrics, other ways to authenticate that you are who you are when you get a call from someone or you allegedly call someone else?

Bob Sullivan:

I’m glad you brought that up. When it comes to voice printing in particular, there are these new technologies that are a little bit like image watermarking they’re discussing putting on voices. So you can imagine there being something even inaudible embedded in an audio phone call, which the technology company, the phone company, used seamlessly to verify that you were you, sort of like a Verisign email or whatnot. So there’s people who are working on technologies that would help with this verification. I’m not a fan of putting these really hard things onto individual consumers.

I think it’d be much better if the technology companies were forced to solve these problems because I can’t give my mom advice on how to verify how I might contact her at every platform that ever is going to exist. That advice is going to get outdated almost immediately.

Sean Pyles:

Given that we do live in this world that we are living in, I’m trying to think about ways that I can protect myself and my family. After I began doing research into 21st century scams, I established a safe phrase that if my family gets a call that alleges it’s from me and I’m in a panic, they’ll say, “Hey, what’s the safe phrase?” And I will tell them that phrase, if it’s actually me. And if it’s not, then the scammer’s going to try to divert them some other way, I’m sure.

Bob Sullivan:

I do think that’s great, and I don’t mean to trivialize any of that, but I would like to point out most people in security would say you’ve also created a vulnerability because someone armed with that phrase could easily disarm someone in your family, right?

Sean Pyles:

That’s true. Although the phrase has only been uttered in person when we agreed on what the phrase is. So we’ve tried to keep it as away from recording devices as possible to the extent that we can.

Bob Sullivan:

The only real point in my saying that was none of these things are foolproof. So it’s good to have that in mind. I think the one thing that helps all the time in the end, whatever we’re talking about here, almost inevitably, is a cover story for give me money. All of these, whatever technology we’re using, whatever the story is, in the end, there’s an ask of some kind. And stealing people against the ask is really, really important. And the best way to do that is interruption. The best way to do that is to train everybody in every circumstance, whatever is happening, to stop and talk to an independent third party, whether that be a family member or a financial professional or something.

Your son’s in jail in Europe, he needs bail money immediately, take the 15 seconds to talk to someone not involved in the situation and hear the words come out of your mouth. When you get a phone call you don’t expect, hang up and then go to the company’s website yourself and call the official published number, call the company back. That solves about 99% of these problems.

Sean Pyles:

Well, Bob, I’m asking this of all of the experts that we’re talking with for this series. So I’m going to ask you too, have you ever experienced a scam or identity theft or fraud?

Bob Sullivan:

No, but I’ve certainly been through a bunch of credit card-style identity thefts, but fortunately, knock on wood, nothing that we would consider deeply involved identity theft.

Sean Pyles:

Well, Bob, do you have any hopeful thoughts as we wrap up this series, which has been a bit of a bummer as we’ve talked about fraud and scams and people losing their life savings to technology assisted terrible people?

Bob Sullivan:

Yeah. So I spend all my week talking to people who’ve had their life savings stolen from them in all manner of speaking. It’s hard to stay optimistic. I think there’s a whole bunch of factors coming into play here. We have an aging population, many of whom thankfully have a lot of savings, they’re an easy target. And as I’ve mentioned, we have all of these tools that make it so much easier for someone halfway around the world to steal money instantly in untraceable ways. This has never happened in human history before, so this is the golden age of crime.

However, we are all talking about it now. So that’s really positive. Here’s the most optimistic thing I can tell you. Young people, software designers, engineers inside companies are now getting out of school having taken ethics classes and social impact classes and are starting to push back on their managers when they come up with tools like this. And that’s where the tide will turn is when enough people who have a grandparent who’s been a victim of a scam work at a software company and they say, we have to put this protection into this device before we release it to the world. And I do think those conversations are happening. So I am actually optimistic about that.

Sean Pyles:

That’s good to hear. And is there anything else that you wanted to mention that we didn’t touch on?

Bob Sullivan:

What we find is that a really, really big obstacle to fixing this problem is shame and embarrassment. Many, many people won’t come forward after they’ve been a victim of a crime like this because they feel stupid. I called myself stupid. All the language around scam crimes tends to focus on the individual instead of the system. Well, if you read a news story about a person who fell for a home improvement scam, that just doesn’t sound the same thing as someone who was robbed at gunpoint.

Sean Pyles:

Was the victim of a crime. That’s what happened at the end of the day.

Bob Sullivan:

They’re a victim of a crime, and we work hard on the language that we use to stress that there was a crime. There’s something about if we say, well, that person fell for this scam. Well, I would never fall for that scam. You can sort of put it at arm’s length, and that makes it a little easier to not do anything about the problem. And it takes the focus off the criminal. We kind of think the criminals are clever and sexy. But more than anything, we want to try to get away from the idea of shame because when someone is embarrassed because they are a victim of a crime, they don’t come forward.

The statistics don’t reveal the true nature and breadth of the crime. Everybody will tell you this, all this crime is wildly under reported. So however big the numbers seem to be, they’re at least double what we hear from the Federal Trade Commission and whatnot. And so anything that I can do to relieve the stigma from being a victim of crime like this, I’m all for it.

Sean Pyles:

Bob Sullivan, thank you so much for helping us out today.

Bob Sullivan:

Thanks a lot for having me.

Sean Pyles:

So Sara, after four episodes of hearing from experts and people who have experienced scams, I’m in a state of what I would call bleak optimism. The world right now is rife with scammers and their methods of duping innocent people are evolving at a rapid pace. But simultaneously, I can’t remember a time where scams and fraud were more present in the cultural conversation. Yes, it is fully a tragedy that our means of communication are so compromised that we cannot trust a call from a loved one in what seems like their most dire moment.

That really can’t be overstated. But hopefully the increased awareness of these scams will help people avoid sending money to bad actors and mitigate feelings of shame that people carry after enduring a scam. And hey, maybe one day our government will make some laws that help tamp down on the rampant scams that we’re all facing.

Sara Rathner:

And there’s this saying in journalism, if your mother tells you she loves you, fact check it. Well now you have to. So that’s the world we live in.

Sean Pyles:

If anyone contacts you at all, fact check it.

Sara Rathner:

Yeah. And text them on the side and be like, “Hey, are you calling me from jail right now?” And they’ll be like, “No.”

Sean Pyles:

I think the bottom line for everyone listening is to exercise extreme caution when you speak with anyone online and before you send money to anyone ever.

Sara Rathner:

If somebody is asking you for money and you don’t really know who they are, they are not who they tell you they are. How’s that? How’s that for general rule?

Sean Pyles:

All right. Well, for now, that’s all we have for this episode and this Nerdy deep dive about scams and ID theft and fraud. If you have a money question about any of this or anything else, turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. Visit nerdwallet.com/podcast for more info on this episode and remember to follow, rate and review us wherever you’re getting this podcast.

Sara Rathner:

This episode was produced by Tess Vigeland. Sean helped with editing. Kevin Berry helped with fact checking, Sara Brink mixed our audio.

Sean Pyles:

And here’s our brief disclaimer, we are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Sara Rathner:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

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Data Mining, Servicing, Marketing Products: Check Your Noncompete Agreement; Training Next Week

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Wed, Apr 24 2024, 11:23 AM

Sometimes you just have to “risk it for the biscuit.” Capital markets are, for the most part, a little more complicated than, say, a recipe for next level dark chocolate brownies with salted caramel. Occasionally the topic of LOs or brokers being able to lock a loan, any time, any day, comes up. The New York Stock Exchange, owned by Intercontinental Exchange (ICE) has started polling market participants on their interest in and potential implications of an exchange that trades stocks 24/7. The polling underscores growing interest in trading stocks in off-hours. Could MBS be far behind? The survey comes after 24 Exchange, backed by Steven Cohen’s Point72, applied with the Securities and Exchange Commission to start the first 24-hour exchange. The prospect of 24-hour trading, which would likely lead to changes across the ecosystem, becomes a heavier lift for exchanges as they’re supervised by the SEC. Found here, this week’s podcasts are sponsored by Calque. With The Trade-In Mortgage powered by Calque, homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Today’s has an interview with Michael Bremer and Peter Kallodaychsak on interactions between lenders and Realtors in the wake of the proposed NAR settlement.

Lender and Broker Products, Software, and Services

Down Payment Resource’s Q1 2024 Homeownership Program Index (HPI) report reveals the largest annual jump in programs since it began tracking data in 2020, with 2,373 DPA programs now available nationwide. That’s 204 more programs than Q1 2023, a 9 percent YoY increase. DPR also noted that there’s at least one program in every U.S. county and 10 or more programs available in 2,000 counties, making it highly likely DPA could boost homeownership for borrowers in your footprint. The report also documents increases in programs for manufactured housing and multi-family purchases. Lenders are reminded that DPR is a software company, with a suite of tools to help you operationalize DPA to better serve your customers and lower your declines, especially among LMI buyers. Read the full report or schedule a demo to learn more.

“Every marketing team we’ve talked to is spread thin. Thankfully, Usherpa is here to help! Partnering with Usherpa means your sales team not only gets excellent done-for-them automated marketing campaigns, but your marketing team also gets all the tools and the support they need. Usherpa has its finger on the pulse of the market continually creating new, innovative marketing campaigns… for you! Usherpa’s award-winning automated SmartScore AI Opportunity Alerts and marketing campaigns (free for enterprise clients) are built on proprietary algorithms to target prospects in LO’s databases with effective messaging, creating hot call lists and inbound requests from prospects. Wouldn’t it be nice to have this type of targeted campaign, with proven ROI, launched automatically for your loan officers? Usherpa’s SmartScore AI alerts added an extra $1.4 billion pipeline volume and funded loans (and counting). Schedule a demo today.”

“Revolutionizing mortgage servicing through digital transformation! As Sagent CTO Uday Devalla recently explained in a fireside chat with Robert Turner (Kyndryl) and Manisha Tank (CNN International), since collaborating with Kyndryl to move away from legacy data centers and into the cloud, Sagent is focused on delivering a unified servicing workflow with end-to-end data to truly transform the business processes and improve the lives of the people who use our systems. To learn more about our future-of-servicing model and the benefits of our partnership with Kyndryl, check out our recap here (and watch the interview when you get a chance) and be sure to hit us with your questions.”

Interested in learning how retain/release MSR decisions can be included in your best execution strategy? Join MCT for a webinar today at 11:00 AM PT titled Complete Best Execution – Now Including Fully Integrated Retain/Release MSR Decisioning. In this webinar, MCT will review the current state of the MSR market and discuss more comprehensive retain vs. release strategies, in addition to our recently introduced fully integrated Enhanced Best Execution (EBX) solution. MCT’s Paul Yarbrough will then provide insights from a trader’s perspective regarding MSR best execution strategies at time of loan sale. He will also highlight MCT’s Rapid Commit technology and assignment of trade processes. This session will include a live demo of the EBX (MCTlive! and MSRlive!) integration, showcasing how EBX can effectively optimize your flow MSR trading process and decisions. Register for the webinar to join the session.

Tired of granting excessive concessions that impact your bottom line? Say goodbye to unnecessary giveaways with Optimal Blue data at your fingertips! Access to OB’s data solutions empowers you to make informed decisions, leveraging real-time market insights to negotiate with confidence. With over 35 percent of loans priced and locked through our platform, we offer the depth of market data you need to optimize every deal and maximize profitability. Whether you’re a bank, credit union, or independent mortgage banker, our user-friendly data solutions make it easy to access the information you need to secure the best terms for your borrowers and your business. Learn more about Optimal Blue’s data offerings today to start saving time, money, and headaches on every loan transaction.

Snapdocs released new industry research that found lenders using the company’s eClosing platform experience 18-day faster loan velocity than their industry peers. The survey was conducted by STRATMOR Group with data self-reported by mortgage lenders. I got a note from Michael Sachdev, CEO of Snapdocs, that said eClosing technology, when paired with the right partner to scale adoption, is helping lenders set new industry benchmarks for loan processing speed, operating costs, and borrower satisfaction. So often we see vendors make claims about their product value, but this report is a good example of that validation being sourced directly from the lender users themselves.

Most Noncompetes Now Illegal, Except…

The Federal Trade Commission narrowly voted Tuesday to ban nearly all noncompete agreements, employment agreements that typically prevent workers from joining competing businesses or launching ones of their own. The FTC received more than 26,000 public comments in the months leading up to the vote. The FTC estimates about 30 million people, or one in five American workers, from minimum wage earners to CEOs, are bound by noncompetes. It says the policy change could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely. The ban, which will take effect later this year, carves out an exception for existing noncompetes that companies have given their senior executives, on the grounds that these agreements are more likely to have been negotiated. The FTC says employers should not enforce other existing noncompete agreements.

Training, Webinars, and Events Next Week

The Independent Community Bankers of America (ICBA) will host hundreds of community bank leaders during the 2024 ICBA Capital Summit from April 28 to May 1 in Washington. As part of ICBA’s annual advocacy gathering, community bankers will meet with policymakers to discuss ICBA’s regulatory and legislative agenda and share personal accounts of their efforts to stimulate economic growth and support the diverse financial needs of consumers.

Great things are happening around the 2024 Fair Lending Forum, April 29 – May 1 in Charlotte, NC! Asurity is thrilled to announce that Josh Stein, North Carolina Attorney General, will be joining us! He will share his perspectives on fair lending during a fireside chat with our Founder and CEO, Andy Sandler titled The Role of State Attorney Generals in Fair Lending Enforcement. Other prominent speakers are Bob Broeksmit, President and CEO of MBA; Lindsey Johnson, President and CEO of CBA: Grovetta Gardineer, Sr. Deputy Comptroller for Bank Supervision Policy, OCC; Ben Olson, Senior Associate Director for Consumer Protection & Supervision, FRB; Varda Hussain, Principal Deputy Chief for Fair Lending in the Civil Rights Division, Housing and Civil Enforcement Section, DOJ; and Frank Vespa-Papaleo, Principal Deputy Director of Fair Lending, CFPB. Register at www.fairlendingforum.com.

How are Biden’s new student loan repayment programs impacting mortgage affordability? Join LoanSense for a market and student loan update. Lake Michigan Credit Union will join and share how LoanSense helps their credit union members qualify for $50,000+ more home in 21 days. Sign up for the May 1st webinar at 3PM ET.

New York MBA webinar on May 1st at 12pm will explore the journey from origination through servicing, focusing on how to initiate and maintain an electronic process leveraging the latest in digital mortgage technology. Dive into the benefits of MISMO SMART Doc® Version 3 disclosures, eNote, eVault, and the differences between hybrid and full eClosing processes with remote online notarization (RON) and in-person electronic notarization (IPEN). Additionally, strategies for default resolution with digital execution to enhance homeowner engagement and streamline servicer workflows. Hosted by Ryan Murray, Tim Anderson, Shane Hartzler with Stavvy.

If you’re in Minnesota on May 1st, 10:00am – 12:00pm and a Loan Originator, are you interested in creating and building strong realtor relationships? If so, register and attend the “Mastering the Realtor Referral Relationship” presented by Steven Ross, Author of Doors Open When You Knock.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT join Robbie Chrisman and Justin Demola for a dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. On May 1 listen to Vice President, FICO Mortgage and Capital Markets, Joe Zeibert.

Register for NALHFA Annual Conference 2024, May 1-4 in Las Vegas. Experience education and connection at NALHFA 2024 with an Affordable Housing Bus Tour, Women in Finance Luncheon & Roundtable, Speaker Sessions, and Networking Opportunities.

Thursday, May 2nd, at 3PM ET, Rich Swerbinsky is interviewing the CFPB’s Mark McArdle on what the big misconceptions about the CFPB are, and where its focus is currently.

Register for the Maryland Mortgage Bankers and Brokers Association Annual Conference, scheduled for Thursday, May 2nd, 10 a.m. to 4 p.m. in the picturesque setting of Queenstown. This year’s conference will delve deep into the dynamics of the mortgage industry and explore the current market trends. Whether you’re a seasoned professional or just stepping into the mortgage world, this event promises valuable insights to navigate the industry’s landscape.

Join Northern Michigan Luncheon, Thursday, May 2, 11:30 AM – 1:00 PM at Silver Spruce Brewing Company, to hear from a panel of VA Loan Experts and they dive into the specifics of this loan type, any changes that are coming on VA loans and much more. They’ll also be discussing the pending NAR settlement, and what changes that brings to VA loans, sales, and associated realtor fees.

Friday the 3rd we’ll see an episode of The Mortgage Collaborative’s Rundown covering current events in the mortgage market for 30-45 minutes starting at noon PT, 3PM ET, in “The Rundown”.

Capital Markets

Spoiler alert: the U.S. economy is motoring along with interest rates at these levels. The U.S. economy appears to be on track for a soft landing, with notable obstacles being a potential resurgence of inflation and heightened geopolitical risks. There’s been a cautious stance on interest rate adjustments from Fed members of late, and some have even floated the possibility of a hike, if warranted by data. Atlanta Fed President Bostic anticipates a slower path to achieving 2 percent inflation than the Fed originally thought, while New York Fed President Williams is not feeling any urgency to cut rates and didn’t rule out the possibility of a hike in his latest remarks. Bostic doesn’t foresee easing until year-end, and Minneapolis Fed President Kashkari also suggested the Fed could maintain rates throughout the year.

Looking ahead, while no changes to the fed funds rate are expected, a slowdown in the pace of balance sheet runoff is anticipated. The Committee may announce a reduction in the runoff of Treasury securities starting in June, capping it at $30 billion per month, compared to the current cap of $60 billion per month. This adjustment reflects a cautious approach to monetary policy amid economic uncertainties, aiming to maintain stability while monitoring key indicators such as inflation and geopolitical developments.

We learned yesterday that new home sales jumped 8.8 percent to a 693k-unit pace in March, the strongest pace since September 2023. New home sales should continue to gradually improve with a sturdy economy, and structural affordability and availability constraints in the resale market should also help. That noted, strength in the Northeast and West regions has fluctuated, impacting supply dynamics, and higher interest rates and rising existing supply could weigh on the new home market moving forward.

Today’s economic calendar kicked off with mortgage applications from MBA, which decreased 2.7 percent from one week earlier. We’ve also received the always volatile Durable goods orders for March (+2.6 percent). Later today brings some Treasury auctions that will be headlined by $30 billion 2-year FRNs and $70 billion 5-year notes. We begin the day with Agency MBS prices slightly worse than Tuesday night, the 10-year yielding 4.63 after closing yesterday at 4.60 percent, and the 2-year is at 4.94.

Employment

“Join a premier, mid-sized independent mortgage banker and award-winning lender as a Financial Controller and key member of our Senior Management Team. Recognized by National Mortgage News as one of the best companies to work for, we operate branches along the East Coast, and in Texas, with plans for strategic growth and expansion in 2024 and beyond. The Financial Controller develops and implements the overall financial strategy by overseeing accounting and cash management, driving the company’s financial planning, and managing the accounting staff within the department. The ideal candidate will have 7+ years of experience in mortgage banking and a strong background in accounting and financial management. If you are prepared to play a pivotal role as a Financial Controller in a corporate culture that is dynamic, innovative and collaborative, please email Chrisman LLC’s Anjelica Nixt to forward your confidential note. Remote or Washington DC metropolitan based.”

Figure Technology Solutions announced the appointment of Michael Tannenbaum as Chief Executive Officer and a member of the Board of Directors, effective immediately. Michael comes over after stints as Chief Operating Officer, Chief Financial Officer, and Chief Business officer at Brex, and Chief Revenue Officer at SoFi. Mike Cagney, Co-Founder, and previous Chief Executive Officer of Figure, has assumed the role of Executive Chairman. (The appointment of Mr. Tannenbaum follows the launch of Figure’s DART System, a combined lien filing and eNote registry service, and the company’s AI and machine learning-powered borrower-facing chatbot, which improves customer support efficiency and further streamlines the HELOC origination process.)

A&D Mortgage announced the appointment of Satish Vishwakarma as its new Servicing Manager where he will be responsible for overseeing the day-to-day operations of the Mortgage Servicing group, ensuring the successful management of mortgage servicing teams, and leading efforts to streamline operations, enhance quality, and reduce costs.

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

Source: mortgagenewsdaily.com