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HMDA Compliance, Expansion Plan, Pricing Engine, Subservicing Products; Program and Procedure Changes

Does technology always trump personal skills? Sometimes. But not all the time. Good LOs use the technology that best suits them in combination with their personal attributes to help borrowers every day. “In space, no one can hear you scream. In cyberspace, no one can shut you up.” How ‘bout some IT-related stuff? Here’s a softball: did you know that “Bluetooth” was named after Harald Bluetooth? The Bluetooth wireless specification design was named after the king in 1997, based on an analogy that the technology would unite devices the way Harald Bluetooth united the tribes of Denmark into a single kingdom. Another good use of technology is exhibited by Tim Lucas who writes, “There are more than 5 million Native Americans in the U.S. but only about 140 approved lenders. I created a Section 184 calculator that shows the required down payment, MI costs, and more. There’s also a flowchart and a ton of info about the program.” Thank you, Tim! Here’s some more good news: Ransomware victims are refusing to pay, impacting attackers’ profits. (Today’s podcast can be found here and this week’s is sponsored by Milestones. Giving homeowners an all-inclusive homeownership experience including home value and equity monitoring, home maintenance reminders and how-to articles, cloud-based document storage, one-click access to hire professionals for various projects around the home, and much more. Today’s has an interview with Milestones CEO Dustin Gray on turning leads and transactions into forever clients.)

Mortgage rates dropped again, so why are some borrowers on the sidelines?

Survey data from Freddie Mac shows the 30-year fixed-rate mortgage rate slowed its downward trajectory this week, declining three basis points from last week to 6.41%.

30-Year Fixed Mortgage Rate Continues to Fall to Record-Breaking Lows

Mortgage rates for 30-year fixed mortgages fell this week, with the current rate borrowers were quoted on…

Stronger Start on Tame Employment Cost Data

The Employment Cost Index (ECI) is an economic report that was never on our radar as a top tier market mover in the past.  Then in early 2022, Fed Chair Powell began to point it out as one of the most important indicators of potential wage pressures.  He’s gone on to mention it several more times throughout the past 13 months.  It has thus become a consistent and obvious market mover.  Today’s release is the latest example with a modest beat (1.0 vs 1.1) producing an instant rally with the highest single minute of volume in more than 2 weeks.  In fact, the only other reports with more of a volume response in January have been NFP and CPI. The chart above doesn’t exactly mean that ECI is the second or 3rd most important market mover after CPI. But it does mean that this is officially one of the most tradeable flashpoints because it’s not extraordinarily nuanced data.  In other words, the headline is the meat, and it’s easy to understand.  That lends itself to an obvious, quick, directional trading response.  Other reports may cause more movement over the course of several minutes as the nuances are digested and balanced. Later this morning, we’ll add Chicago PMI and Consumer Confidence to the econ data round-up.  Neither are quite on par with ECI, but both are capable of catching the market’s attention.

Mortgage demand dropped last week despite a decline in rates

The market composite index declined by 0.8% for the week ending November 25, indicating that the rates drop last week did not help spur demand.

With $676 Billion in Homeowner Negative Equity, Can McCain’s Plan Really Cost Only $300 Billion?

In the presidential debate last night, John McCain referenced his new plan to help alleviate problems in…

‘Good news’ for the spring homebuying season as mortgage rates melt, but economists warn ‘finding a deal remains an elusive quest’ – Yahoo Finance

‘Good news’ for the spring homebuying season as mortgage rates melt, but economists warn ‘finding a deal remains an elusive quest’  Yahoo Finance